Elecon Engineering vs Swaraj Engines: Share Price, PE, ROE Compared

August 12, 2026
Posted by: Kunal Singla
Category: Market

Elecon Engineering MCap Rs 9,821 Cr, PE 41.60x, ROE 14.79%. Swaraj Engines MCap Rs 4,370 Cr, PE 21.65x (cheap!), ROE 40.15% (exceptional!), zero debt, Div 3.06%.

Elecon Engineering vs Swaraj Engines is a comparison engineering investors look up when evaluating two listed Indian engineering companies in very different end markets. Elecon Engineering, a Anand-based company (Elecon Group), is India’s largest manufacturer of industrial gearboxes and material handling systems – making speed reducers, gear units and conveyor systems for power plants, mining and heavy industry. Swaraj Engines, a Mohali-based company (Mahindra Group), makes Swaraj-brand diesel engines specifically for Mahindra’s Swaraj tractor brand. The Elecon versus Swaraj Engines comparison shows a diversified industrial equipment maker versus a focused, exceptional capital-efficiency tractor engine company.

This Elecon Engineering vs Swaraj Engines article covers reach and market position, key products, latest declared results and stock valuation. All data is sourced from Groww and public company filings.

Table of Contents

Reach and Market Position

In this Elecon Engineering vs Swaraj Engines comparison, Elecon Engineering supplies industrial gearboxes, gear motors and material handling conveyors to power plants (coal handling), cement mills, mining and general industry. Market capitalisation is Rs 9,821 Cr.

Click Here – Get Free Investment Predictions

Swaraj Engines supplies diesel engines exclusively for Swaraj-brand tractors manufactured by Mahindra and Mahindra’s farm equipment segment. Market capitalisation is Rs 4,370 Cr.

Key Products and Business Mix

For the Elecon Engineering vs Swaraj Engines product breakdown, Elecon Engineering: Elecon earns from gearbox and material handling equipment sales. EPS is Rs 10.52. PE is 41.60x, ROE 14.79 percent, D/E 0.12.

Swaraj Engines: Swaraj Engines earns from tractor engine manufacturing. EPS is Rs 166.15. PE is 21.65x (cheap!), ROE 40.15 percent (exceptional!), zero debt, Div 3.06 percent (excellent!).

Latest Results and Financial Data

On the Elecon Engineering vs Swaraj Engines results front: Elecon Engineering has a market cap of Rs 9,821 Cr and PE of 41.60x. ROE is 14.79 percent. Elecon is 2.2 times larger than Swaraj Engines.

Swaraj Engines has a market cap of Rs 4,370 Cr and PE of 21.65x. ROE is 40.15 percent – nearly triple Elecon’s ROE. Zero debt and a 3.06% dividend make Swaraj Engines one of the standout companies in this batch.

Compare Elecon Engineering and Swaraj Engines Fundamentals on the Univest Screener

Stock Performance and Valuation

Investors tracking the Elecon Engineering vs Swaraj Engines comparison should verify current prices on NSE or BSE before trading. The Elecon Engineering vs Swaraj Engines stock data below reflects the latest available figures from Groww and public company filings.

Elecon Engineering versus Swaraj Engines: Elecon (PE 41.60x, ROE 14.79%) vs Swaraj Engines (PE 21.65x, ROE 40.15%, zero debt, Div 3.06%). Comparing Elecon and Swaraj Engines, Swaraj has dramatically higher metrics across PE, ROE and dividend. Swaraj Engines is one of the most capital-efficient companies in B28.

Elecon Engineering vs Swaraj Engines: Quick Comparison Table

The comparison table below summarises the key metrics side by side.

Parameter	Elecon Engineering	Swaraj Engines
Sector	Industrial gearboxes + material handling conveyors (India No.1 gearbox, Elecon Group)	Tractor diesel engines for Swaraj tractors (Mahindra Group, Mohali)
Market Cap	Rs 9,821 Cr	Rs 4,370 Cr
P/E Ratio	41.60x	21.65x (much cheaper!)
ROE	14.79%	40.15% (exceptional!)
Debt to Equity	0.12	0.00 (zero debt!)
Customer Concentration	Diversified (power, mining, cement)	Mahindra Farm Equipment (Swaraj tractors only)
Dividend Yield	0.46%	3.06% (excellent!)

Conclusion

The Elecon Engineering vs Swaraj Engines comparison above covers reach, products, results and valuation. Elecon Engineering versus Swaraj Engines covers industrial gearboxes versus tractor diesel engines. Swaraj Engines stands out with an ROE of 40.15%, PE of only 21.65x, zero debt and a 3.06% dividend – one of the most attractive financial profiles in B28. Elecon is the larger, more diversified industrial company. The Elecon and Swaraj comparison is heavily skewed to Swaraj on financial quality. Consult a SEBI-registered advisor for personalised guidance.

Download the Univest iOS App or Univest Android App to track Elecon Engineering and Swaraj Engines live price and get daily stock recommendations.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

What does Elecon Engineering make?

Ans. Elecon Engineering makes industrial gearboxes (spur, helical, bevel, planetary), gear motors and material handling conveyor systems for power plants (coal handling), cement mills, mining and process industries.

What does Swaraj Engines make?

Ans. Swaraj Engines makes diesel engines (35 HP to 75 HP) exclusively for Swaraj-brand tractors manufactured by Mahindra’s farm equipment division.

Why is Swaraj Engines ROE so high?

Ans. Swaraj Engines’ ROE of 40.15% reflects its asset-light model – it manufactures engines exclusively for a single guaranteed customer (Mahindra) under a long-term supply arrangement, with no sales, distribution or marketing costs.

What is the Swaraj brand?

Ans. Swaraj is an Indian tractor brand originally made by Punjab Tractors Ltd (PTL). Mahindra and Mahindra acquired Swaraj in 2007. Swaraj is one of India’s popular tractor brands in Punjab and Northern India.

Which is larger, Elecon or Swaraj Engines?

Ans. Elecon Engineering at Rs 9,821 Cr is approximately 2.2 times larger than Swaraj Engines at Rs 4,370 Cr.

Does Swaraj Engines pay dividends?

Ans. Yes. Swaraj Engines pays an excellent dividend yield of approximately 3.06 percent.

Are Elecon and Swaraj in Nifty 50?

Ans. Neither is in Nifty 50.

News

Author: Kunal Singla

Kunal Singla is the Associate Director - Research at Univest, leading quantitative equity research, intraday trading setups, and derivatives strategy. With 4+ years of experience in Indian equity markets, he combines rigorous quantitative methods with classical technical analysis to build high-conviction research frameworks for retail and advisory clients. He holds an MSc from the Indian Institute of Technology (IIT) Delhi — one of India's most selective institutions — and has completed the Certificate in Quantitative Finance (CQF), a globally recognised programme covering derivatives pricing, risk modelling, machine learning for finance, and advanced portfolio theory. This combination places him in a small group of Indian analysts with both deep academic training in quantitative methods and SEBI-recognised research credentials. Kunal holds seven SEBI-recognised NISM certifications spanning research, derivatives, portfolio management, and securities operations: Series-XV (Research Analyst), Series-XXI-A (Portfolio Managers), Series-XVI (Commodity Derivatives), Series-VIII (Equity Derivatives), Series-VII (SORM), Series-V-A (Mutual Fund Distributors), and Series-I (Currency Derivatives). At Univest — India's SEBI-registered research and advisory platform — Kunal leads research inputs for Pro Lite, Pro Super, Pro Gold, and Pro Commodity advisory services, alongside publishing intraday stock picks on Univest Blogs.