Swaraj Engines share price & results
- Sept 2026
- Sept 2026
Manufactures diesel engines for Mahindra's Swaraj-brand tractors from a single plant in Mohali, Punjab.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 635 | +26.0% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 14.0 | 0.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 61.0 | +22.0% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 45.86 | +1.7 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 2.34 | −6.8 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 25.39 | +0.8 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Price
Performance −14.8% 1Y
1Y: ₹4,031.2 on 24 Oct 2025 → ₹3,432.8. High ₹4,103.5 (2 Jul 2026), low ₹3,308.9 (30 Mar 2026).
- Previous close
- ₹3,431.8
- Market cap
- ₹4.2k Cr
- 52-week range
- ₹3,308.9 – ₹4,103.5
- One year
- −15.03%
- Price to earnings (TTM to Sept 2026)
- 19.31×
- Return on equity (TTM to Sept 2026)
- 45.86%
Overview
- Symbol
- NSE:SWARAJENG
- Sector
- Capital Goods
- Industry
- Industrials
- Exchange
- NSE
- Currency
- INR
What Swaraj Engines Limited does
Based on the company's own presentations, annual report and earnings calls.
Swaraj Engines Limited manufactures diesel engines and engine components used in Swaraj-brand tractors, operating as a dedicated engine-supply company within the Mahindra Group. The company sells its engines predominantly to the Swaraj Division of its promoter, Mahindra & Mahindra Limited, which fits them into tractors sold across India. All manufacturing is carried out at a single works located at S.A.S. Nagar (Mohali), Punjab, near Chandigarh. It has been in commercial production of diesel engines since 1989.
Segments
- Diesel Engines & Components
- Installed annual engine manufacturing capacity
- 1,95,000 engines per annum (enhanced during FY25)
- Manufacturing plants
- 1 (S.A.S. Nagar, Mohali, Punjab, near Chandigarh)
- Principal customer
- Swaraj Division of Mahindra & Mahindra Limited (its promoter company)
- In commercial diesel-engine production since
- 1989
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +22% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 346 | 454 | 484 | 504 | 473 | 546 | 588 | 635 |
| Expenses | 301 | 392 | 417 | 436 | 411 | 471 | 512 | 549 |
| Operating profit | 44 | 62 | 67 | 68 | 62 | 75 | 77 | 86 |
| Operating margin | 13.0% | 14.0% | 14.0% | 14.0% | 13.0% | 14.0% | 13.0% | 14.0% |
| Other income | 4 | 5 | 6 | 5 | 0 | 4 | 4 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 5 | 5 | 5 | 6 | 6 | 5 | 6 | 7 |
| Profit before tax | 43 | 61 | 67 | 67 | 56 | 73 | 75 | 81 |
| Tax rate | 25.0% | 26.0% | 26.0% | 26.0% | 25.0% | 25.0% | 26.0% | 26.0% |
| Net profit | 32 | 45 | 50 | 50 | 42 | 55 | 56 | 61 |
| EPS (₹ per share) | 26.30 | 37.39 | 41.14 | 40.90 | 34.65 | 44.91 | 45.70 | 49.85 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,422 | 1,420 | 1,682 | 2,007 |
| Expenses | 1,236 | 1,232 | 1,454 | 1,735 |
| Operating profit | 187 | 188 | 227 | 272 |
| Other income | 12 | 14 | 17 | 15 |
| Interest | 0 | 0 | 0 | 0 |
| Depreciation | 20 | 18 | 21 | 22 |
| Profit before tax | 179 | 185 | 223 | 263 |
| Net profit | 134 | 138 | 165 | 197 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 12 | 12 | 12 | 12 | 12 | 12 |
| Reserves | 330 | 356 | 407 | 380 | 477 | 459 |
| Borrowings | 1 | 1 | 2 | 1 | 2 | 1 |
| Other liabilities | 193 | 187 | 251 | 279 | 288 | 373 |
| Total liabilities | 536 | 557 | 672 | 671 | 779 | 846 |
| Fixed assets | 88 | 76 | 110 | 112 | 107 | 200 |
| Capital work in progress | 2 | 38 | 5 | 5 | 55 | 29 |
| Investments | 26 | 20 | 19 | 40 | 19 | 45 |
| Other assets | 420 | 423 | 538 | 514 | 598 | 571 |
| Total assets | 536 | 557 | 672 | 671 | 779 | 846 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 28 | 100 | 133 | 142 | 177 | 117 |
| Cash from investing | 56 | -48 | -38 | -30 | -58 | 22 |
| Cash from financing | -49 | -84 | -97 | -112 | -116 | -128 |
| Net cash flow | 36 | -32 | -2 | 1 | 2 | 11 |
| Free cash flow | 23 | 82 | 122 | 97 | 152 | 47 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 42 | 33 | 33 | 31 | 38 | 37 |
| Inventory days | 29 | 25 | 22 | 23 | 22 | 17 |
| Days payable | 78 | 53 | 53 | 52 | 61 | 58 |
| Cash conversion cycle | -7 | 5 | 2 | 2 | -1 | -3 |
| Working capital days | 13 | 16 | 17 | 12 | 9 | 28 |
| Return on capital employed | 48.0% | 50.0% | 55.0% | 52.0% | 56.0% | 58.0% |
| Dividend payout | 91.0% | 89.0% | 84.0% | 84.0% | 76.0% | 68.0% |
What the price assumes
FairTo justify its price of ₹3433, this stock must grow earnings at 12% every year for 7 years. Our analysis caps realistic growth at ~14%. At that growth it is worth ₹3807 — upside of 11%.
- Growth the price implies
- 11.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 13.7% a year
- net profit, FY23–FY26 · EPS 13.7%
- The gap
- -0.0 pp
- 11% downside if it only repeats history
Ownership
Who owns it
Promoters hold 52.11% as of Sept 2026; institutions cut 0.19 pts since Jun 2026.
- Promoters 52.11%
- Foreign institutions 2.26%
- Domestic institutions 8.76%
- Government 0.00%
- Public 36.88%
Who is on the register
Named in the Sep 2026 filing
Every holder of Swaraj Engines Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 52.11% | unchanged | |
| Mutual fund | 6.02% | unchanged |
| Mutual fund | 1.75% | unchanged |
| 1.48% | unchanged | |
| 1.26% | unchanged | |
| 1.03% | unchanged | |
| 1.01% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in SWARAJENG
Filings to Sep 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹75 Cr
- 4 schemes
- Biggest holder
- Parag Parikh Dynamic Asset Allocation Fund
- ₹25 Cr · 1.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Parag Parikh Dynamic Asset Allocation Fund PPFAS Mutual Fund | ₹25 Cr | held | Feb '24 |
| Parag Parikh Conservative Hybrid Fund PPFAS Mutual Fund | ₹22 Cr | held | Nov '23 |
| Parag Parikh Flexi Cap Fund PPFAS Mutual Fund | ₹17 Cr | held | Feb '24 |
| Parag Parikh ELSS Tax Saver Fund PPFAS Mutual Fund | ₹11 Cr | held | Nov '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +45%
- vs est. average cost
- Held by funds
- ₹75 Cr
- 4 schemes · ≈ 1.7% of the company
- Biggest holder
- Parag Parikh Dynamic Asset Allocation Fund
- ₹25 Cr · 1.0% of that fund
- Longest holder
- Parag Parikh Conservative Hybrid Fund
- 2y 11m · since Nov '23
Shares held by these funds +36%
Oct '23 2.12 L shares Sep '26
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