Indian Leader of Precision Bearing Cage Manufacturer Signs 5-Year Recurring Deal Worth Rs 18 Crore Annually With Global AC Compressor Manufacturer
With a PE ratio of 25.1x, the company trades at a premium compared to the industry PE of 24.8.
Harsha Engineers International Limited has announced that it has entered into a Letter of Intent (LOI) with a leading multinational group company. The agreement is effective from April 26, 2025. The multinational group is engaged in the business of manufacturing AC compressors. Under the terms of the LOI, Harsha Engineers will supply stamping products to the AC compressor manufacturer. The supply of these stamping products is a recurring order. The agreement is initially for a period of 5 (Five) years.
The estimated size of the order is approximately Rs 18 crores per annum. Harsha Engineers has confirmed that the promoter/promoter group/group companies do not have any interest in the entity that awarded the order.
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In the Quarterly Results of December 2024, the company reported a revenue of Rs 268.04 crore, reflecting a YoY growth of 3.55 per cent compared to Rs 258.84 crore in December 2023. The operating profit stood at Rs 42.06 crore, marking a 12.01 per cent increase from Rs 37.55 crore in the same quarter last year. The profit after tax (PAT) increased by 3.40 per cent to Rs 30.99 crore from Rs 29.97 crore in December 2023.
In FY24, the company posted a revenue of Rs 1,080.94 crore, registering a 5.49 per cent growth compared to Rs 1,024.72 crore in FY23. The net profit for the year stood at Rs 126.91 crore, down 1.15 per cent from Rs 128.39 crore in the previous financial year.
About the Company
Harsha Engineers International Limited, formerly known as Harsha Engineers International Private Limited and Harsha Abakus Solar Private Limited, is a company with the corporate and registered office located at Sarkhej - Bavla Road, Changodar, Ahmedabad, Sanand - 382213, Gujarat, India. With a PE ratio of 25.1x, the company trades at a premium compared to the industry PE of 24.8.
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Disclaimer: The article is for informational purposes only and not investment advice.