Swaraj Suiting Ltd (SWARAJ) — share price & stock analysis

Market cap

₹649 Cr

P/E

12.1×

ROE

21.7%

vs own history (since 2022)

19th pctile

Book value / share

₹129

EPS (TTM)

₹20.3

10-yr median P/E

15.5×

Revenue (FY26)

₹577 Cr

Profit after tax (FY26)

₹54 Cr

Weinstein stage

Stage 2 (31 weeks)

Data as of

24 June 2026

3 of the 6 things we track are currently moving the right way — most of the dashboard is turning up.

Where the levels actually stand: ROCE 18% — decent; real debt (0.96× equity); margins near the top of their band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

The market has pre-paid for growth that hasn’t arrived yet

Since Nov 2022, the stock is up 1,112% while earnings per share grew 807%. The difference is re-rating — investors paying more for the same rupee of profit.pricettm_eps

That works until it doesn’t: from here, earnings have to do the lifting, because the multiple has already done its part.

Today’s P/E of 12.1× sits near the bottom of its own range — it has been cheaper than this only 19% of the time against its own history since 2022.pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots (the window starts at the first stable snapshot — earlier IPO-era share-count revisions are excluded, since they are not earnings events); between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (15.5×).

An uptrend that has held for 31 weeks

Every stock cycles through the same four seasons — a flat base (stage 1), an advance (2), a top (3), a decline (4). Right now this one is in Stage 2: advancing, 31 weeks in, confirmed.stage

The price sits above its rising 200-day average (₹252 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 37 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

7 of the last 9 years ended with profits higher — quiet, steady compounding

Over 9 years, sales went from ₹45.0 Cr to ₹577 Cr (about 33% a year), and profit from ₹1.0 Cr to ₹54.0 Cr.revenuenet_profit

Margins widened 3.8 points along the way — growth with improving economics.operating_profit

Sales jumped 23% last quarter

Mar 26 sales were ₹207 Cr, up 23% on the same quarter last year.revenue

Margins are compressing — 20% → 17% in a year

Of every ₹100 of sales, the company keeps ₹16.6 as operating profit (a year ago it kept ₹19.8).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 10.1% in FY22 and has been rebuilt to 19.4% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin barely moved (29% → 34%), so the change came from running costs — overheads are growing faster than sales.gpm_pctopm_pct

Profit jumped 39% — mostly from selling more

Mar 26 profit after tax was ₹25.0 Cr, up 39% year on year.net_profit

A caution: a meaningful slice of this jump came from income outside the core business — that is lower-quality profit and may not repeat.other_income

Profits on paper, cash lagging behind

Over the last 5 profitable years, the business reported ₹116 Cr of profit and collected ₹69.0 Cr of operating cash — about 59% conversion.operating_cash_flownet_profit

The wrinkle is the latest year: FY26 collected ₹−17.0 Cr against ₹54.0 Cr of reported profit — about -31%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit

The cash cycle is stretching — more money stuck in the pipeline

One rupee now takes about 150 days to go out the door as materials and come back as collected cash — up from 99 days the year before.cash_conversion_cycle

The biggest mover: inventory sitting longer in the warehouse (183 → 232 days).inventory_days

Building hard — new capacity is under construction

The productive asset base has gone from ₹26.0 Cr (FY17) to ₹315 Cr, with another ₹46.0 Cr of capacity under construction right now.fixed_assetscwip

Work-in-progress is 15% of the existing asset base — that is a serious bet on future demand. Capacity like this shows up in sales with a lag; it is tomorrow’s growth being paid for today.cwip

The build is bigger than the cash engine: investing outflows (₹337 Cr) exceeded operating cash (₹69.0 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Carrying real debt

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹96 — total borrowings have grown from ₹24.0 Cr to ₹327 Cr over the window.borrowings

Every ₹100 kept in the business earns ₹18 — decent, not special

Return on capital employed is 18.0% (a year ago: 18.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

The owners aren’t moving

Promoters hold 65.0% (down 4 points over 8 quarters). Foreign funds own 0.8%, domestic funds 0.6%.promoters_pctfiis_pctdiis_pct

A good business — the question is the price

The numbers are genuinely mixed, and the price already assumes the good news continues.

Best thing in the data: debt improving (1.74× → 0.96×).borrowings

Biggest worry: cash generation falling (₹41.0 Cr → ₹−17.0 Cr).operating_cash_flow

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data