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
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CUMMINS INDIA LTD | 1,40,540 | 59.4 | 16.58 | 46.2 | 27.9 | 31.8 | 22.7 | 22.0 |
| KIRLOSKAR OIL ENG LTD | 31,552 | 57.8 | 8.83 | 24.8 | 15.7 | 10.9 | 18.5 | 15.8 |
| ELGI EQUIPMENTS LTD | 19,591 | 43.5 | 8.78 | 29.1 | 19.3 | 24.3 | 15.5 | 15.9 |
| INGERSOLL-RAND INDIA LTD | 14,428 | 53.9 | 23.43 | — | 41.6 | 54.7 | — | 26.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Sept 2026 · Swaraj Engines CEO Devjit Sarkar completes his tenure on 31 Aug 2026 | management changes | high | — | — |
| 1 Sept 2026 · Swaraj Engines CEO Devjit Sarkar's approved tenure set to end Aug 31, 2026 | management changes | high | — | — |
| 31 Aug 2026 · Swaraj Engines appoints Sanjay Kshirsagar as CEO for 3 years | general | low | — | — |
| 31 Aug 2026 · Swaraj Engines appoints Sanjay Kshirsagar as CEO and Whole Time Director | business updates | low | — | — |
| 31 Aug 2026 · Swaraj Engines appoints Sanjay Kshirsagar as CEO for 3 years | general | low | — | — |
| 21 Jul 2026 · 40th AGM voting results: All 5 resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 21 Jul 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 20 Jul 2026 · Swaraj Engines 40th AGM held on 20 July 2026; dividend and re-appointments approved | board shareholder meetings | low | — | — |
| 20 Jul 2026 · Swaraj Engines Q1 FY27 results: record PBT of Rs 74.64 cr, revenue up 21.5% | results | high | — | — |
| 20 Jul 2026 · Swaraj Engines Q1 FY27: Revenue up 21.5%, PAT rises 11% to Rs 55.53 cr | results | high | — | — |
| 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 |
| KIRLOSKAR BROTHERS LTD | 14,231 | 38.1 | 5.75 | 24.1 | 15.2 | 16.8 | 10.8 | 11.8 |
| KSB LIMITED | 13,955 | 56.9 | 8.22 | — | 5.7 | 6.7 | — | 12.6 |
| SHAKTI PUMPS (I) LTD | 6,085 | 28.6 | 3.57 | 13.7 | 15.1 | 19.6 | 23.7 | 10.9 |
| KIRLOSKAR PNEUMATIC COM L | 4,674 | 17.8 | 3.71 | 12.3 | 20.2 | 26.4 | — | 17.7 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.5 | 44.6 | 3 of 15 | 86% |
| P/B | 8.9 | 5.2 | 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 | 4344 | 4674 | 10 of 15 | 36% |
| 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 |
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.
