Swaraj Engines Ltd (SEL) reported mixed set of numbers for Q2FY19. Its net revenue grew by 18.4% YoY, which was largely in line, driven by healthy volume growth of 14.3%. However, the profit growth was muted and below our projections. EBITDA grew by 14.4%, while EBITDA margins contracted 57bps YoY to 16.2%.