Swaraj Engines Limited

NSE: SWARAJENG · Compressors, Pumps & Diesel Engines

52W Range₹3,301 ₹4,540

Snapshot

Unlock Swaraj Engines Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Swaraj Engines Limited specialises in the manufacturing and supply of diesel engines, engine components, and spare parts primarily for the tractor industry. Based in Mohali, the company has been operating since 1985 to support agricultural machinery requirements in India.

Business Model

The company generates revenue through the production and sale of diesel engines and related components, functioning largely as a key supplier to tractor manufacturers. Its business model relies on maintaining operational efficiency and strong supply chain integration within the agricultural equipment sector.

Growth Outlook

Growth is primarily driven by the demand for mechanisation in the Indian agricultural sector and the replacement cycle for tractor engine components. Future performance remains tied to the overall health of the tractor market and seasonal agricultural output.

Key Risks

  • Cyclicality of Agricultural Demand. The company's performance is highly sensitive to the tractor industry, which fluctuates based on monsoon patterns and rural economic conditions.
  • Concentration Risk. Heavy reliance on a limited number of tractor manufacturers for revenue makes the company vulnerable to the performance and procurement strategies of its primary clients.
  • Input Cost Volatility. Fluctuations in the prices of raw materials, particularly steel and other metals, can significantly impact manufacturing margins.
  • Regulatory Changes. Stricter emission norms for diesel engines may necessitate continuous capital expenditure and technological upgrades to maintain compliance.

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Key Metrics

REVENUE

₹2,007 Cr

TTM · standalone

+19.3%YoY

NET PROFIT

₹196 Cr

TTM · standalone

+18.3%YoY

EPS

₹161.60

TTM · standalone

+18.3%YoY

RETURN ON EQUITY

43.2%

TTM · standalone

+1.1 ppYoY

RETURN ON CAPITAL EMPLOYED

56.9%

TTM · standalone

+1.4 ppYoY

P/E

22.0x

Q4 FY26 · standalone

22.0 vs 31.2x5Y avg

EV/EBITDA

14.9x

Q4 FY26 · standalone

14.9 vs 21.0x5Y avg

EBITDA MARGIN

14.4%

TTM · standalone

-0.1 ppYoY

NET PROFIT MARGIN

10.0%

Q4 FY26 · standalone

+0.0 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · standalone

+0.00xYoY

Peers · Compressors, Pumps & Diesel Engines

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Swaraj Engines LimitedSWARAJENG
₹4,323 Cr22.0214.8619.3%14.4%43.2%56.9%-13.8%
Shakti Pumps (India) LimitedSHAKTIPUMP
₹5,837 Cr27.4814.9214.1%13.4%14.8%23.7%-42.1%
Greaves Cotton LimitedGREAVESCOT
₹4,556 Cr45.4816.6721.2%7.7%1.5%7.2%-12.7%
Oswal PumpsOSWALPUMPS
₹3,183 Cr12.969.9422.1%22.5%28.4%-65.3%
Yuken IndiaYUKEN
₹1,373 Cr87.4425.348.9%11.7%4.6%9.3%+3.5%
Roto PumpsROTO
₹1,225 Cr47.8221.37-3.9%19.5%12.0%16.9%-21.0%

As of Q4 FY26

Financials