Swaraj Engines Ltd (SEL) reported impressive numbers for Q3FY17 with a strong growth of 46.6% & 82.5% YoY in Net Revenue and PAT, above our estimates. A 274bps YoY expansion in EBITDA margins was overwhelming. We remain upbeat on SEL's growth prospects, given healthy demand uptick in the domestic tractor industry, new launches and consistent capacity additions.