Swaraj Engines LimitedQ1 FY27 Results & Financial Update
Swaraj Engines Limited: Q1 FY27 standalone results and company financials – revenue ₹588.39 Cr, PAT ₹55.53 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Swaraj Engines Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Swaraj Engines Limited recorded its highest-ever quarterly engine sales volume and profit before tax during the first quarter of fiscal year 2027.
Driven by robust underlying market demand, engine sales volume reached 56,803 units for the quarter, marking a 15.8% increase compared to 49,040 units sold in the corresponding quarter of the previous year.
Net operating revenue grew by 21.5% year-on-year to stand at Rs. 588.39 crores, supported by strong volume growth across its product offerings.
Operating profit (EBITDA) expanded to Rs. 76.76 crores, representing a 14.4% increase over the Rs. 67.10 crores recorded in the same period last year.
Profit before tax for the quarter reached an all-time high of Rs. 74.64 crores, compared to Rs. 67.17 crores in Q1 FY26. Profit after tax rose by 11.1% to Rs. 55.53 crores.
A significant operational milestone was crossed during the quarter, with the company's cumulative engine sales volume exceeding the 2 million mark since its inception.
01 · Business model
What does Swaraj Engines do?
Swaraj Engines Limited is primarily engaged in the manufacturing and supplying of diesel engines, diesel engine components, and spare parts.
The company operates out of its manufacturing facility located in Mohali, Punjab, near Chandigarh.
The business model centers around supplying specialized diesel engines to the Swaraj Division of Mahindra & Mahindra Ltd. (M&M), operating as a single reportable segment within India.
02 · Historical context
What shaped the business before this quarter
Swaraj Engines Limited was established in 1985 in Mohali, Punjab, laying the foundation for its long-term manufacturing partnership with Mahindra & Mahindra.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹588.39 Cr | ₹484.10 Cr | ₹545.79 Cr |
| Total income | ₹592.10 Cr | ₹489.76 Cr | ₹549.48 Cr |
| EBITDA | ₹76.76 Cr | ₹67.10 Cr | — |
| Profit before tax | ₹74.64 Cr | ₹67.17 Cr | ₹73.19 Cr |
| Profit after tax | ₹55.53 Cr | ₹49.97 Cr | ₹54.56 Cr |
| EPS | ₹45.70 | ₹41.14 | ₹44.91 |
| EBITDA margin | 13.05% | 13.86% | — |
Financial interpretation
What the reported numbers mean
Profit after tax represented 9.4% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 12.7% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹3.71 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Engine sales grew 15.8% year-on-year to 56,803 units during the quarter, serving as the primary driver for top-line expansion.
Strong tractor and agricultural equipment demand environment underpinned the higher off-take of engines by the Swaraj Division of M&M.
What drove margins
Cost of materials consumed rose to Rs. 461.58 crores for the quarter, reflecting higher production volumes.
Employee benefit expenses increased to Rs. 15.43 crores compared to Rs. 13.22 crores in the same quarter last year.
05 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
The company operates exclusively within India, fulfilling engine requirements primarily for the domestic market.
06 · Reported developments
What changed operationally
Achieved the highest-ever quarterly profit before tax of Rs. 74.64 crores and record quarterly engine sales volume.
07 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Finance costs remained negligible at Rs. 0.09 crores for the quarter, indicating a virtually debt-free capital structure.
08 · Beyond the numbers
What changed beyond the numbers
Reported update
Executive Leadership
The financial results and press release were signed and managed by Devjit Sarkar as Whole Time Director and Chief Executive Officer.
09 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations improved sequentially from Rs. 545.79 crores in Q4 FY26 to Rs. 588.39 crores in Q1 FY27.
10 · Key Q&A
The quarter, answered directly
What does Swaraj Engines do?
Swaraj Engines Limited is primarily engaged in the manufacturing and supplying of diesel engines, diesel engine components, and spare parts.
What is the clearest takeaway from Q1 FY27?
Swaraj Engines Limited recorded its highest-ever quarterly engine sales volume and profit before tax during the first quarter of fiscal year 2027.
What drove revenue or demand?
Engine sales grew 15.8% year-on-year to 56,803 units during the quarter, serving as the primary driver for top-line expansion.
What mattered most for margins or profitability?
Cost of materials consumed rose to Rs. 461.58 crores for the quarter, reflecting higher production volumes.
What changed operationally beyond the headline numbers?
The financial results and press release were signed and managed by Devjit Sarkar as Whole Time Director and Chief Executive Officer.
What should the next disclosure help confirm?
Monitor subsequent quarterly engine sales volumes relative to the 56,803 unit baseline set in Q1 FY27.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Volume Trajectory: Monitor subsequent quarterly engine sales volumes relative to the 56,803 unit baseline set in Q1 FY27.
- 02
Margin Stability: Track operating and EBITDA margins against input cost fluctuations and production scaling.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.