{"id":306045,"date":"2026-10-13T16:40:17","date_gmt":"2026-10-13T11:10:17","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=306045"},"modified":"2026-10-13T16:40:17","modified_gmt":"2026-10-13T11:10:17","slug":"swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/","title":{"rendered":"Swaraj Engines Share Price in Focus After Strong Q2 Results: Centrum Broking Sees 24% Upside, What Is Next for the Stock?"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Swaraj Engines share price: intraday high Rs 3,950 (+14.92%) and close Rs 3,738.40 (+8.70%) on 12 Oct 2026. Q2 FY27 PAT Rs 60.57 crore (+21.9%), revenue Rs 635.19 crore (+26%), engine sales 61,216 units (+19.6%). Centrum Broking: Buy, target Rs 4,500.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The Swaraj Engines share price rose as much as 14.92% to Rs 3,950 on 12 October 2026 and closed at Rs 3,738.40, up 8.70%, after the company reported its highest ever quarterly profit for Q2 FY27. Net profit rose 21.9% to Rs 60.57 crore, revenue rose 26% to Rs 635.19 crore and engine sales grew 19.6% to 61,216 units. Centrum Broking retained its Buy rating and Rs 4,500 target, which is about 20% above the closing price (my calculation), while flagging moderating tractor industry growth and weather risks. Check the headline 24% upside against the price you pay, because upside changes with the price.<\/p>\n<\/p><\/div>\n<p>Swaraj Engines supplies diesel engines mainly to the Swaraj Division of Mahindra and Mahindra, and its Q2 results for FY27 beat the pace of the previous year on every major line. The Swaraj Engines share price reacted with one of its sharpest moves in months.<\/p>\n<p>This guide covers the Q2 and H1 FY27 results, the share price move, how the Centrum Broking upside works, the valuation and what could go wrong. Where sources disagree or I calculate a figure, I say so.<\/p>\n<p>A one day jump in the Swaraj Engines share price is not the same as a trend, so the sections below look at the numbers behind it.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#Swaraj_Engines_Q2_Results_Key_Numbers_for_FY27\" title=\"Swaraj Engines Q2 Results: Key Numbers for FY27\">Swaraj Engines Q2 Results: Key Numbers for FY27<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#Swaraj_Engines_Share_Price_Reaction_and_Levels\" title=\"Swaraj Engines Share Price Reaction and Levels\">Swaraj Engines Share Price Reaction and Levels<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#Centrum_Broking_Target_Price_How_the_24_Upside_Works\" title=\"Centrum Broking Target Price: How the 24% Upside Works\">Centrum Broking Target Price: How the 24% Upside Works<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#Swaraj_Engines_Share_Price_Drivers_Business_Strengths_and_Risks\" title=\"Swaraj Engines Share Price Drivers: Business Strengths and Risks\">Swaraj Engines Share Price Drivers: Business Strengths and Risks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#What_to_Watch_Next_for_the_Swaraj_Engines_Share_Price\" title=\"What to Watch Next for the Swaraj Engines Share Price\">What to Watch Next for the Swaraj Engines Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#What_were_the_Swaraj_Engines_Q2_FY27_results\" title=\"What were the Swaraj Engines Q2 FY27 results?\">What were the Swaraj Engines Q2 FY27 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#How_much_did_the_Swaraj_Engines_share_price_rise\" title=\"How much did the Swaraj Engines share price rise?\">How much did the Swaraj Engines share price rise?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#What_is_the_Centrum_Broking_target_for_Swaraj_Engines\" title=\"What is the Centrum Broking target for Swaraj Engines?\">What is the Centrum Broking target for Swaraj Engines?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#Why_does_the_headline_say_24_upside\" title=\"Why does the headline say 24% upside?\">Why does the headline say 24% upside?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#What_risks_did_Centrum_flag_for_the_Swaraj_Engines_share_price\" title=\"What risks did Centrum flag for the Swaraj Engines share price?\">What risks did Centrum flag for the Swaraj Engines share price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#What_are_the_52-week_high_and_low_of_the_Swaraj_Engines_share_price\" title=\"What are the 52-week high and low of the Swaraj Engines share price?\">What are the 52-week high and low of the Swaraj Engines share price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#Who_is_the_main_customer_of_Swaraj_Engines\" title=\"Who is the main customer of Swaraj Engines?\">Who is the main customer of Swaraj Engines?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees-24-percent-upside-whats-next-for-the-stock\/#Should_I_buy_Swaraj_Engines_shares_now\" title=\"Should I buy Swaraj Engines shares now?\">Should I buy Swaraj Engines shares now?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Swaraj_Engines_Q2_Results_Key_Numbers_for_FY27\"><\/span><strong>Swaraj Engines Q2 Results: Key Numbers for FY27<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY27<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY26<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Engine sales (units)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">61,216<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">51,164<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+19.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net operating revenue (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">635.19<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">504.04<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+26.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Operating profit (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">86.45<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">68.03<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+27.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit before tax (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">81.38<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">66.75<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+21.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit after tax (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">60.57<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">49.68<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+21.9%<\/td>\n<\/tr>\n<\/table>\n<p>The operating margin was about 13.6% and the PAT margin about 9.5% (my calculation). The company called Q2 its highest ever PBT and PAT. Operating profit grew a little faster than revenue, so margins held up and supported the Swaraj Engines share price.<\/p>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">H1 FY27<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">H1 FY26<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Engine sales (units)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1,18,019<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1,00,204<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+17.