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Swaraj Engines (SWARAJENG) had a P/E of 20.0× on 6 Nov 2026, below the industry P/E of 20.4×, and the shares are 20% below their 52-week high. Its ROCE of 53% is the highest among the 7 largest Farm & Heavy Construction Machinery peers, and sales and net profit grew 12% and 14% a year over 3 years. It has almost no debt, and its dividend yield is 3.1%. It is a small-cap company with a market cap of ₹4,247 Cr, ranked 6th of 24 Farm & Heavy Construction Machinery companies by market cap; the shares fell 9.6% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹3,550.00
Day high
₹3,560.50
Day low
₹3,475.60
Prev. close
₹3,565.40
Volume
8K

Health check

3 good · 3 fair
  • ReturnsIn line

    −9.6% over a year, better than 3 of 7 peers.

  • Price tagIn line

    P/E 20.0 vs industry 20.4.

  • GrowthSteady

    Sales +12.2%, profit +13.7% a year over 3 years.

  • ProfitabilityStrong

    ROCE 52.8% vs peer median 19.4%.

  • Balance sheetSolid

    Practically debt-free, Piotroski 8 of 9.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Farm & Heavy Construction Machinery

23 listed peers. Screen the industry

Small cap

₹4,247 Cr, #6 of 24 in its industry by size.

Defensive

Beta 0.37 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹2,243 Cr · profit ₹213 Cr
Market cap
₹4,247 Cr
Small cap
P/E
20.0
Industry 20.4
Price to book
9.01
Peers 4.57
Dividend yield
3.15%
ROE
49.3%
Peers 17.7%
ROCE
52.8%
Peers 19.4%
Debt to equity
0.01
Debt ₹2.48 Cr
EPS (TTM)
₹175.09
Face value ₹10
OPM (TTM)
13.4%
Net margin 9.5%
Sales growth
+26.0%
Latest quarter vs a year ago
Profit growth
+21.9%
Latest quarter vs a year ago
Price to sales
1.89
EV/EBITDA 13.8

Strengths and risks

Strengths

  • Return on equity of 49.3%.
  • Return on capital employed of 52.8%.
  • Practically debt-free.
  • Dividend yield of 3.15%.
  • Quarterly profit up 21.9% on a year ago.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About Swaraj Engines

Swaraj Engines Limited manufactures and sells diesel engines and its components, hi-tech engine components, and spare parts for tractor application in India. The company was incorporated in 1985 and is based in Mohali, India. Swaraj Engines Limited is a subsidiary of Mahindra & Mahindra Limited.

Headquarters
Mohali
Employees
294
Sector
Industrials
ISIN
INE277A01016
Website
swarajenterprise.com

Price range

52 weeks

₹3,285.10₹4,394.00

Today

₹3,475.60₹3,560.50
Avg volume (3M)
35.5K
1-year return
minus 9.6%
From 52-week high
minus 20.5%

Peers · Farm & Heavy Construction Machinery

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
ASHOKLEYAshok Leyland172.09plus 1.10%1,01,08329.112.214.5%21.5%3.4510.6%plus 21.2%
ESCORTSEscorts Kubota2,443.40minus 0.67%26,88820.413.514.4%11.5%0.0111.3%minus 35.6%
ACEAction Construction Equipment1,167.70plus 3.55%13,90031.825.528.5%15.6%0.0015.0%plus 2.8%
OLECTRAOlectra Greentech1,026.35minus 2.21%8,42447.526.619.4%13.8%0.3128.4%minus 30.9%
AJAXENGGAjax Engineering556.65minus 1.24%6,36928.120.021.4%12.5%0.0022.2%minus 5.8%
SWARAJENGSwaraj Engines3,495.30minus 1.97%4,24720.015.252.8%12.6%0.0112.2%minus 9.6%
VSTTILLERSV.S.T Tillers Tractors3,941.70minus 2.48%3,41131.416.512.4%13.3%0.007.2%minus 33.8%
UNIPARTSUniparts India704.60minus 1.75%3,17917.712.522.0%22.3%0.18−4.8%plus 41.4%
Median of 7 peers–−1.24%8,42429.116.519.4%13.8%0.0111.3%−5.8%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
484473546588635
417411471512549
67.1627576.886.5
13.9%13.1%13.7%13.0%13.6%
5.73.73.73.71.6
0.10.10.10.10.1
5.55.85.45.76.6
–−3.4–––
67.256.573.274.681.4
25.6%25.4%25.5%25.6%25.6%
5042.154.655.560.6
41.1334.6544.9045.7049.84

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+12.2%
Profit CAGR 3Y
+13.7%
EPS CAGR 3Y
+13.7%
ROE
49.3%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1,4141,4131,6741,998
–minus 0.1%+18.5%+19.4%
1,2281,2251,4471,726
186188227272
13.2%13.3%13.6%13.6%
11.313.315.316.5
0.10.20.30.4
18.517.320.322.5
0.61.11.1−2.3
180185223264
25.7%25.5%25.6%25.5%
134138166196
–+3.2%+20.4%+18.3%
109.99113.48136.61161.56

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
12.112.112.112.1
330356407477
1.21.222
193187251288
536557672779
89.3113115161
2.137.84.854.8
5110.165.725.9
124154187114
270241300423
536557672779

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
133142177117
−37.6−29.6−58.122.1
−97.3−112−116−128
−2.10.52.410.7
−12.9−47.8−24.5−69.8
12094.615246.7
−97.2−112−115−127

Shareholding pattern

Source: NSE filings

NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 8.7% (Yahoo estimate).

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you