Swaraj Engines Ltd. share price target

Swaraj Engines Ltd (SEL) reported healthy set of numbers for Q4FY17 with 41% YoY growth in net revenue (above our estimates) & 29.8% YoY growth in PAT (in line). EBITDA margins expanded by 96bps YoY to 15%, which was encouraging.

ICICI Securities Ltd | Retail Equity Research Swaraj Engines (SEL) reported a robust Q4FY17 performance with engine sales volume growing 42.0% YoY to 19842 units. Robust sales volume is attributable to strong tractor sales at parent M&M; The sales volume growth at SEL vastly outpaced tractor sales at M&M; largely implying build-up of inventory at the parent level Consequent net sales were at | 160.8 crore (up 41.0% YoY) EBITDA for the quarter came in at | 24.1 crore with corresponding...

Swaraj Engines Ltd (SEL) reported impressive numbers for Q3FY17 with a strong growth of 46.6% & 82.5% YoY in Net Revenue and PAT, above our estimates. A 274bps YoY expansion in EBITDA margins was overwhelming. We remain upbeat on SEL's growth prospects, given healthy demand uptick in the domestic tractor industry, new launches and consistent capacity additions.

ICICI Securities Ltd | Retail Equity Research Swaraj Engines (SEL) reported a robust Q3FY17 performance with engine sales volume growing 49.1% YoY to 19150 units. Robust sales volume growth was on account of robust tractor sales at parent (M&M;) and low base in corresponding quarter last year (Q3FY16) Consequent net sales were at | 154.8 crore (up 46.5% YoY) EBITDA for the quarter came in at | 23.0 crore with corresponding EBITDA margins at 14.9%. PAT in Q3FY17 was at | 15.3 crore...

BUY Swaraj Engines Ltd at Rs.1332 and add on dips to band Rs. 1245 - 1265 for the Sequential Targets Rs. 1469, 1561

ICICI Securities Ltd | Retail Equity Research Swaraj Engines (SEL) reported a robust Q2FY17 performance with engine sales volume growing 18.6% YoY to 22395 units. Realisations, however, came in tepid and were down 1.5% YoY Consequent net sales were at | 178.9 crore, up 16.8% YoY EBITDA for the quarter came in at | 29.2 crore with corresponding EBITDA margins at 16.3%, up 147 bps YoY PAT in Q2FY17 was at | 19.3 crore, up 24.2% YoY...

Swaraj Engines (SEL) reported a robust Q1FY17 performance with highest ever quarterly engine sales volume • Sales volumes in Q1FY17 were at 20910 units (up 13.7% YoY) with corresponding net sales at | 171.7 crore (up 12.1% YoY) • EBITDA for the quarter came in at | 28.3 crore with corresponding EBITDA margins at 16.5%, up 194 bps YoY • PAT in Q1FY17 was at | 19.0 crore, up 21.6% YoY.ICICI Securities Limited have valued SEL at | 1320 i.e. 22x P/E (1.0x PEG) on FY18E EPS of | 60 with a BUY rating on the stock.

Trendlyne has 3 reports on SWARAJENG updated in the last year from 1 broker with an average target of Rs 1320. Brokers have a rating for SWARAJENG with 1 price upgrade in past 6 months.

ICICI Securities Ltd | Retail Equity Research Swaraj Engines (SEL) reported a robust Q4FY16 performance with beat on volume front, which drove overall profitability in Q4FY16...