Swaraj Engines Ltd is a single-factory company that does one thing: it makes diesel engines for Swaraj tractors. Incorporated in 1985 in Mohali, Punjab, it has been the dedicated engine supplier to the Swaraj brand since commercial production began in 1989-90, delivering around 1.3 million engines over that span. The recurring approach is a lean, debt-free operation that finances its own capacity expansion, runs a captive supply chain within a 250-km radius, and ties its entire engineering effort to the horsepower and emission needs of one tractor brand - which is now its parent company. # Business segments A single business - diesel engines for Swaraj tractors - that moves entirely in step with India’s tractor cycle, the largest in the world by volume. ## 1. Diesel engines for Swaraj tractors: a captive powertrain supplier to India’s number-two tractor brand **Every engine SEL makes goes into a Swaraj tractor sold by Mahindra & Mahindra, creating a business with one customer, one factory, and a demand stream tied directly to the agricultural economy.** - **One customer, virtually all revenue** - sales to M&M’s Swaraj Division accounted for 99.29% of total sales in FY26, making SEL a captive supplier whose fortunes rise and fall with the Swaraj brand’s tractor volumes. - **A horsepower range that keeps expanding** - the company supplies engines from 20 HP up to 65 HP, with a new 44 HP model entering commercial production in FY26 and a new engine for the above-65 HP segment under development, so the product line grows as tractor buyers shift toward higher horsepower. - **Capacity built with its own cash** - the Mohali plant reached an annual capacity of 1,95,000 engines in FY26, with plans to hit 2,40,000, all funded through internal generation without any borrowings, which is how the company has financed every expansion step since inception. - **Sold more engines than it can make** - SEL sold 2,02,771 engines in FY26 against a rated capacity of 1,95,000, meaning the plant ran beyond its nameplate limit to meet demand from Swaraj tractors. - **R&D that follows the tractor’s needs** - development spending is directed at new horsepower segments, emission norm compliance (TREM V work was in progress during FY26), fuel efficiency, and value engineering to cut material cost, so every engineering rupee serves the product roadmap of a single customer. # Group structure and partners **Mahindra & Mahindra is both the sole promoter and the only customer, making SEL a tightly held subsidiary inside India’s largest tractor group.** - SEL has no subsidiaries, associates, or joint ventures of its own, and it operates only in India with no international locations - it is a single-entity, single-geography company. - The Board has eight members, chaired by Rajya Vardhan Kanoria (a Non-Executive Independent Director), with a Whole Time Director & CEO running day-to-day operations - governance sits inside the parent group’s orbit.