Swaraj Engines Limited (SWARAJENG.NS)

Swaraj Engines Limited (SWARAJENG.NS) — VMCI valuation read

Headline read on SWARAJENG.NS: VMCI of 61/100 versus a Consumer Cyclical sector median of 50. The 11-point above-median position is what makes Swaraj Engines Limited a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on SWARAJENG.NS: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on SWARAJENG.NS: value (SWARAJENG.NS trades at 21.0x earnings, 17% above the Consumer Cyclical median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Consumer Cyclical median (10.0%)), and risk (net debt to EBITDA of 2.0x is the rate-sensitivity line to watch). The value read also implies an EV/EBITDA gap of +4.0x against the Consumer Cyclical 12.0x baseline.

SWARAJENG.NS rose 2.7% over the trailing 7 days, with a -3.7% read on a 30-day basis.