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Swaraj Engines Ltd

| Audited Financial Results – Q4 & FY Ended 31 March 2026

Report Source

⬤13th Apr 26

Summary : Swaraj Engines reported record FY26 performance with high dividend, driven by strong customer demand.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of Materials Consumed: 157181 Lakhs (FY26).
  2. Employee Benefits Expense: 5279 Lakhs (FY26).
  3. Depreciation and Amortization Expense: 2245 Lakhs (FY26).
  4. Other Expenses: 11145 Lakhs (FY26).
  5. Revenue from Operations: 200713 Lakhs (FY26), 168189 Lakhs (FY25).
  6. Other Income: 1770 Lakhs (FY26), 1641 Lakhs (FY25).
  7. Net cash from operating activities: 11652 Lakhs (FY26).
  8. Net cash used in investing activities: 2209 Lakhs (FY26).
  9. Net cash used in financing activities: (12791) Lakhs (FY26).
  10. Net increase in cash and cash equivalents: 1070 Lakhs (FY26).
  11. Total Assets increased to 77883 Lakhs from 67215 Lakhs.
  12. Other Equity increased to 47677 Lakhs from 40705 Lakhs.
  13. Cash and Cash Equivalents increased to 1726 Lakhs.
  14. Company has no Subsidiary, Associate or Joint Venture companies.

Corporate Overview

  1. Operates only in India.
  2. Primarily dependent on supplying engines to Mahindra & Mahindra Ltd.
  3. Manufacturing of diesel engines, components, and spare parts.
  4. Primarily supplies engines to Swaraj Division of Mahindra & Mahindra Ltd.
  5. Positive, highlighting impressive performance and sustained growth momentum.
  6. Achieved highest-ever engine sales volume and profit.
  7. Swaraj Division of Mahindra & Mahindra Ltd. (M&M).
  8. Single business segment: manufacturing of diesel engines, components, and spare parts.

Risk Factors

  1. High dependency on Mahindra & Mahindra Ltd.
  2. Concentration in a single business segment.
  3. Potential competition in engine manufacturing market.
  4. Fluctuations in raw material costs impact profitability.

Key Drivers

  1. Highest ever Q4 engine sales volume.
  2. Annual sales volume crossed 200,000 units.
  3. 16th consecutive quarter of year-over-year profit growth.
  4. Board recommended 1100% equity dividend per share.

Auditor’s Report

  1. Unmodified audit opinion on financial results.

Board Commentary

  1. Ms. Geeta Kharat resigned as Compliance Officer.
  2. Mr. Nayan Jain appointed as Compliance Officer and KMP.
  3. Recommended an equity dividend of 1100% (Rs. 110/- per share) for FY26.

Corporate Governance

  1. Audit Committee reviewed financial results.

Management Discussion & Analysis

Performance Drivers

  1. Strong customer demand driving impressive performance.
Swaraj Engines Ltd (SWARAJENG) Quarterly Report Analysis & Insights | Dhanarthi