Swaraj Engines Ltd

NSE: SWARAJENG BSE: 500407

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]

₹3,672

52W: ₹3300 — ₹4726

PE 22.4 · Book ₹402 · +813% vs book

Market Cap₹4,461 Cr

Stock P/E22.4Price to Earnings

ROCE58.7%Return on Capital

ROE43.8%Return on Equity

Div. Yield3.02%Face Value ₹10

Strengths

+Company has reduced debt.
+Company is almost debt free.
+Stock is providing a good dividend yield of 3.01%.
+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%

Weaknesses

−Stock is trading at 9.16 times its book value

Shareholding Pattern

Promoters52.11%

FIIs2.82%

DIIs9.09%

Public35.97%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	52.12%	52.12%	52.12%	52.12%	52.12%	52.12%	52.12%	52.11%▼0.0
FIIs	2.86%	3.23%▲0.4	3.35%▲0.1	3.47%▲0.1	3.73%▲0.3	3.93%▲0.2	3.15%▼0.8	2.82%▼0.3
DIIs	8.84%	8.89%▲0.1	9.77%▲0.9	9.89%▲0.1	9.32%▼0.6	9.65%▲0.3	9.74%▲0.1	9.09%▼0.7
Public	36.18%	35.76%▼0.4	34.77%▼1.0	34.51%▼0.3	34.84%▲0.3	34.31%▼0.5	35%▲0.7	35.97%▲1.0

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	280	351	418	464	346	454	484	504	473	546
Expenses	247	303	360	401	301	392	417	436	411	471
Operating Profit	33	48	58	63	44	62	67	68	62	75
OPM %	12%	14%	14%	14%	13%	14%	14%	14%	13%	14%
Net Profit	24	35	43	45	32	45	50	50	42	55
EPS ₹	19.84	28.96	35.56	37.39	26.3	37.39	41.14	40.9	34.65	44.91

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,007Cr, up 19.3% YoY. OPM at 14%.

Debt Position

Borrowings at ₹1Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹55Cr (51% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 9.09% (+0.62pp change). FIIs: 2.82% (+0.32pp change). Promoters hold 52.11%.

Margin & Efficiency

ROCE improving from 37% (Mar 2015) to 59% (Mar 2026). Working capital days: 32.

Valuation

PE 22.4x with 58.7% ROCE. Price is 813% above book value of ₹402. Dividend yield: 3.02%.