# Swaraj Engines share price today (Swaraj Engines Ltd, NSE: SWARAJENG)

> Swaraj Engines share price today: ₹3,448.80 at the NSE close on 3 November 2026, down 13.8% in a year. Swaraj Engines (NSE: SWARAJENG) is worth ₹4,190 crore, trades at a P/E of 19.4 and has closed between ₹3,405.40 and ₹4,053.20 over the past 52 weeks. > Swaraj Engines Ltd's earnings have grown faster than its share price. Earnings per share grew +18.2% in a year while the price moved −13.8%. SWARAJENG · Engines · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/swaraj-engines-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹3,448.80 (−13.8% in a year)
- P/E: 19.4× (lower than 70% of the last 11 years)
- Revenue (Sep 2026): ₹635 Cr (+26.0% on a year ago)
- Profit (Sep 2026): ₹61.0 Cr (+22.0% on a year ago)
- Operating margin: 14.0% (flat on a year ago)
- ROCE: 58%, FY26
- ROIC: 55.1%, against a 12.0% cost of capital: +43.1 points

The main question: yearly earnings per share moved +18.2% while the share price moved −13.8%. ## What is the Swaraj Engines share price today? Swaraj Engines Ltd's share price was ₹3,448.80 at the close on 3 November 2026. It has been falling for 10 weeks. That is 5.8% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹3,405 and ₹4,053, and at that close it sat 7% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 3 weeks in a row. Over the last 11 years the share price moved +305% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Swaraj Engines this quarter? Three changes stood out: revenue up on a year earlier for 10 quarters in a row, profit up on a year earlier for 10 quarters in a row and foreign funds (FIIs) cut their stake for 4 quarters in a row. 1. Revenue up on a year earlier for 10 quarters in a row In the September 2026 quarter revenue was ₹635 crore, +26% on a year earlier. 2. Profit up on a year earlier for 10 quarters in a row In the September 2026 quarter profit was ₹61 crore, +22% on a year earlier. 3. Foreign funds (FIIs) cut their stake for 4 quarters in a row From 3.9% to 2.3% of the company by the September 2026 quarter. ## What dividend does Swaraj Engines pay? Swaraj Engines paid ₹110 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 3.19% at the ₹3,448.80 close on 3 November 2026. The last was a dividend of ₹110 a share, ex-date 3 July 2026. ### Swaraj Engines dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 3 Jul 2026 | ₹110 | Dividend |
| 27 Jun 2025 | ₹104.50 | Dividend |
| 28 Jun 2024 | ₹95 | Dividend |
| 7 Jul 2023 | ₹92 | Dividend |
| 30 Jun 2022 | ₹80 | Dividend |
| 1 Jul 2021 | ₹69 | Dividend + Special |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Swaraj Engines Ltd paid out 68% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What are Swaraj Engines' latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Swaraj Engines reported revenue of ₹635 crore, up 26.0% from ₹504 crore a year earlier, and a profit of ₹61.0 crore, up 22.0% from ₹50.0 crore. ### Swaraj Engines results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹635 crore | ₹504 crore | +26.0% |
| Profit | ₹61.0 crore | ₹50.0 crore | +22.0% |
| Earnings per share | ₹49.85 | ₹40.90 | +21.9% |
| Operating margin | 14.0% | 14.0% | 0.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Swaraj Engines share price history? Swaraj Engines closed at ₹3,448.80 on 3 November 2026, down 13.8% from ₹4,000.90 a year earlier (31 October 2025) and up 99.5% over five years. Its highest weekly close since March 2016 was ₹4,427.80 on 19 September 2025. ### Swaraj Engines share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹3,405.40 | +1.3% |
| 1 month ago · 1 Oct 2026 | ₹3,542.70 | −2.7% |
| 6 months ago · 30 Apr 2026 | ₹3,957.00 | −12.8% |
| 1 year ago · 31 Oct 2025 | ₹4,000.90 | −13.8% |
| 3 years ago · 3 Nov 2023 | ₹2,021.35 | +70.6% |
| 5 years ago · 4 Nov 2021 | ₹1,728.30 | +99.5% |
| 10 years ago · 4 Nov 2016 | ₹1,336.00 | +158.1% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹852.15 | +304.7% |
| Highest weekly close since March 2016 · 19 Sep 2025 | ₹4,427.80 | −22.1% |
| Lowest weekly close since March 2016 · 18 Mar 2016 | ₹846.40 | +307.5% |
| 52-week high (weekly close) · 17 Apr 2026 | ₹4,053.20 | −14.9% |
| 52-week low (weekly close) · 23 Oct 2026 | ₹3,405.40 | +1.3% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (562 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Swaraj Engines? 3 Nov 2026: Swaraj Engines closed at ₹3,448.80, up 1.3% on the week and down 2.7% on the month. Results for July to September 2026: Revenue up 26.0% and profit up 22.0% on a year earlier. ### Earlier

