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Swaraj Engines Q2 FY27 results: net profit up 21.9% to ₹60.57 crore, revenue up 26.0%
Swaraj Engines Limited reported standalone revenue of ₹635.19 crore and a net profit of ₹60.57 crore for Q2 FY27. Revenue rose 26.0% year on year, while basic EPS increased 21.9% to ₹49.86; the results were approved by the board on 12 October 2026.
Key points
- Revenue was ₹635.19 crore in Q2 FY27, up ₹131.15 crore or 26.0% from Q2 FY26.
- EBITDA was ₹86.45 crore, up ₹18.42 crore or 27.1%, with the margin at 13.6%.
- Net profit rose ₹10.89 crore or 21.9% to ₹60.57 crore, and basic EPS was ₹49.86.
- In H1 FY27, revenue was ₹1,223.58 crore and net profit was ₹116.10 crore.
- The stock closed 9.5% higher on the reaction day and was 6.6% above its pre-results close by the next day's close.
How did Swaraj Engines perform in Q2 FY27?
Swaraj Engines reported standalone revenue from operations of ₹635.19 crore for Q2 FY27, up ₹131.15 crore or 26.0% from Q2 FY26. EBITDA rose ₹18.42 crore or 27.1% to ₹86.45 crore, while the EBITDA margin increased 0.1 percentage point to 13.6%. The board approved the unaudited quarterly and half-year results on 12 October 2026.
Profit before tax was ₹81.38 crore, up ₹14.63 crore or 21.9% from the year-ago quarter, and the net profit was ₹60.57 crore, up ₹10.89 crore or 21.9%. Basic EPS increased by ₹8.97, or 21.9%, to ₹49.86. The net profit margin was 9.5%, down 0.4 percentage point from Q2 FY26.
Against Q1 FY27, revenue rose ₹46.80 crore or 8.0%, EBITDA increased ₹9.69 crore or 12.6%, and net profit rose ₹5.04 crore or 9.1%. The EBITDA margin increased 0.6 percentage point to 13.6%, while basic EPS increased by ₹4.16, or 9.1%, to ₹49.86. These were standalone figures; no consolidated quarter figures were provided.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 635.19 | 588.39 | 504.04 | +26.0% | +8.0% |
| Other income | 1.58 | 3.71 | 4.61 | −65.7% | −57.4% |
| Total expenses | 555.39 | 517.46 | 441.90 | +25.7% | +7.3% |
| EBITDA | 86.45 | 76.76 | 68.03 | +27.1% | +12.6% |
| EBITDA margin | 13.6% | 13.0% | 13.5% | +0.1 pp | +0.6 pp |
| Profit before tax | 81.38 | 74.64 | 66.75 | +21.9% | +9.0% |
| Tax | 20.81 | 19.11 | 17.07 | +21.9% | +8.9% |
| Net profit | 60.57 | 55.53 | 49.68 | +21.9% | +9.1% |
| EPS (₹) | 49.86 | 45.70 | 40.89 | +21.9% | +9.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Swaraj Engines' costs and profit?
Total expenses rose ₹113.49 crore, or 25.7%, to ₹555.39 crore from Q2 FY26. Cost of materials increased ₹104.25 crore, or 26.2%, to ₹502.88 crore; employee cost rose ₹2.35 crore, or 16.9%, to ₹16.24 crore; depreciation increased ₹0.76 crore, or 13.1%, to ₹6.55 crore; and other expenses rose ₹6.22 crore, or 22.9%, to ₹33.37 crore. Finance costs were unchanged at ₹0.10 crore.
Other income fell ₹3.03 crore, or 65.7%, to ₹1.58 crore from ₹4.61 crore in Q2 FY26. There was no exceptional item in either quarter, while profit before exceptional items and tax was ₹81.38 crore. Tax expense increased ₹3.74 crore, or 21.9%, to ₹20.81 crore, taking net profit to ₹60.57 crore.
The filing did not state why cost of materials, employee cost or other expenses changed. It did show that the increase in revenue and EBITDA exceeded the rise in total expenses, with the EBITDA margin moving from 13.5% to 13.6%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 502.88 | 398.63 | +104.25 | +26.2% |
| Employee cost | 16.24 | 13.89 | +2.35 | +16.9% |
| Finance costs | 0.10 | 0.10 | 0 | +0.0% |
| Depreciation | 6.55 | 5.79 | +0.76 | +13.1% |
| Other expenses | 33.37 | 27.15 | +6.22 | +22.9% |
| Total expenses | 555.39 | 441.90 | +113.49 | +25.7% |
| Other income | 1.58 | 4.61 | −3.03 | −65.7% |
| Tax | 20.81 | 17.07 | +3.74 | +21.9% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Swaraj Engines reported revenue of ₹1,223.58 crore, up ₹235.44 crore or 23.8% from H1 FY26. Total income rose ₹230.46 crore, or 23.1%, to ₹1,228.87 crore, while profit before tax increased ₹22.10 crore, or 16.5%, to ₹156.02 crore.
