Swaraj Engines Ltd

SWARAJENG

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Market Cap

₹ 4,527 Cr

P/E

25.57

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Swaraj Engines Limited (SEL) is engaged in manufacturing diesel engines, primarily for 'Swaraj' tractors produced by Mahindra & Mahindra Ltd. (M&M).

Since commencing operations in 1989-90, SEL has supplied approximately 1.3 million engines for Swaraj tractors, becoming an integral part of the tractor manufacturing process.

Mahindra & Mahindra Ltd. acquired a majority stake in SEL, boosting its equity share to 52.13% in 2022, further consolidating control over the company.

SEL expanded its production capacity significantly in 2022 to manufacture 150,000 engines annually, reinforcing its position as a key supplier for M&M.

The company's strategic enhancements included manufacturing high-tech engine components for Swaraj Mazda, diversifying its technological capabilities.

Sector

Capital Goods-Non Electrical Equipment

Industry

Engines

Market Cap

4,527 Cr

Volatility

High Risk

P/E Ratio

25.6

Industry P/E

49.2

PEG Ratio

3.9

P/B Ratio

11.6

52W High

4,725.95

52W Low

2,530.00

Sales CAGR

18.51%

13.90%

16.81%

10Y

12.30%

Profit CAGR

20.39%

14.88%

18.50%

10Y

13.93%

ROE

TTM

45.16%

38.71%

37.26%

10Y

33.49%

ROCE

TTM

60.45%

50.98%

49.05%

10Y

45.43%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

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Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SURYAROSNI	262.35	5,723 Cr	17.46	2.28	2.09	13.07	17.48	9.51
TEXRAIL	126.85	5,161 Cr	24.44	1.74	0.58	7.37	11.59	4.11
GMMPFAUDLR	1065.00	4,804 Cr	42.75	4.09	0.19	9.56	12.57	1.60
SWARAJENG	3735.00	4,527 Cr	25.57	11.55	2.80	45.16	60.45	26.37
GREAVESCOT	184.35	4,292 Cr	41.52	3.12	1.08	7.56	8.98	1.41
SHANTIGEAR	470.00	3,615 Cr	38.91	8.38	1.06	21.53	29.10	17.67
HLEGLAS	461.20	3,205 Cr	55.72	6.32	0.23	10.96	14.15	5.21

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	400	389	280	351	418	464	346	454	484	504
Expenses	345	337	247	303	360	401	301	392	417	436
Operating Profit	55	52	33	48	58	63	44	62	67	68
OPM %	13.80	13.41	11.72	13.71	13.93	13.54	12.82	13.64	13.86	13.50
Other Income	4.59	3.24	3.38	3.15	4.37	3.72	3.66	4.66	5.66	4.61
Interest	0.06	0.06	0.07	0.06	0.07	0.08	0.10	0.08	0.10	0.10
Depreciation	4.64	4.72	3.94	4.01	4.51	5.50	5.03	5.30	5.49	5.79
Profit Before Tax	55	51	32	47	58	61	43	61	67	67
Tax %	25.67	25.55	24.99	25.45	25.57	25.52	25.39	25.81	25.61	25.57
Net Profit	41	38	24	35	43	45	32	45	50	50
EPS in Rs	33.68	31.01	19.83	28.96	35.55	37.39	26.30	37.39	41.13	40.89

