Swaraj Engines Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Engines: 97.8% • Spares: 1.7% • Scrap & Others: 0.4%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 55.7%
- Company has a good return on equity (ROE) track record: 3 Years ROE 41.4%
- Company has delivered good sales growth of 15.3% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 68.1%
CONS
- Stock is trading at 8.2x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CUMMINSIND | 5085.00 | 59.55 | 140956.20 | 1.30 | 609.30 | 0.89 | 3426.01 | 19.84 | 38.64 | 20.61 |
| KIRLOSENG | 2167.65 | 57.76 | 31543.61 | 0.32 | 111.06 | -20.05 | 1999.53 | 13.36 | 14.46 | 15.02 |
| GREAVESCOT | 192.25 | 44.87 | 4478.49 | 1.04 | 6.16 | -70.46 | 974.12 | 30.68 | 8.77 | 5.78 |
| SWARAJENG | 3574.45 | 21.51 | 4342.91 | 3.08 | 55.53 | 11.13 | 588.39 | 21.54 | 58.13 | 13.05 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 400 | 389 | 280 | 351 | 418 | 464 | 346 | 454 | 484 | 504 | 473 | 546 | 588 | |
| 345 | 337 | 247 | 303 | 360 | 401 | 301 | 392 | 417 | 436 | 411 | 471 | 517 | |
| Operating Profit | 55 | 52 | 33 | 48 | 58 | 63 | 44 | 62 | 67 | 68 | 62 | 75 | 71 |
| OPM % | 13.80% | 13.41% | 11.72% | 13.71% | 13.93% | 13.54% | 12.82% | 13.64% | 13.86% | 13.50% | 13.10% | 13.74% | 12.05% |
| 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 |
| Profit before Tax | 55 | 51 | 32 | 47 | 58 | 61 | 43 | 61 | 67 | 67 | 56 | 73 | 75 |
| Tax % | 25.67% | 25.55% | 24.99% | 25.45% | 25.57% | 25.52% | 25.39% | 25.81% | 25.61% | 25.57% | 25.45% | 25.45% | 25.60% |
| Net Profit | 41 | 38 | 24 | 35 | 43 | 45 | 32 | 45 | 50 | 50 | 42 | 55 | 56 |
| 33.69 | 31.01 | 19.84 | 28.96 | 35.56 | 37.39 | 26.30 | 37.39 | 41.14 | 40.89 | 34.66 | 44.91 | 45.70 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 666 | 771 | 872 | 773 | 987 | 1,138 | 1,422 | 1,419 | 1,682 | 2,007 | 2,111 | |
| 562 | 650 | 740 | 673 | 851 | 983 | 1,236 | 1,232 | 1,455 | 1,736 | 1,835 | |
| Operating Profit | 104 | 122 | 132 | 100 | 136 | 155 | 186 | 187 | 226 | 271 | 276 |
| OPM % | 15.59% | 15.77% | 15.10% | 12.98% | 13.75% | 13.65% | 13.05% | 13.19% | 13.46% | 13.51% | 13.07% |
| 18 | 19 | 15 | 13 | 9 | 10 | 13 | 15 | 17 | 15 | 12 | |
| Interest | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 16 | 17 | 20 | 20 | 20 | 18 | 19 | 17 | 20 | 22 | 23 |
| Profit before Tax | 105 | 123 | 127 | 93 | 124 | 147 | 180 | 185 | 223 | 264 | 271 |
| Tax % | 34.73% | 34.73% | 35.30% | 23.67% | 25.66% | 25.46% | 25.67% | 25.46% | 25.58% | 25.52% | 25.52% |
| Net Profit | 69 | 80 | 82 | 71 | 93 | 109 | 134 | 138 | 166 | 196 | 202 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 76.20 | 90.13 | 109.99 | 113.50 | 136.64 | 161.57 | — |
| Dividend Payout % | 77.58% | 75.70% | 73.58% | 68.31% | 90.50% | 88.74% | 83.63% | 83.70% | 76.48% | 68.08% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 15%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 14%
- 5 Years:
- 16%
- 3 Years:
- 14%
STOCK PRICE CAGR
- 10 Years:
- 11%
- 5 Years:
- 16%
- 3 Years:
- 20%
- 1 Year:
- -17%
RETURN ON EQUITY
- 10 Years:
- 36%
- 5 Years:
- 41%
- 3 Years:
- 41%
- Last Year:
- 43%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| 271 | 216 | 225 | 223 | 268 | 293 | 330 | 356 | 407 | 477 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | |
| Trade Payables | 70 | 98 | 104 | 99 | 164 | 130 | 166 | 158 | 221 | 248 |
| 19 | 21 | 25 | 21 | 15 | 26 | 26 | 27 | 28 | 36 | |
| Total Liabilities | 372 | 347 | 366 | 355 | 458 | 461 | 535 | 554 | 669 | 774 |
| 92 | 92 | 108 | 103 | 92 | 95 | 87 | 75 | 110 | 107 | |
| Capital Work in Progress | 0 | 4 | 2 | 4 | 1 | 2 | 2 | 38 | 5 | 55 |
| 49 | 76 | 84 | 111 | 34 | 36 | 26 | 20 | 19 | 19 | |
| 26 | 32 | 47 | 37 | 62 | 62 | 70 | 71 | 78 | 75 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 120 | 177 | 206 | |
| Cash & Bank | 49 | 47 | 32 | 18 | 117 | 91 | 109 | 176 | 174 | 122 |
| 156 | 96 | 92 | 81 | 152 | 176 | 241 | 54 | 105 | 190 | |
| Total Assets | 372 | 347 | 366 | 355 | 458 | 461 | 535 | 554 | 669 | 774 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 120 | 133 | 113 | 124 | 64 | 138 | 181 | 142 | 177 | 117 | |
| Cash from Investing | -32 | 47 | 4 | -27 | 56 | -48 | -38 | -30 | -58 | 22 |
| Cash from Financing | -49 | -136 | -73 | -73 | -49 | -84 | -97 | -112 | -116 | -128 |
| 1 | 1 | -0 | -0 | 36 | -32 | -2 | 1 | 2 | 11 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - We wish to inform you that, the Shareholders of the Company had approved the appointment of Mr. Devjit Sarkar (DIN: 10745850) as Director and also as Whole Time Director designated as Whole Time Director & Chief Executive Officer of the Company for a period from 1st September, 2024 to 31st August, 2026. Mr. Devjit Sarkar would cease to hold office as Director and also as Whole Time Director of the Company from 1st September, 2026, upon completion of his tenure as approved by the Shareholders of the Company.
