Swaraj Engines Ltd logo

Swaraj Engines Ltd

SWARAJENG NSE

Key Fundamentals

MicrocapCompressors Pumps & Diesel EnginesIndustrial Products
Market Cap
₹4,378 Cr
Volatility
Moderate
P/E Ratio
21.65
EBITDA
₹290 Cr
Return on Equity
40.15%
Debt to Equity
0
Book Value
₹402.23
EPS
₹115.37
52W High
₹4,545
52W Low
₹3,301.3

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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29 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

4
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.05%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 41.6%
  • Company has been maintaining a healthy dividend payout of 76.1%

Weaknesses

1
  • Stock is trading at 8.95 times its book value

Growth Rate

Revenue Growth
19.23% ↗
Net Income Growth
18.25% ↗
Cash Flow Change
-34.05% ↘
ROE
1.39% ↗
ROCE
1.19% ↗
EBITDA Margin (Avg.)
-0.28% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 11d ago
AI opinion · based on fundamentals
Risk medium

Swaraj Engines Ltd is a nearly debt-free company with a market cap of ₹4,435 Cr, trading at a PE of 21.7x. It has delivered consistent ROE of 41-44% over recent years with TTM sales growth of 21%, though the stock has declined 14% over the past year and trades at a rich 8.98x price-to-book.

Bull Case 7
  • Exceptional return on equity with last year ROE at 44% and 3-year average of 42%, indicating highly efficient capital deployment
  • Company is virtually debt-free, eliminating interest burden risk and providing financial flexibility in downturns
  • Attractive dividend yield of 3.05% backed by a healthy payout ratio of 76.1%, providing consistent income to shareholders
  • TTM sales growth of 21% shows strong revenue momentum and demand for its tractor engines
  • Compounded profit growth of 17% over 5 years demonstrates sustained earnings expansion
  • Long-term compounded sales CAGR of 14% over 10 years reflects structural demand consistency in the farm mechanization space
  • Stock price CAGR of 23% over 3 years and 15% over 5 years indicates long-term wealth creation despite recent correction
Bear Case 8
  • Stock trades at 8.98x book value, which is elevated for a single-product industrial company and leaves limited margin of safety
  • Stock has declined 14% over the past 1 year, underperforming broader market indices and signaling possible de-rating
  • Revenue concentration risk as the company is primarily a captive engine supplier to Swaraj Tractors (Mahindra group), limiting diversification
  • PE ratio of 21.7x is not cheap for a company with 18% TTM profit growth, implying a PEG ratio above 1.2x
  • TTM profit growth of 18% has decelerated relative to TTM sales growth of 21%, suggesting some margin compression
  • 3-year compounded sales growth of only 12% versus the TTM spike of 21% raises questions about sustainability of recent acceleration
  • High dividend payout of 76.1% leaves limited retained earnings for organic growth or capacity expansion
  • As a captive supplier, pricing power is constrained by parent group dynamics, capping long-term margin expansion potential

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 9d ago
Positives 1
  • Record Q1FY27 profit and revenue Jul 21

    Net profit rose 11.1% to ₹55.53 crore on revenue of ₹588.39 crore (up 21.5%), with highest-ever quarterly PBT of ₹74.64 crore driven by record engine sales of 56,803 units.

Neutral 1
  • AGM approves dividend, reappoints directors Jul 20

    Swaraj Engines held its 40th AGM on July 20, 2026, approving financial statements, declaring a dividend, and re-appointing directors.

TL;DR: Swaraj Engines delivered a strong Q1FY27 with record profitability and volumes, signaling robust demand from its parent Mahindra's tractor segment. No visible headwinds emerged in the period. The growth trajectory looks healthy heading into the rest of FY27, though sustaining 21%+ revenue growth will depend on continued tractor market buoyancy.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
400
389
280
351
418
464
346
454
484
504
473
546
588
Expenses
345
337
247
303
360
401
301
392
417
436
411
471
512
Operating Profit
55
52
33
48
58
63
44
62
67
68
62
75
77
OPM %
14%
13%
12%
14%
14%
14%
13%
14%
14%
14%
13%
14%
13%
Other Income
5
3
3
3
4
4
4
5
6
5
0
4
4
Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation
5
5
4
4
5
6
5
5
5
6
6
5
6
PBT
55
51
32
47
58
61
43
61
67
67
56
73
75
Tax %
26%
26%
25%
25%
26%
26%
25%
26%
26%
26%
25%
25%
26%
Net Profit
41
38
24
35
43
45
32
45
50
50
42
55
56
EPS in Rs
33.69
31.01
19.84
28.96
35.56
37.39
26.3
37.39
41.14
40.9
34.65
44.91
45.7
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
540
526
666
771
872
773
987
1,138
1,422
1,419
1,682
2,007
2,111
Expenses
465
452
562
650
740
673
851
983
1,235
1,231
1,455
1,735
1,830
Operating Profit
75
74
105
122
132
100
136
155
186
188
227
272
282
OPM %
14%
14%
16%
16%
15%
13%
14%
14%
13%
13%
14%
14%
13%
Other Income
16
16
17
19
15
13
9
10
12
14
16
14
12
Interest
0
0
0
1
0
0
0
0
0
0
0
0
0
Depreciation
13
14
16
17
20
20
20
18
19
17
20
22
23
PBT
78
76
105
123
127
93
124
147
180
185
223
264
271
Tax %
33%
33%
35%
35%
35%
24%
26%
25%
26%
25%
26%
26%
—
Net Profit
52
51
69
80
82
71
93
109
134
138
166
196
202
EPS in Rs
41.74
41.31
55.43
66.05
67.95
58.55
76.24
90.14
110
114
137
162
166
Div. Payout %
79%
80%
78%
76%
74%
68%
91%
89%
84%
84%
76%
68%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
12
12
12
12
12
12
12
12
12
12
12
12
Reserves
200
251
271
216
226
224
268
294
330
356
407
477
Borrowings
0
0
0
0
0
0
0
0
1
1
2
2
Other Liabilities
113
73
89
119
128
119
178
156
193
187
251
288
Total Liabilities
325
337
372
348
366
355
458
461
536
557
672
779
Fixed Assets
84
101
91
92
110
103
92
95
88
76
110
107
CWIP
5
0
1
6
2
4
1
2
2
38
5
55
Investments
42
11
49
76
84
111
34
36
26
20
19
19
Other Assets
195
224
231
173
170
136
331
329
420
423
538
598
Total Assets
325
337
372
348
366
355
458
461
536
557
672
779
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
56
63
82
89
69
100
28
100
133
142
177
117
Investing
-11
-14
-32
47
4
-27
56
-48
-38
-30
-58
22
Financing
-51
-49
-49
-136
-73
-73
-49
-84
-97
-112
-116
-128
Net Cash Flow
-6
0
1
1
0
0
36
-32
-2
1
2
11
Free Cash Flow
39
36
76
67
35
84
23
82
122
97
152
47
CFO/OP
111
118
115
109
86
124
47
89
97
101
103
68
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
5
5
7
7
8
2
42
33
33
31
38
37
Inventory Days
30
26
19
20
26
23
29
25
22
23
22
17
Days Payable
43
50
52
63
58
61
78
53
53
52
61
58
Cash Conversion Cycle
-9
-19
-25
-35
-24
-36
-7
5
2
2
-1
-3
Working Capital Days
-38
34
54
3
6
2
13
16
17
12
9
28
ROCE %
37%
32%
39%
47%
55%
39%
48%
50%
55%
52%
56%
58%