- 3 Jul 2026: ex-date for a dividend of ₹110 a share. ## What did Swaraj Engines management say on the latest results call? Swaraj Engines' management made 0 promises we could check against what it later reported. (Our read after the January to March 2026 results, written 27 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What could change the Swaraj Engines story? What are the risks? Two consecutive quarters of reported revenue declining more than 10% on a on a year earlier basis, confirmed by SIAM monthly tractor data showing M&M losing market share or total tractor industry volumes falling for two seasons, would signal that the captive-supplier advantage has weakened and that volume attrition is structural rather than seasonal. (Our read after the January to March 2026 results, written 27 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## Which stock lists is Swaraj Engines on? Swaraj Engines is on 2 of our India lists: 52 week high & low and Dividend stocks. - [52 week high & low 52-week position: Near 52-week low](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Dividend stocks Regular dividend yield (%): 3.2](https://www.sectoralpha.in/dividend-stocks-india)

## Is Swaraj Engines profitable? Swaraj Engines Ltd earned ₹61.0 Cr of net profit in the Sep 2026 quarter, +22.0% on the same quarter a year earlier. That is the 10th quarter in a row of profit growth. Full-year FY26 profit was ₹196 Cr. Over 10 years profit has grown 14.4% a year on average. That is 9.6% of the quarter's revenue. The same quarter a year earlier earned ₹50.0 Cr. For the full year, FY26 profit was ₹196 Cr (+18.1% on the year before). Why profit moved: revenue changed +26.0% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +21.9% and revenue +26.1%. Profit is growing slower than sales: rising costs are taking part of the growth. FY27-Q1. revenue ₹588 Cr and profit ₹56 Cr as reported. FY27-Q2. revenue ₹635 Cr and profit ₹61 Cr as reported. Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters. ## How much revenue does Swaraj Engines make, and is it growing? Swaraj Engines Ltd reported ₹635 Cr of revenue in the Sep 2026 quarter, +26.0% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 10 years it has grown 14.3% a year on average. The last full year, FY26, came in at ₹2,007 Cr. The last four reported quarters add to ₹2,242 Cr. FY26 revenue was ₹2,007 Cr, +19.3% on the year before. Recent pace: the last four quarters grew +26.1% on average, against 14.3% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +25.4%, against +21.7% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +20.9%, against +20.7% a year (stabilising). FY27-Q1. revenue ₹588 Cr and profit ₹56 Cr as reported. FY27-Q2. revenue ₹635 Cr and profit ₹61 Cr as reported. Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Swaraj Engines keep? Swaraj Engines Ltd's operating margin was 14.0% in the Sep 2026 quarter, about the same as the same quarter a year ago. Across 13 years it has been between 13.0% and 16.0%. The latest quarter is within that range. In the latest quarter it moved +0.0 percentage points on the same quarter a year ago. Why the margin moved: operating margin changed +0.1 percentage points on the year while gross margin changed −0.2 points. So the gain came mostly from the gross margin, which means input costs and prices charged. FY27-Q1. revenue ₹588 Cr and profit ₹56 Cr as reported. FY27-Q2. revenue ₹635 Cr and profit ₹61 Cr as reported. Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters. ## Is Swaraj Engines' profit turning into cash? Over the last 3 years, 87% of Swaraj Engines Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹117 Cr of operating cash against ₹196 Cr of profit. After ₹69.0 Cr of spending on assets, ₹48.0 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 87% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. What to look at next: the bigger use of cash is spending on new assets, at 2.2× depreciation over three years. The next section checks what that spending is building. ## Where does Swaraj Engines' cash go? Swaraj Engines Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −3 days in FY26, up from −7 days in FY21. It spent ₹131 Cr on assets over the last 3 years. Customers take 37 days to pay, and stock sits for 17 days on average. At FY26 sales of ₹2,007 Cr, each day of that cycle ties up about ₹5.5 Cr, so roughly −₹16.0 Cr is tied up in the business at any time. FY26: customers took 37 days to pay and stock sat for 17 days, about 0.6 months of sales sitting as stock, for a full cycle of −3 days, longer than FY21's −7. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 17 days. Customers pay about 37 days after that. Suppliers are paid at 58 days. Together that makes the −3-day cycle. Spending on assets: ₹131 Cr over the last 3 years, against ₹59.