Rajoo Engineers Ltd.

•

rajoo.comBSE: 522257NSE: RAJOOENG

Market Cap₹ 875 Cr.

Current Price

High / Low₹ 104 / 46

Stock P/E21.0

Book Value₹ 19

Price to Book10.52

Dividend Yield0.31 %

ROCE34.9 %

ROE25.9 %

Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 88.9% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 24.2%
Company has delivered good sales growth of 22.1% CAGR over last 5 years
Operating margins have improved to 18.4% from 13.7%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.38x)

CONS

Recent results are weak - TTM profit is down 28.0% versus prior year
Promoter holding has decreased over last 2 years: -5.9pp
Stock is trading at 10.5x its book value
Growth is decelerating - 3Y profit CAGR (33.6%) trails the 5Y trend (88.9%)
Rich enterprise valuation - EV/EBITDA of 29.3x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	432.80	61.95	150703.70	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	922.60	85.51	45620.81	0.64	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3729.70	74.90	44441.73	0.54	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	KIRLOSENG	2267.40	60.41	32995.17	0.31	111.06	-20.05	1999.53	13.36	14.46	15.02
5.	JYOTICNC	1026.55	72.57	23346.12	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2180.15	77.65	19787.80	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	TRITURBINE	572.05	54.07	18185.38	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2765.75	128.52	17861.70	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.88	58.86	13165.22	0.29	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1552.65	552.07	11664.70	0.13	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KENNAMET	4534.30	85.10	9965.59	0.00	31.50	11.31	267.30	12.55	18.99	17.51
12.	RAJOOENG	48.97	18.16	874.97	0.31	17.35	15.51	123.07	44.67	32.86	17.73

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	31	54	60	53	51	57	56	90	85	92	74	47	77
	28	46	52	44	44	48	45	71	66	73	58	46	64
Operating Profit	3	7	8	9	7	9	11	18	19	19	16	0	13
OPM %	9.32%	13.39%	12.80%	17.03%	13.98%	16.11%	19.33%	20.57%	21.84%	20.28%	22.00%	0.60%	16.72%
	1	1	1	1	1	1	2	2	2	4	2	2	3
Interest	0	0	0	0	0	0	0	0	0	1	0	0	0
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
Profit before Tax	3	7	8	8	7	9	12	19	19	20	17	1	16
Tax %	22.88%	25.28%	25.65%	26.21%	24.26%	22.67%	22.96%	27.10%	24.46%	31.89%	18.18%	16.49%	21.46%
Net Profit	2	5	6	6	5	7	9	14	14	14	14	1	13
	0.40	0.86	0.93	0.38	0.33	0.44	0.53	0.84	0.88	0.79	0.80	0.05	0.71

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	107	111	145	122	94	152	172	160	197	254	290
	97	99	124	108	86	134	151	146	171	207	242
Operating Profit	10	12	21	14	7	19	21	14	27	47	48
OPM %	9.07%	11.06%	14.43%	11.57%	7.81%	12.30%	12.16%	8.77%	13.52%	18.37%	16.60%
	0	1	1	1	0	1	3	3	4	5	11
Interest	0	1	1	2	2	1	0	0	1	1	1
Depreciation	3	2	3	4	4	3	3	3	4	4	5
Profit before Tax	7	10	18	9	2	15	20	13	26	47	55
Tax %	34.70%	36.12%	33.62%	14.79%	8.23%	30.08%	25.63%	22.88%	25.41%	24.76%	24.21%
Net Profit	5	6	12	8	1	10	15	10	20	35	42
EPS	0.00	0.00	0.00	0.00	0.24	1.69	2.40	1.63	3.20	2.15	—
Dividend Payout %	31.70%	23.15%	12.76%	7.80%	0.00%	0.00%	10.40%	21.50%	7.80%	6.97%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 22%
3 Years:: 14%

