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Ajcon Global IPO report on Harsha Engineers International

Harsha Engineers International Limited (“HEIL”) was incorporated on December 11, 2010. The Company is a part of the Harsha Group which was established in 1986 and has over 35 years of operating history in the engineering business. The Company 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. (Source: CARE Advisory Report). The Company offers diversified suite of precision engineering products across geographies and end‐user industries. The Company’s business comprises: (i) engineering business, under which the Company manufactures bearing cages (in brass, steel and polyamide materials), complex and specialised precision stamped components, welded assemblies and brass castings and cages & bronze bushings; and (ii) solar EPC business, under which the Company provides complete comprehensive turnkey solutions to all solar photovoltaic requirements.

Valuation and Outlook

At the upper end of the price band of ₹330, the Company’s IPO is valued at P/E of 32.7x at post IPO FY22 EPS which we believe is decent considering its strengths. We recommend “SUBSCRIBE” to the issue owing to the following factors: a) Comprehensive solution provider offering diversified suite of precision engineering products across geographies and end‐user industries, b) 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.

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