Swaraj Engines Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹4,367 Cr
- Book Value
- ₹402.5
- Stock P/E
- 21.4
- Dividend Yield
- 3.06%
- ROE
- 43.6%
- ROCE
- 58.4%
- PEG Ratio
- 1.29
- EV/EBITDA
- 14.3
Fundamentals from Screener.in, as of 8 Aug 2026. Live price via Yahoo Finance.
Technical snapshot
EOD ·Swaraj Engines Ltd closed at ₹3,576.00 on 14 September 2026, up 0.0% on the day, 1.2% below its 50-day average, 21.3% below its 52-week high, with volume at 1.08× its 20-session average.
- RSI 14
- 47.1
- vs 50-day SMA
- -1.2%
- vs 200-day SMA
- -2.9%
- From 52-week high
- -21.3%
- Relative volume
- 1.08×
- 20-day return
- -1.4%
End-of-day prices from exchange-published files (NSE/BSE bhavcopy), updated after market close. Descriptive statistics, not investment advice.
Swaraj Engines share price today
Swaraj Engines (NSE: SWARAJENG) makes diesel engines for one customer: Mahindra & Mahindra’s Swaraj tractor division. That is the whole business. It is also why the numbers look the way they do — 58.4% return on capital, 43.6% return on equity, zero debt, and a 3.06% dividend yield on a company worth ₹4,367 Cr.
The thing you have to decide first
Everything about this company is a consequence of one fact, so it is worth stating plainly rather than burying it in a risks section at the bottom.
Swaraj Engines sells to M&M and essentially nobody else. M&M is also its largest shareholder. There is no sales force, no customer acquisition cost, no receivables fight, no inventory guesswork — the parent tells it what to build and buys all of it. That is where 58% ROCE comes from. A business with one guaranteed customer needs almost no capital.
The same fact is the risk. Swaraj Engines does not control its own demand, cannot diversify away from tractor cycles, and has no pricing power against the counterparty that owns a chunk of it. If M&M ever brings engine manufacturing in-house, or shifts the Swaraj brand toward a platform this plant cannot build, there is no second business to fall back on.
This is single-customer concentration by design — the last three words matter. It is not a company that failed to diversify. It is a company built not to.
The numbers
| Quality | |
| Return on capital employed | 58.4% · 5-yr avg 54.2% |
| Return on equity | 43.6% |
| Operating margin | 13.4% |
| Debt to equity | 0.00 |
| Promoter pledge | 0% |
| Growth | |
| Sales CAGR (5 yr) | 15.3% |
| Profit CAGR (5 yr) | 16.6% |
| Valuation and size | |
| Market cap | ₹4,367 Cr |
| P/E (TTM) · PEG | 21.4 · 1.29 |
| EV / EBITDA | 14.3 |
| EPS (TTM) | ₹168.40 |
| Book value per share | ₹402.50 |
| 52-week range | ₹3,308.90 – ₹4,497.50 |
The line that deserves attention is ROCE of 54.2% averaged over five years, not the 58.4% of the last twelve months. One good year can be luck. Five years above 50% is a structural feature.
Operating margin of 13.4% is the tell in the other direction: this is a component maker with a captive buyer, not a brand. It earns superb returns on very little capital, not fat margins on each engine.
Swaraj Engines share price target 2026 to 2030
EPS base ₹168.4. Bear: tractor demand turns down and volumes fall with it — 6% growth, multiple compresses to 15×. Base: rural demand holds and engine volumes track tractor sales — 12% growth at 20×. Bull: a strong rural cycle plus content-per-tractor gains — 17% growth at 25×.
From ₹3,600, the base case is roughly +65% over four and a half years, plus a 3% dividend collected along the way. The bear case is −6% — the downside is shallow precisely because the dividend and the debt-free balance sheet put a floor under it.
The shares sit about 20% below their 52-week high of ₹4,497.
What would actually change our mind
Not the tractor cycle — that is weather and rural income, it turns, and a five-year view should expect at least one bad year in it.
What would matter: any signal that M&M is reconsidering the arrangement. Watch the annual report for changes in the supply agreement, M&M’s own capex on engine capacity, and any shift in the shareholding. Those are the only events that change what this company is.
What to weigh at the current price
At 21× with a 3% yield, the market is neither excited nor dismissive. Swaraj’s capital-light economics and exceptional returns sit against dependence on one customer and the tractor cycle; that concentration is the decisive tension.
FAQ
What is the Swaraj Engines share price target for 2030? The analysis uses three scenarios — bear, base and bull — for every year to 2030, built on 6%, 12% and 17% compounded earnings growth at 15×, 20× and 25× respectively. The full scenario table appears above.
Why is the return on capital so high? Because it sells to one customer who is also part-owner. No selling costs, no receivables risk, no demand forecasting — so very little capital is tied up. The high ROCE and the concentration risk are the same fact seen from two sides.
Is a 3% dividend safe here? It is covered comfortably by earnings and the company carries no debt. The risk to the dividend is a downturn in tractor volumes, not the balance sheet.
When are Swaraj Engines’ next results? Check the results calendar and confirm the announced date in the relevant exchange filing.
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.