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Last Updated: April 2, 2026, 3:45 am
Author: Getaka|Social: XLinkedIn

Swaraj Engines Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,443.42Overvalued by 28.58%vs CMP ₹3,421.00

P/E (21.9) × ROE (41.9%) × BV (₹323.00) × DY (3.05%)

₹1,881.95Overvalued by 44.99%vs CMP ₹3,421.00
MoS: -81.8% (Negative)Confidence: 66/100 (Moderate)Models: 1 Under, 9 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹2,719.9720%Over (-20.5%)
Graham NumberEarnings₹1,058.1914%Over (-69.1%)
Earnings PowerEarnings₹973.0012%Over (-71.6%)
DCFCash Flow₹2,695.1212%Over (-21.2%)
Net Asset ValueAssets₹322.606%Over (-90.6%)
EV/EBITDAEnterprise₹2,031.868%Over (-40.6%)
Dividend DiscountDividends₹3,795.008%Under (+10.9%)
Earnings YieldEarnings₹1,540.806%Over (-55%)
ROCE CapitalReturns₹1,169.438%Over (-65.8%)
Revenue MultipleRevenue₹1,384.205%Over (-59.5%)
Consensus (10 models)₹1,881.95100%Overvalued
Key Drivers: Wide model spread (₹323–₹3,795) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 11.3%

*Investments are subject to market risks

Investment Snapshot

77
Swaraj Engines Ltd scores 77/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health92/100 · Strong
ROCE 56.2% ExcellentROE 41.9% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 52.1% Stable
Earnings Quality60/100 · Moderate
OPM stable around 14% SteadyWorking capital: 9 days (improving) Efficient
Quarterly Momentum78/100 · Strong
Revenue (4Q): +21% YoY AcceleratingProfit (4Q): +21% YoY Positive
Industry Rank90/100 · Strong
P/E 21.9 vs industry 35.8 Cheaper than peersROCE 56.2% vs industry 28.2% Above peersROE 41.9% vs industry 22.6% Above peers3Y sales CAGR: 14% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:45 am

Market Cap 4,157 Cr.
Current Price 3,421
Intrinsic Value₹1,881.95
High / Low 4,726/3,300
Stock P/E21.9
Book Value 323
Dividend Yield3.05 %
ROCE56.2 %
ROE41.9 %
Face Value 10.0
PEG Ratio1.93

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Swaraj Engines Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Swaraj Engines Ltd 4,157 Cr. 3,421 4,726/3,30021.9 3233.05 %56.2 %41.9 % 10.0
Greaves Cotton Ltd 3,059 Cr. 131 245/12028.2 59.11.52 %5.13 %4.11 % 2.00
Kirloskar Oil Engines Ltd 19,871 Cr. 1,367 1,530/57836.6 2320.48 %13.7 %15.4 % 2.00
Cummins India Ltd 1,27,764 Cr. 4,609 4,987/2,58056.5 2651.12 %37.6 %28.8 % 2.00
Industry Average38,712.75 Cr2,382.0035.80219.781.54%28.16%22.55%4.00

All Competitor Stocks of Swaraj Engines Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 279360400389280351418464346454484504473
Expenses 246312345337247303360401301392417436411
Operating Profit 33485552334858634462676862
OPM % 12%13%14%13%12%14%14%14%13%14%14%14%13%
Other Income 3453334445650
Interest 0000000000000
Depreciation 5555445655566
Profit before tax 31475551324758614361676756
Tax % 26%26%26%26%25%25%26%26%25%26%26%26%25%
Net Profit 23354138243543453245505042
EPS in Rs 19.1328.7833.6931.0119.8428.9635.5637.3926.3037.3941.1440.9034.65

Last Updated: February 3, 2026, 11:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 1:51 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 6085405266667718727739871,1381,4221,4191,6821,916
Expenses 5184654525626507406738519831,2351,2311,4551,656
Operating Profit 917574105122132100136155186188227259
OPM % 15%14%14%16%16%15%13%14%14%13%13%14%14%
Other Income 1616161719151391012141615
Interest 0000100000000
Depreciation 9131416172020201819172022
Profit before tax 98787610512312793124147180185223252
Tax % 32%33%33%35%35%35%24%26%25%26%25%26%
Net Profit 6752516980827193109134138166187
EPS in Rs 53.9541.7441.3155.4366.0567.9558.5576.2490.14110.00113.50136.64154.08
Dividend Payout % 65%79%80%78%76%74%68%91%89%84%84%76%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-22.39%-1.92%35.29%15.94%2.50%-13.41%30.99%17.20%22.94%2.99%20.29%
Change in YoY Net Profit Growth (%)0.00%20.46%37.22%-19.35%-13.44%-15.91%44.40%-13.78%5.73%-19.95%17.30%

