SWARAJENG - Swaraj Engines
📢 Recent Corporate Announcements
Swaraj Engines Limited has announced a transition in its compliance leadership. Ms. Geeta Kharat will step down as the Compliance Officer effective June 12, 2026, to pursue external career opportunities. The Board has approved the appointment of Mr. Nayan Jain as her successor, effective June 13, 2026. Mr. Jain, who is currently with Mahindra & Mahindra Ltd, will also serve as a Key Managerial Personnel (KMP) and Senior Management Personnel (SMP).
- Ms. Geeta Kharat to resign as Compliance Officer effective from the close of business on June 12, 2026.
- Mr. Nayan Jain appointed as Compliance Officer and Key Managerial Personnel effective June 13, 2026.
- Mr. Jain brings approximately 3 years of experience in corporate secretarial functions and is an Associate Member of ICSI.
- The transition was approved by the Board of Directors during their meeting held on April 13, 2026.
Swaraj Engines Limited has announced a planned transition in its secretarial and compliance leadership. Ms. Geeta Kharat will resign as Compliance Officer effective June 12, 2026, to pursue external growth opportunities. Mr. Nayan Jain, who currently serves in the corporate secretarial team at Mahindra & Mahindra Ltd, will succeed her as Compliance Officer, Key Managerial Personnel (KMP), and Senior Management Personnel (SMP) starting June 13, 2026. Mr. Jain brings approximately three years of specialized experience in corporate secretarial and governance functions.
- Mr. Nayan Jain (ACS-79769) appointed as Compliance Officer, KMP, and SMP effective June 13, 2026.
- Ms. Geeta Kharat (ACS-51135) to step down from her role at the close of business on June 12, 2026.
- Incoming officer Mr. Jain has approximately 3 years of experience and is currently associated with Mahindra & Mahindra Ltd since December 2023.
- The Board of Directors approved these changes during their meeting held on April 13, 2026, which concluded at 4:20 P.M.
Swaraj Engines Limited has announced a transition in its compliance leadership. Ms. Geeta Kharat will step down as Compliance Officer effective June 12, 2026, to pursue other career opportunities. The Board has approved the appointment of Mr. Nayan Jain, currently with Mahindra & Mahindra, to succeed her starting June 13, 2026. Mr. Jain brings approximately three years of experience in corporate secretarial and governance functions to the role.
- Ms. Geeta Kharat to cease as Compliance Officer effective close of June 12, 2026
- Mr. Nayan Jain appointed as Compliance Officer and Key Managerial Personnel effective June 13, 2026
- Incoming officer Mr. Jain has approximately 3 years of experience in corporate secretarial functions
- The appointment was recommended by the Nomination and Remuneration Committee and approved by the Board
Swaraj Engines Limited has announced a transition in its secretarial leadership following a board meeting on April 13, 2026. Ms. Geeta Kharat has resigned as the Compliance Officer, effective from the close of business on June 12, 2026, to pursue other career opportunities. To fill the vacancy, the board has appointed Mr. Nayan Jain as the new Compliance Officer, Key Managerial Personnel (KMP), and Senior Management Personnel, effective June 13, 2026. Mr. Jain joins from Mahindra & Mahindra Ltd. with approximately three years of experience in corporate secretarial and governance functions.
- Ms. Geeta Kharat to step down as Compliance Officer effective June 12, 2026.
- Mr. Nayan Jain appointed as Compliance Officer and KMP effective June 13, 2026.
- New appointee Mr. Nayan Jain brings approximately 3 years of experience in corporate secretarial functions from Mahindra & Mahindra.
- The board meeting approving these changes concluded at 4:20 P.M. on April 13, 2026.
Swaraj Engines reported a robust performance for FY26, with annual revenue growing 19.3% to ₹2,007.1 crore. Net profit for the full year increased by 18.3% to ₹196.3 crore, driven by strong demand in the fourth quarter where profit grew 20.1% YoY. Reflecting strong cash flows, the board has recommended a high dividend of ₹110 per share (1100%). The company also announced a transition in the Compliance Officer role effective June 2026.
- FY26 Revenue from operations increased to ₹2,007.1 crore from ₹1,681.9 crore in the previous year.
- Annual Net Profit reached ₹196.3 crore compared to ₹166.0 crore in FY25, with EPS rising to ₹161.60.
- Board recommended a final dividend of 1100% or ₹110 per equity share for FY26.
- Q4 FY26 Revenue grew 20.2% YoY to ₹545.8 crore, while Q4 Net Profit rose to ₹54.6 crore.
- Record date for the dividend and the 40th Annual General Meeting is fixed as July 3, 2026.
