Maintain BUY with a TP of Rs 2,476 (27x FY20E EPS). Swaraj Engines Ltd (SEL) 1Q results were largely in line estimates. Revenue at Rs 2.34bn (+21% YoY) driven by 15% increase in Engine volumes (26.72k) and 5% at net ASP. EBITDA rose by 14% YoY to Rs 366mn with margin at 15.6% (-103bps YoY/+20bps QoQ), hit by 166bps drop in gross margin, partially offset by operating leverage.