SWARAJENG

Swaraj Engines Limited

Diesel engines and engine components manufacturer

Industrials›Capital Goods›Industrial Products›Compressors, Pumps & Diesel Engines

swarajenterprise.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹3514.40
Market cap
4,270 Cr
Stock P/E
20.1
P/B
9.06
Dividend yield
3.0%
ROE (FY26)
40.2%
ROCE (FY26)
54.0%
Operating margin (FY26)
12.4%
OCF / EBITDA (FY26)
42.8%
OCF / EBITDA (3Y)
63.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Swaraj Engines makes diesel engines, engine components and spare parts in Punjab for the tractor industry, and its key customer is the Swaraj Division of M&M. It reports a single business segment and operates only in India.

Company snapshot

10thBy market cap

Ranked among 14 companies in Compressors, Pumps & Diesel Engines.

What we see

Positives
  • ✓Interest coverage of 640.2x — earnings comfortably cover interest obligations.
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Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales280 Cr351 Cr418 Cr464 Cr346 Cr454 Cr484 Cr504 Cr473 Cr546 Cr588 Cr635 Cr
Operating expenses (approx.)247 Cr303 Cr360 Cr401 Cr301 Cr392 Cr417 Cr436 Cr411 Cr471 Cr512 Cr549 Cr
EBITDA33 Cr48 Cr58 Cr63 Cr44 Cr62 Cr67 Cr68 Cr62 Cr75 Cr77 Cr86 Cr
OPM %11.7%13.7%13.9%13.5%12.8%13.6%13.9%13.5%13.1%13.7%13.0%13.6%
Other income3 Cr3 Cr4 Cr4 Cr4 Cr5 Cr6 Cr5 Cr4 Cr4 Cr4 Cr2 Cr
Interest0.07 Cr0.06 Cr0.07 Cr0.08 Cr0.10 Cr0.08 Cr0.10 Cr0.10 Cr0.10 Cr0.09 Cr0.09 Cr0.10 Cr
Depreciation4 Cr4 Cr5 Cr6 Cr5 Cr5 Cr5 Cr6 Cr6 Cr5 Cr6 Cr7 Cr
Profit before tax32 Cr47 Cr58 Cr61 Cr43 Cr61 Cr67 Cr67 Cr56 Cr73 Cr75 Cr81 Cr
Tax %25.0%25.5%25.6%25.5%25.4%25.8%25.6%25.6%25.4%25.5%25.6%25.6%
Net profit24 Cr35 Cr43 Cr45 Cr32 Cr45 Cr50 Cr50 Cr42 Cr55 Cr56 Cr61 Cr
EPS (₹)₹19.84₹28.96₹35.56₹37.39₹26.30₹37.39₹41.14₹40.89₹34.66₹44.91₹45.70₹49.86

