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Geojit IPO report on Harsha Engineers International

Harsha Engineers International Ltd (HEIL) is the largest manufacturer of precision bearing cages (critical component within bearings), in terms of revenue, in organised sector in India (60% market share), and amongst the leading manufacturers of precision bearing cages in the world (6.5% market share). HEIL manufactures a wide range of brass, steel and polyamide bearing cages; stamping components primarily used in the auto-component industry; and sand casting, value added stamping components, bronze bushings etc. to cater to wind, mining and shipping sectors. They cater to customers with over 50% global market share in bearing industry. They also have a solar EPC business (6% of revenue), under which they provide turnkey solutions to all solar photovoltaic requirements.

Valuation and Outlook

Considering its strong financials and market share, the China-plus-one strategy by major economies and growing outsourcing trend of bearing manufacturers, we assign a “Subscribe” rating on a medium to long term basis.

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Despite correction and uncertainty, Harsha Engineers still boasts a premium in the grey market

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