Ahmedabad-based Harsha Engineers is the largest manufacturer of precision bearing cages, in terms of revenue, in organised sector in India, and amongst the leading manufacturers of precision bearing cages in the world. The company has approximately 50% of the market share in terms of revenue and 5.2% of the market share in the global organised bearing cages market for brass, steel, and polyamide cages in FY 2020.
Harsha Engineers International was incorporated in 2010 and is a part of the Harsha Group. It supplies its products to customers in over 25 countries covering five continents i.e., North America, Europe, Asia, South America, and Africa. The company's manufacturing facilities are positioned strategically, allowing them to serve the international markets effectively and economically.
It has five manufacturing facilities with two of its principal manufacturing facilities at Changodar and one at Moraiya, in Gujarat, and one manufacturing unit each at Changshu, China, and Ghimbav Brasov in Romania, which allows access to its customers in over 25 countries.
The business comprises of two segments — engineering business and solar EPC business. As of March 31, 2022, Harsha Engineers International have been able to manufacture more than 7,205 bearing cages and more than 295 other products for customers in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electronics, and renewables sectors.
Facts about the Company
- The company manufactures complex and specialized precision stamped components, welded assemblies, bronze castings, and bushings.
- The company is a supplier to leading bearing manufacturers such as SKF, Timken, Schaeffer, and others for local as well as overseas operations.
- Revenue from operations increased by 51.24 % to Rs 1,321.48 crore for fiscal 2022, while profit after tax doubled to Rs 91.94 crore.
- It also provides operations and maintenance services in the solar sector with over 10 years of operating history in the solar EPC business.
Points to note before investing in Harsha Engineers IPO
- The company has a diversified product portfolio in terms of the materials used as well as the dimensions and end-use of the finished products.
- Strategically located domestic and international production facilities and warehouses.
- Expertise in Tooling, design development, and automation.
- Consistent track record of growth and financial performance.
Objective of the IPO
The company proposes to utilize the net proceeds towards the following objects:
- Pre-payment or scheduled repayment of a portion of the existing borrowing availed by our Company.
- Funding capital expenditure requirements towards the purchase of machinery.
- Infrastructure repairs and renovation of our existing production facilities including office premises in India.
- General corporate purposes.
Allotment, Listing & Refund Details
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