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales749 Cr795 Cr872 Cr773 Cr987 Cr1,138 Cr1,422 Cr1,419 Cr1,682 Cr2,007 CrSign in free for the trailing twelve months
Operating expenses (approx.)645 Cr674 Cr740 Cr673 Cr851 Cr983 Cr1,235 Cr1,231 Cr1,455 Cr1,735 CrSign in free for the trailing twelve months
EBITDA105 Cr122 Cr132 Cr100 Cr136 Cr155 Cr186 Cr188 Cr227 Cr272 CrSign in free for the trailing twelve months
OPM %14.0%15.3%15.1%13.0%13.8%13.7%13.1%13.3%13.5%13.6%Sign in free for the trailing twelve months
Other income17 Cr19 Cr15 Cr13 Cr9 Cr10 Cr12 Cr14 Cr16 Cr18 CrSign in free for the trailing twelve months
Interest0.02 Cr1 Cr0.09 Cr0.01 Cr0 Cr0.08 Cr0.08 Cr0.25 Cr0.33 Cr0.39 CrSign in free for the trailing twelve months
Depreciation16 Cr17 Cr20 Cr20 Cr20 Cr18 Cr19 Cr17 Cr20 Cr22 CrSign in free for the trailing twelve months
Profit before tax105 Cr123 Cr127 Cr93 Cr124 Cr147 Cr180 Cr185 Cr223 Cr264 CrSign in free for the trailing twelve months
Tax %34.7%34.7%35.3%23.7%25.7%25.5%25.7%25.5%25.6%25.5%Sign in free for the trailing twelve months
Net profit69 Cr80 Cr82 Cr71 Cr93 Cr109 Cr134 Cr138 Cr166 Cr196 CrSign in free for the trailing twelve months
EPS (₹)₹55.42₹64.62₹67.96₹58.57₹76.27₹90.17₹110.02₹113.50₹136.64₹161.60Sign in free for the trailing twelve months
Dividend payout %————52.7%76.7%72.7%81.0%69.5%64.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr
Reserves271 Cr216 Cr226 Cr224 Cr268 Cr294 Cr330 Cr356 Cr407 Cr477 Cr
Borrowings——————————
Other liabilities89 Cr119 Cr128 Cr119 Cr178 Cr156 Cr194 Cr188 Cr253 Cr290 Cr
Total liabilities372 Cr347 Cr366 Cr355 Cr458 Cr461 Cr536 Cr557 Cr672 Cr779 Cr
Fixed assets (net)91 Cr92 Cr108 Cr102 Cr91 Cr95 Cr87 Cr75 Cr110 Cr107 Cr
CWIP0.38 Cr4 Cr2 Cr4 Cr1 Cr2 Cr2 Cr38 Cr5 Cr55 Cr
Investments49 Cr76 Cr84 Cr111 Cr34 Cr36 Cr26 Cr20 Cr19 Cr19 Cr
Inventories26 Cr32 Cr47 Cr37 Cr62 Cr62 Cr70 Cr71 Cr78 Cr75 Cr
Trade receivables13 Cr15 Cr19 Cr4 Cr113 Cr104 Cr128 Cr120 Cr177 Cr206 Cr
Cash & bank2 Cr3 Cr3 Cr2 Cr38 Cr6 Cr4 Cr4 Cr7 Cr17 Cr
Other assets191 Cr125 Cr103 Cr94 Cr119 Cr157 Cr219 Cr228 Cr276 Cr300 Cr
Total assets372 Cr347 Cr366 Cr355 Cr458 Cr461 Cr536 Cr557 Cr672 Cr779 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity82 Cr89 Cr69 Cr100 Cr28 Cr103 Cr133 Cr142 Cr177 Cr117 Cr
Cash from investing-32 Cr47 Cr4 Cr-27 Cr56 Cr-51 Cr-38 Cr-30 Cr-58 Cr22 Cr
Cash from financing-49 Cr-136 Cr-73 Cr-73 Cr-49 Cr-84 Cr-97 Cr-112 Cr-116 Cr-128 Cr
Net cash flow1 Cr1 Cr-0.33 Cr-0.47 Cr36 Cr-32 Cr-2 Cr0.55 Cr2 Cr11 Cr
Free cash flow (OCF − Capex)76 Cr66 Cr35 Cr84 Cr22 Cr81 Cr120 Cr95 Cr152 Cr47 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %37.2%54.1%53.6%39.5%44.4%48.1%52.5%50.3%53.3%54.0%
ROE %24.3%35.1%34.6%30.1%33.0%35.8%39.0%37.4%39.6%40.2%
Debtor days6782423333313837
Inventory days19202623292522232217
Days payable52625762775653526157
Cash conversion cycle-26-35-23-37-6222-1-3
OCF / EBITDA %78.7%73.5%52.2%99.2%20.6%66.6%71.3%75.7%77.7%42.8%
OCF / EBITDA % (3 years)——67.2%72.9%53.4%59.0%55.3%71.4%75.1%63.3%
Debt / equity——————————
Current ratio3.472.182.102.202.092.192.092.341.962.06
Net debt / EBITDA-0.02-0.03-0.02-0.02-0.28-0.04-0.02-0.02-0.03-0.06