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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.
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