Swaraj Engines reported a strong financial performance for FY26, with revenue from operations growing 19.3% to ₹2,007.1 crore. Net profit for the year increased by 18.3% to ₹196.3 crore, supported by an improved EPS of ₹161.60 compared to ₹136.64 in the previous year. The Board has recommended a substantial equity dividend of 1100% (₹110 per share), with the record date set for July 3, 2026. The company also announced a management change with Mr. Nayan Jain taking over as Compliance Officer in June 2026.
- Annual Revenue from Operations rose 19.3% YoY to ₹2,007.13 crore in FY26.
- Net Profit for the full year increased to ₹196.31 crore from ₹165.98 crore in FY25.
- Recommended a massive equity dividend of 1100% (₹110 per share) for the financial year.
- Q4 FY26 PAT stood at ₹54.56 crore, representing a 20% growth over Q4 FY25.
- Record date for dividend eligibility is fixed as July 3, 2026, with payment after July 20.
Swaraj Engines delivered a robust performance for the fiscal year ended March 31, 2026, with total revenue reaching ₹2,007.1 crore, a 19.3% YoY increase. Net profit for the year rose 18.3% to ₹196.3 crore, while Q4 profit specifically grew 20.1% YoY to ₹54.6 crore. A high dividend of 1100% (₹110 per share) has been recommended, maintaining the company's reputation for strong shareholder payouts. The board also approved the appointment of Mr. Nayan Jain as the new Compliance Officer and KMP effective June 13, 2026.
- FY26 Revenue from Operations rose 19.3% to ₹2,007.1 crore from ₹1,681.9 crore in FY25
- Annual Net Profit stood at ₹196.3 crore with a strong Basic EPS of ₹161.60
- Board recommended a massive dividend of 1100% (₹110 per share) for the financial year
- Q4 FY26 Revenue grew 20.2% YoY to ₹545.8 crore, indicating strong year-end momentum
- Profit Before Tax for the full year increased to ₹263.6 crore compared to ₹223.1 crore in the previous year
Swaraj Engines reported a strong financial performance for the fiscal year ended March 31, 2026, with annual revenue growing 19.3% to ₹2,007 crore. Net profit for the full year increased by 18.3% to reach ₹196.3 crore, up from ₹166 crore in the previous year. The company maintained its high-payout policy by recommending a substantial dividend of 1100% (₹110 per share). The fourth quarter also showed robust momentum with a 20% year-on-year growth in both revenue and net profit.
- Annual Revenue from Operations increased 19.3% YoY to ₹2,00,713 lakhs in FY26.
- Full-year Net Profit rose to ₹19,631 lakhs compared to ₹16,598 lakhs in FY25.
- Board recommended a high equity dividend of 1100%, amounting to ₹110 per share.
- Q4 FY26 Net Profit stood at ₹5,456 lakhs, a 20.1% increase over Q4 FY25's ₹4,542 lakhs.
- Basic Earnings Per Share (EPS) for FY26 improved to ₹161.60 from ₹136.64 in the previous year.
Swaraj Engines Limited has scheduled a Board Meeting on April 13, 2026, to approve the audited financial results for the fiscal year ending March 31, 2026. In addition to the earnings report, the board will consider recommending an equity dividend for the same period. As per regulatory requirements, the trading window for insiders has been closed from April 1 to April 15, 2026. This announcement sets the stage for the company's annual performance disclosure and potential shareholder payouts.
- Board meeting scheduled for April 13, 2026, to approve audited FY26 financial results.
- The board will consider and potentially recommend an equity dividend for the financial year.
- Trading window for designated persons is closed from April 1, 2026, to April 15, 2026.
- The meeting will address the full-year performance ending March 31, 2026.
Swaraj Engines Limited has announced the appointment of Mr. Sanjay Kshirsagar as Chief Executive Officer (Designate), effective April 10, 2026. Mr. Kshirsagar brings over 34 years of experience, including a 25-year tenure at Mahindra & Mahindra where he successfully scaled engine production volumes by 3X over the last five years. His background in Manufacturing AI, Digitization, and Lean Manufacturing is expected to enhance the company's operational efficiency. This leadership transition is strategic, given his deep expertise in the engine manufacturing ecosystem of the Mahindra Group.
- Mr. Sanjay Kshirsagar appointed as CEO (Designate) and Senior Management Personnel effective April 10, 2026
- Brings 34+ years of experience in projects and manufacturing, with a 25-year tenure at Mahindra & Mahindra
- Successfully drove volume ramp-ups by approximately 3X over the past five years at M&M's Chakan and Igatpuri engine plants
- Expertise in Manufacturing AI, Digitization, and implementation of TPM and Lean Manufacturing practices
- Played a key role in the 2025 merger of Mahindra Heavy Engines Ltd. (MHEL) with M&M
Swaraj Engines Limited has appointed Mr. Sanjay Kshirsagar as Chief Executive Officer (Designate), effective April 10, 2026. A Mahindra Group veteran with 25 years of service, Mr. Kshirsagar brings over 34 years of experience in manufacturing operations and projects. He is credited with scaling engine production volumes at Mahindra & Mahindra by 3X over the last five years. His expertise in manufacturing AI and digitization is expected to enhance operational efficiencies at Swaraj Engines.