Shareholding Pattern

As of Jun 2026
Promoters 52.11%
Public 29.78%
DIIs 8.78%
Others 6.90%
FIIs 2.43%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
52.16%
52.15%
52.15%
52.15%
52.13%
52.13%
52.13%
52.13%
52.13%
52.12%
52.12%
52.12%
52.12%
52.12%
52.12%
52.12%
52.12%
52.12%
52.12%
52.12%
52.11%
52.11%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
2.61%
0.00%
2.55%
2.85%
3.23%
3.35%
3.48%
3.72%
3.93%
3.15%
2.82%
2.43%
DIIs
10.43%
10.63%
9.02%
8.84%
8.84%
8.84%
8.84%
9.73%
9.98%
9.29%
9.33%
8.93%
10.36%
9.66%
9.71%
9.77%
9.89%
9.32%
9.65%
9.73%
9.09%
8.78%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
29.00%
28.83%
31.03%
30.85%
30.73%
30.61%
30.48%
30.80%
30.45%
30.74%
30.64%
28.52%
28.14%
28.52%
28.13%
28.07%
28.11%
28.25%
27.81%
28.25%
28.95%
29.78%
Others
8.42%
8.40%
7.80%
8.16%
8.29%
8.42%
8.55%
7.34%
7.44%
7.84%
5.29%
10.43%
6.83%
6.84%
6.81%
6.69%
6.40%
6.59%
6.49%
6.75%
7.03%
6.90%
No. of Shareholders
24,258
26,371
32,807
30,713
30,202
29,274
28,741
28,359
27,469
27,487
28,030
26,976
27,146
29,241
30,207
31,736
31,903
36,487
36,980
37,905
38,470
41,234

Documents

Frequently Asked Questions about Swaraj Engines Ltd

What does Swaraj Engines Ltd do?
Swaraj Engines was established in 1989 it manufactures diesel engines specifically for tractors in the range of 22 HP to above 65 HP and hi-tech engine components. [1] [2] [3]
Where is Swaraj Engines Ltd (SWARAJENG) listed?
Swaraj Engines Ltd is listed on the Indian stock exchanges. It is listed on NSE: SWARAJENG and BSE: 500407. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Swaraj Engines Ltd belong to?
Swaraj Engines Ltd operates in the Industrial Products sector within the Compressors Pumps & Diesel Engines industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Swaraj Engines Ltd?
Swaraj Engines Ltd has a market capitalisation of approximately ₹4377.60 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of Swaraj Engines Ltd?
The Price-to-Earnings (PE) ratio of Swaraj Engines Ltd is 21.65. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Swaraj Engines Ltd?
Over the past 52 weeks, Swaraj Engines Ltd has traded between a low of ₹3,301.3 and a high of ₹4,545. This range helps investors understand the stock's price volatility and recent trading levels.
Does Swaraj Engines Ltd pay dividends?
Yes, Swaraj Engines Ltd has a dividend yield of 3.05%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Swaraj Engines Ltd?
Swaraj Engines Ltd has a Return on Equity (ROE) of 40.15%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Swaraj Engines Ltd on Tapetide?
On Tapetide, you can view Swaraj Engines Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Swaraj Engines was established in 1989 it manufactures diesel engines specifically for tractors in the range of 22 HP to above 65 HP and hi-tech engine components. [1] [2] [3]

Website swarajenterprise.com
CEO Mr. Devjit Sarkar
Employees 289
Listed 1995-12-06
Face Value ₹ 10
Issued Size 1,21,47,466

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