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Employees: 2,585
Size Swaraj Engines (SWARAJENG.NS) is an India Consumer Discretionary company (Auto Parts: OEM) with a market value of $450M, the 885th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹3,495 on 6 Nov 2026.
Performance Over six months the shares fell 12.6%, against -22.3% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 25.4% over the last twelve months (peer median +2.6%); the operating margin is 12.3% (peer median 6.2%).
Valuation It trades at 20.4× forward earnings against a peer median of 8.3× (3rd most expensive of 8).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 40.3 points above its cost of capital (15.4% WACC).
Next results Next results expected around 15 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹22.4B | ₹20.1B | ₹16.8B | ₹14.2B | ₹14.2B |
| Revenue growth | — | +19% | +19% | 0% | — |
| Gross profit | ₹4.03B | ₹3.16B | ₹2.52B | ₹2.23B | ₹1.98B |
| EBITDA | ₹3.00B | ₹2.76B | ₹2.31B | ₹1.91B | ₹1.89B |
| Net income | ₹2.13B | ₹1.96B | ₹1.66B | ₹1.38B | ₹1.34B |
| Free cash flow | n/a | ₹629M | ₹1.67B | ₹1.08B | ₹1.31B |
| Capital expenditure | n/a | ₹698M | ₹245M | ₹478M | ₹129M |
| Total debt | ₹24.8M | ₹20.5M | ₹19.9M | ₹12.2M | ₹12.3M |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SWARAJENG.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.4% | -8.9% | 3rd highest of 21 |
| 6-month return | -12.6% | -22.3% | 8th highest of 21 |
| Distance from 52-week high | -20.4% | -30.9% | 5th highest of 21 |
| Revenue growth (TTM) | +25.4% | +2.6% | highest of 20 |
| Operating margin | 12.3% | 6.2% | 4th highest of 20 |
| Forward P/E | 20.4× | 8.3× | 3rd most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | 19.1% | 7.2% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +15.3% | +7.4% | highest of 12 |
| Hurdle (Req g minus delivered) | +3.9 pp | +2.4 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +40.3 pp | -0.9 pp | highest of 20 |
| EV / EBITDA | 13.8× | 7.2× | 5th most expensive of 11 |
| Net debt / EBITDA | -0.3× | 0.0× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Swaraj Engines SWARAJENG.NS | India | $450M | -13% | +25% | 12% | 20.4× | 19.1% | +15.3% |
| Shanghai Vico Precision Mold & Plastics 301499.SZ | China | $450M | -39% | +16% | 4% | n/a | n/a | n/a |
| Changchai 000570.SZ | China | $450M | -23% | +1% | 2% | n/a | 7.2% | +1.5% |
| Hefei Conver 603409.SS | China | $451M | -45% | +16% | 11% | n/a | n/a | n/a |
| Ningbo Tianlong Electronics 603266.SS | China | $448M | -26% | +3% | 8% | n/a | 8.7% | +6.3% |
| SNT DYNAMICS 003570.KS | South Korea | $446M | -59% | +9% | 8% | 8.9× | n/a | n/a |
| NRB Bearings NRBBEARING.NS | India | $442M | +44% | +14% | 13% | 28.2× | 27.7% | +12.0% |
| Beijing Tianyishangjia New Material 688033.SS | China | $459M | -34% | -31% | -342% | 22.7× | 15.2% | +10.6% |
| Tianjin Pengling 300375.SZ | China | $439M | -20% | +7% | 2% | n/a | 21.7% | +11.3% |
| Xin Point 1571.HK | Hong Kong | $437M | -21% | +1% | 19% | 6.3× | n/a | n/a |
| Kehua 603161.SS | China | $433M | -12% | n/a | n/a | n/a | n/a | n/a |
| Chuo Spring 5992.T | Japan | $433M | -28% | +2% | 2% | n/a | n/a | n/a |
| DaikyoNishikawa 4246.T | Japan | $431M | +17% | -3% | 6% | 7.3× | -5.1% | +2.0% |
| Shenzhen Roadrover Technology 002813.SZ | China | $470M | -4% | -14% | -16% | n/a | n/a | n/a |
| Tachi-S 7239.T | Japan | $474M | +6% | -2% | 5% | 8.3× | -16.7% | +6.3% |
| Xingmin Intelligent Transportation Systems (Group) 002355.SZ | China | $426M | -29% | +20% | -19% | n/a | n/a | n/a |
| Martinrea International MRE.TO | Canada | $475M | -10% | -3% | 5% | 4.2× | -6.2% | +7.4% |
| Ningbo Gaofa Automotive Control System 603788.SS | China | $424M | -25% | +3% | 11% | n/a | -0.2% | +12.1% |
| Shanghai Lianming Machinery 603006.SS | China | $418M | -19% | +17% | 8% | n/a | 18.6% | -5.1% |
| T.RAD 7236.T | Japan | $485M | +17% | +6% | 7% | n/a | 5.0% | +7.5% |
| Xuelong 603949.SS | China | $416M | -26% | +10% | 17% | n/a | n/a | n/a |