SWARAJENG

Swaraj Engines share price & financials

Price
₹3,927.6
Market cap
₹4.3k Cr
Sector
Capital Goods

What Swaraj Engines Limited does

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
Founded 1985Headquarters S.A.S. Nagar (Mohali), Punjab, India Company website

Quarterly results

Q1 FY27: revenue up 21.5%, net profit up 12.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue464 346 454 484 504 +9%473 +37%546 +20%588 +21%
EBITDA63 44 62 67 68 +8%62 +41%75 +21%77 +15%
Net profit45 32 45 50 50 +11%42 +31%55 +22%56 +12%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −18.0% 1Y

₹3.5k₹4.0k₹4.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹4,360.7 on 10 Sept 2025 → ₹3,576. High ₹4,497.5 (23 Sept 2025), low ₹3,308.9 (30 Mar 2026).

Financials, as filed

Revenue grew 12.2% a year over 3 years, FY23 to FY26. Operating margin held at 13.6%.

Year endingFY23FY24FY25FY26
Revenue₹1.4k Cr₹1.4k Cr₹1.7k Cr₹2.0k Cr
Operating profit₹187 Cr₹188 Cr₹227 Cr₹272 Cr
Operating margin13.2%13.2%13.5%13.6%
Interest₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹20 Cr₹18 Cr₹21 Cr₹22 Cr
Net profit₹134 Cr₹138 Cr₹165 Cr₹197 Cr
Net margin9.4%9.7%9.8%9.8%
Cash from operations₹133 Cr₹142 Cr₹177 Cr₹117 Cr
Free cash flow₹122 Cr₹97 Cr₹152 Cr₹47 Cr
ROCE55.0%52.0%56.0%58.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹12 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr₹12 Cr
Reserves₹268 Cr₹294 Cr₹330 Cr₹356 Cr₹380 Cr₹477 Cr
Borrowings₹0 Cr₹0 Cr₹1 Cr₹1 Cr₹1 Cr₹2 Cr
Other liabilities₹178 Cr₹156 Cr₹193 Cr₹187 Cr₹279 Cr₹288 Cr
Total liabilities₹458 Cr₹461 Cr₹536 Cr₹557 Cr₹671 Cr₹779 Cr
Fixed assets₹92 Cr₹95 Cr₹88 Cr₹76 Cr₹112 Cr₹107 Cr
Capital work in progress₹1 Cr₹2 Cr₹2 Cr₹38 Cr₹5 Cr₹55 Cr
Investments₹34 Cr₹36 Cr₹26 Cr₹20 Cr₹40 Cr₹19 Cr
Other assets₹331 Cr₹329 Cr₹420 Cr₹423 Cr₹514 Cr₹598 Cr
Total assets₹458 Cr₹461 Cr₹536 Cr₹557 Cr₹671 Cr₹779 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +1.85 pp while FIIs trimmed −1.30 pp. The shareholder count grew 13% to 41,234.

Promoters
52.1%
FIIs
2.4%
DIIs
8.8%
Public
36.7%

Since Jun 2025

  • Public +1.85 pp
  • FIIs −1.30 pp
  • DIIs −0.54 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 52.1%, FIIs 2.6%, DIIs 8.5%, Public 36.8%.Dec '23: Promoters 52.1%, FIIs 2.7%, DIIs 9.0%, Public 36.2%.Mar '24: Promoters 52.1%, FIIs 2.5%, DIIs 9.5%, Public 35.8%.Jun '24: Promoters 52.1%, FIIs 2.9%, DIIs 8.8%, Public 36.2%.Sep '24: Promoters 52.1%, FIIs 3.2%, DIIs 8.9%, Public 35.8%.Dec '24: Promoters 52.1%, FIIs 3.4%, DIIs 9.8%, Public 34.8%.Mar '25: Promoters 52.1%, FIIs 3.5%, DIIs 9.9%, Public 34.5%.Jun '25: Promoters 52.1%, FIIs 3.7%, DIIs 9.3%, Public 34.8%.Sep '25: Promoters 52.1%, FIIs 3.9%, DIIs 9.7%, Public 34.3%.Dec '25: Promoters 52.1%, FIIs 3.1%, DIIs 9.7%, Public 35.0%.Mar '26: Promoters 52.1%, FIIs 2.8%, DIIs 9.1%, Public 36.0%.Jun '26: Promoters 52.1%, FIIs 2.4%, DIIs 8.8%, Public 36.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Swaraj Engines Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Mahindra & Mahindra Limited 52.11%unchanged
DSP Small Cap Fund Mutual fund6.02%unchanged
Parag Parikh Conservative Hybrid Fund Mutual fund1.75%unchanged
Vikram Chinubhai Shah 1.48%unchanged
Keyur H Parikh 1.26%unchanged
Reeta Keyur Parikh 1.03%unchanged
Vikram Advisory Services Private Limited 1.01%unchanged
Mahindra Finance CSR Foundation 0.00%unchanged
Martial Solren Private Limited 0.00%unchanged
Sampo Rosenlew Oy, Finland 0.00%unchanged
The Birmingham Small Arms Company Limited 0.00%unchanged
BSA Corporation Limited 0.00%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.

What the price assumes

Fair

To justify its price of ₹3576, this stock must grow earnings at 14% every year for 7 years. Our analysis caps realistic growth at ~14%. At that growth it is worth ₹3579 — upside of 0%.

Growth the price implies
13.7% 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
0% downside if it only repeats history
Price today ₹3,576 Value at the reference growth ₹3,579

Change the assumptions yourself →

Learn to analyse Swaraj Engines Limited

Guides on how to read this kind of business and the numbers that matter.