NSE: SWARAJENG | BSE: 500407

Mid-range Performer

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3940.20 29.00 (0.74%)

56.54% Gain from 52W Low

14,879 NSE+BSE Volume

NSE 03 Jul, 2025 3:31 PM (IST)

4,786.4

Market Cap

Above industry Median

1.2

Beta 1Year

Very High Volatility

Swaraj Engines Ltd. share price target and research reports

Name: Latest research reports of Swaraj Engines Ltd. authored by Monarch Networth Capital Limited and published by - Trendlyne research reports.
Item: Swaraj Engines Ltd.
Rating: 1
Author: Monarch Networth Capital Limited

Latest analyst research reports with target prices and PDF download for SWARAJENG, BSE:500407 Swaraj Engines Ltd.

Swaraj Engines Ltd.

28 Oct 2020

3940.20

0.74%

Swaraj Engines - Company Update - The tough gets going

Sell: Swaraj Engines Ltd.

Monarch Networth Capital Limited

Outlook: With most regional reservoirs consistently clocking healthy water level (> 10year average) and the healthy monsoon that we have witnessed; we stick to our view of low rural water woes for at least two years. The MSP hike for FY2021 has continued with key crops' price being raised by an average of ~4%. Thus, favourable tractor drivers bolster our existing conviction in SEL's cash-rich and debt-free business. Valuation & Risks: We continue to value SEL using the DCF methodology to arrive at a fair value of Rs 1,305 and maintain REDUCE. We have slightly revised our earnings estimates accounting for the current high capacity utilisation. While SEL's business and industry fundamentals are intact, we feel that COVID-19 related uncertainty still...

Swaraj Engines Ltd. has gained 27.33% in the last 6 Months

Swaraj Engines Ltd.

22 Jul 2020

3940.20

0.74%

Swaraj Engines - Company Update - Revving dark horse has galloped, awaiting a fresh race

Swaraj Engines Ltd.

Monarch Networth Capital Limited

INDIA l Institutional Research l Automobile l 22 July 2020 Swaraj Engines l REDUCE l TP: 1,302 Revving dark horse has galloped, awaiting a fresh race Swaraj Engine's (SEL) 1QFY21 result seems dull mainly on the account of no production in April 2020 owing to the lockdown. Post the opening of plant on 5 th May, SEL has been nearing ~100% capacity utilisation. Factors like India's reservoirs' level breaching the 10-year average, on-going healthy monsoon and recent kharif MSP hikes are buoying the domestic tractor demand. While a lower...

Swaraj Engines Ltd. has gained 40.89% in the last 1 Year

Swaraj Engines Ltd.

20 Jul 2020

3940.20

0.74%

Swaraj Engines

Buy: Swaraj Engines Ltd.

East India Securities Ltd

Revenues declined by 13% yoy, higher than our estimates, while realization increased by Lockdown hit overall performance 6.9% YoY & 1.4% QoQ. Total volumes degrew by 18.5% YoY in Q2FY20....

Swaraj Engines Ltd. is trading above its 200 day SMA of 3394.6

Swaraj Engines Ltd.

26 May 2020

3940.20

0.74%

Swaraj Engines

Buy: Swaraj Engines Ltd.

Monarch Networth Capital Limited

Why should you invest your time in this report? Hodrick-Prescott analysis of Indian tractor cycle How is SEL better placed than key tractor OEM Should M&M; merge SEL within itself A scenario...

Swaraj Engines Ltd. is trading below its 30 day SMA of 4012.2

Swaraj Engines Ltd.

11 May 2020

3940.20

0.74%

Swaraj Engines

Buy: Swaraj Engines Ltd.

Recommendation Target

ICICI Securities Limited

Swaraj has negative working capital cycle of around 30-40 days (~10% of sales), leading the company to hold liquid cash & investment to the tune of | 130 crore (~10% of MCap) as on FY20. Going ahead, the company's capex is limited to around | 15-20 crore (~2-3% of sales), which we expect to be funded through internal accruals. This leaves aside incremental cash of at least 4% of sales every year. This bodes well for healthy dividend payout in years to come. The company announced a dividend of | 40/share, providing dividend yield of ~4%. Going ahead, we expect strong balance sheet along...

