Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹4304 Cr.
Stock P/E
21.9
P/B
7.9
Current Price
₹3542.7
Book Value
₹ 447.9
Face Value
10
52W High
₹4438.3
52W Low
₹ 3300
Dividend Yield
3.1%

Swaraj Engines Overview

Business

Swaraj Engines Ltd. (SEL) is an India-based company primarily engaged in the manufacturing and sale of diesel engines, engine components, and spares. Its core business model revolves around being a dedicated Original Equipment Manufacturer (OEM) supplier, predominantly to Mahindra & Mahindra (M&M) for their Swaraj brand of tractors. The company earns revenue by selling these engines and related components, which are integral to the tractors produced by its key customer.

Revenue Mix

Swaraj Engines operates primarily in a single business segment: the manufacturing and sale of diesel engines and spare parts. While it may produce engines of different capacities, its revenue is largely derived from supplying these engines to M&M for use in their Swaraj tractors. Specific revenue contribution breakdowns by engine type or customer beyond M&M are not publicly detailed but the vast majority of revenue is from this core activity.

Industry

The company operates in the Indian diesel engine manufacturing industry, with a primary focus on engines for agricultural machinery, specifically tractors. This industry segment is characterized by a mix of captive manufacturing units (by tractor OEMs) and independent or semi-independent suppliers like Swaraj Engines. SEL holds a unique position as a long-standing, dedicated supplier to Mahindra & Mahindra's Swaraj division, which is a significant player in the Indian tractor market. This positioning makes it a specialized, niche provider deeply integrated into its anchor customer's supply chain.

MOAT

Swaraj Engines' primary competitive advantage lies in its deep-rooted, long-term relationship and high integration with Mahindra & Mahindra (M&M) as a dedicated supplier for Swaraj tractors. This creates significant switching costs for M&M, ensuring stable and predictable demand. The company also benefits from specialized expertise and efficiencies gained from focusing on a specific range of engines for its key customer, potentially leading to cost advantages and quality consistency within its niche.

Growth Drivers

Growth in Indian Agricultural Sector: Increased farm income, government support for agriculture, and mechanization trends drive demand for tractors, directly benefiting SEL.

Mahindra & Mahindra's Swaraj Tractor Sales: SEL's fortunes are closely tied to the sales performance of Swaraj tractors in India and export markets.

Product Upgrades and New Models: Development of new engine variants or upgrades for more fuel-efficient or emission-compliant engines to meet evolving regulatory standards and customer preferences.

Potential for Diversification (Long-term): While currently focused, any future opportunities to supply engines for other M&M divisions or new applications could be a growth avenue.

Risks

Customer Concentration: Heavy reliance on Mahindra & Mahindra means any significant downturn in M&M's Swaraj tractor sales directly impacts Swaraj Engines' revenue and profitability.

Raw Material Price Volatility: Fluctuations in prices of key raw materials like steel, aluminum, and other components can impact manufacturing costs and margins.

Regulatory Changes: Stricter emission norms for diesel engines could necessitate significant R&D investments and production line changes, increasing costs.

Technological Disruption: While less immediate for tractors, long-term shifts towards alternative fuel sources or electric powertrains could pose a risk to diesel engine manufacturers.

Economic Downturn affecting Agriculture: A slowdown in the broader Indian economy or adverse agricultural conditions (e.g., monsoon failures) can depress tractor demand.

Management & Ownership

Swaraj Engines Ltd. is jointly promoted by Mahindra & Mahindra Ltd. and Kirloskar Industries Ltd. Both groups hold significant stakes, providing a stable promoter base. The management team is professional, drawing expertise from its association with these established industrial groups. The ownership structure reflects this joint promoter control, with a portion of shares held by the public.

Outlook

Swaraj Engines benefits from a strong foundational relationship with a market leader in the Indian tractor industry, Mahindra & Mahindra. This captive-like demand offers stability and a relatively clear demand pipeline. The outlook is largely contingent on the health of the Indian agricultural sector and M&M's continued dominance and growth in the Swaraj tractor brand. While the company demonstrates operational efficiency and a focused business model, its growth trajectory is intrinsically linked to its primary customer's success and the broader macroeconomic environment impacting farming. The company faces risks from customer concentration and raw material volatility but is positioned to leverage sustained demand for agricultural mechanization in India.