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹55.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Swaraj Engines' P/E ratio, and how does it compare with its own history? Swaraj Engines Ltd's P/E is 19.4×, near the low end of its own history: it has been lower only 30% of the time. Its usual P/E (the middle reading) is 22.2×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹175.11. Why the multiple is where it is: over the past year earnings per share moved +18.2% while the price moved −13.8%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +14.8% a year; about +11.5% a year came from earnings growth and about +3.3 percentage points from the multiple (the market paying more); over 10 years the price moved +9.9% a year; about +14.2% a year came from earnings growth and about −4.3 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Swaraj Engines share price assume? Worked out from its price on 27 August 2026, Swaraj Engines Ltd's share price assumed profit growth of about 11.8% a year. Over the past 10 years its profit actually grew 14.4% a year. Today its P/E is 19.4×, lower than 70% of its own last 11 years. This is a one-day reading, taken on 27 August 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Swaraj Engines business getting better or worse? Swaraj Engines Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 64.5%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Swaraj Engines story, and has it been checked? Swaraj Engines Ltd's story is not scored yet against the checks our research set on 27 June 2026. Where it sits in its own cycle: MID EXPANSION. Our read, 27 June 2026. From the numbers. From the price. Price stage 4, week 10, below its 200-day line, relative strength rising. From the research. Where they disagree. EMERGING OPPORTUNITY. What is proven. What is not proven yet. Two consecutive quarters of reported revenue declining more than 10% on a YoY basis, confirmed by SIAM monthly tractor data showing M&M losing market share or total tractor industry volumes falling for two seasons, would signal that the captive-supplier advantage has weakened and that volume attrition is structural rather than seasonal. What would change our mind. Two consecutive quarters of reported revenue declining more than 10% on a YoY basis, confirmed by SIAM monthly tractor data showing M&M losing market share or total tractor industry volumes falling for two seasons, would signal that the captive-supplier advantage has weakened and that volume attrition is structural rather than seasonal. What the surface reading misses. The surface reading is: ROCE 58.4% is at the 90th percentile of its own 10-year history, a potential cycle-topping flag. The research reads it further: The 90th-percentile reading is structural, not cyclical. Near-zero debt (borrowings Rs 2cr) and a negative cash conversion cycle (CCC = -3 days) mean Swaraj Engines earns high returns on minimal net capital, not from elevated margins (OPM at the 49th percentile, mid-cycle) but from capital-light operations. The through-cycle average of 52% is itself above-average, confirming this is a business with structurally elevated returns rather than a temporarily elevated reading. What the surface reading misses. The surface reading is: OCF/PAT dropped to 0.60 in FY26 from a 3-year average of 0.87, a below-threshold cash conversion signal requiring investigation. The research reads it further: The divergence has three identified components. First, working capital absorbed Rs 101cr in FY26, this is primarily a volume-scaling effect, not a collection problem, as CCC improved from -1 day (FY25) to -3 days (FY26) and inventory days fell from 22 to 17. The WC absorption reflects the absolute rupee size of the working capital block growing with revenue, not deterioration in cycle efficiency. Second, capex tripled to Rs 69cr. Third, CWIP jumped from Rs 5cr to Rs 55cr, confirming active capacity construction. These are growth-reinvestment outflows, not operating deterioration. Sources: our stock research file (27 June 2026) · quarterly results through Sep 2026. The story check is re-scored every results season; the record below never changes. ## What is Swaraj Engines management's track record? Steady double-digit growth delivered across a full tractor cycle with ROCE structurally >50%; capital allocation follows M&M's volume pull (limited independent agency). ### Regulatory and governance record

Cached sweep (<14d) surfaced only routine January to March 2026 SEBI compliance certificate and board/dividend filings; no SEBI/CBI/ED action, no fraud allegation. 0% Promoter shares pledged

Sources:

- [icicidirect.com](https://www.icicidirect.com/stocks/swaraj-engines-ltd-share-price)
- [dnb.com](https://www.dnb.com)
- [thecompanycheck.com](https://www.thecompanycheck.com)

(Checked 21 July 2026.)