Swaraj Engines Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:12%
5 Years:17%
3 Years:14%
TTM:22%
Compounded Profit Growth
10 Years:12%
5 Years:19%
3 Years:15%
TTM:23%
Stock Price CAGR
10 Years:17%
5 Years:21%
3 Years:37%
1 Year:23%
Return on Equity
10 Years:34%
5 Years:39%
3 Years:41%
Last Year:42%

Last Updated: September 5, 2025, 1:41 pm

Balance Sheet

Last Updated: January 7, 2026, 4:30 pm

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 12121212121212121212121212
Reserves 197200251271216226224268294330356407380
Borrowings 0000000001121
Other Liabilities 1241137389119128119178156193187251279
Total Liabilities 334325337372348366355458461536557672671
Fixed Assets 8484101919211010392958876110112
CWIP 25016241223855
Investments 724211497684111343626201940
Other Assets 176195224231173170136331329420423538514
Total Assets 334325337372348366355458461536557672671

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 566382896910028100133142177117
Cash from Investing Activity + -11-14-32474-2756-48-38-30-5822
Cash from Financing Activity + -51-49-49-136-73-73-49-84-97-112-116-128
Net Cash Flow -6011-0-036-32-21211
Free Cash Flow 39367667358423821229715247
CFO/OP 111%118%115%109%86%124%47%89%97%101%103%68%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow91.0075.0074.00105.00122.00132.00100.00136.00155.00185.00187.00225.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 55577824233333138
Inventory Days 373026192026232925222322
Days Payable 474350526358617853535261
Cash Conversion Cycle -5-9-19-25-35-24-36-7522-1
Working Capital Days -29-383454362131617129
ROCE %48%37%32%39%47%55%39%48%50%55%52%56%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 52.13%52.12%52.12%52.12%52.12%52.12%52.12%52.12%52.12%52.12%52.12%52.12%
FIIs 1.75%2.50%2.60%2.71%2.55%2.86%3.23%3.35%3.47%3.73%3.93%3.15%
DIIs 9.16%8.47%8.51%9.02%9.54%8.84%8.89%9.77%9.89%9.32%9.65%9.74%
Public 36.96%36.90%36.76%36.16%35.79%36.18%35.76%34.77%34.51%34.84%34.31%35.00%
No. of Shareholders 27,46927,48728,03026,97627,14629,24130,20731,73631,90336,48736,98037,905

