Swaraj Engines
Swaraj Engines Limited (SEL) is a 1985-founded, Mohali-based captive OEM diesel engine manufacturer that exclusively supplies 22-65+ HP engines to the Swaraj Division of its 52% parent Mahindra & Mahindra, serving Indian agricultural tractor assembly.
- Company typePublic
- Founded1985
- HeadquartersMohali, India
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What Swaraj Engines does
Swaraj Engines Limited (SEL) is a publicly listed Indian diesel engine manufacturer incorporated in 1985 in Mohali, Punjab. The company operates as a captive OEM supplier, manufacturing diesel engines in the 22 HP to above 65 HP range exclusively for fitment into Swaraj-brand tractors built by the Swaraj Division of Mahindra & Mahindra Ltd. (M&M), which holds ~52% of equity (33.22% direct plus 17.39% via Kirloskar Industries). SEL also manufactures hi-tech engine components and, per company disclosures, has cumulatively supplied over 16,00,000 engines for Swaraj tractors.
The company's technology footprint centers on conventional industrial manufacturing: a single Mohali plant equipped with precision quality analyzing machines, ergonomic MMC-based material handling, latest-generation HI-TECH machining equipment, and a 66 KVA captive substation to ensure uninterrupted production. Annual manufacturing capacity is being expanded from 1,95,000 to 2,40,000 engines to meet rising domestic tractor demand. The product portfolio is narrow — tractor diesel engines plus engine components — with no disclosed R&D spend, patents, or adjacent product lines.
Commercially, SEL is a single-customer B2B OEM with no distribution or retail channels outside of its relationship with M&M Swaraj. Revenue is generated entirely through direct hardware sales priced via internal transfer economics; pricing is not publicly disclosed. The company is headquartered in Mohali (registered office and manufacturing works) with 251-500 employees, and reports strong capital efficiency (FY26 ROCE 71.66%, ROE 40.67%). Capital return is aggressive, with FY26 dividend declared at Rs 110/share (1,100% on face value). All operations are domestic within India; no export markets or international subsidiaries are disclosed.
Swaraj Engines firmographics
Firmographics- Name
- Swaraj Engines
- Legal name
- Swaraj Engines Limited
- Website
- https://swarajenterprise.com
- Company type
- Public
- Founded year
- 1985
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Swaraj Engines Limited (SEL) is a 1985-founded, Mohali-based captive OEM diesel engine manufacturer that exclusively supplies 22-65+ HP engines to the Swaraj Division of its 52% parent Mahindra & Mahindra, serving Indian agricultural tractor assembly.
- Ownership category
- akta.pro rank
Swaraj Engines industry classification
Industry- Product category
- Diesel Engine Manufacturing
- NAICS
- Engine, Turbine, and Power Transmission Equipment Manufacturing (33361), Other Engine Equipment Manufacturing (333618)
- SIC
- Engines & Turbines (3510)
- akta.pro primary industry
- Internal Combustion Engine (ICE) Manufacturing (Gasoline/Diesel) (IMACAHAA)
- akta.pro secondary industry
- Engine Components & Subsystems Manufacturing (Blocks/Heads/Valvetrain/Pistons) (IMACAHAB)
Keywords
Where Swaraj Engines is headquartered
LocationHeadquarters
- HQ city
- Mohali
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
Swaraj Engines business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Infrastructure
Revenue model
- Diesel Engine Manufacturing and Supply: Primary business is manufacturing and supplying diesel engines in the range of 22 HP to above 65 HP exclusively to the Swaraj Division of Mahindra & Mahindra Ltd. Also manufactures hi-tech engine components. Revenue is generated through direct B2B sales as an OEM supplier.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
Swaraj Engines product offering
Product offeringCore offering
Swaraj Engines Limited manufactures and supplies diesel engines in the 22 HP to above 65 HP range, along with hi-tech engine components. The company operates as a captive B2B OEM supplier, producing engines exclusively for fitment into Swaraj tractors manufactured by the Swaraj Division of Mahindra & Mahindra Ltd. Manufacturing is carried out at the company's facilities in Mohali, Punjab.
Product overview
Swaraj Engines Limited (SEL) is a diesel engine manufacturer established in 1985 in Mohali, Punjab. The company operates with two core product lines: diesel engines ranging from 22 HP to above 65 HP, and hi-tech engine components. SEL serves as the primary engine supplier to the Swaraj Division of Mahindra & Mahindra Ltd., having supplied over 1,600,000 engines for fitment into Swaraj tractors. The company operates manufacturing facilities equipped with high-tech machines and quality analyzing equipment, with an annual manufacturing capacity currently being expanded from 195,000 to 240,000 engines.
