NSE: SWARAJENG · BSE: 500407
SWARAJ ENGINES LTD
Manufactures diesel engines, classified under Compressors, Pumps & Diesel Engines. The business is driven by engine sales — FY26 revenue of Rs 2,007 cr came from selling 202,771 engines, and Q1 FY27 saw 56,803 engines sold, up 15.8% year-on-year. Cumulative engine sales since inception crossed the 2 million mark during Q1 FY27. Mahindra and Mahindra is the promoter and holding company, and the engine programme is tied to M&M's farm-equipment and vehicle volumes, making M&M group the principal off-taker. Materials are the dominant input, accounting for 78.3% of revenue, with employee cost at 2.6% and other operating expenses at 5.6%. The board recommended a Rs 110 per share dividend for FY26, taking total payout to Rs 133.65 cr against FY26 PAT of Rs 196.31 cr. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Engine sales. Single-product diesel engine manufacturer tied to a single large OEM customer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,138 | 1,422 | 1,419 | 1,682 | 2,007 |
| EBITDA (ex other income) | 155 | 186 | 188 | 227 | 269 |
| margin % | 13.7 | 13.1 | 13.3 | 13.5 | 13.4 |
| Owners' profit | 109 | 134 | 138 | 166 | 196 |
| EPS, as reported (₹) | 90.17 | 110.02 | 113.50 | 136.64 | 161.60 |
| ROE % · ROCE % | 35.8 · 47.2 | 39.0 · 51.4 | 37.4 · 49.2 | 39.6 · 52.2 | 40.2 · 52.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 103 | 133 | 142 | 177 | 117 |
| Capex | (22) | (13) | (48) | (24) | (70) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 464 | 346 | 454 | 484 | 504 | 473 | 546 | 588 |
| Profit before tax | 61 | 43 | 61 | 67 | 67 | 56 | 73 | 75 |
| Net profit | 45 | 32 | 45 | 50 | 50 | 42 | 55 | 56 |
| EPS (₹) | 37.39 | 26.30 | 37.39 | 41.14 | 40.89 | 34.66 | 44.91 | 45.70 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CUMMINS INDIA LTD | 1,28,219 | 54.2 | 15.13 | 42.1 | 27.9 | 31.8 | 22.7 | 22.0 |
| KIRLOSKAR OIL ENG LTD | 27,699 | 50.7 | 7.75 | 22.2 | 15.7 | 10.9 | 18.5 | 15.8 |
| ELGI EQUIPMENTS LTD | 16,291 | 36.2 | 7.30 | 24.2 | 19.3 | 24.3 | 15.5 | 15.9 |
| KIRLOSKAR BROTHERS LTD | 12,484 | 33.4 | 5.04 | 21.1 | 15.2 | 16.8 | 10.8 | 11.8 |
| INGERSOLL-RAND INDIA LTD | 12,186 | 45.5 | 19.79 | — | 41.6 | 54.7 | — | 26.4 |
| KSB LIMITED | 11,345 | 46.2 | 6.68 | — | 5.7 | 6.7 | — | 12.6 |
| SHAKTI PUMPS (I) LTD | 4,481 | 21.1 | 2.63 | 10.1 | 15.1 | 19.6 | 23.7 | 10.9 |
| GREAVES COTTON LTD. | 4,228 | 42.2 | 2.79 | 17.5 | 2.3 | 5.9 | 18.0 | 6.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.6 | 42.2 | 3 of 15 | 86% |
| P/B | 8.5 | 4.7 | 13 of 15 | 14% |
| ROCE | 52.8 | 16.9 | 2 of 15 | 93% |
| ROE | 40.1 | 15.2 | 2 of 15 | 93% |
| Debt / Equity | 0.0 | 0.1 | 1 of 15 | 79% |
| EBITDA margin | 13.7 | 15.8 | 9 of 15 | 43% |
| Revenue growth | 21.5 | 17.9 | 6 of 15 | 64% |
| Profit growth | 11.1 | 11.1 | 8 of 15 | 50% |
| Market cap | 4167 | 4228 | 9 of 15 | 43% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Sanjay Kshirsagar appointed Director and Whole-Time Director | management changes | high | — | — |
| 13 Oct 2026 · Quarterly compliance certificate for share dematerialization filed | compliance | minimal | — | — |
| 13 Oct 2026 · Q2 FY27 Results Published - Revenue Up 26% YoY, PAT Up 22% | compliance | minimal | — | — |
| 12 Oct 2026 · Swaraj Engines amends Fair Disclosure Code for UPSI compliance | compliance | minimal | — | — |
| 12 Oct 2026 · Swaraj Engines Q2 PAT up 21.9 percent, revenue up 26 percent | results | high | — | — |
| 12 Oct 2026 · Swaraj Engines Q2 PAT up 22% at Rs 60.57 cr; revenue grows 26% YoY | results | high | — | — |
| 1 Oct 2026 · Board meeting on Oct 12 to consider Q2 results; trading window closed | compliance | minimal | — | — |
| 23 Sept 2026 · Postal Ballot Notice - Appointment of New Director | compliance | minimal | — | — |
| 22 Sept 2026 · Postal Ballot: Appointment of new WTD and CEO | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Newspaper ad on special window for physical share transfer and demat | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.