Swaraj Engines Ltd (SWARAJENG)

Capital Goods · Capital Goods-Non Electrical Equipment · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹3,531.75 ↓ 12.99% (1Y)

🎯 Key Takeaways

Swaraj Engines Ltd is in a strategic transition phase, marked by a recent leadership appointment of Sanjay Kshirsagar as Whole Time Director and CEO effective September 1, 2026, pending shareholder approval. The company maintains a strong financial profile with high ROE and ROCE, but its 1-year return has been negative, reflecting market skepticism or sectoral headwinds.
Revenue grew 7.8% QoQ to ₹588 in Q1FY27.
⚠️ 1) The leadership transition hinges on shareholder approval at the upcoming AGM; any delay or rejection could stall strategic execution. 2) Persistent

Market Cap

₹4,291

P/E Ratio

21.3

P/B Ratio

8.78

ROE

41.3%

ROCE

55.5%

Debt/Equity

0.00

Div Yield

3.11%

Promoter

52.1%

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📖 The Story

Swaraj Engines Ltd is in a strategic transition phase, marked by a recent leadership appointment of Sanjay Kshirsagar as Whole Time Director and CEO effective September 1, 2026, pending shareholder approval. The company maintains a strong financial profile with high ROE and ROCE, but its 1-year return has been negative, reflecting market skepticism or sectoral headwinds. The business appears mature with low leverage, but growth is constrained by flat revenue trends despite stable margins.

📰 What's Happening

The most significant development is the appointment of Sanjay Kshirsagar as CEO and Whole Time Director, announced in multiple board meetings between July and August 2026. His appointment, effective September 1, 2026, with a term until August 31, 2029, pending shareholder approval, introduces a leader with prior manufacturing and operational turnaround experience. This leadership change is viewed as a potential catalyst for strategic realignment, particularly in execution and operational efficiency. Additionally, all resolutions at the 40th AGM held on July 20, 2026, were approved, including the adoption of FY2026 audited financials, dividend declaration, and re-appointment of directors, signaling shareholder confidence in governance and financial reporting.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	504	473	546	588
Operating Profit	62	56	70	71
OPM %	12.3%	11.9%	12.8%	12.1%
Net Profit	50	42	55	56
EPS	₹40.89	₹34.66	₹44.91	₹45.70

Quarterly financials show flat revenue growth over the last four quarters, with June 2026 revenue at ₹588 crore, slightly up from ₹546 crore in March 2026, but not accelerating meaningfully. Operating profit margins have remained stable around 12%, with a slight dip in OPM to 12.1% in June 2026 from 12.8% in March 2026. Net profit and EPS have tracked marginally higher, with June 2026 EPS at ₹45.7 versus ₹44.91 in March 2026. The lack of revenue expansion suggests limited top-line momentum, making margin discipline and operational efficiency critical levers for future growth.

🔮 Management Outlook & What's Next

Management has not yet provided explicit forward guidance on revenue, margins, or capital allocation in the available filings. However, the appointment of a new CEO with turnaround expertise suggests an intent to strengthen execution capabilities. The three-year term ending August 31, 2029, pending shareholder approval, indicates a structured transition period during which strategic direction may crystallize. Investor focus will likely shift to how quickly and effectively the new leadership can drive operational improvements in a stagnant revenue environment.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	12	12	12	12
Reserves	330	407	380	477
Borrowings	0	1	1	0
Total Liabilities	587	672	671	779
Fixed Assets	113	110	112	107
Investments	14	19	40	19
Total Assets	587	672	671	779

The balance sheet remains extremely conservative, with zero net borrowings as of March 2026 and March 2025, and total assets growing modestly from ₹671 crore to ₹779 crore. Equity remains flat at ₹12 crore, while reserves have increased from ₹380 crore to ₹477 crore, indicating strong internal capital accumulation. This suggests the company is not reliant on external financing and may have capacity for strategic investments or deleveraging if needed, though no such moves are currently underway.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+117
Investing	+22
Financing	-128
Net Cash Flow	+11

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	52.1%	52.1%	52.1%	52.1%
FII	3.9%	3.1%	2.8%	2.4%
DII	9.7%	9.7%	9.1%	8.8%
Public	27.8%	28.3%	28.9%	29.8%
# Shareholders	36,980	37,905	38,470	41,234

Promoter holding remains stable at 52.11% over the last four quarters, indicating no dilution or stake sale. However, FII and DII holdings have declined slightly, with FII shareholding falling from 3.93% in Q2FY26 to 2.43% in Q1FY27, and DII from 9.73% to 8.78%. The number of public shareholders has increased from 36,980 to 41,234, suggesting retail investor participation is growing, but institutional interest appears to be waning. No promoter pledging or significant exits are evident.

⚖️ Peer Comparison — Capital Goods-Non Electrical Equipment

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
CUMMINSIND	1.41 L Cr	59.5	36.6%	27.9%	0.00
WELCORP	67,358	29.1	27.3%	25.3%	0.24
APLAPOLLO	61,642	50.1	35.9%	29.2%	0.15
TIINDIA	53,529	88.2	23.6%	14.3%	0.05
INDOMIM	42,466	—	—	—	0.39
KIRLOSENG	31,090	56.9	13.7%	14.8%	1.47
JYOTICNC	22,489	69.9	24.1%	19.1%	0.29
GRINDWELL	21,989	50.4	23.3%	17.3%	0.00
CARBORUNIV	20,993	99.5	8.0%	4.8%	0.08
ELGIEQUIP	19,924	44.3	23.6%	20.1%	0.18

🔗 Peer Stock Analyses

CUMMINSIND WELCORP APLAPOLLO TIINDIA INDOMIM

⚠️ Risk Factors

1) The leadership transition hinges on shareholder approval at the upcoming AGM; any delay or rejection could stall strategic execution. 2) Persistent flat revenue trends raise concerns about growth sustainability, especially if margin pressure emerges from competitive or input cost pressures. 3) Declining FII and DII holdings may signal reduced institutional confidence or portfolio rebalancing, potentially affecting liquidity. 4) High ROE and ROCE are impressive but may not be sustainable without revenue expansion or reinvestment in capacity.

📋 Recent Filings

🧠 Analyst's Read

Swaraj Engines is undergoing a leadership transition with a new CEO set to take charge in September 2026, which could influence future execution and strategic direction. While financials remain robust with strong profitability and zero debt, revenue stagnation and softening institutional interest are key concerns. The company's trajectory will depend on how effectively the new management drives operational improvement and communicates a clear growth path.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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