Swaraj engines Limited has announced a key leadership appointment, with the Board of Directors approving the selection of Mr. Sanjay Kshirsagar as Chief Executive Officer (Designate). The appointment was formalized during a board meeting held on March 30, 2026, following recommendations from the Nomination and Remuneration Committee, as disclosed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Official Appointment Details

The company has formally notified both BSE Limited and National Stock Exchange of India Limited regarding this strategic leadership appointment. Mr. Kshirsagar will assume his role as Chief Executive Officer (Designate) and Senior Management Personnel effective April 10, 2026.

Professional Background and Expertise

Mr. Sanjay Kshirsagar brings extensive industry experience to his new role. As a Mechanical Engineer with a Post Graduate degree in Financial Management, he possesses over 34 years of rich experience in projects and manufacturing operations. Currently, he oversees the Engine Plants of Mahindra & Mahindra Ltd. at Chakan and Igatpuri locations.

His leadership has been instrumental in driving significant volume ramp-ups, achieving approximately 3X growth over the past five years. This expansion has supported engine requirements for various vehicle segments including:

• Passenger Vehicles: Scorpio, Thar, XUV700, XUV300, XUV3XO, XUV7XO
• Commercial Vehicles: Bolero Pickup and Veero
• Specialized Applications: MTBD, Powerrol, and Defence requirements

Technical and Operational Achievements

Mr. Kshirsagar has demonstrated leadership in manufacturing digitization and the transition towards Manufacturing AI. His expertise encompasses comprehensive processes across Machine Shops and Assembly Lines for Engines, Tractors, and Two-Wheelers. He played a pivotal role in the merger of Mahindra Heavy Engines Ltd. (MHEL) with M&M in 2025.

Key Contributions:

Career Progression and Leadership Roles

Throughout his 25-year tenure at Mahindra, Mr. Kshirsagar has held positions of increasing responsibility. His career progression includes roles as Product unit head for Farm Division Kandivali, Manufacturing Head FD Zaheerabad, and Plant Head Mahindra Two Wheeler (MTWD) Indore. In these positions, he has successfully managed new product launches, volume ramp-ups, and sustainable delivery systems.

He currently leads sector-level cross-functional teams (CFTs) for Gender Diversity, TPM-JH implementation, and Machining. Prior to his Mahindra career, he gained valuable experience at Greaves, Kirloskar, and Borosil, building a comprehensive foundation in manufacturing and operations management.

Corporate Governance and Independence

The company has confirmed that Mr. Sanjay Kshirsagar is not inter-se related to any Director of the Company, ensuring independence in his executive role. The appointment follows all regulatory requirements under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, with formal notifications sent to both BSE Limited (Scrip Code: 500407) and National Stock Exchange of India Limited (Scrip Name: SWARAJENG).

Swaraj Engines delivered strong financial performance in the third quarter of FY26, reporting robust growth across all key financial metrics. The company announced its results on January 15, showcasing significant improvements in profitability, revenue growth, and operational efficiency.

Comprehensive Financial Performance

The company's Q3 FY26 results demonstrate substantial year-on-year improvements across all major financial parameters:

Strong Profitability Growth

Swaraj Engines reported impressive profit growth with net earnings reaching ₹42.10 crores in Q3 FY26, marking a substantial increase of 32% compared to ₹31.90 crores in the corresponding quarter of the previous year. This strong profitability performance reflects the company's effective operational management and improved business fundamentals in the capital goods sector.

EBITDA Performance Excellence

The company achieved exceptional EBITDA performance with earnings reaching ₹61.95 crores in the third quarter, representing a remarkable surge of 40.2% compared to ₹44.20 crores in the year-ago period. EBITDA margin also showed healthy expansion, improving to 13.10% from 12.80% year-on-year, indicating enhanced operational efficiency and better cost optimization strategies.

Revenue Growth Momentum

Swaraj Engines demonstrated strong top-line performance with revenue jumping 37% year-on-year to ₹473.20 crores in Q3 FY26, compared to ₹345.50 crores recorded in the same quarter last year. This significant revenue growth underscores the company's market position and demand strength in its operational segments.

Market Performance

Shares of Swaraj Engines settled 0.37% higher at ₹3,615 on Wednesday, reflecting investor confidence in the company's financial performance and growth trajectory in the capital goods sector.