Net profit for the first half was ₹116.10 crore, up ₹16.45 crore or 16.5% from ₹99.65 crore in H1 FY26. Basic EPS increased by ₹13.53, or 16.5%, to ₹95.56. The filing contained no exceptional item for either half-year period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,224 | 988.14 | +23.8% |
| Profit before tax | 156.02 | 133.92 | +16.5% |
| Net profit | 116.10 | 99.65 | +16.5% |
| EPS (₹) | 95.56 | 82.03 | +16.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As at 30 September 2026, total assets were ₹845.65 crore, compared with ₹778.83 crore at 31 March 2026. Total equity was ₹471.47 crore against ₹488.92 crore, while borrowings remained nil. Cash and cash equivalents were ₹4.49 crore, down from ₹17.26 crore; inventories were ₹78.21 crore against ₹74.81 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 845.65 | 778.83 |
| Total equity | 471.47 | 488.92 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 4.49 | 17.26 |
| Inventories | 78.21 | 74.81 |
| Trade receivables | 249.08 | 206.18 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 101.61 | 112.96 |
| Cash from investing | 19.78 | 8.81 |
| Cash from financing | −134.16 | −127.42 |
| Capital expenditure | 67.52 | 13.77 |
Source: Company's results filing (XBRL).
How has Swaraj Engines done over the last 8 quarters?
Revenue reached its highest point in the latest quarter at ₹635.19 crore, after rising from ₹588.39 crore in Q1 FY27. The lowest revenue in the eight-quarter series was ₹345.50 crore in Q3 FY25, while the lowest EBITDA margin was 12.8% in that quarter.
Net profit peaked at ₹60.57 crore in Q2 FY27, compared with its low of ₹31.95 crore in Q3 FY25. The EBITDA margin reached 13.9% in Q1 FY26 and stood at 13.6% in the latest quarter, up from 13.0% in Q1 FY27. Revenue and profit each rose year on year in each of the last eight quarters.
How did Swaraj Engines shares react?
Swaraj Engines was up 4.0% five minutes after the filing appeared in the market, 4.7% after 15 minutes and 10.9% after 30 minutes. It closed 9.5% higher on the reaction day from the previous close. By the next day's close, the stock was 6.6% above its pre-results close; by the fifth session, it was 2.7% higher.
Earlier reaction-day moves were mixed. The stock was up 3.3% on 13 April 2026, down 1.1% on 20 July 2026 and up 10.1% on 15 July 2025. It had also fallen 5.5% on 21 October 2024.
| After the filing | Stock | Compressors Pumps & Diesel Engines median |
|---|---|---|
| 5 minutes | +4.0% | |
| 15 minutes | +4.7% | |
| 30 minutes | +10.9% | |
| Reaction day | +9.5% | −0.1% |
| Next day | +6.6% | +1.1% |
| 5 days | +2.7% | −3.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 20 July 2026 | −1.1% |
| 13 April 2026 | +3.3% |
| 15 January 2026 | −1.5% |
| 15 July 2025 | +10.1% |
| 16 April 2025 | +5.4% |
| 17 January 2025 | +6.2% |
| 21 October 2024 | −5.5% |
| 18 July 2024 | +4.5% |
Source: MarketPing price-reaction measurement.
How did other Compressors Pumps & Diesel Engines companies do?
Six other Compressors Pumps & Diesel Engineers companies had filed for the quarter by 4 November 2026, with a median revenue growth of 18.1%. Five grew more slowly than Swaraj Engines, while one grew faster. Of the six peers for which profit was compared, one reported higher profit.
| Swaraj Engines revenue growth (YoY) | +26.0% |
|---|---|
| Median of 6 other Compressors Pumps & Diesel Engines companies | +18.1% |
| Companies with slower revenue growth than Swaraj Engines | 5 of 6 |
| Companies with faster revenue growth than Swaraj Engines | 1 of 6 |
| Companies whose net profit rose | 1 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Swaraj Engines' revenue in Q2 FY27?
Revenue from operations was ₹635.19 crore, up 26.0% from ₹504.04 crore in Q2 FY26 (standalone).
Did Swaraj Engines make a profit in Q2 FY27?
Yes. Net profit was ₹60.57 crore, against a net profit of ₹49.68 crore in Q2 FY26.
What was Swaraj Engines' EPS in Q2 FY27?
Basic earnings per share were ₹49.86, against ₹40.89 in Q2 FY26.
How did Swaraj Engines shares react to the Q2 FY27 results?
On the reaction day the stock moved +9.5% from the previous close; the median Compressors Pumps & Diesel Engines stock moved −0.1%.
When did Swaraj Engines announce its Q2 FY27 results?
On 12 October 2026, in a filing to the BSE.
Sources
- Outcome Of Board Meeting (BSE, 12 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 12 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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