ICICI Securities Ltd | Retail Equity Research Swaraj Engines (SEL) reported a steady Q1FY18 performance with key surprise being sustenance of EBITDA margins at 16%+ levels Engine sales for the quarter came in at 23287, up 11.4% YoY with consequent net sales at | 194 crore, up 13.0% YoY Engine sales for the quarter lagged tractor sales at parent company i.e. M&M; due to build-up of inventory in the previous quarter EBITDA in Q1FY18 was at | 32.3 crore (EBITDA margins at 16.6%, up...