ICICI Securities Ltd | Retail Equity Research Swaraj Engines (SEL) reported a muted Q4FY18 performance despite robust tractor sales volumes at the industry as well as parent level This can be attributed to normalisation of inventory at the parent level in FY18. From a two-year perspective, Swaraj has grown in tandem with industry growth rate with market share intact at ~17% SEL recorded engine sales of 21,780 units in Q4FY18, up 9.8% YoY Consequently, total operating income in Q4FY18 came in at | 185.2...