Harsha Engineers International Limited IPO

Harsha Engineers International Limited is the largest manufacturer of precision bearing cages, in terms of revenue, in India’s organised sector. The company has approximately 50-60% of the market share in the organised segment of the Indian bearing cages market and 6.5% of market share in the global organised bearing cages market for brass, steel and polyamide cages in calendar year 2021, according to its red herring prospectus.

The company has two business verticals – engineering business and solar EPC business. Under engineering business, the company manufactures bearing cages in brass, steel and polyamide materials, specialised precision stamped components, welded assemblies and brass castings as well as cages & bronze bushings. Under its solar EPC business, the company provides comprehensive turnkey solutions to all solar photovoltaic requirements.

Harsha Engineers International offers a wide range of bearing cages starting from 20 mm to 2,000 mm in diameter and their bearing cages are used in automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, renewables industry.

The company has four manufacturing facilities for their engineering business with their principal manufacturing facilities at Changodar, another facility in Moraiya, Gujarat, one manufacturing unit each at Changshu, China and Ghimbav Brasov in Romania. Further, it has three wholly-owned subsidiaries in China, the US and the Netherlands.

The company’s top five customer groups have contributed 70.55%, 72.28%, and 72.54% out of its total revenue from operations in FY22, FY21 and FY20, respectively. In FY22, the manufacturer’s operating revenue from engineering business in international markets was 63.31% of the total operating revenue, while operating revenue from India stood at 30.41%. The company supplies its products to customers present in over 25 countries spread across five continents.