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Swaraj Engines

₹2425.3 12.8 | 0.5%

Market Cap ₹2946 Cr.

Stock P/E 21.4

P/B 8

Current Price ₹2425.3

Book Value ₹ 303.4

Face Value 10

52W High ₹2647.9

Dividend Yield 3.92%

52W Low ₹ 1751.1

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Swaraj Engines Research see more...

Overview Inc. Year: 1985Industry: Diesel Engines

Swaraj Engines Ltd is an India-based corporation, that is broadly speaking engaged inside the business of diesel engines, diesel engine additives and spare components. It manufactures diesel engines for fitment into Swaraj tractors, which are manufactured via Mahindra & Mahindra Ltd. (M&M). It resources diesel engines within the range of approximately 22 horsepower (HP) to 65 HP. It is likewise into production of hi-tech engine additives. The Company has supplied about 1.2 million engines for fitment into Swaraj tractors.

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Swaraj Engines Share Price

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Peer Comparison

Swaraj Engines Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 238 242 398 385 279 360 400 389 280 351
Other Income 2 2 3 3 3 4 5 3 3 3
Total Income 240 245 401 387 282 363 404 392 283 354
Total Expenditure 208 211 344 334 246 312 345 337 247 303
Operating Profit 32 33 58 53 36 52 60 55 36 51
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 4 4 5 5 5 5 5 5 4 4
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 27 29 53 48 31 47 55 51 32 47
Provision for Tax 7 7 14 12 8 12 14 13 8 12
Profit After Tax 20 22 40 36 23 35 41 38 24 35
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 20 22 40 36 23 35 41 38 24 35
Adjusted Earnings Per Share 16.6 18 32.6 29.6 19.1 28.8 33.7 31 19.8 29

Swaraj Engines Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 479 608 540 526 666 771 872 773 987 1138 1422 1420
Other Income 15 17 16 16 18 19 15 13 9 10 13 14
Total Income 494 626 556 542 684 790 887 786 995 1148 1435 1433
Total Expenditure 408 518 465 452 562 650 740 673 851 983 1236 1232
Operating Profit 87 108 91 90 122 141 147 113 144 165 198 202
Interest 0 0 0 0 0 1 0 0 0 0 0 0
Depreciation 7 9 13 14 16 17 20 20 20 18 19 18
Exceptional Income / Expenses 0 -1 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 80 98 78 76 105 123 127 93 124 147 180 185
Provision for Tax 24 31 26 25 37 43 45 22 32 37 46 47
Profit After Tax 55 67 52 51 69 80 82 71 93 109 134 138
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 55 67 52 51 69 80 82 71 93 109 134 138
Adjusted Earnings Per Share 44.6 53.9 41.7 41.3 55.4 66.1 68 58.6 76.2 90.1 110 113.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 25% 23% 13% 11%
Operating Profit CAGR 20% 21% 7% 9%
PAT CAGR 23% 24% 11% 9%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 35% 16% 13% 12%
ROE Average 41% 38% 36% 31%
ROCE Average 56% 51% 50% 45%

Swaraj Engines Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 194 210 212 263 283 228 238 236 281 306 342
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 8 9 8 10 9 9 11 9 6 6 6
Total Current Liabilities 100 116 105 63 80 110 117 110 172 150 186
Total Liabilities 301 334 325 337 372 347 366 355 458 461 535
Fixed Assets 81 84 84 101 92 92 108 103 92 95 87
Other Non-Current Assets 6 6 11 5 4 17 11 9 7 39 59
Total Current Assets 214 245 231 230 276 239 247 243 359 328 389
Total Assets 301 334 325 337 372 347 366 355 458 461 535

Swaraj Engines Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 3 3 6 1 1 2 3 3 2 38 6
Cash Flow from Operating Activities 47 67 56 63 82 89 69 100 28 100 133
Cash Flow from Investing Activities -28 -16 -11 -14 -32 47 4 -27 56 -48 -38
Cash Flow from Financing Activities -19 -48 -51 -49 -49 -136 -73 -73 -49 -84 -97
Net Cash Inflow / Outflow 0 3 -6 0 1 1 -0 -0 36 -32 -2
Closing Cash & Cash Equivalent 3 6 1 1 2 3 3 2 38 6 4

