Swaraj Engines Ltd

Swaraj Engines Ltd

₹ 2,600 2.32%
02 Mar 10:00 a.m.
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]

  • Market Cap 3,158 Cr.
  • Current Price 2,600
  • High / Low 2,650 / 1,396
  • Stock P/E 22.9
  • Book Value 254
  • Dividend Yield 3.56 %
  • ROCE 55.2 %
  • ROE 41.1 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.62%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 38.1%
  • Company has been maintaining a healthy dividend payout of 87.6%

Cons

  • Stock is trading at 9.99 times its book value

* 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

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
272 305 315 344 238 242 398 385 279 360 400 389 280
236 259 267 296 208 211 344 334 246 312 345 337 247
Operating Profit 37 46 47 48 29 31 55 51 33 48 55 52 33
OPM % 13% 15% 15% 14% 12% 13% 14% 13% 12% 13% 14% 13% 12%
2 2 3 2 2 2 3 2 3 4 5 3 3
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 5 5 5 5 4 4 5 5 5 5 5 5 4
Profit before tax 34 44 45 45 27 29 53 48 31 47 55 51 32
Tax % 26% 25% 25% 25% 26% 25% 26% 26% 26% 26% 26% 26% 25%
25 33 34 34 20 22 40 36 23 35 41 38 24
EPS in Rs 20.62 26.82 27.72 27.82 16.63 18.00 32.56 29.54 19.13 28.78 33.69 31.01 19.84
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
449 479 608 540 526 666 771 872 773 987 1,138 1,422 1,428
380 408 518 465 452 562 650 740 673 851 983 1,235 1,240
Operating Profit 68 72 91 75 74 105 122 132 100 136 155 186 188
OPM % 15% 15% 15% 14% 14% 16% 16% 15% 13% 14% 14% 13% 13%
13 15 16 16 16 17 19 15 13 9 10 12 15
Interest 0 0 0 0 0 0 1 0 0 0 0 0 0
Depreciation 4 7 9 13 14 16 17 20 20 20 18 19 18
Profit before tax 77 80 98 78 76 105 123 127 93 124 147 180 185
Tax % 32% 30% 32% 33% 33% 35% 35% 35% 24% 26% 25% 26%
53 55 67 52 51 69 80 82 71 93 109 134 138
EPS in Rs 42.53 44.61 53.95 41.74 41.31 55.43 66.05 67.95 58.55 76.24 90.14 110.00 113.32
Dividend Payout % 31% 74% 65% 79% 80% 78% 76% 74% 68% 91% 89% 84%
Compounded Sales Growth
10 Years: 11%
5 Years: 13%
3 Years: 23%
TTM: 9%
Compounded Profit Growth
10 Years: 10%
5 Years: 11%
3 Years: 24%
TTM: 14%
Stock Price CAGR
10 Years: 15%
5 Years: 13%
3 Years: 22%
1 Year: 62%
Return on Equity
10 Years: 32%
5 Years: 36%
3 Years: 38%
Last Year: 41%

Balance Sheet

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 12 12 12 12 12 12 12 12 12 12 12 12 12
Reserves 174 181 197 200 251 271 216 226 224 268 294 330 297
0 0 0 0 0 0 0 0 0 0 0 1 0
77 107 124 113 73 89 119 128 119 178 156 193 207
Total Liabilities 263 301 334 325 337 372 348 366 355 458 461 536 517
42 81 84 84 101 91 92 110 103 92 95 88 82
CWIP 9 2 2 5 0 1 6 2 4 1 2 2 1
Investments 81 74 72 42 11 49 76 84 111 34 36 26 40
132 144 176 195 224 231 173 170 136 331 329 420 394
Total Assets 263 301 334 325 337 372 348 366 355 458 461 536 517

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
50 47 67 56 63 82 89 69 100 28 100 133
-42 -28 -16 -11 -14 -32 47 4 -27 56 -48 -38
-14 -19 -48 -51 -49 -49 -136 -73 -73 -49 -84 -97
Net Cash Flow -6 0 3 -6 0 1 1 -0 -0 36 -32 -2

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 10 7 5 5 5 7 7 8 2 42 33 33
Inventory Days 36 39 37 30 26 19 20 26 23 29 25 22
Days Payable 47 44 47 43 50 52 63 58 61 78 53 53
Cash Conversion Cycle -1 2 -5 -9 -19 -25 -35 -24 -36 -7 5 2
Working Capital Days -15 -31 -29 -38 34 54 3 6 2 13 16 17
ROCE % 45% 39% 48% 37% 32% 39% 47% 55% 39% 48% 50% 55%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
52.16% 52.15% 52.15% 52.15% 52.13% 52.13% 52.13% 52.13% 52.13% 52.12% 52.12% 52.12%
1.58% 1.86% 1.47% 1.85% 1.84% 1.90% 1.91% 1.73% 1.75% 2.50% 2.60% 2.71%
10.43% 10.68% 9.07% 8.91% 8.91% 8.91% 9.05% 8.91% 9.16% 8.47% 8.51% 9.02%
35.83% 35.31% 37.31% 37.09% 37.11% 37.06% 36.89% 37.22% 36.96% 36.90% 36.76% 36.16%
No. of Shareholders 24,25826,37132,80730,71330,20229,27428,74128,35927,46927,48728,03026,976

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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