Swaraj Engines Share Price

Live · BSE / NSE · Inception: 1985
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

Swaraj Engines Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 351 418 464 346 454 484 504 473 546 588
Other Income 3 4 4 4 5 6 5 4 4 4
Total Income 354 422 468 349 459 490 509 477 549 592
Total Expenditure 303 360 401 301 392 417 436 411 471 512
Operating Profit 51 63 67 48 67 73 73 66 79 80
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 4 5 6 5 5 5 6 6 5 6
Exceptional Income / Expenses 0 0 0 0 0 0 0 -3 0 0
Profit Before Tax 47 58 61 43 61 67 67 56 73 75
Provision for Tax 12 15 16 11 16 17 17 14 19 19
Profit After Tax 35 43 45 32 45 50 50 42 55 56
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 35 43 45 32 45 50 50 42 55 56
Adjusted Earnings Per Share 29 35.5 37.4 26.3 37.4 41.1 40.9 34.7 44.9 45.7

Swaraj Engines Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 526 666 771 872 773 987 1138 1422 1419 1682 2007 2111
Other Income 16 18 19 15 13 9 10 13 15 17 19 17
Total Income 542 684 790 887 786 995 1148 1435 1435 1699 2026 2127
Total Expenditure 452 562 650 740 673 851 983 1236 1232 1455 1736 1830
Operating Profit 90 122 141 147 113 144 165 198 203 244 290 298
Interest 0 0 1 0 0 0 0 0 0 0 0 0
Depreciation 14 16 17 20 20 20 18 19 17 20 22 23
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 -3 -3
Profit Before Tax 76 105 123 127 93 124 147 180 185 223 264 271
Provision for Tax 25 37 43 45 22 32 37 46 47 57 67 69
Profit After Tax 51 69 80 82 71 93 109 134 138 166 196 203
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 51 69 80 82 71 93 109 134 138 166 196 203
Adjusted Earnings Per Share 41.3 55.4 66.1 68 58.6 76.2 90.1 110 113.5 136.6 161.6 166.2

Swaraj Engines Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 263 283 228 238 236 281 306 342 369 419 489
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 10 9 9 11 9 6 6 6 5 6 6
Total Current Liabilities 63 80 110 117 110 172 150 186 180 244 279
Total Liabilities 337 372 347 366 355 458 461 535 554 669 774
Fixed Assets 101 92 92 108 103 92 95 87 75 110 107
Other Non-Current Assets 5 4 17 11 9 7 39 59 58 80 93
Total Current Assets 230 276 239 247 243 359 328 389 421 478 574
Total Assets 337 372 347 366 355 458 461 535 554 669 774

Swaraj Engines Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 1 1 2 3 3 2 38 6 4 4 7
Cash Flow from Operating Activities 63 82 89 69 100 28 100 133 142 177 117
Cash Flow from Investing Activities -14 -32 47 4 -27 56 -48 -38 -30 -58 22
Cash Flow from Financing Activities -49 -49 -136 -73 -73 -49 -84 -97 -112 -116 -128
Net Cash Inflow / Outflow 0 1 1 -0 -0 36 -32 -2 1 2 11
Closing Cash & Cash Equivalent 1 2 3 3 2 38 6 4 4 7 17

