Swaraj Engines Ltd

₹ 1,624 -0.18%
28 Jun - close price
About

Swaraj Engines was established in 1989 it manufactures diesel engines specifically for tractors in the range of 22 HP to above 65 HP and hi-tech engine components. [1] [2]
[3]

Key Points

Company History
The company has been promoted jointly by Punjab Tractors Ltd. and Kirloskar Oil Engines Ltd.
In 1995 it expanded its capacity to 42,000 engines p.a. [1]
The current promoters of the company are Mahindra & Mahindra Limited ("M&M") and Kirloskar Industries Limited ("KIL") holding 34.76% and 17.43% respectively in the Company[2]

  • Market Cap 1,972 Cr.
  • Current Price 1,624
  • High / Low 2,000 / 1,292
  • Stock P/E 18.0
  • Book Value 252
  • Dividend Yield 4.93 %
  • ROCE 50.2 %
  • ROE 37.4 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is providing a good dividend yield of 4.93%.
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 34.46%
  • Company has been maintaining a healthy dividend payout of 82.51%

Cons

  • The company has delivered a poor sales growth of 11.31% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Figures in Rs. Crores

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
205 223 170 175 117 292 272 305 315 344 238 242
178 193 150 152 104 252 236 259 267 296 208 211
Operating Profit 27 30 20 23 13 40 37 46 47 48 29 31
OPM % 13% 13% 12% 13% 11% 14% 13% 15% 15% 14% 12% 13%
4 3 3 3 2 2 2 2 3 2 2 2
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 5 5 5 5 4 6 5 5 5 5 4 4
Profit before tax 26 28 17 21 11 36 34 44 45 45 27 29
Tax % 35% 10% 26% 26% 27% 26% 26% 25% 25% 25% 26% 25%
Net Profit 17 25 13 16 8 27 25 33 34 34 20 22
EPS in Rs 13.95 20.93 10.62 13.06 6.46 22.35 20.62 26.82 27.72 27.82 16.63 18.00

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
361 449 479 608 540 526 666 771 872 773 987 1,138
300 380 408 518 465 452 562 650 740 673 851 983
Operating Profit 61 68 72 91 75 74 105 122 132 100 136 155
OPM % 17% 15% 15% 15% 14% 14% 16% 16% 15% 13% 14% 14%
8 13 15 16 16 16 17 19 15 13 9 10
Interest 0 0 0 0 0 0 0 1 0 0 0 0
Depreciation 4 4 7 9 13 14 16 17 20 20 20 18
Profit before tax 64 77 80 98 78 76 105 123 127 93 124 147
Tax % 32% 32% 30% 32% 33% 33% 35% 35% 35% 24% 26% 25%
Net Profit 44 53 55 67 52 51 69 80 82 71 93 109
EPS in Rs 35.35 42.53 44.61 53.95 41.74 41.31 55.43 66.05 67.95 58.55 76.24 90.14
Dividend Payout % 28% 31% 74% 65% 79% 80% 78% 76% 74% 68% 91% 89%
Compounded Sales Growth
10 Years: 10%
5 Years: 11%
3 Years: 9%
TTM: 15%
Compounded Profit Growth
10 Years: 8%
5 Years: 10%
3 Years: 10%
TTM: 19%
Stock Price CAGR
10 Years: 15%
5 Years: -7%
3 Years: 5%
1 Year: -15%
Return on Equity
10 Years: 30%
5 Years: 34%
3 Years: 34%
Last Year: 37%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
12 12 12 12 12 12 12 12 12 12 12 12
Reserves 140 174 181 197 200 251 271 216 226 223 268 294
0 0 0 0 0 0 0 0 0 0 0 0
60 77 107 124 113 73 89 119 128 120 178 156
Total Liabilities 212 263 301 334 325 337 372 348 366 355 458 461
24 42 81 84 84 101 91 92 110 103 92 95
CWIP 0 9 2 2 5 0 1 6 2 4 1 2
Investments 58 81 74 72 42 11 49 76 84 111 34 36
130 132 144 176 195 224 231 173 170 136 331 329
Total Assets 212 263 301 334 325 337 372 348 366 355 458 461

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
31 50 47 67 56 63 82 89 69 100 28 103
1 -42 -28 -16 -11 -14 -32 47 4 -27 56 -51
-12 -14 -19 -48 -51 -49 -49 -136 -73 -73 -49 -84
Net Cash Flow 20 -6 0 3 -6 0 1 1 -0 -0 36 -32

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 8 10 7 5 5 5 7 7 8 2 42 33
Inventory Days 48 36 39 37 30 26 19 20 26 23 29 25
Days Payable 49 47 44 47 43 50 52 63 58 61 78 57
Cash Conversion Cycle 7 -1 2 -5 -9 -19 -25 -35 -24 -36 -7 2
Working Capital Days -9 -15 -31 -29 -38 34 54 3 6 2 13 28
ROCE % 47% 45% 39% 48% 37% 32% 39% 47% 55% 39% 48% 50%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
52.20 52.19 52.19 52.18 52.18 52.18 52.17 52.16 52.15 52.15 52.15 52.13
1.17 1.16 1.16 1.17 1.22 1.18 1.17 1.58 1.86 1.47 1.85 1.84
11.12 11.01 9.98 10.39 10.52 12.97 12.06 10.43 10.68 9.07 8.91 8.91
35.51 35.64 36.67 36.25 36.08 33.68 34.60 35.83 35.31 37.31 37.09 37.11

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