Harsha Engineers International Limited held its Q4 FY26 post-result earnings conference call on May 7, 2026, following the Board of Directors' approval of audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The call was attended by CEO Vishal Rangwala, CFO Maulik Jasani, and Strategic Advisor Sanjay Majmudar. In compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company also published its results in Business Standard (English) and Jai Hind (Gujarati) on May 8, 2026. The earnings call transcript was subsequently filed with stock exchanges on May 12, 2026, under Regulation 30 of SEBI (LODR) Regulations, 2015.

Engineering Segment Financial Performance

The Engineering segment delivered strong results for both the quarter and the full year. The following table summarises the key financial metrics at the consolidated level:

Management noted that margin improvement during the quarter and year was driven by higher export sales, strong domestic demand, a better product mix, and cost control measures. The adjusted EBITDA for FY26 reflects the impact of the new Labour Code.

Business Segment Highlights

Across key verticals, the company reported broad-based growth in FY26. The Bushing business posted revenue of ₹127 crore, reflecting approximately 25% growth over the previous year, while the Stamping business recorded revenue of approximately ₹60 crore. Large-size cage sales grew by approximately 14% to around ₹49 crore, and sales to Japan-based customers grew by approximately 12% to around ₹73 crore. India Cage business (pure India-to-India) grew by more than 10%. Overall India Engineering business, including subsidiary Harsha Advantek, posted approximately 14% growth in FY26. Exports from India grew by approximately 17% compared to FY25.

Solar Business Performance

The Solar business achieved revenue of ₹183 crore for FY26, with a PAT of ₹10.20 crore, compared to an adjusted PAT of ₹5 crore in the previous year. Management attributed this performance to continued tailwinds from increasing awareness and supportive government policies, particularly in Gujarat. EBITDA margin for the Solar segment improved from approximately 4.50% to approximately 8.50% in FY26.

Subsidiary Performance: Advantek, China, and Romania

Harsha Advantek, the newly commissioned facility in Bhayla, posted a positive EBITDA of ₹4 crore in FY26 but reported a combined loss of ₹11.40 crore due to higher depreciation and interest costs in its first year of operations. Harsha China recorded a turnover of approximately ₹120 crore with a PAT of approximately ₹5 crore, reflecting a top-line growth of approximately 9.26% in FY26 over FY25 and a positive EBITDA of around 11%. Harsha Romania reported a turnover of approximately ₹247 crore with a loss after tax of approximately ₹14 crore. The combined loss of China and Romania subsidiaries stood at ₹9 crore in FY26, compared to ₹14 crore in the previous year.

Management indicated that capacity utilization at Advantek is improving and that sales from this unit are expected to grow at least 3x in FY27. A China brownfield expansion project for steel cages has been commenced, with an expected capex of approximately ₹70 crore in the current financial year and ₹20 crore in the following year. This project is expected to be operational in H2 FY28.

Capex Plans and Revenue Potential

For the current financial year, management outlined maintenance capex of approximately ₹30–₹40 crore in India, in addition to the China expansion capex. Planning for the second phase of Harsha Advantek is underway, with details expected to be finalised in the coming weeks. Based on current installed capacities and planned maintenance capex, management indicated that India-level revenues could reach approximately ₹2,400–₹2,500 crore, while consolidated revenues could reach approximately ₹2,700–₹3,000 crore. Advantek, at peak utilization of its current installed capacity, is expected to contribute approximately ₹250–₹300 crore in turnover.

Geographic Revenue Mix and Growth Outlook

At the consolidated level, approximately 58% of FY26 revenues were generated outside India. Among international geographies, Europe contributed approximately 30% of total sales, China slightly above 10%, the US approximately 6–7%, and Japan approximately 2%. Management expressed confidence in achieving overall double-digit top-line growth in FY27, with India Engineering expected to grow in the mid-teens. The Bushing segment is targeted to grow at 25–30%, and the Stamping and Bushing segments are each expected to deliver 15–20% growth over the medium term. The Solar business is expected to grow more than 25%. Management also indicated an expectation of a 100–200 basis points improvement in consolidated EBITDA margins over a 2–3 year period.

Regulatory Filing Details

The earnings call transcript was filed by Kiran Mohanty, Company Secretary and Chief Compliance Officer (Membership No.: F9907), under reference number HEIL/SE-10/2026-27, addressed to both BSE Limited and National Stock Exchange of India Limited. Harsha Engineers International Limited is headquartered at Sarkhej - Bavla Road, Changodar, Ahmedabad, Sanand - 382213, Gujarat, India, and holds CIN: L29307GJ2010PLC063233. The financial results and related disclosures are available on the company's website at www.harshaengineers.com , as well as on the BSE and NSE websites.