Shareholding Pattern Chart

No. of Shareholders

Swaraj Engines Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
DSP Small Cap Fund 731,746 1.56 263.08828,4832025-12-08 01:28:11-11.68%
Mahindra Manulife Small Cap Fund 77,514 0.68 27.8776,6552025-12-15 01:22:381.12%
Parag Parikh Conservative Hybrid Fund 62,212 0.67 22.3739,7782025-12-08 01:28:1156.4%
Parag Parikh Flexi Cap Fund 47,293 0.01 17N/AN/AN/A
Parag Parikh ELSS Tax Saver Fund 31,709 0.2 11.421,6462025-12-08 01:28:1146.49%
LIC MF Small Cap Fund 21,811 1.29 7.84N/AN/AN/A
LIC MF Balanced Advantage Fund 12,786 0.65 4.6N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 136.64113.50110.0290.1776.27
Diluted EPS (Rs.) 136.61113.48109.9990.1376.20
Cash EPS (Rs.) 153.39127.74125.27105.0592.53
Book Value[Excl.RevalReserv]/Share (Rs.) 345.09303.41281.75251.71231.14
Book Value[Incl.RevalReserv]/Share (Rs.) 345.09303.41281.75251.71231.14
Dividend / Share (Rs.) 104.5095.0092.0080.0069.00
Revenue From Operations / Share (Rs.) 1384.561168.361170.62937.21812.77
PBDIT / Share (Rs.) 200.63166.72163.32135.90118.84
PBIT / Share (Rs.) 183.89152.47148.05121.00102.55
PBT / Share (Rs.) 183.61152.27147.99120.93102.55
Net Profit / Share (Rs.) 136.64113.50110.0190.1576.24
PBDIT Margin (%) 14.4914.2613.9514.5014.62
PBIT Margin (%) 13.2813.0512.6412.9112.61
PBT Margin (%) 13.2613.0312.6412.9012.61
Net Profit Margin (%) 9.869.719.399.619.38
Return on Networth / Equity (%) 39.5937.4039.0435.8132.98
Return on Capital Employeed (%) 52.2049.1951.4147.1943.39
Return On Assets (%) 24.6924.7624.9223.7220.18
Asset Turnover Ratio (%) 2.742.602.852.472.43
Current Ratio (X) 1.962.342.092.192.10
Quick Ratio (X) 1.641.941.711.771.74
Inventory Turnover Ratio (X) 22.5515.9417.2814.4015.69
Dividend Payout Ratio (NP) (%) 69.5281.0572.7176.5252.43
Dividend Payout Ratio (CP) (%) 61.9372.0163.8565.6643.20
Earning Retention Ratio (%) 30.4818.9527.2923.4847.57
Cash Earning Retention Ratio (%) 38.0727.9936.1534.3456.80
Interest Coverage Ratio (X) 737.43819.592610.022160.2349742.76
Interest Coverage Ratio (Post Tax) (X) 503.22558.941759.071433.9131912.93
Enterprise Value (Cr.) 4553.632607.381757.821494.881475.35
EV / Net Operating Revenue (X) 2.711.841.241.311.50
EV / EBITDA (X) 18.6812.878.869.0610.23
MarketCap / Net Operating Revenue (X) 2.811.961.311.391.61
Retention Ratios (%) 30.4718.9427.2823.4747.56
Price / BV (X) 11.287.555.465.195.68
Price / Net Operating Revenue (X) 2.811.961.311.391.61
EarningsYield 0.030.040.070.060.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Swaraj Engines Ltd. is a Public Limited Listed company incorporated on 24/09/1985 and has its registered office in the State of Punjab, India. Company's Corporate Identification Number(CIN) is L50210PB1985PLC006473 and registration number is 006473. Currently Company is involved in the business activities of Manufacture of motor vehicle engines. Company's Total Operating Revenue is Rs. 2007.13 Cr. and Equity Capital is Rs. 12.15 Cr. for the Year ended 31/03/2026.
INDUSTRYADDRESSCONTACT
EnginesPhase-IV, Industrial Area, Mohali Punjab 160055Contact not found
Management
NamePosition Held
Mr. Rajesh JejurikarChairman
Mr. Puneet RenjhenDirector
Mr. Devjit SarkarWholeTime Director & CEO
Mr. S NagarajanDirector
Mr. Nikhilesh PanchalDirector
Ms. Smita MankadDirector
Mr. Harish ChavanDirector
Mr. Rajya Vardhan KanoriaDirector

FAQ

What is the intrinsic value of Swaraj Engines Ltd and is it undervalued?

As of 17 April 2026, Swaraj Engines Ltd's intrinsic value is ₹1881.95, which is 44.99% lower than the current market price of ₹3,421.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (41.9 %), book value (₹323), dividend yield (3.05 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Swaraj Engines Ltd?

Swaraj Engines Ltd is trading at ₹3,421.00 as of 17 April 2026, with a FY2026-2027 high of ₹4,726 and low of ₹3,300. The stock is currently near its 52-week low. Market cap stands at ₹4,157 Cr..

How does Swaraj Engines Ltd's P/E ratio compare to its industry?

Swaraj Engines Ltd has a P/E ratio of 21.9, which is below the industry average of 35.80. This is broadly in line with or below the industry average.

Is Swaraj Engines Ltd financially healthy?

Key indicators for Swaraj Engines Ltd: ROCE of 56.2 % indicates efficient capital utilization; ROE of 41.9 % shows strong shareholder returns. Dividend yield is 3.05 %.

Is Swaraj Engines Ltd profitable and how is the profit trend?

Swaraj Engines Ltd reported a net profit of ₹166 Cr in Mar 2025 on revenue of ₹1,682 Cr. Compared to ₹109 Cr in Mar 2022, the net profit shows an improving trend.

Does Swaraj Engines Ltd pay dividends?

Swaraj Engines Ltd has a dividend yield of 3.05 % at the current price of ₹3,421.00. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Swaraj Engines Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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