Swaraj Engines Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 41.31 55.42 66.05 67.95 58.56 76.24 90.15 110.01 113.5 136.64 161.57
CEPS(Rs) 52.42 68.53 79.92 84.06 75.15 92.53 105.05 125.27 127.74 153.39 180.05
DPS(Rs) 33 43 50 50 40 69 80 92 95 104.5 110
Book NAV/Share(Rs) 212.04 227.9 187.99 195.71 193.88 230.65 251.55 281.64 303.29 344.79 402.23
Core EBITDA Margin(%) 12.46 13.86 15.29 15.1 12.98 13.75 13.65 13.05 13.19 13.46 13.51
EBIT Margin(%) 12.88 14.08 15.56 14.62 12.04 12.62 12.91 12.65 13.05 13.28 13.15
Pre Tax Margin(%) 12.87 14.08 15.43 14.61 12.04 12.62 12.9 12.64 13.03 13.26 13.13
PAT Margin (%) 8.67 9.19 10.07 9.45 9.19 9.38 9.62 9.4 9.71 9.87 9.78
Cash Profit Margin (%) 11 11.36 12.19 11.7 11.79 11.38 11.21 10.7 10.93 11.08 10.9
ROA(%) 15.5 19.42 22.26 23.09 19.7 22.75 23.8 26.82 25.32 27.14 27.21
ROE(%) 21.59 25.2 31.35 35.42 30.06 35.93 37.4 41.27 38.81 42.17 43.26
ROCE(%) 32.08 38.58 48.34 54.66 39.29 48.21 50.13 55.51 52.12 56.71 58.13
Receivable days 4.43 5.01 6.5 7.12 5.4 21.74 34.79 29.74 31.93 32.27 34.86
Inventory Days 18.77 13.11 13.31 16.61 19.93 18.26 19.85 16.9 18.05 16.18 13.93
Payable days 47.12 45.72 53.58 56.32 62.62 62.69 60.25 47.66 52.81 52.21 54.54
PER(x) 20.61 26.62 30.23 20.7 15.37 17.21 14.49 13.97 20.19 28.48 20.46
Price/Book(x) 4.02 6.47 10.62 7.19 4.64 5.69 5.19 5.46 7.55 11.29 8.22
Dividend Yield(%) 3.88 2.91 2.5 3.56 4.44 5.26 6.13 5.99 4.15 2.68 3.33
EV/Net Sales(x) 1.81 2.68 3.08 1.92 1.39 1.5 1.31 1.24 1.84 2.71 1.94
EV/Core EBITDA(x) 10.55 14.65 16.89 11.39 9.48 10.23 9.06 8.86 12.87 18.68 13.44
Net Sales Growth(%) -2.55 26.67 15.76 13.04 -11.29 27.58 15.36 24.92 -0.18 18.51 19.34
EBIT Growth(%) -2.02 38.31 17.3 3.04 -26.98 33.73 18.04 22.38 3 20.6 18.17
PAT Growth(%) -1.02 34.15 16.36 2.9 -13.81 30.27 18.29 22.05 3.18 20.39 18.27
EPS Growth(%) -1.02 34.15 19.18 2.88 -13.83 30.2 18.24 22.03 3.17 20.39 18.25
Debt/Equity(x) 0 0 0 0 0 0 0 0 0 0 0
Current Ratio(x) 3.65 3.47 2.18 2.1 2.2 2.1 2.19 2.09 2.34 1.96 2.06
Quick Ratio(x) 3.21 3.14 1.89 1.7 1.87 1.74 1.78 1.71 1.94 1.64 1.79
Interest Cover(x) 1679.74 6849.13 122.38 1402.52 6555.4 0 1923.29 2366.06 749.55 676.69 670.47
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +19% +12% +15% +14%
Operating Profit CAGR +19% +14% +15% +12%
PAT CAGR +18% +14% +16% +14%
Share Price CAGR -14% +21% +16% +11%
ROE Average +43% +41% +41% +35%
ROCE Average +58% +56% +55% +49%

Swaraj Engines Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 52.11 %
FII 2.43 %
DII (MF + Insurance) 7.96 %
Public (retail) 37.51 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 52.1252.1252.1252.1252.1252.1252.1252.1252.1152.11
FII 2.552.853.233.353.483.723.933.152.822.43
DII 9.548.848.898.959.078.498.838.918.277.96
Public 35.836.1935.7635.5835.3435.6735.1335.8236.837.51
Others 0000000000
Total 100100100100100100100100100100

Swaraj Engines Peer Comparison

Diesel Engines Edit Columns

Swaraj Engines Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Swaraj Engines Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 41%
  • Company is almost debt free.

Cons

  • Debtor days have increased from 52.21 to 54.54days.
  • Stock is trading at 7.9 times its book value.
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