We revise our FY26/27E EPS estimates by -13.1%/-8.2% factoring in continued slowdown in Romania. Harsha Engineers International (HARSHA) reported a 4.5% YoY revenue increase, with an EBITDA margin expansion of 37bps to 12.6%. Domestic demand for cages and bushings remained resilient, though key export markets, including Europe and the USA, experienced weakness, along with soft demand from Japanese customers. While China showed steady improvement, Romania's outlook remained subdued as management's efforts to optimize the product mix yielded no results. The company's long-term supply...