Harsha Engineers International Limited (HARSHA) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Harsha Engineers International Limited ₹306, price ₹470, upside -34.9%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
48‑month range ₹313.12 – ₹594.66 · fair‑value band ₹220.72 – ₹391.82 · the ₹470.30 price screens above the ₹306.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Harsha Engineers International Limited engages in the manufacture and sale of precision bearing cages and high precision engineered components in India and internationally. It operates through Engineering & Others, and Solar-EPC and O&M segments.
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Harsha Engineers International Limited engages in the manufacture and sale of precision bearing cages and high precision engineered components in India and internationally. It operates through Engineering & Others, and Solar-EPC and O&M segments. The Engineering & Others segment engages in the design, tooling, development, manufacture, procurement, sale, and servicing of bearing cages and stamp components. The Solar-EPC and O&M segment is involved in the engineering, design, development, procurement, construction, erection, installation, commissioning, operation, and maintenance of solar power projects. It also offers brass, steel, and polyamide cages. Its products are used in automotive, industrial, wind, railway, and aerospace components. The company was formerly known as Harsha Engineers International Private Limited and changed its name to Harsha Engineers International Limited in January 2022. Harsha Engineers International Limited was founded in 1986 and is based in Ahmedabad, India.
Stock analysis
Harsha Engineers International Limited (HARSHA) currently trades at ₹470.30, while our model-based Fair Value estimate is ₹306.27, 34.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹514.55 per share, and 2 of the 17 models we run sit above the ₹470.30 price.
Bear case: the Asset-Based group reads lowest at ₹103.15, and 15 of the 17 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹220.72 (bear) to ₹391.82 (bull), the price of ₹470.30 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Harsha Engineers International Limited reported revenue of ₹16.3B in FY2026 versus ₹13.1B in FY2022, a compound +5.6%/yr. Reported net income was ₹1.6B in FY2026, compounding +14.0%/yr from FY2022.
Key figures
Market cap ₹42.8B (≈ $447M) · P/E ratio 27.6 · P/S ratio 2.63 · EPS (TTM) ₹17.05 · Dividend yield 0.3% · Net margin 9.5% · Return on equity 11.7% · Return on assets (EBIT) 22.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 50% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −24% fair-value upside, at −35%, HARSHA screens richer than that median.
Fair Value models
Bear ₹220.72Fair Value ₹306.27Bull ₹391.82
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹7.79 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.49/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+15.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.5%
Start year 2021 (pandemic). Over 10 years: +9.7% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.0%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+24.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.7%
Dividend (yield on the price)0.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.23.7% vs 5.8%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9% → 12%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 4.4%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Tools & Accessories · 125 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside−34.9% · Below median
Profitability
Return on equity (TTM)11.7% · Above median
Return on assets6.4% · Above median
Net margin (TTM)9.5% · Above median
Operating margin (TTM)12.8% · Above median
Growth and dividend
Revenue growth27.1% · Top 25%
Dividend yield (TTM)0.3% · Bottom 25%
Balance sheet
Debt / equity0.14× · Above median
Valuation Multiplesvs Tools & Accessories median · lower = cheaper
P/E (TTM)27.6× · Pricier than median
P/B3.05× · Priciest 25%
P/S (TTM)2.63× · Pricier than median
EV/EBITDA18.5× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 4
FUTURE (revenue growth)100· sector 20
PAST (return on equity)47· sector 30
HEALTH (low debt)93· sector 97
DIVIDEND (yield)6· sector 41
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Harsha Engineers International Limited Fair Value". https://www.fairvalue-calculator.com/stock/HARSHA
Frequently asked questions
Is Harsha Engineers International Limited (HARSHA) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹306.27 versus a price of ₹470.30, about −35% upside (overvalued).
What is the fair value of HARSHA?
Our model-based fair value for Harsha Engineers International Limited is ₹306.27 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹470.30.
What is the quality score of HARSHA?
Harsha Engineers International Limited has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Harsha Engineers International Limited (HARSHA)?
Our model-based price target is the fair value of ₹306.27 (as of Sep 27, 2026) from 17 valuation models. Cautious scenario ₹220.72, optimistic scenario ₹391.82. It is a calculation from audited fundamentals, not an analyst target.
What is the Harsha Engineers International Limited stock forecast for 2026?
Our models put fair value at ₹306.27, about −35% upside versus a price of ₹470.30 (overvalued). Cautious scenario ₹220.72, optimistic scenario ₹391.82. The calculation is refreshed regularly with new filings.
What is the revenue of Harsha Engineers International Limited (HARSHA)?
