Financials Harsha Engineers International Limited

Equities

HARSHA

INE0JUS01029

Industrial Machinery & Equipment

Market Closed - NSE India S.E. Other stock markets 07:43:52 2024-06-10 am EDT			5-day change	1st Jan Change
544.5 ^INR	+6.11%		+11.17%	+38.51%

May. 16	Transcript : Harsha Engineers International Limited, Q4 2024 Earnings Call, May 16, 2024
May. 16	Harsha Engineers International Limited Proposes Final Dividend for the Financial Year Ended March 31, 2024	CI

Valuation

Fiscal Period: March	2023	2024	2025	2026
Capitalization ¹	30,504	49,574	-	-
Enterprise Value (EV) ¹	30,504	36,518	49,574	49,574
P/E ratio	23 x	32.8 x	35 x	28.5 x
Yield	0.3%	0.28%	0.32%	0.46%
Capitalization / Revenue	2.24 x	2.62 x	3.22 x	2.85 x
EV / Revenue	2.24 x	2.62 x	3.22 x	2.85 x
EV / EBITDA	16.1 x	21.3 x	23.1 x	19.2 x
EV / FCF	67 x	97.1 x	248 x	104 x
FCF Yield	1.49%	1.03%	0.4%	0.96%
Price to Book	2.85 x	4.23 x	3.78 x	3.36 x
Nbr of stocks (in thousands)	91,044	91,044	-	-
Reference price ²	335.0	544.5	544.5	544.5
Announcement Date	5/25/23	5/16/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2022	2023	2024	2025	2026
Net sales ¹	-	13,640	13,923	15,414	17,378
EBITDA ¹	-	1,893	1,714	2,146	2,575
EBIT ¹	-	1,532	1,320	1,718	2,106
Operating Margin	-	11.23%	9.48%	11.15%	12.12%
Earnings before Tax (EBT) ¹	-	1,671	1,508	1,907	2,342
Net income ¹	919.5	1,233	1,114	1,415	1,740
Net margin	-	9.04%	8%	9.18%	10.01%
EPS ²	16.06	14.59	12.24	15.55	19.12
Free Cash Flow ¹	-	455.2	510.5	200	476
FCF margin	-	3.34%	3.77%	1.3%	2.74%
FCF Conversion (EBITDA)	-	24.05%	31.12%	9.32%	18.48%
FCF Conversion (Net income)	-	36.92%	49.11%	14.13%	27.35%
Dividend per Share ²	-	1.000	1.500	1.750	2.500
Announcement Date	5/30/22	5/25/23	5/16/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	3,437	3,480	3,600	3,149	3,432	3,660
EBITDA ¹	508	418.2	475	377.3	469	521
EBIT	-	-	-	343	371	418
Operating Margin	-	-	-	10.89%	10.81%	11.42%
Earnings before Tax (EBT) ¹	-	336.4	469	254	425	467
Net income ¹	326.2	245.8	307.5	243	336	349
Net margin	9.49%	7.06%	8.54%	7.72%	9.79%	9.54%
EPS	-	-	-	3.300	3.500	3.800
Dividend per Share	-	-	-	-	-	-
Announcement Date	5/25/23	8/1/23	-	-	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-
Net Cash position	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	455	511	200	476
ROE (net income / shareholders' equity)	-	15.5%	9.43%	11.3%	12.6%
ROA (Net income/ Total Assets)	-	-	-	-	-
Assets ¹	-	-	-	-	-
Book Value Per Share ²	-	118.0	129.0	144.0	162.0
Cash Flow per Share	-	-	-	-	-
Capex ¹	-	677	1,080	950	987
Capex / Sales	-	4.97%	7.97%	6.16%	5.68%
Announcement Date	5/30/22	5/25/23	5/16/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Harsha Engineers International Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

544.5 INR

Average target price

477.8 INR

Spread / Average Target

-12.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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