Swaraj Engines Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 44.61 53.95 41.74 41.31 55.42 66.05 67.95 58.56 76.24 90.15 110.01
CEPS(Rs) 50.37 61.29 52.37 52.42 68.53 79.92 84.06 75.15 92.53 105.05 125.27
DPS(Rs) 33 35 33 33 43 50 50 40 69 80 92
Book NAV/Share(Rs) 155.98 168.98 170.75 212.04 227.9 187.99 195.71 193.88 230.65 251.55 281.64
Core EBITDA Margin(%) 13.28 13.29 12.5 12.46 13.86 15.29 15.1 12.98 13.75 13.65 13.05
EBIT Margin(%) 14.8 14.35 13.03 12.88 14.08 15.56 14.62 12.04 12.62 12.91 12.65
Pre Tax Margin(%) 14.77 14.34 13.02 12.87 14.08 15.43 14.61 12.04 12.62 12.9 12.64
PAT Margin (%) 10.29 9.82 8.68 8.67 9.19 10.07 9.45 9.19 9.38 9.62 9.4
Cash Profit Margin (%) 11.62 11.16 10.89 11 11.36 12.19 11.7 11.79 11.38 11.21 10.7
ROA(%) 19.64 21.1 15.72 15.5 19.42 22.26 23.09 19.7 22.75 23.8 26.82
ROE(%) 29.16 33.2 24.57 21.59 25.2 31.35 35.42 30.06 35.93 37.4 41.27
ROCE(%) 41.92 48.49 36.89 32.08 38.58 48.34 54.66 39.29 48.21 50.13 55.51
Receivable days 7.18 4.58 4.49 4.43 5.01 6.5 7.12 5.4 21.74 34.79 29.74
Inventory Days 24.68 22.95 24.3 18.77 13.11 13.31 16.61 19.93 18.26 19.85 16.9
Payable days 43.79 40.73 47.91 47.12 45.72 53.58 56.32 62.62 62.69 60.25 47.66
PER(x) 8.86 12.82 19.36 20.61 26.62 30.23 20.7 15.37 17.21 14.49 13.97
Price/Book(x) 2.53 4.09 4.73 4.02 6.47 10.62 7.19 4.64 5.69 5.19 5.46
Dividend Yield(%) 8.35 5.06 4.08 3.88 2.91 2.5 3.56 4.44 5.26 6.13 5.99
EV/Net Sales(x) 0.86 1.24 1.6 1.81 2.68 3.08 1.92 1.39 1.5 1.31 1.24
EV/Core EBITDA(x) 4.72 6.98 9.49 10.55 14.65 16.89 11.39 9.48 10.23 9.06 8.86
Net Sales Growth(%) 6.79 26.98 -11.27 -2.55 26.67 15.76 13.04 -11.29 27.58 15.36 24.92
EBIT Growth(%) 2.97 22.85 -20.46 -2.02 38.31 17.3 3.04 -26.98 33.73 18.04 22.38
PAT Growth(%) 4.88 20.94 -22.63 -1.02 34.15 16.36 2.9 -13.81 30.27 18.29 22.05
EPS Growth(%) 4.88 20.94 -22.63 -1.02 34.15 19.18 2.88 -13.83 30.2 18.24 22.03
Debt/Equity(x) 0 0 0 0 0 0 0 0 0 0 0
Current Ratio(x) 2.15 2.12 2.2 3.65 3.47 2.18 2.1 2.2 2.1 2.19 2.09
Quick Ratio(x) 1.75 1.72 1.89 3.21 3.14 1.89 1.7 1.87 1.74 1.78 1.71
Interest Cover(x) 529.95 2375.07 5986.97 1679.74 6849.13 122.38 1402.52 6555.4 0 1923.29 2366.06
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Swaraj Engines Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 52.15 52.13 52.13 52.13 52.13 52.13 52.12 52.12 52.12 52.12
FII 1.85 1.84 1.9 1.91 1.73 1.75 2.5 2.61 2.7 2.55
DII 8.91 8.91 8.91 9.05 8.91 9.16 8.47 8.51 9.02 9.54
Public 37.09 37.11 37.06 36.91 37.23 36.97 36.91 36.76 36.16 35.8
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 38%
  • Debtor days have improved from 60.25 to 47.66days.
  • Company is almost debt free.

Cons

  • Stock is trading at 8 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Swaraj Engines News

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