- Mr. Sanjay Kshirsagar appointed as CEO (Designate) and Senior Management Personnel effective April 10, 2026.
- Brings 34+ years of experience, including a 25-year tenure at Mahindra Group in various leadership roles.
- Successfully drove a 3X volume ramp-up in engine production for M&M's PV and CV segments over the past 5 years.
- Expertise in Manufacturing AI, Digitization, and Total Productive Maintenance (TPM) implementation.
- Previously managed major engine plants at Chakan and Igatpuri and played a key role in the 2025 MHEL-M&M merger.
Swaraj Engines reported a robust performance for Q3 FY26, with net operating revenue growing 37% YoY to ₹473.20 crores. The company achieved its highest-ever Q3 engine sales volume of 47,563 units, driven by strong demand from Mahindra & Mahindra's Swaraj Division. Profit After Tax (PAT) increased by 31.8% to ₹42.10 crores, even after accounting for a one-time exceptional charge of ₹3.40 crores related to new Labour Code provisions. For the nine-month period ended December 2025, the company posted its highest-ever profit of ₹141.75 crores.
- Highest-ever Q3 engine sales volume of 47,563 units, representing a significant jump from 34,415 units YoY.
- Net operating revenue for the quarter grew 37% YoY to ₹473.20 crores.
- Profit Before Tax (before exceptional items) rose 39.8% YoY to ₹59.87 crores.
- Recognized an exceptional item of ₹3.40 crores for incremental retiral benefits due to the notification of new Labour Codes.
- Nine-month PAT reached a record ₹141.75 crores, marking a 17.6% growth over the previous year.
Swaraj Engines reported a robust performance for Q3 FY26, with net operating revenue growing 37% YoY to ₹473.20 crores. This growth was driven by record engine sales volume of 47,563 units, up 38.2% from the previous year. Despite a ₹3.40 crore exceptional charge related to new labour codes, Profit After Tax (PAT) rose significantly by 31.8% to ₹42.10 crores. For the nine-month period, the company achieved its highest-ever profit of ₹141.75 crores, reflecting sustained demand from its primary customer, Mahindra & Mahindra.
- Q3 Revenue from Operations increased 37% YoY to ₹473.20 crores vs ₹345.50 crores.
- Engine sales volume hit a record high of 47,563 units in Q3, up 38.2% YoY.
- Profit After Tax (PAT) grew 31.8% YoY to ₹42.10 crores for the quarter.
- Nine-month PAT reached a record ₹141.75 crores, a 17.6% increase over the previous year.
- Recognized an exceptional item of ₹3.40 crores due to the incremental impact of new Labour Codes on retiral benefits.
Swaraj Engines Limited has received warning letters from both BSE and NSE on January 6, 2026, regarding a violation of SEBI Listing Regulations for the financial year ended March 31, 2025. The non-compliance pertains to Regulation 21(3A), as the company's Risk Management Committee met only once during the year instead of the mandated two meetings. The company has clarified that this lapse was previously disclosed in its FY 2024-25 Annual Report and carries no monetary impact. Corrective measures have already been implemented, with the company holding two committee meetings for the current financial year 2025-26.
- BSE and NSE issued warning letters on January 6, 2026, regarding FY 2024-25 compliance.
- The Risk Management Committee held only 1 meeting in FY25, failing the requirement of at least 2 meetings.
- Company confirms there is no quantifiable monetary or operational impact from this regulatory action.
- Corrective steps are already in place, with 2 RMC meetings already conducted for the 2025-26 financial year.
Swaraj Engines Limited has filed its compliance certificate under SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended December 31, 2025. The certificate, issued by MCS Share Transfer Agent Ltd., confirms that all securities received for dematerialization were processed within the mandated 15-day timeframe. It verifies that physical certificates were mutilated and cancelled, with the depository's name substituted in the records as the registered owner. This is a standard procedural filing required for all listed companies in India.
- Compliance confirmed for the quarter ended December 31, 2025.
- Dematerialization requests processed within the statutory 15-day limit.
- Registrar MCS Share Transfer Agent Ltd. confirmed the mutilation and cancellation of physical certificates.
- Securities comprised in the certificates are confirmed to be listed on the Stock Exchanges.
Financial Performance
Revenue Growth by Segment
Total revenue grew 18.5% to INR 1,698.30 Cr in FY25. Segment growth: Engines grew 18.9% to INR 1,640.81 Cr; Engine Spares/Parts declined 0.3% to INR 33.10 Cr; Scrap sales grew 22.8% to INR 7.98 Cr. For Q2 FY26, total income grew 8.6% YoY to INR 504.04 Cr.
