SWARAJENGIndustrials

Swaraj Engines Limited

Compressors, Pumps & Diesel Engines · ISIN INE277A01016 · BSE 500407 · NSE EQ · FV ₹10
Last price
₹3,548
+2.86%today
What this company does

Swaraj Engines Limited operates in Compressors, Pumps & Diesel Engines, part of the Industrials sector. It booked ₹635 cr of revenue in its latest quarter (Q2 FY27) and kept 9.5% of sales as profit.

“Swaraj Engines Ltd. ("SEL") is primarily manufacturing diesel engines for fitment into "Swaraj" tractors being manufactured by Mahindra & Mahindra Ltd. ("M&M"). SEL is supplying diesel Engines in the range of 20 HP to 65 HP. Since the start of commercial operations in 1989-90, your Company has supplied 1.76 million engines for fitment into "Swaraj" tractors.”
In the report:
79out of 100
Equitytale Health Score
Solid

Healthier than 79% of companies in Industrials, on all six measures of filed financials. Each measure is ranked against the 125–284 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
44

At close. Not part of the score.

Profitability & returns93

How much profit it earns on the money it employs

Balance sheet92

How much it owes, and whether earnings cover the interest

Cash quality71

Whether reported profit actually arrives as cash

Growth & consistency70

Whether sales and profit have grown, and how steadily

Valuation39

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Sales up 26% vs last year
✓ Profit up 22% vs last year
✓ Promoters hold 52%
✓ No promoter shares pledged
✓ Strong 51% return on equity
✓ Virtually debt-free
✓ Turns profit into real cash
Watch-outs
None flagged from our data

What if I invest in SWARAJENG?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 0% a year, it would become
₹12.00 lakh

The slider starts at 0%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹3,548▲ +2.86%
latest close · 2026-11-04
1-year return
+109.5%
52-wk low ₹1,29252-wk high ₹3,950
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio17.8Average
LowAverageHigh
P/B ratio9.14High
Below bookModerateHigh
EV / EBITDA12.2Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity51.4%Strong
WeakFairStrong ▸15%
Return on capital67.5%Strong
WeakFairStrong
Net margin9.5%Decent
ThinDecentStrong
EBITDA margin13.9%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.00Comfortable
LowModerateHigh ▸1
Interest cover814.8×Strong
RiskyOkayStrong ▸5×
Current ratio1.67Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹4,310 cr
Book value
₹388
EPS
₹49.86
latest quarter
Net debt
₹-4 cr
more cash than debt
Enterprise value
₹4,306 cr
EBITDA
₹352 cr
annualised
EBIT
₹326 cr
annualised
Operating margin
12.8%
Return on assets
28.7%
Earnings yield
5.62%
P/S
1.70
Sales / share
₹2,091.2
Tax rate
25.6%
Face value
₹10
Shares
1.2 cr
Working capital
₹243 cr
Current assets
₹606 cr
Current liabilities
₹363 cr
Delivery %
44.1%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹532–₹1,360, midpoint ₹946