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net operating revenue (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1,223.58<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">988.14<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+23.8% (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit before tax (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">156.02<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">133.92<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+16.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit after tax (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">116.10<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">99.65<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+16.5%<\/td>\n<\/tr>\n<\/table>\n<p>H1 FY27 earnings per share were Rs 95.56. Profit growth in the half year was lower than in Q2, which means Q1 was weaker than Q2 and the second quarter lifted the average.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Compare auto ancillary stocks on the Univest Screener<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Swaraj_Engines_Share_Price_Reaction_and_Levels\"><\/span><strong>Swaraj Engines Share Price Reaction and Levels<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Level<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Value<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Intraday high on 12 Oct<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 3,950 (+14.92%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Business Today<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Close on 12 Oct<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 3,738.40 (+8.70%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Close reported by one source<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Implied previous close<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 3,438<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">My calculation: 3,738.40 \/ 1.087<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">52-week high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 4,437.40 on 16 Oct 2025<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Data source<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">52-week low<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 3,301.30 on 30 Mar 2026<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Data source<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market capitalisation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 4,706 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">One source; about Rs 4,540 crore at the close (my calculation)<\/td>\n<\/tr>\n<\/table>\n<p>At Rs 3,738.40 the Swaraj Engines share price is about 15.8% below its 52-week high (my calculation) and about 13% above the 52-week low. One report cited a 1 month gain of 8% and a 6 month return of about negative 1.3%, so the stock was not in a strong trend before the results.<\/p>\n<p><strong>Risk:<\/strong> A 15% intraday spike in the Swaraj Engines share price can fade. Part of the gain on 12 October was given back by the close, and the next sessions will show whether buyers stay.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Centrum_Broking_Target_Price_How_the_24_Upside_Works\"><\/span><strong>Centrum Broking Target Price: How the 24% Upside Works<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Centrum Broking retained its Buy rating and Rs 4,500 target. The headline calls this 24% upside. I could not find the Centrum report, so I cannot see its reference price.<\/p>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Base price<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Upside to Rs 4,500<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 3,629<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">24%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price that gives the headline figure (my calculation: 4,500 \/ 1.24)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 3,738.40 (12 Oct close)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 20.4%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">My calculation<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 3,438 (earlier close)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 30.9%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">My calculation<\/td>\n<\/tr>\n<\/table>\n<p>The upside depends on the price at which you buy, so after the jump the Swaraj Engines share price has less room to run to the Rs 4,500 target. Centrum flagged two risks: moderating tractor industry growth and weather, which drives rural demand.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the Swaraj Engines share price and set alerts.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Swaraj_Engines_Share_Price_Drivers_Business_Strengths_and_Risks\"><\/span><strong>Swaraj Engines Share Price Drivers: Business Strengths and Risks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The company was founded in 1985 in Mohali, Punjab, and sells mainly to Mahindra and Mahindra&#8217;s Swaraj tractor division. It is virtually debt free and pays consistent dividends, which is why the stock often trades at a premium to book value.<\/p>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Strength<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Risk<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Debt free balance sheet and regular dividends<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Dependence on one main customer<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Engine sales up 17.8% in H1<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Tractor industry growth is moderating<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Highest ever quarterly profit<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">A weak monsoon can hit rural demand<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Operating profit growing faster than revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Raw material cost swings<\/td>\n<\/tr>\n<\/table>\n<p>The customer link means the Swaraj Engines share price follows tractor demand closely. A strong monsoon and farm incomes help, and a weak one hurts.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_for_the_Swaraj_Engines_Share_Price\"><\/span><strong>What to Watch Next for the Swaraj Engines Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Whether the Swaraj Engines share price holds above Rs 3,738 after the spike.<\/li>\n<li>Monthly tractor sales data and the monsoon outlook.<\/li>\n<li>Margins in Q3 FY27, since the operating margin was about 13.6% in Q2.<\/li>\n<li>Any dividend announcement with the results cycle.<\/li>\n<li>Further brokerage notes on the Swaraj Engines share price after the Q2 results.