2026-09-01 - We wish to inform you that, the Shareholders of the Company had approved the appointment of Mr. Devjit Sarkar (DIN: 10745850) as Director and also as Whole Time Director designated as Whole Time Director & Chief Executive Officer of the Company for a period from 1st September, 2024 to 31st August, 2026. Mr. Devjit Sarkar would cease to hold office as Director and also as Whole Time Director of the Company from 1st September, 2026, upon completion of his tenure as approved by the Shareholders of the Company.
2026-08-31 - appointment of Mr. Sanjay Kshirsagar (DIN: 11745844) as Whole Time Director designated as Whole Time Director and Chief Executive Officer of the Company and Key Managerial Personnel under the Companies Act, 2013, for a period of 3 (Three) years with effect from 1st September, 2026 to 31st August, 2029 (both days inclusive), subject to the approval of the shareholders of the Company.
2026-08-31 - This is to inform that based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of Swaraj Engines Limited ( the Company ) at its meeting held today i.e. 31st August, 2026 inter alia considered and approved: appointment of Mr. Sanjay Kshirsagar (DIN: 11745844) as Additional Director of the Company with effect from 1st September, 2026. appointment of Mr. Sanjay Kshirsagar (DIN: 11745844) as Whole Time Director designated as Whole Time Director and Chief Executive Officer of the Company and Key Managerial Personnel under the Companies Act, 2013, for a period of 3 (Three) years with effect from 1st September, 2026 to 31st August, 2029 (both days inclusive), subject to the approval of the shareholders of the Company.The details as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January, 2026 are given in Annexure A to this letter.The meeting of the Board of Directors of the Company commenced at 2:15 P.M. and concluded at 2:30 P.M.This intimation is also being uploaded on the Company s website at www.swarajenterprise.com.
2026-08-31 - This is to inform that based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of Swaraj Engines Limited ( the Company ) at its meeting held today i.e. 31st August, 2026 inter alia considered and approved: appointment of Mr. Sanjay Kshirsagar (DIN: 11745844) as Additional Director of the Company with effect from 1st September, 2026. appointment of Mr. Sanjay Kshirsagar (DIN: 11745844) as Whole Time Director designated as Whole Time Director and Chief Executive Officer of the Company and Key Managerial Personnel under the Companies Act, 2013, for a period of 3 (Three) years with effect from 1st September, 2026 to 31st August, 2029 (both days inclusive), subject to the approval of the shareholders of the Company.
2026-07-21 - In compliance with Regulation 44 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulations ), please find enclosed herewith Voting Results (remote e-voting and e-voting at the 40th Annual General Meeting) of the business transacted at the 40th Annual General Meeting of the Company held on Monday, 20th July 2026 at 12:30 P.M. (IST) through video conferencing/other audio visual means facility in the prescribed format as required under Regulation 44(3) of the Listing Regulations together with the Scrutinizer s Consolidated Report.All the five (5) resolutions proposed in the Notice convening the 40th Annual General Meeting of the Company were approved and passed by the Members of the Company with requisite majority.The voting results along with the Scrutinizer s Consolidated Report dated 21st July, 2026 is available on the website of the Company https://www.swarajenterprise.com and also on the website of National Securities Depository Limited i.e. https://www.evoting.nsdl.com.This is for your information and records.
2026-07-21 - Pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith copies of the Audited Financial Results, published on 14th April, 2026 in the following newspapers: S.No. Name of Newspaper Editions1 Financial Express (English) All Edition2 Ajit (Punjabi) JalandharThis intimation is also being uploaded on the Company s website at https://www.swarajenterprise.com. You are requested to take note of the same.
2026-07-20 - In compliance with Regulation 30 read with Schedule III and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed proceedings of the 40th Annual General Meeting of Swaraj Engines Limited ( the Company ) held on Monday, 20th July 2026 at 12:30 P.M. (IST).The Annual General Meeting commenced at 12:30 P.M. and concluded at 1:15 P.M. (IST).This intimation is also being uploaded on the Company s website at https://www.swarajenterprise.comThis is for your information and records.
2026-07-20 - This is to inform that Board of Directors of Swaraj Engines Limited in their meeting held today on 20th July, 2026 has approved the Unaudited Financial Results of the Company for the first quarter ended 30th June, 2026. Copies of the Unaudited Financial Results, Limited Review Report from the Company s Statutory Auditors and Press Release are enclosed herewith.The meeting of the Board of Directors of the Company commenced at 10:50 AM and concluded at 11:20 AM. This intimation is also being uploaded on the Company s website at www.swarajenterprise.com.
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