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	749	795	872	773	987	1,138	1,422	1,419	1,682	1,748
Expenses	562	650	740	673	851	983	1,235	1,231	1,455	1,512
Operating Profit	188	146	132	100	136	155	186	188	227	236
OPM %	25.04	18.33	15.10	12.99	13.75	13.65	13.11	13.26	13.52	13.51
Other Income	17	19	15	13	8.59	9.66	12	14	16	18
Interest	0.02	1.01	0.09	0.01	0.00	0.08	0.08	0.25	0.33	0.36
Depreciation	16	17	20	20	20	18	19	17	20	21
Profit Before Tax	105	123	127	93	124	147	180	185	223	232
Tax %	34.73	34.73	35.30	23.67	25.66	25.46	25.67	25.46	25.58	25.60
Net Profit	69	80	82	71	93	109	134	138	166	173
EPS in Rs	56.63	65.64	67.80	58.45	76.13	90.07	109.97	113.47	136.63	145.71
Dividend Payout %	77.63	77.45	73.63	68.34	90.55	88.76	83.64	83.72	76.50	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	12	12	12	12	12	12	12	12	12	12
Reserves	251	271	216	226	224	268	294	330	356	407
Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.23	1.22	1.99
Other Liabilities	73	89	119	128	119	178	156	193	187	251
Total Liabilities	337	372	347	366	355	458	461	536	557	672
Fixed Assets	101	91	92	110	103	92	95	87	75	110
CWIP	0.33	0.84	5.96	2.01	4.02	1.35	1.61	2.09	38	4.77
Investments	11	49	76	84	111	34	36	26	20	19
Other Assets	224	231	173	170	136	331	329	420	423	538
Total Assets	337	372	347	366	355	458	461	536	557	672

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	63	82	89	69	100	28	100	133	142	177
Cash from Investing Activity	-14	-32	47	3.78	-27	56	-48	-38	-30	-58
Cash from Financing Activity	-49	-49	-136	-73	-73	-49	-84	-97	-112	-116
Net Cash Flow	0.08	1.27	1.06	-0.33	-0.47	36	-32	-2.14	0.55	2.38

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	52.13%	52.13%	52.12%	52.12%	52.12%	52.12%	52.12%	52.12%	52.12%	52.12%	52.12%	52.12%
FIIs	1.73%	1.75%	2.50%	2.61%	2.70%	2.55%	2.85%	3.23%	3.35%	3.48%	3.72%	3.93%
DIIs	9.73%	9.98%	9.29%	9.33%	9.84%	10.36%	9.66%	9.71%	9.77%	9.89%	9.32%	9.65%
Public	36.41%	36.14%	36.09%	35.94%	35.34%	34.97%	35.37%	34.94%	34.76%	34.51%	34.84%	34.30%
Total Shareholders	28,359	27,469	27,487	28,030	26,976	27,146	29,241	30,207	31,736	31,903	36,487	36,980

Projection

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Announcements

Last 7 days

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Sentiment

Postal Ballot Result

3 days ago

Approval of Appointment of Non-Executive Director

Results of the Postal Ballot show the approval of Mr. Gaganjot Singh as a Non-Executive Director with requisite majority.

Postal Ballot Outcome

3 days ago

Outcome of Postal Ballot for Non-Executive Director Appointment

Swaraj Engines Limited has announced the approval of the appointment of Mr. Gaganjot Singh as a Non-Executive Director through a Postal Ballot.

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Financial Statements

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AI Mode

Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	400	389	280	351	418	464	346	454	484	504
Expenses	345	337	247	303	360	401	301	392	417	436
Operating Profit	55	52	33	48	58	63	44	62	67	68
OPM %	13.80	13.41	11.72	13.71	13.93	13.54	12.82	13.64	13.86	13.50
Other Income	4.59	3.24	3.38	3.15	4.37	3.72	3.66	4.66	5.66	4.61
Interest	0.06	0.06	0.07	0.06	0.07	0.08	0.10	0.08	0.10	0.10
Depreciation	4.64	4.72	3.94	4.01	4.51	5.50	5.03	5.30	5.49	5.79
Profit Before Tax	55	51	32	47	58	61	43	61	67	67
Tax %	25.67	25.55	24.99	25.45	25.57	25.52	25.39	25.81	25.61	25.57
Net Profit	41	38	24	35	43	45	32	45	50	50
EPS in Rs	33.68	31.01	19.83	28.96	35.55	37.39	26.30	37.39	41.13	40.89