Swaraj Engines Ltd. is trading below its 30 day SMA of 4012.2

Swaraj Engines Ltd.

11 May 2020

3940.20

0.74%

Swaraj Engines

Buy: Swaraj Engines Ltd.

East India Securities Ltd

At the current price of Rs 978, the stock is trading at 13.4x FY22E EPS, much lower than the last six year's average of 1-year forward P/E of 21.7x. By looking at the present uncertain situation and intensifying competition in tractor industry, we have lower down our multiple to 18x FY22E (~17% discount to its six-year average) to arrive at a target price of Rs 1,313 per share, which indicates 34% upside from the current levels....

Swaraj Engines Ltd. has gained 40.89% in the last 1 Year

Swaraj Engines Ltd.

31 Jul 2019

3940.20

0.74%

Swaraj Engines

Sell: Swaraj Engines Ltd.

Recommendation Target

ICICI Securities Limited

Domestic tractor industry staring at de-growth in FY20E The tractor industry registered record sales volume of 785,409 units (up 10.4% YoY) in FY19 after ending FY18 at 711,478 units (up 22.1% YoY). However, the growth momentum was reversed with the industry seeing degrowth in Q1FY20. Industry volumes declined 13.8% YoY in Q1FY20 to 191,305 units. We expect this weakness to continue in the near to medium term. SEL's parent has also struggled in the same period. However, it maintains its leadership position with market share in excess of 40%. Long term trends intact despite near term uncertainty...

Swaraj Engines Ltd. is trading below its 30 day SMA of 4012.2

Swaraj Engines Ltd.

28 Jan 2019

3940.20

0.74%

Swaraj Engines (3QFY19): Growth drivers intact. Maintain BUY

Buy: Swaraj Engines Ltd.

Target

HDFC Securities

Maintain BUY with a reduced TP of Rs 1828 (20x Dec-20E EPS). Swaraj Engines Ltd (SEL)s 3QFY19 revenue was in line with estimate (Rs 1.99bn, +8% YoY) while operating margin saw a dip of 17bps YoY/-241bps QoQ to 13.8% owing to 104bps contraction in gross margin. APAT stood at Rs 173mn (flat YoY). Engine volumes grew by 2.7% YoY to 22.569k units while tractor sales at the parent level (M&M;) were at 90.72k units (+11% YoY). During 9MFY19, M&M;s tractor production grew by 9% YoY and sales grew 8.5%, inventory is at normal level.

Swaraj Engines Ltd. has gained 40.89% in the last 1 Year

Swaraj Engines Ltd.

28 Jan 2019

3940.20

0.74%

Swaraj Engines

Hold: Swaraj Engines Ltd.

ICICI Securities Limited

Engine sales volumes grew 2.7% YoY to 22,569 units vs. 13.3% tractor growth witnessed at the parent company Consequent net sales in Q3FY19 were at | 198.7 crore (up 8.4% YoY) EBITDA in Q2FY19 came in at | 27.5 crore with corresponding EBITDA margins at 13.8%, down 18 bps YoY. Margins for the quarter were lower tracking marginally higher raw material costs as well as employee costs partly compensated by lower other expenses PAT in Q3FY19 was at | 17.3 crore, up 0.5% YoY...

Swaraj Engines Ltd. has gained 27.33% in the last 6 Months

Swaraj Engines Ltd.

01 Nov 2018

3940.20

0.74%

Swaraj Engines Ltd. - Q2FY19 Result Update - Mixed quarter; growth to moderate going forward

Buy: Swaraj Engines Ltd.

Target

Religare

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%.

Swaraj Engines Ltd. has gained 40.89% in the last 1 Year

Is Swaraj Engines Ltd. worth buying?

132 Votes:

Buy 80.3%

Sell 11.36%

Hold 8.33%