Harsha Engineers International Limited has reported its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, approved by the Board of Directors at its meeting held on May 7, 2026. The company has published these audited financial results in newspapers, including Business Standard (English) and Jai Hind (Gujarati), on May 8, 2026, pursuant to Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Consolidated Financial Performance

On a consolidated basis, the company posted a Profit After Tax (PAT) of ₹4,723 lakhs for Q4 FY26, compared to a loss of ₹239 lakhs in Q4 FY25, while full-year consolidated PAT stood at ₹15,520 lakhs versus ₹8,931 lakhs in FY25. The statutory auditors, M/s Pankaj R. Shah & Associates, have issued unmodified opinions on both the standalone and consolidated financial results. The prior year Q4 FY25 consolidated results included an exceptional item of ₹2,768 lakhs pertaining to impairment in the carrying value of Goodwill on Consolidation related to Harsha Engineers Europe SRL-Romania.

The consolidated results reflect a strong year-on-year improvement across revenue and profitability metrics. The following table presents the key consolidated financial highlights:

Standalone Financial Performance

On a standalone basis, the company reported a Profit After Tax of ₹5,317 lakhs for Q4 FY26, compared to a loss of ₹6,696 lakhs in Q4 FY25. For the full year, standalone PAT stood at ₹17,680 lakhs versus ₹3,536 lakhs in FY25. The prior year standalone results included an exceptional item of ₹9,501 lakhs pertaining to impairment in the carrying value of investment in wholly owned subsidiary Harsha Engineers Europe SRL-Romania.

Segment Performance

The company operates across two business segments: Engineering & Others, and Solar-EPC and O&M. The consolidated segment performance for the quarter and full year is summarised below:

Consolidated total assets stood at ₹2,06,688 lakhs as at March 31, 2026, compared to ₹1,69,106 lakhs as at March 31, 2025. Total equity increased to ₹1,40,169 lakhs from ₹1,25,414 lakhs over the same period.

Dividend, AGM, and Record Date

The Board has recommended a final dividend of ₹1.5 per Equity Share of ₹10 each (15%) for the financial year ended March 31, 2026, subject to shareholder approval at the ensuing Annual General Meeting (AGM). The 16th AGM is scheduled to be held via Video Conferencing on Thursday, July 23, 2026. Thursday, July 9, 2026 has been fixed as the record date for the AGM and dividend. The Register of Members and Share Transfer Books will remain closed from Friday, July 17, 2026 to Thursday, July 23, 2026 (both days inclusive). The cut-off date for electronic voting has been fixed as Thursday, July 16, 2026.

ESOP 2026 and Auditor Appointments

The Board approved the formulation and implementation of the Harsha Engineers International Limited – Employee Stock Option Plan 2026 (ESOP 2026), subject to shareholder and regulatory approvals. A pool of 18,00,000 (Eighteen Lakh) options is proposed, each exercisable into one fully paid-up equity share of face value ₹10. The exercise price per option shall be at a maximum discount of up to 20% to the market price on the grant date, subject to a floor of the face value. Options will vest over a minimum of 1 year and a maximum of 4 years from the grant date, with an exercise period of up to 4 years from each vesting date.

On the auditor front, the Board recommended the appointment of M/s Mukesh M. Shah & Co, Chartered Accountants, as Statutory Auditor for 5 consecutive years from the conclusion of the 16th AGM to the conclusion of the 21st AGM, replacing the outgoing firm M/s Pankaj R. Shah & Associates whose term concludes at the 16th AGM. M/s Kiran J. Mehta & Co has been appointed as Cost Auditor for FY 2026-27. Additionally, M/s Talati & Talati LLP and M/s MAR & Co. have been appointed as Internal Auditors for the Engineering business division and Solar EPC business division respectively for FY 2026-27.

Independent Director Reappointments

The Board, on the recommendation of the Nomination and Remuneration Committee, approved the reappointment of four Independent Directors for a second term of 5 years each, subject to shareholder approval. The details are as follows:

All four directors have been confirmed as not debarred from holding office by virtue of any SEBI order or any other authority. The regulatory filings were submitted to both stock exchanges under Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, vide reference HEIL/SE-06/2026-27. The company has also made available the audio recording of the analysts and investors conference call pertaining to these results, accessible via the company's investor relations page at https://harshaengineers.com/InvestorRelations/financial-information.php , filed under reference HEIL/SE-08/2026-27.