Shareholders meeting

SWARAJ ENGINES LIMITED Works: Plot No. 2, lndl. Focal Point, Phase-IX, S.A.S. Nagar Distt. S.A.S. Nagar (Mohali) (Near Chandigarh) Tel.: 0172-2234941-47, 2234950 02/SP/EXCH 19th June, 2026 BSE Limited National Stock Exchange of India Limited Listing Department Capital Market-Listing, Exchange Plaza, P.J. Towers, 1st Floor, Bandra Kurla Complex, Dalal Street, Fort, Bandra (E), Mumbai – 400 001 Mumbai- 400051 Email: corp.relations@bseindia.com Email: cmlist@nse.co.in Scrip Code: 500407 Scrip Name: SWARAJENG SUB: Annual Report for FY 2025-26 Dear Sir, Pursuant to the provisions of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith copy of the Annual Report for FY 2025-26 of the Company including the Notice of the Company’s 40th Annual General Meeting (AGM), which is also being sent through electronic mode to the Members. The 40th AGM of the Company will be held on Monday, 20th July, 2026 at 12.30 P.M. (IST) through Video Conferencing / Other Audio Visual Means. The above is also being uploaded on the Company’s website at https://www.swarajenterprise.com. You are requested to kindly take the same on record. With regards, For SWARAJ ENGINES LTD. (Rajesh K. Kapila) Company Secretary M.No.: ACS-9936 Encl: As above Regd. Office : Industrial Area, Phase IV, S.A.S. Nagar, Mohali, Near Chandigarh-160 055 Tel. : 91-172-2271620-27, Fax : 91-172-2271307 & 2272731 Website : www.swarajenterprise.com CIN - L50210PB1985PLC006473 SWARAJ ENGINES LIMITED Glimpses - Ongo1· ng Capacity En hancement New Assembly Shop New Machine Shop SWARAJ ENGINES LIMITED Swaraj Engines Limited Chief Financial Officer MAHESH GUPTA BOARD OF DIRECTORS Company Secretary RAJYA VARDHAN KANORIA RAJESH K. KAPILA Chairman Auditors S. NAGARAJAN M/s B K KHARE & CO. Chartered Accountants NIKHILESH PANCHAL Bankers SMITA MANKAD HDFC BANK LIMITED AXIS BANK LIMITED HARISH CHAVAN Registered Office PUNEET RENJHEN Phase IV, Industrial Area, S.A.S. Nagar (Mohali) GAGANJOT SINGH Punjab-160 055 DEVJIT SARKAR CIN: L50210PB1985PLC006473 Whole Time Director & Tel: 0172-2271620-21, Fax: 0172-2272731 Chief Executive Officer Email: selinvestor@swarajenterprise.com Works Plot No. 2, Industrial Phase IX S.A.S. Nagar (Mohali) Punjab-160 062 Website www.swarajenterprise.com Registrar and Transfer Agent M/s MCS Share Transfer Agent Limited Unit: Swaraj Engines Ltd. 179-180, DSIDC Shed, 3rd Floor, Okhla Industrial Area, Phase - I, New Delhi - 110020 Tel: 011-41406149 Fax: 011-41709881 Email: helpdeskdelhi@mcsregistrars.com SWARAJ ENGINES LIMITED ANNUAL GENERAL MEETING on Monday, 20th July, 2026 at 12:30 P.M. through Video Conferencing / Other Audio Visual Means CONTENTS PAGE NO. Key Performance Indicators – Last Ten Years 4 Notice of Annual General Meeting 5 Report of the Directors 22 Management Discussion and Analysis 31 Corporate Governance Report 35 Corporate Governance Compliance Certificate 55 Annexure to Directors’ Report 57 Balance Sheet 104 Statement of Profit and Loss 105 Material Accounting Policies 108 Notes on Accounts 114 Cash Flow Statement 141 Auditors’ Report 143 ■2 ---------------- SWARAJ ENGINES LIMITED FINANCIAL HIGHLIGHTS Net Operating Revenue CAGR: 15.2% Rs. Crores 2,007.1 1,681.9 1,421.8 1,419.2 1,138.2 FY22 FY23 FY24 FY25 FY26 Profit after Tax (PAT) CAGR: 15.7% Rs. Crores 196.3 166.0 133.6 137.9 109.5 FY22 FY23 FY24 FY25 FY26 Book Value Per Share CAGR: 12.4% 402.4 345.1 281.7 303.4 251.7 FY22 FY23 FY24 FY25 FY26 Earning Per Share (EPS) CAGR: 15.7% 161.6 136.6 110.0 113.5 90.2 FY22 FY23 FY24 FY25 FY26 --------------------i■3 SWARAJ ENGINES LIMITED KEY PERFORMANCE INDICATORS - LAST TEN YEARS (Rs. in Crores) Ind AS Fiscal Year  2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Engines Sold (Nos.) 82297 92022 99638 89928 113269 116811 137005 138761 168820 202771 Net Operating Revenue 666.14 771.16 871.74 773.30 986.57 1138.15 1421.82 1419.24 1681.89 2007.13 PBIDT 104.54 121.59 131.65 100.43 135.66 155.38 186.41 188.17 227.31 272.12 Finance Cost 0.01 