Swaraj Engines Ltd

₹ 3,569 -0.21%

24 Jul 3:52 p.m.

swarajenterprise.com BSE: 500407 NSE: SWARAJENG

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
Incorporated in 1985, Swaraj Engines was jointly promoted by Punjab Tractors and Kirloskar Oil Engines Ltd. Kirloskar provides know-how, design, documentation, process details, and tooling designs for manufacturing diesel engines for 'SWARAJ' tractors by Punjab Tractors Ltd. Mahindra & Mahindra acquired a majority stake in Punjab Tractors in 2007 and merged the Swaraj brand with its Farm Division.^[1] ^[2]

Website BSE NSE

Market Cap ₹ 4,336 Cr.
Current Price ₹ 3,569
High / Low ₹ 4,545 / 3,300
Stock P/E 21.2
Book Value ₹ 402
Dividend Yield 3.08 %
ROCE 58.4 %
ROE 43.6 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is providing a good dividend yield of 3.11%.
Company has a good return on equity (ROE) track record: 3 Years ROE 41.6%
Company has been maintaining a healthy dividend payout of 76.1%

Cons

Stock is trading at 8.82 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.

Peer comparison

Industrials Capital Goods Industrial Products Compressors, Pumps & Diesel Engines

Part of BSE Industrials BSE 1000

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	400	389	280	351	418	464	346	454	484	504	473	546	588
	345	337	247	303	360	401	301	392	417	436	411	471	512
Operating Profit	55	52	33	48	58	63	44	62	67	68	62	75	77
OPM %	14%	13%	12%	14%	14%	14%	13%	14%	14%	14%	13%	14%	13%
	5	3	3	3	4	4	4	5	6	5	0	4	4
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	5	5	4	4	5	6	5	5	5	6	6	5	6
Profit before tax	55	51	32	47	58	61	43	61	67	67	56	73	75
Tax %	26%	26%	25%	25%	26%	26%	25%	26%	26%	26%	25%	25%	26%
	41	38	24	35	43	45	32	45	50	50	42	55	56
EPS in Rs	33.69	31.01	19.84	28.96	35.56	37.39	26.30	37.39	41.14	40.90	34.65	44.91	45.70
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Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	540	526	666	771	872	773	987	1,138	1,422	1,419	1,682	2,007	2,111
	465	452	562	650	740	673	851	983	1,235	1,231	1,455	1,735	1,830
Operating Profit	75	74	105	122	132	100	136	155	186	188	227	272	282
OPM %	14%	14%	16%	16%	15%	13%	14%	14%	13%	13%	14%	14%	13%
	16	16	17	19	15	13	9	10	12	14	16	14	12
Interest	0	0	0	1	0	0	0	0	0	0	0	0	0
Depreciation	13	14	16	17	20	20	20	18	19	17	20	22	23
Profit before tax	78	76	105	123	127	93	124	147	180	185	223	264	271
Tax %	33%	33%	35%	35%	35%	24%	26%	25%	26%	25%	26%	26%
	52	51	69	80	82	71	93	109	134	138	166	196	202
EPS in Rs	41.74	41.31	55.43	66.05	67.95	58.55	76.24	90.14	110.00	113.50	136.64	161.57	166.16
Dividend Payout %	79%	80%	78%	76%	74%	68%	91%	89%	84%	84%	76%	68%

Compounded Sales Growth
10 Years:	14%
5 Years:	15%
3 Years:	12%
TTM:	21%

Compounded Profit Growth
10 Years:	14%
5 Years:	17%
3 Years:	14%
TTM:	18%

Stock Price CAGR
10 Years:	12%
5 Years:	15%
3 Years:	21%
1 Year:	-18%

Return on Equity
10 Years:	37%
5 Years:	41%
3 Years:	42%
Last Year:	44%

Balance Sheet

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	12	12	12	12	12	12	12	12	12	12	12	12
Reserves	200	251	271	216	226	224	268	294	330	356	407	477
	0	0	0	0	0	0	0	0	1	1	2	2
	113	73	89	119	128	119	178	156	193	187	251	288
Total Liabilities	325	337	372	348	366	355	458	461	536	557	672	779
	84	101	91	92	110	103	92	95	88	76	110	107
CWIP	5	0	1	6	2	4	1	2	2	38	5	55
Investments	42	11	49	76	84	111	34	36	26	20	19	19
	195	224	231	173	170	136	331	329	420	423	538	598
Total Assets	325	337	372	348	366	355	458	461	536	557	672	779

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	56	63	82	89	69	100	28	100	133	142	177	117
	-11	-14	-32	47	4	-27	56	-48	-38	-30	-58	22
	-51	-49	-49	-136	-73	-73	-49	-84	-97	-112	-116	-128
Net Cash Flow	-6	0	1	1	-0	-0	36	-32	-2	1	2	11
Free Cash Flow	39	36	76	67	35	84	23	82	122	97	152	47
CFO/OP	111%	118%	115%	109%	86%	124%	47%	89%	97%	101%	103%	68%

Ratios

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	5	5	7	7	8	2	42	33	33	31	38	37
Inventory Days	30	26	19	20	26	23	29	25	22	23	22	17
Days Payable	43	50	52	63	58	61	78	53	53	52	61	58
Cash Conversion Cycle	-9	-19	-25	-35	-24	-36	-7	5	2	2	-1	-3
Working Capital Days	-38	34	54	3	6	2	13	16	17	12	9	28
ROCE %	37%	32%	39%	47%	55%	39%	48%	50%	55%	52%	56%	58%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Domestic Tractor Industry Volume
units

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	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
	x.xx		x.xx	x.xx		x.xx	x.xx	x.xx	x.xx	x.xx
							xxx.xx	xx.xx	xx.xx	xx.xx

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Permanent Employees
employees

Capacity Utilization
%

Engine Sales Volume
units

Installed Production Capacity
engines per annum

Cumulative Engines Supplied (since 1989-90)
million units

Sales to M&M (Related Party Concentration)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.12%	52.12%	52.12%	52.12%	52.12%	52.12%	52.12%	52.12%	52.12%	52.12%	52.11%	52.11%
	2.60%	2.71%	2.55%	2.86%	3.23%	3.35%	3.47%	3.73%	3.93%	3.15%	2.82%	2.43%
	8.51%	9.02%	9.54%	8.84%	8.89%	9.77%	9.89%	9.32%	9.65%	9.74%	9.09%	8.78%
	36.76%	36.16%	35.79%	36.18%	35.76%	34.77%	34.51%	34.84%	34.31%	35.00%	35.97%	36.69%
No. of Shareholders	28,030	26,976	27,146	29,241	30,207	31,736	31,903	36,487	36,980	37,905	38,470	41,234

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	50.62%	50.74%	50.73%	52.18%	52.16%	52.13%	52.13%	52.12%	52.12%	52.11%	52.11%
	5.03%	2.51%	2.62%	1.17%	1.58%	1.84%	1.75%	2.55%	3.47%	2.82%	2.43%
	12.22%	13.05%	11.22%	10.39%	10.43%	8.91%	9.16%	9.54%	9.89%	9.09%	8.78%
	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	32.14%	33.68%	35.43%	36.25%	35.83%	37.11%	36.96%	35.79%	34.51%	35.97%	36.69%
No. of Shareholders	12,436	19,356	19,772	19,537	24,258	30,202	27,469	27,146	31,903	38,470	41,234

* 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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Swaraj Engines Ltd

Swaraj Engines Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

Documents

Announcements

Annual reports