## How much does Swaraj Engines earn on its capital? Swaraj Engines Ltd earned a ROCE of 58% in FY26. That is up from a low of 32% in FY16. Its return on capital used (ROIC) is 43.1 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 9.8% net margin and 2.58× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 9.8% net margin × 2.58× asset turnover × 1.59× leverage (assets divided by equity) ≈ 40.2% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 55.1% − 12.0% = +43.1 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 55.1% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 60.9%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Swaraj Engines have too much debt? Swaraj Engines Ltd has total debt of ₹2.0 Cr against shareholder equity of ₹471 Cr as of Sep 2026, so its debt is 0.00× its equity, which is very little. Year by year, that ratio went from 0.00 in FY23 to 0.00 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Swaraj Engines shareholding pattern? Foreign institutions cut their stake in Swaraj Engines Ltd by 1.0 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 2.3% of the company. Domestic institutions moved −0.1 points over the same period, to 8.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −1.0 points over 8 quarters, to 2.3%; Domestic institutions: −0.1 points over 8 quarters, to 8.8%; Promoters: +0.0 points over 8 quarters, to 52.1%. Why the owners changed: foreign institutions drove it (−1.0 points). They reduced their stake. ## How far is Swaraj Engines from balance-sheet trouble? For Swaraj Engines Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Swaraj Engines rank in its industry? 68.3 out of 100, rank 1 of 4 in Engines, with 97% of the evidence available. Swaraj Engines Ltd scores 68.3 out of 100 against the 4 companies it is compared with in Engines, ranking 1. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 26.3 + 20.4 + 14.1 + 7.5 = 68.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Swaraj Engines compared with? Swaraj Engines ranks 1 of 4 Engines companies on the 4-Factor Sector Score, with 68.3 out of 100. 1. Swaraj Engines Ltd this page SWARAJENG · turning · Most evidence points up · 97% evidence 68.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.3/35 · Revenue 25.4% · Profit 20.9% · Operating margin change 0 points · 100% evidence Capital efficiency 20.4/25 · ROCE 58.4% · Operating margin 14% · 100% evidence Valuation 14.1/20 · P/E 19.3× · PEG 1.16 · 85% evidence Relative strength 7.5/20 · Lead over its industry -7.6% · Lead over NIFTY 500 -2.1% · 1 year -14.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 26.3 + 20.4 + 14.1 + 7.5 = 68.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Federal-Mogul Goetze (India) Ltd](https://www.sectoralpha.in/stocks/federal-mogul-goetze-indialtd) FMGOETZE · quiet · Evidence leans up · 60% evidence 50.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.2/35 · Revenue 8.8% · Profit 0% · Operating margin change -2 points · 83% evidence Capital efficiency 17.4/25 · ROCE 18.6% · Operating margin 13% · 76% evidence Valuation 13.2/20 · P/E 13.2× · PEG n/a · 35% evidence Relative strength 9.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -0.2% · 1 year -6.3% · 25% evidence · 3 of 12 weeks ahead Exact sum: 10.2 + 17.4 + 13.2 + 9.9 = 50.7 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 3. [Greaves Cotton Ltd](https://www.sectoralpha.in/stocks/greaves-cotton-ltd) GREAVESCOT · quiet · Evidence leans down · 80% evidence 43.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.2/35 · Revenue 28.4% · Profit -80% · Operating margin change 0 points · 100% evidence Capital efficiency 2.9/25 · ROCE 10.1% · Operating margin 6% · 100% evidence Valuation 10.0/20 · P/E 51.4× · PEG n/a · 0% evidence Relative strength 14.0/20 · Lead over its industry 7% · Lead over NIFTY 500 12.1% · 1 year -12.6% · 100% evidence · 5 of 12 weeks ahead Exact sum: 16.2 + 2.9 + 10 + 14 = 43.1 · What this means: Relative strength against the index is 12.1%, and revenue and profit growth are weak. 4. [Kirloskar Industries Ltd](https://www.sectoralpha.in/stocks/kirloskar-industries-ltd) KIRLOSIND · quiet · Evidence leans down · 78% evidence 41.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.6/35 · Revenue 3.7% · Profit -26% · Operating margin change -1 points · 88% evidence Capital efficiency 7.5/25 · ROCE 7% · Operating margin 12% · 100% evidence Valuation 15.1/20 · P/E 10.8× · PEG 0.2 · 85% evidence Relative strength 9.2/20 · Lead over its industry n/a · Lead over NIFTY 500 -1.6% · 1 year -17.3% · 25% evidence · 5 of 12 weeks ahead Exact sum: 9.6 + 7.5 + 15.1 + 9.2 = 41.4 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Engines](https://www.sectoralpha.in/sectors/engines), all 4 compared on one page. ## Which companies are close to Swaraj Engines in size? Swaraj Engines is the 2nd largest of 4 Engines companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Greaves Cotton. Just below it: Kirloskar Industries and Federal-Mogul Goetze (India). ### Engines companies close in size