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	749	795	872	773	987	1,138	1,422	1,419	1,682	1,748
Expenses	562	650	740	673	851	983	1,235	1,231	1,455	1,512
Operating Profit	188	146	132	100	136	155	186	188	227	236
OPM %	25.04	18.33	15.10	12.99	13.75	13.65	13.11	13.26	13.52	13.51
Other Income	17	19	15	13	8.59	9.66	12	14	16	18
Interest	0.02	1.01	0.09	0.01	0.00	0.08	0.08	0.25	0.33	0.36
Depreciation	16	17	20	20	20	18	19	17	20	21
Profit Before Tax	105	123	127	93	124	147	180	185	223	232
Tax %	34.73	34.73	35.30	23.67	25.66	25.46	25.67	25.46	25.58	25.60
Net Profit	69	80	82	71	93	109	134	138	166	173
EPS in Rs	56.63	65.64	67.80	58.45	76.13	90.07	109.97	113.47	136.63	145.71
Dividend Payout %	77.63	77.45	73.63	68.34	90.55	88.76	83.64	83.72	76.50	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	12	12	12	12	12	12	12	12	12	12
Reserves	251	271	216	226	224	268	294	330	356	407
Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.23	1.22	1.99
Other Liabilities	73	89	119	128	119	178	156	193	187	251
Total Liabilities	337	372	347	366	355	458	461	536	557	672
Fixed Assets	101	91	92	110	103	92	95	87	75	110
CWIP	0.33	0.84	5.96	2.01	4.02	1.35	1.61	2.09	38	4.77
Investments	11	49	76	84	111	34	36	26	20	19
Other Assets	224	231	173	170	136	331	329	420	423	538
Total Assets	337	372	347	366	355	458	461	536	557	672

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	63	82	89	69	100	28	100	133	142	177
Cash from Investing Activity	-14	-32	47	3.78	-27	56	-48	-38	-30	-58
Cash from Financing Activity	-49	-49	-136	-73	-73	-49	-84	-97	-112	-116
Net Cash Flow	0.08	1.27	1.06	-0.33	-0.47	36	-32	-2.14	0.55	2.38

Overview

Detailed Summary

Swaraj Engines Limited (SEL) is engaged in manufacturing diesel engines, primarily for 'Swaraj' tractors produced by Mahindra & Mahindra Ltd. (M&M).

Since commencing operations in 1989-90, SEL has supplied approximately 1.3 million engines for Swaraj tractors, becoming an integral part of the tractor manufacturing process.

Mahindra & Mahindra Ltd. acquired a majority stake in SEL, boosting its equity share to 52.13% in 2022, further consolidating control over the company.

SEL expanded its production capacity significantly in 2022 to manufacture 150,000 engines annually, reinforcing its position as a key supplier for M&M.

The company's strategic enhancements included manufacturing high-tech engine components for Swaraj Mazda, diversifying its technological capabilities.

Sector

Capital Goods-Non Electrical Equipment

Industry

Engines

Market Cap

4,527 Cr

Volatility

High Risk

P/E Ratio

25.6

Industry P/E

49.2

PEG Ratio

3.9

P/B Ratio

11.6

52W High

4,725.95

52W Low

2,530.00

Sales CAGR

18.51%

13.90%

16.81%

10Y

12.30%

Profit CAGR

20.39%

14.88%

18.50%

10Y

13.93%

ROE

TTM

45.16%

38.71%

37.26%

10Y

33.49%

ROCE

TTM

60.45%

50.98%

49.05%

10Y

45.43%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SURYAROSNI	262.35	5,723 Cr	17.46	2.28	2.09	13.07	17.48	9.51
TEXRAIL	126.85	5,161 Cr	24.44	1.74	0.58	7.37	11.59	4.11
GMMPFAUDLR	1065.00	4,804 Cr	42.75	4.09	0.19	9.56	12.57	1.60
SWARAJENG	3735.00	4,527 Cr	25.57	11.55	2.80	45.16	60.45	26.37
GREAVESCOT	184.35	4,292 Cr	41.52	3.12	1.08	7.56	8.98	1.41
SHANTIGEAR	470.00	3,615 Cr	38.91	8.38	1.06	21.53	29.10	17.67
HLEGLAS	461.20	3,205 Cr	55.72	6.32	0.23	10.96	14.15	5.21