1.01 0.09 0.01 – 0.08 0.08 0.25 0.33 0.39 Depreciation 16.28 16.82 19.54 20.13 19.77 18.10 18.54 17.31 20.34 22.45 Profit Before Other Income 88.25 103.76 112.02 80.29 115.89 137.20 167.79 170.61 206.64 249.28 & Tax Other Income 17.21 18.96 15.38 12.78 8.59 9.66 11.95 14.36 16.41 17.70 Profit Before Exceptional 105.46 122.72 127.40 93.07 124.48 146.86 179.74 184.97 223.05 266.98 Items & Tax Exceptional Items – – – – – – – – – 3.41 Profit Before Tax 105.46 122.72 127.40 93.07 124.48 146.86 179.74 184.97 223.05 263.57 Income Tax 36.63 42.62 44.98 22.03 31.94 37.39 46.13 47.10 57.07 67.27 Profit After Tax 68.83 80.10 82.42 71.04 92.54 109.47 133.61 137.87 165.98 196.31 Other Comprehensive 0.20 (0.29) (0.14) (0.43) 0.05 (0.84) (0.09) 0.05 (0.19) 0.09 Income (Net of Tax) Total Comprehensive 69.03 79.81 82.28 70.61 92.59 108.63 133.52 137.92 165.79 196.40 Income Dividend % 430# 500# 500# 400# 690# 800 920 950 1045 1100 Dividend Payout 53.40 60.63 60.64 48.53 83.75 97.15 111.74 115.40 126.94 133.65 Equity Share Capital 12.42 12.13 12.13 12.13 12.14 12.14 12.15 12.15 12.15 12.15 Net Worth 283.37 228.50 237.98 235.89 280.57 305.68 342.21 368.57 419.20 488.92 Capital Employed 289.64 234.29 245.14 240.49 281.16 305.76 340.93 365.95 416.02 484.04 Market Capitalisation 1842.48 2431.04 1708.78 1098.08 1592.62 1587.65 1869.80 2773.34 4736.84 4020.27 Return on Net Worth 24.3% 35.1% 34.6% 30.1% 33.0% 35.8% 39.0% 37.4% 39.6% 40.2% Earning per Share (Rs.) 55.42 64.62 67.96 58.57 76.27 90.17 110.02 113.50 136.64 161.60 Book Value per Share (Rs.) 228.2 188.4 196.2 194.4 231.1 251.7 281.7 303.4 345.1 402.4 # include Special Dividend of 250% in 2017, 2018 & 2019 and 150% in 2020 and 190% in 2021 ■4 ---------------- SWARAJ ENGINES LIMITED NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the 40th Annual General Meeting of Swaraj Engines Limited will be held on Monday, 20th July, 2026 at 12:30 P.M., through video conferencing ("VC") / Other Audio Visual Means ("OAVM"), to transact the following business. The proceedings of the Annual General Meeting ("AGM") shall be deemed to be conducted at the Works of the Company i.e. Plot No. 2, Industrial Phase IX, S.A.S. Nagar (Mohali), Punjab - 160 062 which shall be the deemed venue of the AGM. ORDINARY BUSINESS 1. To receive, consider and adopt the Audited Financial Statements of the Company for the Financial Year ended 31st March, 2026 and the Reports of the Board of Directors and Auditors thereon: To consider, and if thought fit, to pass the following Resolution as an Ordinary Resolution: "RESOLVED THAT the Audited Financial Statements of the Company for the Financial Year ended 31st March, 2026, and the Reports of the Board of Directors and Auditors thereon, as circulated to the Members, be considered and adopted." 2. To declare a Dividend on Equity Shares: To consider, and if thought fit, to pass the following Resolution as an Ordinary Resolution: "RESOLVED THAT a Dividend of Rs. 110.00 (i.e. 1100%) per equity share of the face value of Rs. 10 each for the Financial Year ended 31st March, 2026 on 1,21,49,865 equity shares of the Company aggregating Rs. 133.65 crores, as recommended by the Board of Directors of the Company, be declared and that the said Dividend be distributed out of the Profits for the Financial Year ended 31st March, 2026." 3. To appoint a Director in place of Mr. Puneet Renjhen (DIN: 09498488), who retires by rotation and, being eligible, offers himself for re-appointment: To consider, and if thought fit, to pass the following Resolution as an Ordinary Resolution: "RESOLVED THAT Mr. Puneet Renjhen (DIN: 09498488), who retires by rotation and being eligible for re-appointment, be re-appointed as a Director of the Company." 4. To appoint a Director in place of Mr. Devjit Sarkar (DIN: 10745850), who retires by rotation and being eligible, offers himself for re-appointment: To consider, and if thought fit, to pass the following [Showing first 8,000 characters — download PDF for full document]