External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>Swaraj Engines (SEL) is involved in manufacturing diesel engines (20- 85 hp) for M&amp;M’s Swaraj brand of tractors.</li><li>Installed capacity - 1.5 lakh units (FY22).</li><li>Steady ~10% compounding of revenues, EBITDA, PAT over past five years • Net cash positive b/s; consistent cash flow generation; highly capital efficient player with history of &gt;30% return ratios &amp; high dividend payouts.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Swaraj Engines (SEL) is involved in manufacturing diesel engines (20- 85 hp) for M&amp;M’s Swaraj brand of tractors.Installed capacity - 1.5 lakh units (FY22).Steady ~10% compounding of revenues, EBITDA, PAT over past five years • Net cash positive b/s; consistent cash flow generation; highly capital efficient player with history of &gt;30% return ratios &amp; high dividend payouts.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swaraj Engines | Swaraj Engines (SEL) Is Involved in Manufacturing Diesel Engines (20- 85 Hp) For...

External broker reports(aggregated public sources), BOB Capital Markets Ltd

BOB Capital Markets Ltd.

<p>Above-expected volumes and higher ASP supported healthy revenue growth in Q1FY22 while limited RM cost impact further drove adj. PAT</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Above-expected volumes and higher ASP supported healthy revenue growth in Q1FY22 while limited RM cost impact further drove adj. PATContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swaraj Engines (SELL): Healthy Q1; cut to SELL on recent stock rally

India

Swaraj Engines Limited manufactures and markets diesel engines.  The Company's products are primarily sold to manufacturers of agricultural tractors.

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Swaraj Engines (SWE IN)

Swaraj Engines | Swaraj Engines (SEL) Is Involved in Manufacturing Diesel Engines (20- 85 Hp) For...

Swaraj Engines (SEL) is involved in manufacturing diesel engines (20- 85 hp) for M&M’s Swaraj brand of tractors. Installed capacity - 1.5 lakh...

ICICI Securities Limited

Swaraj Engines (SELL): Healthy Q1; cut to SELL on recent stock rally

Above-expected volumes and higher ASP supported healthy revenue growth in Q1FY22 while limited RM cost impact further drove adj. PAT

BOB Capital Markets Ltd.

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