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1. At a Glance
Consolidated revenue for the June 2026 quarter came in at ₹457 crore, up 25.2% year-on-year from ₹365 crore. Operating Profit was ₹67 crore against ₹55 crore a year earlier. Net Profit was ₹37.4 crore, down 1.45% YoY, and EPS was ₹4.11 versus ₹4.17.
So the top line sprinted and the bottom line stayed exactly where it was standing, which is the financial equivalent of running very hard on a travelator going the other way. Sequentially, revenue was ₹473.91 crore in the March quarter, so the quarter also stepped back from a Q4 that management noted is seasonally the strongest one solar has.
Management characterised the quarter as satisfactory and in line with its plan, “except for some minor aberrations” — a phrase that in corporate India covers everything from a delayed truck to an entire subsidiary in a different country losing money.
Three named drags on the margin were disclosed on the call: raw-material inflation of about 8% flowing through with a one-to-two quarter lag, an FX loss of roughly ₹4 crore from hedge-accounting realisation, and about ₹3 crore of indirect-material inflation across oil, chemicals and packing material.
Elsewhere: the working capital cycle came in at about 116 days against 130 the prior quarter, capex of ₹37 crore was incurred in the quarter, and one Head of the Brass SBU resigned in August.
2. Introduction
Harsha’s corporate history is a small masterclass in the Indian holding-structure two-step. The bearing cage business has existed since 1972 under Harsha Engineers Limited. Separately, in December 2010, a company called Harsha Abakus Solar Private Limited was incorporated as a joint venture with Germany’s Abakus Solar AG, split 76:24, to do solar EPC.
Then, per CARE’s rating rationale, HEL raised its stake in the solar entity to 96.87%, divested it to the promoter families, who took it to 99.99% by March 2017 — and finally, under a restructuring scheme with an appointed date of April 1, 2020, the fifty-year-old bearing cage business was merged into the fifteen-year-old solar company, which was then renamed Harsha Engineers International Limited. The parent moved into the child’s house and put its own name on the door.
The IPO came in September 2022, after which the promoter stake stands at 75.00% as of March 31, 2026.
What sits inside today is a group with five manufacturing facilities and sixteen warehouses: principal plants at Changodar and Moraiya near Ahmedabad, plus subsidiaries in Changshu (China), Ghimbav Brasov (Romania) and Bhayla (Ahmedabad). The Bhayla plant belongs to Harsha Engineers Advantek, a wholly owned subsidiary that commenced commercial production on June 26, 2025, and which announced a ₹110 crore Phase 2 expansion in May 2026 adding 12 million pieces of annual capacity within 18 months. The China subsidiary announced its own brownfield expansion in February 2026 — USD 9.94 million for 5.84 million pieces over roughly two years.
Recent contracted business on record includes a long-term supply contract worth ₹117 crore a year for journal bearings signed in August 2025, and an LOI from April 2025 for ₹18 crore a year of stamping products to a multinational AC compressor maker over five years.
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3. Business Model: WTF Do They Even Do?
They make the part of the bearing nobody has ever thought about.
A bearing cage is the ring that keeps the balls or rollers spaced apart so they don’t grind into each other. It is structurally a metal doughnut with opinions. Harsha makes them in brass, steel and polyamide, in diameters from 20 mm — smaller than a bottle cap — to 2,000 mm, which is two metres across and requires a forklift and a good attitude. Over 7,500 products have been developed since inception, with more than 7,000 SKUs live, and 532 new SKUs launched in FY26 alone.
The Engineering business was 89% of FY26 revenue; Solar EPC and O&M was 11%. Domestic was 48% of FY26 revenue, exports 52%, spread across a global presence in 32 countries.
The customer list is where the model gets interesting. Harsha supplies bearing cages to the top six global bearing manufacturers — Schaeffler, SKF, Timken, NSK, NTN and JTEKT. Per company disclosure, Schaeffler, SKF and Timken together contribute around 60–75% of standalone revenue, and management said on the call that the top-10 customers are almost 80% of revenue, spread over more than 80 plants worldwide. Six customers, eighty plants: the concentration is by name, the distribution is by geography.
Alongside cages sit adjacent product lines: bushings, stampings and large-size cages. Bushings did about ₹34 crore in Q1 with roughly 35% YoY growth, off an FY26 base of ₹127