1. [Greaves Cotton Ltd](https://www.sectoralpha.in/stocks/greaves-cotton-ltd) ₹4,645 crore
2. Swaraj Engines Ltd ₹4,161 crore
3. [Kirloskar Industries Ltd](https://www.sectoralpha.in/stocks/kirloskar-industries-ltd) ₹3,307 crore
4. [Federal-Mogul Goetze (India) Ltd](https://www.sectoralpha.in/stocks/federal-mogul-goetze-indialtd) ₹2,396 crore

[All 4 Engines companies, largest first](https://www.sectoralpha.in/sectors/engines#all-companies)

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3. Swaraj Engines Ltd ₹4,161 crore
4. [Jeena Sikho Lifecare Ltd](https://www.sectoralpha.in/stocks/jeena-sikho-lifecare-ltd) ₹4,158 crore · Ayurvedic
5. [ICRA Ltd](https://www.sectoralpha.in/stocks/icra-ltd) ₹4,151 crore · Credit Rating Agencies

## What else do people ask about Swaraj Engines? ### What is Swaraj Engines's share price today? Swaraj Engines Ltd's share price is ₹3,448.80, −13.8% over the past year. The whole company is worth ₹4,190 Cr on the market. In the last 52 weeks it traded between ₹3,405 to ₹4,053; today it is 7% of the way up from the low, 5.8% below its 200-day average (as of 3 November 2026). ### What were Swaraj Engines's latest quarterly results? Swaraj Engines Ltd reported revenue of ₹635 Cr and net profit of ₹61.0 Cr for the Sep 2026 quarter. Revenue rose 26.0% and profit rose 22.0% compared with a year earlier. Earnings per share were ₹49.85. The operating margin was 14.0%, 0.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Swaraj Engines's market cap? Swaraj Engines Ltd's market capitalisation is ₹4,190 Cr at a share price of ₹3,448.80. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Swaraj Engines performing? Swaraj Engines Ltd's share price has been falling for 10 weeks. In its latest quarter, revenue rose 26.0% and profit rose 22.0% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 3 weeks running (as of 3 November 2026). ### Will Swaraj Engines's share price go up? This page does not forecast Swaraj Engines Ltd's share price. What it shows instead: the share price is ₹3,448.80, and it has been falling for 10 weeks. Its P/E of 19.4× is higher than 30% of its own last 11 years (as of 3 November 2026). ### Who owns Swaraj Engines? Promoters own 52.1% of Swaraj Engines Ltd, foreign institutions 2.3%, domestic institutions 8.8% and the public 36.9% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 1.0 percentage points over 8 quarters (as of 3 November 2026). ### Does Swaraj Engines have too much debt? No, Swaraj Engines Ltd has little debt: its debt is 0.00× its equity, and its operating profit is more than 100 times its interest bill. FY26 borrowings were ₹2.0 Cr against equity of ₹489 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Swaraj Engines in its business cycle? Swaraj Engines Ltd's FY26 operating margin was 14.0%, against a 13-year range of 13.0% to 16.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 14.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Swaraj Engines story? The main question: yearly earnings per share moved +18.2% while the share price moved −13.8%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Swaraj Engines a stock worth studying right now? What the numbers show: Swaraj Engines Ltd's earnings have grown faster than its share price. Earnings per share grew +18.2% in a year while the price moved −13.8%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Swaraj Engines share price forecast for 2026? What would change the story: Two consecutive quarters of reported revenue declining more than 10% on a on a year earlier basis, confirmed by SIAM monthly tractor data showing M&M losing market share or total tractor industry volumes falling for two seasons. Would signal that the captive-supplier advantage has weakened and that volume attrition is structural rather than seasonal. ### Where does this page get Swaraj Engines' management information? From Swaraj Engines' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

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