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Swaraj Engines share price jumped after a record Q2 FY27 with PAT up 21.9% and revenue up 26%, and Centrum Broking kept its Rs 4,500 target. The upside is about 20% at the closing price, not the 24% in the headline, and tractor demand and weather remain the risks. Read the exchange filing before you act on the Swaraj Engines share price.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> 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).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_were_the_Swaraj_Engines_Q2_FY27_results\"><\/span><strong>What were the Swaraj Engines Q2 FY27 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Net profit rose 21.9% to Rs 60.57 crore, revenue rose about 26% to Rs 635.19 crore, operating profit rose 27.1% to Rs 86.45 crore and engine sales grew to 61,216 units.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_much_did_the_Swaraj_Engines_share_price_rise\"><\/span><strong>How much did the Swaraj Engines share price rise?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> It rose as much as 14.92% to Rs 3,950 on 12 October 2026 and closed at Rs 3,738.40, up 8.70%, according to one report.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Centrum_Broking_target_for_Swaraj_Engines\"><\/span><strong>What is the Centrum Broking target for Swaraj Engines?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Centrum retained its Buy rating and a target price of Rs 4,500. That is about 20.4% above the Rs 3,738.40 close (my calculation), against the 24% in the headline.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_does_the_headline_say_24_upside\"><\/span><strong>Why does the headline say 24% upside?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A 24% upside to Rs 4,500 implies a base near Rs 3,629 (my calculation). I could not find the Centrum report to confirm its reference price.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_did_Centrum_flag_for_the_Swaraj_Engines_share_price\"><\/span><strong>What risks did Centrum flag for the Swaraj Engines share price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Moderating tractor industry growth and weather risks.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_52-week_high_and_low_of_the_Swaraj_Engines_share_price\"><\/span><strong>What are the 52-week high and low of the Swaraj Engines share price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Rs 4,437.40 on 16 October 2025 and Rs 3,301.30 on 30 March 2026, according to one data source.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_is_the_main_customer_of_Swaraj_Engines\"><\/span><strong>Who is the main customer of Swaraj Engines?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The company supplies engines mainly to the Swaraj Division of Mahindra and Mahindra, which is also a concentration risk.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_buy_Swaraj_Engines_shares_now\"><\/span><strong>Should I buy Swaraj Engines shares now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This article does not constitute investment advice. Consult a SEBI-registered financial advisor before you buy, sell or hold Swaraj Engines.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What were the Swaraj Engines Q2 FY27 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Net profit rose 21.9% to Rs 60.57 crore, revenue rose about 26% to Rs 635.19 crore, operating profit rose 27.1% to Rs 86.45 crore and engine sales grew to 61,216 units.\"}},{\"@type\":\"Question\",\"name\":\"How much did the Swaraj Engines share price rise?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"It rose as much as 14.92% to Rs 3,950 on 12 October 2026 and closed at Rs 3,738.40, up 8.70%, according to one report.\"}},{\"@type\":\"Question\",\"name\":\"What is the Centrum Broking target for Swaraj Engines?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Centrum retained its Buy rating and a target price of Rs 4,500. That is about 20.4% above the Rs 3,738.40 close (my calculation), against the 24% in the headline.\"}},{\"@type\":\"Question\",\"name\":\"Why does the headline say 24% upside?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A 24% upside to Rs 4,500 implies a base near Rs 3,629 (my calculation). I could not find the Centrum report to confirm its reference price.\"}},{\"@type\":\"Question\",\"name\":\"What risks did Centrum flag for the Swaraj Engines share price?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Moderating tractor industry growth and weather risks.\"}},{\"@type\":\"Question\",\"name\":\"What are the 52-week high and low of the Swaraj Engines share price?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Rs 4,437.40 on 16 October 2025 and Rs 3,301.30 on 30 March 2026, according to one data source.\"}},{\"@type\":\"Question\",\"name\":\"Who is the main customer of Swaraj Engines?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The company supplies engines mainly to the Swaraj Division of Mahindra and Mahindra, which is also a concentration risk.\"}},{\"@type\":\"Question\",\"name\":\"Should I buy Swaraj Engines shares now?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This article does not constitute investment advice. Consult a SEBI-registered financial advisor before you buy, sell or hold Swaraj Engines.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Swaraj Engines share price jumped after record Q2 FY27 profit of Rs 60.57 crore. See the results, the Rs 4,500 target and the risks.<\/p>\n","protected":false},"author":34,"featured_media":306044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[4200,11881,2778,11880,11882],"class_list":["post-306045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-auto-ancillary-stocks","tag-centrum-broking","tag-swaraj-engines-q2-results","tag-swaraj-engines-share-price","tag-tractor-industry"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["306044"],"rank_math_title":["Swaraj Engines Share Price: Q2 Results and Rs 4,500 Target"],"rank_math_description":["Swaraj Engines share price jumped after record Q2 FY27 profit of Rs 60.57 crore. Centrum Broking keeps Buy and a Rs 4,500 target. See the numbers, upside and risks."],"rank_math_focus_keyword":["Swaraj Engines share price"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/swaraj-engines-share-price-in-focus-after-strong-q2-results-centrum-broking-sees.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/306045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=306045"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/306045\/revisions"}],"predecessor-version":[{"id":306046,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/306045\/revisions\/306046"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/306044"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=306045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=306045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=306045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}