Harsha Engineers International Limited reported trailing-twelve-month revenue of about ₹16.3B (latest available figure, as of Sep 27, 2026).
Does Harsha Engineers International Limited pay a dividend?
Harsha Engineers International Limited currently shows a dividend yield of about 0.32% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Harsha Engineers International Limited (HARSHA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Harsha Engineers International Limited it is ₹306.27 per share (as of Sep 27, 2026), against a price of ₹470.30. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Harsha Engineers International Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, HARSHA trades above its calculated fair value: price ₹470.30, fair value ₹306.27, a gap of about −35% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HARSHA?
No. The price is what the market pays today (₹470.30); the fair value is what the company's own numbers justify (₹306.27). For Harsha Engineers International Limited the two are ₹164.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Harsha Engineers International Limited worth?
The market values Harsha Engineers International Limited at about ₹42.8B (market capitalisation, as of Sep 27, 2026). Per share that is ₹470.30; our models calculate a fair value of ₹306.27 per share.
What do the bullish and bearish scenarios say about HARSHA?
Our models span a range for Harsha Engineers International Limited: cautious scenario ₹220.72, base ₹306.27, optimistic ₹391.82 per share (as of Sep 27, 2026, price ₹470.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HARSHA?
Harsha Engineers International Limited trades at a price-to-earnings ratio of 27.6 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹306.27 is built from several models across several years. Other multiples: P/B 3.1, P/S 2.6, EV/EBITDA 18.5.
How solid is the balance sheet of Harsha Engineers International Limited (HARSHA)?
Balance-sheet figures for Harsha Engineers International Limited (as of Sep 27, 2026): return on equity 11.7%, debt of 0.14 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is HARSHA from its 52-week high?
Harsha Engineers International Limited trades at ₹470.30, at its 52-week high of ₹470.30 and 50% above the low of ₹313.12 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of ₹306.27 is for.
Which stocks are comparable to Harsha Engineers International Limited?
From the same area (Industrials) we also value Techtronic Industries Company, Snap-on Incorporated, RBC Bearings Incorporated, Lincoln Electric Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Harsha Engineers International Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹470.30, calculated fair value ₹306.27 (−35%), Quality Score 51/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HARSHA calculated?
We run Harsha Engineers International Limited through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹306.27, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.7 % above its aggregate fair value. Harsha Engineers International Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Harsha Engineers International Limited (HARSHA)?
The closing price on Sep 30, 2026 was ₹470.30. Our model-based fair value is ₹306.27, about −35% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Harsha Engineers International Limited right now?
The price sits above even our optimistic bull case (₹391.82). The favourable scenario is already priced in. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Harsha Engineers International Limited (HARSHA) come from?
Earnings per share at Harsha Engineers International Limited grew +1.5 % a year from 2015 to 2026. Broken into its drivers: revenue per share −5.0 %, EBIT margin +13.9 %, tax rate +0.5 %, residual (interest, one-offs) −6.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Harsha Engineers International Limited
How large is the market capitalisation of Harsha Engineers International Limited (HARSHA)?
The market capitalisation of Harsha Engineers International Limited is ₹42.8B (≈ $447M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Harsha Engineers International Limited (HARSHA)?
The price-to-sales ratio of Harsha Engineers International Limited is 2.63 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Harsha Engineers International Limited (HARSHA)?
Earnings per share at Harsha Engineers International Limited are ₹17.05 (price ÷ EPS = P/E 27.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Harsha Engineers International Limited (HARSHA)?
The dividend yield of Harsha Engineers International Limited is 0.3% (payout 8.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Harsha Engineers International Limited (HARSHA)?
The net margin of Harsha Engineers International Limited is 9.5% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Harsha Engineers International Limited (HARSHA)?
The return on equity (ROE) of Harsha Engineers International Limited is 11.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Harsha Engineers International Limited (HARSHA)?
On an EBIT basis the return on assets of Harsha Engineers International Limited is 22.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Harsha Engineers International Limited (HARSHA)?
The operating margin of Harsha Engineers International Limited is 12.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Harsha Engineers International Limited (HARSHA)?
Revenue at Harsha Engineers International Limited is growing +27.1% versus a year earlier (3y avg +6.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Harsha Engineers International Limited (HARSHA)?
Earnings per share at Harsha Engineers International Limited are growing +25.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Harsha Engineers International Limited (HARSHA) generate?
The free cash flow of Harsha Engineers International Limited is −₹557M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Harsha Engineers International Limited (HARSHA) carry?
The net debt of Harsha Engineers International Limited is ₹3.3B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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