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Harsha Engineers International (HARSHA) investor relations material
Harsha Engineers International Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 and H1 FY2026 delivered strong year-over-year revenue and profit growth, with consolidated revenue up 7.3% and EBITDA up 18.6%, driven by robust export growth, improved overseas subsidiaries, and industrial demand revival in Europe and other key geographies.
India engineering business posted 15.1% revenue growth in Q2 FY26 year-over-year, with positive traction and improved margins, while Harsha Romania returned to positive EBITDA and Harsha China maintained stable operations.
Solar business achieved INR 15.2 crore revenue and INR 1 crore EBITDA in Q2, though it faced seasonal headwinds.
Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved with an unmodified auditor opinion.
New product development remained strong, with 258 new SKUs in H1 FY26.
Financial highlights
Q2 FY26 consolidated revenue was ₹37,834 lakhs, up from ₹35,258 lakhs in Q2 FY25; H1 FY26 revenue was ₹74,363 lakhs, up from ₹69,574 lakhs year-over-year.
Q2 FY26 consolidated EBITDA was ₹6,396 lakhs (16.9% margin); PAT was ₹3,644 lakhs (9.6% margin); H1 FY26 PAT was ₹7,437 lakhs.
Export sales from India in Q2 stood at INR 123 crore, with total H1 exports at INR 237 crore, reflecting 12% year-over-year and 27% quarter-over-quarter growth.
Standalone revenue for Q2 FY26 was ₹27,876 lakhs, with standalone PAT at ₹3,903 lakhs.
Working capital cycle at 146 days, similar to last year, but up from 139 days in the previous quarter.
Outlook and guidance
Management expects consolidated top-line growth in the higher single digits for FY2026, with India engineering business projected to grow in the low to mid-teens.
Profitability is expected to improve significantly in FY2026 compared to FY2025.
Continued positive demand trends in Europe and other key geographies are expected to support growth.
Cautious optimism for sustainability of export and subsidiary performance, with further clarity expected in the next 1-2 quarters.
No explicit forward-looking guidance provided in some reports, but focus remains on core engineering and solar EPC segments.
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