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Harsha Engineers International IPO – Investment Rationale, Financials, Key Risks, Concerns: Motilal Oswal


BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

Motilal Oswal’s IPO Report

Harsha Engineers International Ltd. is the largest manufacturer of precision bearing cages in India (brass/steel/polyamide) with 50-60% market share in the organised market. It is also one of the leading players globally with market share of 6.5% for brass, steel and polyamide cages in CY21 (forming 75% of global bearing cage requirement).

It caters to each of the top six global bearing companies and derives 75% revenue from this segment.

Bearing cage has wide usage across fast growing end user industries viz. auto, aviation, railways, construction, mining, electronics, agriculture.

Global/ domestic industry is expected to grow at 6.4%/8.3% compound annual growth rate over CY21-29E, with increasing outsourcing by bearing companies.

Harsha Engineers International, manufacturing upto 2000 millimetre diameter cages, has expanded into large diameter brass/steel cages, which is largely manufactured in-house by bearing companies.

The company’s revenue grew by 51% in FY22 (though flat in FY21) as many new orders won over FY20-21 started reflecting in FY22.

Click on the attachment to read the full IPO report:

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