NSE: SWARAJENG | BSE: 500407

Strong Performer, Getting Expensive

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4027.10 0.50 (0.01%)

76.62% Gain from 52W Low

10,593 NSE+BSE Volume

NSE 28 May, 2025 2:25 PM (IST)

4,891.9

Market Cap

Below industry Median

1.0

Beta 1Year

Average volatility

Dividend

Swaraj Engines Ltd. has an upcoming dividend of ₹104.50 per share due on 27 Jun 2025 See details

Swaraj Engines Ltd. share price target and research reports

Name: Latest research reports of Swaraj Engines Ltd. authored by HDFC Securities and published by - Trendlyne research reports.
Item: Swaraj Engines Ltd.
Rating: 5
Author: HDFC Securities

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

Swaraj Engines Ltd.

08 Mar 2018

4027.10

0.01%

Swaraj Engines (Update): A compounding story, with high return ratios. Maintain BUY

Buy: Swaraj Engines Ltd.

Target

HDFC Securities

Our fair value for the stock is Rs 2,468 (27x FY20E EPS). Swaraj Engines Ltd (SEL) is a cash rich, high RoCE business, co-owned by M&M; and Kirloskar Industries. It is mid-way into a sizeable (but cheap) capex cycle, with high visibility of volume growth.

Swaraj Engines Ltd. has gained 61.64% in the last 1 Year

Swaraj Engines Ltd.

25 Jan 2018

4027.10

0.01%

Swaraj Engines - Q3FY18 Result Update - More steam left

Buy: Swaraj Engines Ltd.

Target

Religare

Swaraj Engines Ltd's (SEL) Q3FY18 numbers were in-line with our estimates with net revenue and PAT growth of 18.4% & 12.6% YoY respectively. A contraction of 85bps in EBITDA margins (at 14%) was slightly disappointing, impacted by higher operating expenses and material cost.

Swaraj Engines Ltd. has gained 61.64% in the last 1 Year

Swaraj Engines Ltd.

25 Jan 2018

4027.10

0.01%

Swaraj Engines

Buy: Swaraj Engines Ltd.

Target

ICICI Securities Limited

Swaraj Engines (SEL) reported a robust Q3FY18 performance backed by healthy tractor sales at parent company i.e. M&M; (Swaraj division) SEL recorded engine sales of 21,971 units in Q3FY18, up 14.7% YoY, outperforming M&M; tractor sales growth of 6.4% YoY Consequently, total operating income in Q3FY18 came in at | 183.3 crore (up 18.4% YoY). EBITDA for the quarter came in at | 25.7 crore with corresponding EBITDA margins at 14% (down 80 bps YoY) EBITDA margins came in muted primarily tracking one-time expense...

Swaraj Engines Ltd. has gained 30.66% in the last 6 Months

Swaraj Engines Ltd.

23 Jan 2018

4027.10

0.01%

Swaraj Engines (3QFY18): Double-digit volume growth. Maintain BUY

Buy: Swaraj Engines Ltd.

Target

HDFC Securities

We recommend BUY with a TP of 2554 (30x Dec FY19E EPS). Swaraj Engines Ltd (SEL) reported good revenue growth of 18.4% YoY for 3QFY18 at Rs 1.83bn. The performance was largely driven by 14.7% YoY engine volume growth to 21,971 units and realization growth of 3.2% YoY to Rs 83,410. EBITDA grew by 11.7% YoY at Rs 257mn and EBITDAM stood at 14.0% (-85bps YoY), was largely due to drop in gross margins by 100 bps YoY and higher other expenditure which might be a one of expenditure. APAT grew by 12.6% YoY at Rs 172mn.

Swaraj Engines Ltd. is trading above its 200 day SMA of 3282.0

Swaraj Engines Ltd.

29 Nov 2017

4027.10

0.01%

Swaraj Engines (Visit Note): Compounding engine! NOT RATED

Not Rated: Swaraj Engines Ltd.

HDFC Securities

At CMP of Rs 1,966, SEL trades at 28.0/25.3/22.3x FY18/FY19/20E EPS. Our fair value for the stock is Rs 2,489 (30x Sept - 19E EPS). We recently interacted with management of Swaraj Engines Ltd (SEL). The company manufactures and supplies diesel engines in the range of 20 HP to 60 HP to Swaraj Tractors, owned by Mahindra & Mahindra (M&M;). SEL is a joint holding of Kirloskar Industries (17.4% stake) and M&M; (33.2% stake).

Swaraj Engines Ltd. is trading above its 200 day SMA of 3282.0

Swaraj Engines Ltd.

21 Nov 2017

4027.10

0.01%

Result Update Q2FY18 Swaraj Engines Ltd

Buy: Swaraj Engines Ltd.

Target

Religare

Swaraj Engines Ltd (SEL) reported in-line numbers for Q2FY18 with net revenue and PAT growth of 16.6% & 22.1% YoY respectively. EBITDA margins improved by 51bps YoY to 16.8%.

Swaraj Engines Ltd. is trading above its 200 day SMA of 3282.0

Swaraj Engines Ltd.

01 Nov 2017

4027.10

0.01%

Swaraj Engines

Buy: Swaraj Engines Ltd.

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Swaraj Engines (SEL) reported a steady Q2FY18 performance with the company reporting new high EBITDA margins of 16.8% Engine sales for the quarter came in at 24984 units, up 11.6% YoY with consequent net sales at | 208.9 crore, up 16.7% YoY Engine sales for the quarter, as a percentage of tractor sales at parent i.e. M&M;, were at a normalised level of 32.4% EBITDA in Q2FY18 was at | 35.1 crore (EBITDA margins at 16.8%, up...

Swaraj Engines Ltd. has gained 30.66% in the last 6 Months

Swaraj Engines Ltd.

01 Nov 2017

4027.10

0.01%

Swaraj Engines

Hold: Swaraj Engines Ltd.

Centrum Broking

On the back of impressive growth in the India tractor industry, Swaraj Engines (SWE) reported its best ever quarter in terms of engine sales volume and net profits. But considering strong growth reported by M&M;'s tractor division, this performance was below estimates. 2QFY18 EBITDA/PAT improved 20.3%/22.1% YoY, on the back of 11.6% growth in volumes and 51 bps YoY improvement in EBITDA margin. SWE's EBITDA margin was slightly ahead of our expectations, however sales and net profits missed estimates. While we acknowledge that SWE is poised to leverage the continued good growth in tractor volumes, current reach valuations limit the upside in the near...

Swaraj Engines Ltd. has gained 30.66% in the last 6 Months

Swaraj Engines Ltd.

31 Aug 2017

4027.10

0.01%

Result Update Q1FY18 Swaraj Engines Ltd

Buy: Swaraj Engines Ltd.

Target

Religare

Swaraj Engines Ltd (SEL) reported broadly in-line numbers for Q1FY18 with net revenue and PAT growth of 13% & 13.2% YoY respectively. EBITDA margins improved marginally by 11bps YoY at 16.6%.

Swaraj Engines Ltd. has gained 49.45% in the last 3 Months

Swaraj Engines Ltd.

25 Jul 2017

4027.10

0.01%

Swaraj Engines

Buy: Swaraj Engines Ltd.

ICICI Securities Limited

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...

Swaraj Engines Ltd. is trading below its 30 day SMA of 4077.6

Is Swaraj Engines Ltd. worth buying?

127 Votes:

Buy 80.31%

Sell 11.81%

Hold 7.87%