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Swaraj Engines Ltd
(SWARAJENG)
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Rating:72Outperform
Price Target:
₹4,035.00
▲(11.94% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by strong financial performance—especially the ultra-low-debt balance sheet, high ROE, and solid FY2026 revenue growth—partly offset by weaker FY2026 cash-flow conversion. Technical indicators are mildly bearish (below key moving averages with negative MACD), while valuation is supported by a moderate P/E and a ~3% dividend yield.
Positive Factors
Sustained revenue growth and margins
Accelerating revenue and resilient net margins indicate healthy demand and operating discipline. Stable profitability provides a durable earnings base, while continued tractor-market activity could support further growth over the next several quarters.
Negative Factors
Weaker cash-flow conversion
Lower conversion of accounting profit into cash may reflect higher working-capital requirements or reinvestment needs. If persistent, it could constrain funding flexibility and make reported earnings less reliable as a measure of distributable cash.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue growth and margins
Accelerating revenue and resilient net margins indicate healthy demand and operating discipline. Stable profitability provides a durable earnings base, while continued tractor-market activity could support further growth over the next several quarters.
Read all positive factors
Swaraj Engines Ltd (SWARAJENG) vs. iShares MSCI India ETF (INDA)
Market Cap
₹43.43B
Dividend Yield3.08%
Average Volume (3M)523.00
Price to Earnings (P/E)21.5
Beta (1Y)1.57
Revenue Growth20.79%
EPS Growth16.84%
CountryIN
Employees294
SectorGeneral
Sector StrengthN/A
IndustryAuto - Parts
Share Statistics
EPS (TTM)166.17
Shares Outstanding12,149,865
10 Day Avg. Volume695
30 Day Avg. Volume523
Financial Highlights & Ratios
PEG Ratio1.12
Price to Book (P/B)8.22
Price to Sales (P/S)2.00
P/FCF Ratio63.96
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)174.5
Revenue Forecast (FY)₹21.42B
Swaraj Engines Ltd Business Overview & Revenue Model
Company Description
Swaraj Engines Limited, an Indian enterprise, focuses on the production and supply of diesel engines, along with their key components and replacement parts, exclusively for the tractor sector. Founded in 1985, the company maintains its operational...
How the Company Makes Money
Swaraj Engines Ltd primarily makes money by manufacturing and selling diesel engines used in tractors, with revenue largely linked to volumes supplied for the Swaraj tractor ecosystem. Its core revenue stream is the sale of engines (and, where app...
Swaraj Engines Ltd Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
64
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.11B | 20.07B | 16.82B | 14.19B | 14.22B | 11.33B |
| Gross Profit | 4.00B | 3.61B | 3.55B | 2.23B | 1.98B | 2.29B |
| EBITDA | 2.94B | 2.72B | 2.27B | 2.02B | 1.98B | 1.65B |
| Net Income | 2.02B | 1.96B | 1.66B | 1.38B | 1.34B | 1.09B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 7.79B | 6.72B | 5.57B | 5.36B | 4.61B |
| Cash, Cash Equivalents and Short-Term Investments | 1.14B | 1.14B | 1.87B | 1.54B | 1.24B | 1.22B |
| Total Debt | 0.00 | 20.50M | 19.90M | 12.19M | 12.26M | 0.00 |
| Total Liabilities | -4.89B | 2.90B | 2.53B | 1.88B | 1.94B | 1.56B |
| Stockholders Equity | 4.89B | 4.89B | 4.19B | 3.69B | 3.42B | 3.06B |
Cash Flow | ||||||
| Free Cash Flow | 991.90M | 628.50M | 1.52B | 945.85M | 1.20B | 811.86M |
| Operating Cash Flow | 1.13B | 1.33B | 1.77B | 1.42B | 1.33B | 1.03B |
| Investing Cash Flow | 88.10M | 57.30M | -581.40M | -295.64M | -376.30M | -514.35M |
| Financing Cash Flow | -1.27B | -1.28B | -1.16B | -1.12B | -973.40M | -840.04M |
Swaraj Engines Ltd Technical Analysis
Negative
3604.60
Price Trends
3625.02
Negative
3691.44
Negative
3610.05
Negative
Market Momentum
-10.64
Negative
47.13
Neutral
37.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SWARAJENG, the sentiment is Negative. The current price of 3604.6 is above the 20-day moving average (MA) of 3575.95, below the 50-day MA of 3625.02, and below the 200-day MA of 3610.05, indicating a bearish trend. The MACD of -10.64 indicates Negative momentum. The RSI at 47.13 is Neutral, neither overbought nor oversold. The STOCH value of 37.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SWARAJENG.
Swaraj Engines Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ₹202.78B | 34.09 | ― | 0.23% | 35.20% | 7.37% | |
80 Outperform | ₹25.64B | 15.07 | ― | 18.75% | 8.80% | 0.63% | |
76 Outperform | ₹25.29B | 14.66 | ― | 1.91% | 6.30% | 10.84% | |
72 Outperform | ₹43.43B | 21.51 | ― | 3.08% | 20.79% | 16.84% | |
72 Outperform | ₹49.92B | 33.98 | ― | 2.38% | 14.37% | 70.31% | |
66 Neutral | ₹92.87B | 34.95 | ― | 0.26% | 43.26% | 56.35% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:SWARAJENG
Swaraj Engines Ltd
3,574.45
-710.92
-16.59%
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64.42%
Swaraj Engines Ltd Corporate Events
Swaraj Engines Secures Shareholder Approval on All Resolutions at 40th AGM
Jul 21, 2026
Swaraj Engines Limited has disclosed the voting results for its 40th Annual General Meeting, held on July 20, 2026 via video conferencing and other audio-visual means, in compliance with SEBI’s Listing Regulations on e-voting and AGM procedu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.