Geographic Revenue Split
Not disclosed in available documents, though the company primarily serves the domestic Indian tractor market through Mahindra & Mahindra.
Profitability Margins
Net Profit Margin for FY25 was 9.8% (INR 165.98 Cr profit on INR 1,698.30 Cr revenue). Return on Net Worth (RONW) improved from 37.4% to 39.6% due to a 20.4% increase in net profit outstripping the 13.7% increase in net worth.
EBITDA Margin
Operating Profit (EBIDTA) Margin remained stable as material costs (78.9% of revenue) and other expenses (4.7% of revenue) were consistent with the previous year. Profit before tax grew 20.6% to INR 223.05 Cr.
Capital Expenditure
Non-current assets increased by INR 58.05 Cr (42.8%) to INR 193.76 Cr in FY25, indicating significant investment in long-term manufacturing infrastructure.
Credit Rating & Borrowing
Borrowing costs are 0% as the company has NIL borrowings and maintains a comfortable surplus fund position, generating INR 16.41 Cr in other income from interest and mutual fund returns.
Operational Drivers
Raw Materials
Material costs represent 78.9% of net revenue (INR 1,327.01 Cr). While specific material names like iron castings or steel are not listed, they constitute the bulk of diesel engine components.
Capacity Expansion
Current sales volume reached 1,68,820 units in FY25, a 21.7% increase from 1,38,761 units in the previous year. Total engines supplied since inception reached 1.76 million units.
Raw Material Costs
Material cost as a percentage of net revenue was 78.9% in FY25, a slight improvement from 79.0% in FY24, reflecting stable procurement despite inflationary pressures.
Manufacturing Efficiency
Operations are characterized by a lean organization structure and continuous improvement in process efficiencies to optimize resource utilization.
Strategic Growth
Expected Growth Rate
18.50%
Growth Strategy
Growth is tied to the Indian tractor industry's expansion. Strategy includes supplying a wider range of engines (20 HP to 65 HP), maintaining a lean cost structure, and leveraging the market position of the 'Swaraj' tractor brand owned by M&M.
Products & Services
Diesel engines (20 HP to 65 HP) for tractor fitment, engine spares, and engine parts.
Brand Portfolio
Swaraj Engines (supplying to the Swaraj tractor brand).
New Products/Services
Supplying engines in the 20 HP to 65 HP range; new product launches are expected to move in tandem with M&M's tractor model updates.
Market Expansion
The company expects the tractor industry to grow in the medium to long term, positioning its engine business to grow in tandem with industry demand.
Strategic Alliances
Primary strategic relationship is with Mahindra & Mahindra Ltd (M&M), which manufactures the tractors the engines are built for.
External Factors
Industry Trends
The Indian tractor industry is evolving with new regulations and a shift toward sustainable farming practices; the engine business is expected to grow as mechanization in agriculture increases.
Competitive Landscape
Primary competition is internal or captive engine manufacturing by other tractor OEMs, but the company's dedicated supply to the 'Swaraj' brand provides a protected niche.
Competitive Moat
Durable advantage through a lean organization and deep integration with M&M's supply chain. The 39.6% RONW and NIL debt status provide a highly sustainable financial moat.
Macro Economic Sensitivity
Highly sensitive to agricultural GDP and monsoon performance, as these dictate the purchasing power of the primary end-user (farmers).
Consumer Behavior
Farmer demand is shifting toward higher HP engines (up to 65 HP) for better productivity, which the company is addressing with its current product range.
Regulatory & Governance
Industry Regulations
Subject to new tractor regulations and emission norms which may require R&D investment to update engine designs.
Environmental Compliance
Higher CSR expenses were noted in FY25, though specific ESG compliance costs in INR were not itemized.
Taxation Policy Impact
Effective tax rate is approximately 25.6% (INR 57.07 Cr tax on INR 223.05 Cr PBT).
Legal Contingencies
No material weaknesses in internal controls for financial reporting were observed; specific pending court case values were not disclosed.
Risk Analysis
Key Uncertainties
Monsoon dependency poses a significant risk to annual volumes; a 10-15% variance in rainfall can materially impact tractor demand and engine sales.
Geographic Concentration Risk
Concentrated in India, specifically tied to the regional sales performance of Swaraj tractors.
Third Party Dependencies
Critical dependency on Mahindra & Mahindra for nearly 100% of engine fitment revenue.
Technology Obsolescence Risk
Risk of transition to electric tractors in the long term, though diesel remains the current standard for the 20-65 HP range.
Credit & Counterparty Risk
Low risk due to the established relationship with M&M and a comfortable cash position with surplus funds.