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹635 cr
Other Income₹2 cr
Total Income₹637 cr
Cost of Materials₹503 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹-4 cr
Employee Benefit Expense₹16 cr
Finance Costs₹10 L
Depreciation & Amortisation₹7 cr
Other Expenses₹33 cr
Total Expenses₹555 cr
Profit before Tax₹81 cr
Tax Expense₹21 cr
Net Profit₹61 cr
Net margin on total income9.5%
Where the money goes · Q2 FY27
% of total income
Materials + stock-in-trade₹499 cr78.4%
Employee benefit expense₹16 cr2.6%
Finance costs₹10 L0.0%
Depreciation & amortisation₹7 cr1.0%
Other expenses₹33 cr5.2%
Tax expense₹21 cr3.3%
Profit for the period₹61 cr9.5%
Total income ₹637 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue546 cr588 cr635 cr
Total income549 cr592 cr637 cr
Expenses476 cr517 cr555 cr
Profit before tax73 cr75 cr81 cr
Tax19 cr19 cr21 cr
Net profit (owners' share)55 cr56 cr61 cr
Net margin (owners' share, on revenue)10.0%9.4%9.5%
EPS (₹)44.9145.7049.86
YoY (latest quarter): total income +25.2% · net profit +21.9%
Balance sheet & cash flow · as of Sep 2026
Debt-free
Total assets
₹846 cr
Shareholder equity
₹471 cr
parent shareholders
Total debt
₹0 cr
Cash
₹4 cr
Cash flow · H1 FY27
Operating
₹102 cr
Investing
₹20 cr
Financing
₹-134 cr
Peer comparison
Compressors, Pumps & Diesel Engines · by market value
CompanyPriceMarket capP/E
Cummins India Limited₹4,650₹1.29 L cr52.9
Greaves Cotton Limited₹198₹29,536 cr247.7
Kirloskar Oil Engines Limited₹1,718₹24,978 cr54.9
Elgi Equipments Limited₹532₹16,872 cr40.6
Kirloskar Brothers Limited₹1,743₹13,860 cr47.0
Ingersoll Rand (India) Limited₹4,130₹13,040 cr46.3
Ksb Limited₹666₹11,592 cr50.6
Kirloskar Pneumatic Company Limited₹550₹7,146 cr44.6
Shakti Pumps (India) Limited₹357₹4,405 cr28.6
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
3.10%
trailing 12 months
Dividend / share (TTM)
₹110
Last dividend
₹110
ex 3 Jul 2026
ActionDetailEx-date
Dividend₹110 / share3 Jul 2026
Dividend₹104.5 / share27 Jun 2025
Dividend₹95 / share28 Jun 2024
Dividend₹92 / share7 Jul 2023
Dividend₹80 / share30 Jun 2022
Dividend₹50 / share1 Jul 2021
Who owns it · 2026-09-30
No pledge
Promoter
52.1%
FII / Foreign
2.3%
DII / Domestic
8.8%
Retail / others
36.9%
Smart-money activity
Insider trades
BoughtDevjit Sarkar · Director361 · ₹13.4 L7 Jan 26
BoughtMAHINDRA & MAHINDRA LTD. · Promoters21.14 L · ₹296.0 cr27 Sep 22
SoldKIRLOSKAR INDUSTRIES LTD. · Promoters21.14 L · ₹296.0 cr27 Sep 22
Bulk / block deals
SoldBLITZQUANT RESEARCH LLP · NSE70,956 @ ₹3,830.3412 Oct 26
BoughtBLITZQUANT RESEARCH LLP · NSE70,956 @ ₹3,828.1812 Oct 26
short— · NSE97 Aug 26
Stake changes
DisposalKirloskar Industries Limited · promoter→ 0.00%27 Sep 22
BoughtDSP Trustee Private Ltd on behalf of Schemes of DSP Mutual fund and DSP Aternative Investment fund→ 5.46% · 1.04 L17 Oct 19
BoughtMahindra & Mahindra Limited · promoter→ 34.76% · 1.78 L3 Jun 19
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Postal ballot · 22 Oct 2026
See the official result
1
Appointment of Mr. Sanjay Kshirsagar (DIN: 11745844) as a Director of the Company.
Backed by 99% of shareholders other than promotersneeded 50%
11.43 L votes for, 8,741 against · 1% of mutual funds and other big investors said no
2
Appointment of Mr. Sanjay Kshirsagar (DIN: 11745844) as Whole Time Director of the Company.
Backed by 99% of shareholders other than promotersneeded 75%
11.43 L votes for, 8,568 against · 1% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 164 named members
owning 52.1% between them · as of 2026-09-30
MAHINDRA & MAHINDRA LIMITED52.11%
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Automobili Pininfarina Americas Inc. (formerly known as Harkey Acquisition, L.L.C., USA )no shares
Automobili Pininfarina GmbH [Formerly known as Blitz 18-371 GmbH]no shares
Blue Planet Integrated Waste Solutions Limitedno shares

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.