About Harsha Engineers International Limited (HEIL)

Harsha Engineers International Limited (HEIL) is a leading global provider of precision engineering solutions and India’s largest manufacturer of bearing cages, catering to all six of the world’s leading bearing manufacturers. The Company’s portfolio comprises over 7,500 types of bearing cages, ranging from 20 mm to 2,000 mm in diameter, supported by robust in-house tooling, automation, and product development capabilities.

Beyond bearings, HEIL has diversified into precision stamped components for automotive, electrical, and industrial applications, as well as bushings and other high-precision engineered parts. The Company also operates a turnkey solar EPC business, offering end-to-end solutions for both rooftop and ground-mounted solar PV systems.

HEIL serves customers through six manufacturing facilities located across India, Romania, and China, supported by a global network of 20+ warehouse locations and a presence in over 25 countries. This diversified footprint underscores its ability to deliver quality, reliability, and timely service across global supply chains.

The Company’s principal manufacturing hubs are at Changodar and Moraiya (near Ahmedabad, Gujarat), with additional facilities in Changshu (China) and Ghimbav, Brașov (Romania). Its engineering business spans brass, bronze, steel, and polyamide cages and bushings, while solar EPC undertakes turnkey projects from kilowatt to megawatt scale.

As of March 31, 2025, HEIL has three subsidiaries forming part of its consolidated group.

Harsha Engineers International Limited Key Milestones

• 2021: Integration of engineering and solar EPC businesses under a single entity; renamed as Harsha Engineers International Limited.
• 2022: Successful IPO and listing on NSE and BSE (September 26, 2022), marking a significant milestone in the Company’s corporate journey.
• 2023: Expansion of global manufacturing footprint, including operations in China and acquisition-led capabilities in Romania.
• 2024: Achieved ISO 45001 and TISAX certifications, strengthening compliance and operational excellence frameworks.
• 2025: Signed a long-term global sourcing contract for bearing cages with a major multinational customer.
• 2025: Commenced commercial production at the new Bhalya (Ahmedabad) facility, expanding high-margin product capabilities.

Harsha Engineers International Limited Key Management

• Rajendra Shah – Chairman & Whole-time Director
• Harish Rangwala – Managing Director
• Vishal Rangwala – Chief Executive Officer (CEO) & Whole-time Director
• Pilak Shah – Chief Operating Officer (COO) & Whole-time Director
• Hetal Naik – Whole-time Director
• Maulik Jasani – Vice President – Finance & Group CFO
• Kiran Mohanty – Company Secretary & Chief Compliance Officer

Business Segments (FY 2024–25)

By Segment (Consolidated):

• Engineering & Others – 90.1%
• Solar EPC and O&M – 9.9%

By Geography (Consolidated):

• India – 48.8%
• Outside India – 51.2% (based on customer location)

Latest Updates on Harsha Engineers International Limited

• Strategic contract: HEIL signed a long-term sourcing agreement with a large global bearing manufacturer, ensuring volume visibility and long-term revenue stability.
• Capacity expansion: The greenfield expansion at Harsha Engineers Advantek Limited progressed as planned, aimed at enhancing high-margin product lines such as bushings, large-size bearing cages, and stamped components.
• New facility operationalisation: Machinery installation at the new Bhalya (Ahmedabad) facility was completed, with commercial production and invoicing expected by the end of Q1 FY26, further augmenting the Company’s capacity and global supply reach.
• Product claim settlement: An insurance settlement of USD 1 million (post deductible) was received for a product recall claim, reflecting effective risk management and coverage.
• Bushing business performance: The bushings vertical crossed Rs 100 crore in annual revenue for FY 2024–25, demonstrating strong demand for precision-engineered components in domestic and export markets.

Credit rating: CARE Ratings reaffirmed the Company’s CARE AA-; Stable / CARE A1+ ratings for long-term and short-term bank facilities, highlighting its strong financial profile and liquidity.

Note: All information above has been drawn exclusively from Harsha Engineers International Limited’s Annual Report 2024–25 for the year ended March 31, 2025, including details from the Directors’ Report, Management Discussion and Analysis, and Notes to the Financial Statements.