Differentiator
Problem solved
Functional benefit
Products and services
- Diesel Engines (22 HP to above 65 HP) Diesel engines in the 22 HP to above 65 HP power range, manufactured exclusively for fitment into Swaraj tractors by the Swaraj Division of Mahindra & Mahindra Ltd. Over 16 lakh such engines have been supplied cumulatively.
- Hi-Tech Engine Components Hi-tech engine components manufactured alongside diesel engines to support engine assembly and service requirements for Swaraj tractors.
Quantifiable outcome
- Sixth consecutive year of higher engine sales and profits
- +2 more outcomes
Companies that use Swaraj Engines
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Swaraj Engines technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Swaraj Engines partnerships and signals
Strategic signalScale indicators12 records
Recent moves7 records
Expansion highlights3 records
Swaraj Engines competitors and assessment
Company assessmentDirect peers
- Mahindra Heavy Engines: Sister concern of Swaraj Engines within the Mahindra Group, manufacturing heavy-duty diesel engines for Mahindra's commercial vehicle and tractor platforms. Closest structural analog as a captive diesel engine OEM within the same parent conglomerate.
- Simpson & Co. Long-established Indian manufacturer of diesel engines and engine components for automotive, agricultural, and industrial applications. Comparable as a heritage Indian diesel engine OEM serving tractor and industrial customers.
- Greaves Cotton: Indian manufacturer of diesel engines, pumps, and powertrain solutions for agricultural, construction, and industrial applications. Directly comparable in diesel engine manufacturing footprint for Indian farm and off-highway markets.
- Kirloskar Oil Engines: India's largest standalone diesel engine OEM, manufacturing engines for agricultural pumpsets, gensets, and industrial applications. Comparable in being an Indian-listed diesel engine manufacturer with agricultural and industrial end markets, though it serves multiple OEMs.
Others
- Escorts Kubota: Indian tractor and construction equipment manufacturer partnered with Kubota. Comparable as an Indian tractor OEM that sources diesel engines from external suppliers, making it a potential — if not current — alternative customer profile for engine manufacturers.
- VST Tillers Tractors: Indian manufacturer of power tillers and small tractors with engine sourcing needs. Adjacent peer within the Indian tractor/engine ecosystem; smaller in scale than Swaraj Engines but operates in the same domestic value chain.
- TAFE (Tractors and Farm Equipment): India's second-largest tractor manufacturer (Massey Ferguson, Eicher brands) with captive engine sourcing. Adjacent peer in the Indian tractor value chain — not an engine manufacturer but a fellow anchor customer/demand driver for tractor diesel engines.
Broad incumbents
- Cummins India: Subsidiary of Cummins Inc. and a leading manufacturer of diesel and gas engines, gensets, and components in India across automotive, industrial, and power generation. Comparable as a larger incumbent in the same diesel engine space, though with a much broader product and customer portfolio.
Market position
Weaknesses5 records
Competitive moat4 records
Key risks1 record
Key highlights6 records
Customer concentration
Swaraj Engines financial estimates
Financial estimateRevenue estimate
Valuation estimate
Swaraj Engines leadership team
Management profileNumber of profiles
Profiles10 records
Swaraj Engines funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Swaraj Engines M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Swaraj Engines
What does Swaraj Engines do?
Swaraj Engines Limited manufactures and supplies diesel engines in the 22 HP to above 65 HP range, along with hi-tech engine components. The company operates as a captive B2B OEM supplier, producing engines exclusively for fitment into Swaraj tractors manufactured by the Swaraj Division of Mahindra & Mahindra Ltd. Manufacturing is carried out at the company's facilities in Mohali, Punjab.
Is Swaraj Engines a public or private company?
Swaraj Engines is a public company. It is classified as public and is currently operating.
When was Swaraj Engines founded?
Swaraj Engines was founded in 1985. It employs 251 to 500 people.
Where is Swaraj Engines based?
Swaraj Engines is headquartered in Mohali, India, in the Asia region.
How does Swaraj Engines make money?
One revenue line is on record: diesel Engine Manufacturing and Supply.
Who are Swaraj Engines's main competitors?
Direct peers on record are Mahindra Heavy Engines, Simpson & Co., Greaves Cotton and Kirloskar Oil Engines. Others are Escorts Kubota, VST Tillers Tractors and TAFE (Tractors and Farm Equipment). Cummins India is listed as a broad incumbent.
Does Swaraj Engines have an API?
No public API is recorded for Swaraj Engines.
What industry is Swaraj Engines in?
Swaraj Engines's product category is Diesel Engine Manufacturing. Its primary akta.pro industry code is IMACAHAA, Internal Combustion Engine (ICE) Manufacturing (Gasoline/Diesel), with a secondary code of IMACAHAB, Engine Components & Subsystems Manufacturing (Blocks/Heads/Valvetrain/Pistons). Its NAICS code is 33361 and its SIC code is 3510.