Harsha Engineers International Limited (HARSHA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-76.4%

₹103.91

vs ₹440.05 price

Levered DCF

₹7.82

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.43×	38.36×	33.28×	22.96×	30.29×	53.52×	77.72×	-35.51×
P/B	2.04×	2.73×	3.16×	2.64×	8.49×	5.69×	4.58×	691.05×
P/S	1.76×	2.43×	2.66×	2.08×	3.38×	2.82×	1.95×	7.94×
EV / EBITDA	13.3×	20.29×	19.3×	13.47×	25.55×	22.73×	21.46×	-44.25×
Gross margin	31.7%	47.5%	43.5%	46.1%	33.6%	41.1%	36.9%	4.9%
Operating margin	11.9%	33.2%	31.2%	11.3%	32.5%	9.4%	8.6%	-18.9%
Net margin	9.5%	6.3%	8.0%	9.0%	7.0%	5.3%	2.5%	-22.4%
Current ratio	2.6×	3.21×	2.91×	2.9×	1.64×	1.43×	1.3×	1.12×
Debt / equity	0.27×	0.16×	0.15×	0.17×	0.74×	0.83×	1.13×	86.95×
Interest coverage	11.87×	53.23×	40.32×	9.74×	17.34×	2.71×	2.29×	-2.15×
Dividend yield	0.3%	0.3%	0.2%	0.0%	0.0%	0.0%	0.6%	0.0%
Payout ratio	5.9%	10.2%	8.2%	0.0%	0.0%	0.0%	46.4%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.1%	7.1%	9.5%	11.5%	17.6%	10.6%	5.9%	-1946.5%
Return on invested capital	7.7%	20.7%	23.4%	8.9%	33.4%	7.6%	6.6%	-12.8%
Return on assets	7.5%	5.3%	7.1%	8.5%	7.9%	4.6%	2.3%	-13.3%
Free cash flow yield	-1.9%	-0.1%	1.8%	2.0%	-0.3%	3.3%	2.3%	2.0%
Earnings yield	5.4%	2.6%	3.0%	4.4%	2.1%	1.9%	1.3%	-2.8%
Enterprise value	₹31.9B	₹35.5B	₹38.7B	₹29.5B	₹47.9B	₹27.6B	₹21B	₹10.8B
Net debt / EBITDA	1.37×	0.71×	0.81×	0.55×	1.94×	2.67×	4.04×	-4.47×
Cash conversion cycle (days)	151	171	197	205	192	206	185	338