COMPOUNDED PROFIT GROWTH

10 Years:: 21%
5 Years:: 89%
3 Years:: 34%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -48%

RETURN ON EQUITY

10 Years:: 15%
5 Years:: 17%
3 Years:: 18%
Last Year:: 26%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	6	6	6	6	6	6	6	6	6	16
	31	38	54	60	61	72	88	96	113	137
	7	7	15	19	8	3	0	2	2	1
Trade Payables	16	24	27	20	30	23	20	20	30	30
	18	31	47	23	35	42	34	49	69	131
Total Liabilities	78	105	149	127	141	146	148	174	220	314
	18	29	47	47	43	41	38	37	42	55
Capital Work in Progress	6	1	2	1	2	2	3	3	5	1
	3	2	2	2	2	2	13	11	4	6
	12	24	55	41	61	55	53	57	103	130
	0	0	0	0	0	0	0	0	16	15
Cash & Bank	8	9	14	2	10	19	25	44	33	87
	30	39	29	34	23	28	16	23	17	20
Total Assets	78	105	149	127	141	146	148	174	220	314

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	20	11	18	-5	24	19	25	24	1	71
Cash from Investing	-6	-7	-30	7	-6	-10	-12	-13	-11	-63
Cash from Financing	-4	-1	11	-1	-13	-6	-3	-2	-3	-2
	8	1	-4	-3	3	-0	7	3	-14	5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	0.79	1.08	1.96	1.28	0.24	1.69	2.40	1.63	3.20	2.15
Book Value (₹)	6.34	7.46	9.78	10.73	10.98	12.78	15.25	16.65	19.41	9.33
Dividend per Share (₹)	0.25	0.25	0.25	0.10	0.00	0.00	0.25	0.35	0.25	0.15
Cash EPS (₹)	0.46	0.56	0.90	0.71	0.32	0.84	1.11	0.82	1.42	2.40
PROFITABILITY
Operating Margin %	8.67%	10.98%	15.09%	12.48%	7.97%	12.68%	13.75%	10.50%	13.52%	18.37%
Net Margin %	3.97%	5.21%	8.29%	6.44%	1.57%	6.83%	8.60%	6.27%	9.99%	13.92%
ROE %	12.93%	15.65%	23.32%	12.50%	2.20%	14.23%	17.16%	10.21%	17.77%	25.91%
ROCE %	18.21%	22.93%	30.66%	14.42%	4.59%	20.15%	22.99%	13.45%	24.11%	34.95%
	6.04%	6.85%	9.50%	5.71%	1.09%	7.25%	10.07%	6.23%	10.01%	13.21%
EFFICIENCY
Debtor Days	50	56	34	29	54	28	17	24	30	22
Inventory Days	44	55	100	143	198	138	114	125	148	168
Payable Days	80	111	109	117	176	104	74	73	77	77
	13	0	25	55	75	62	57	76	101	113
FINANCIAL HEALTH
Debt to Equity (x)	0.19x	0.15x	0.25x	0.29x	0.12x	0.04x	0.00x	0.01x	0.01x	0.00x
Interest Coverage (x)	16.78x	11.66x	19.38x	5.08x	1.77x	16.20x	63.39x	40.79x	40.75x	51.44x
	1.31x	1.23x	1.20x	1.52x	1.43x	1.62x	2.09x	1.97x	1.74x	1.61x
GROWTH
Revenue Growth %	-8.61%	4.23%	30.54%	-15.77%	-23.65%	62.82%	13.01%	-7.12%	23.51%	28.53%
Operating Profit Growth %	-7.35%	31.93%	66.12%	-30.35%	-51.17%	158.88%	22.48%	-29.05%	82.46%	69.73%
Net Profit Growth %	-12.66%	36.94%	92.45%	-34.59%	-81.40%	609.24%	42.21%	-32.31%	96.75%	79.12%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	96.84%	-32.82%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	22.81x	45.62x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.04x	10.52x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.15%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	38.13x	29.32x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.56	66.56	66.40	66.40	66.13	60.70	60.70	60.70	60.70
	0.27	0.18	0.04	0.08	0.03	2.25	1.75	1.66	1.22
	0.00	0.00	0.00	0.00	0.00	1.26	0.99	0.77	0.53
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	33.16	33.25	33.56	33.52	33.84	35.80	36.58	36.88	37.55

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02

Shareholders meeting

2026-09-02 - Rajoo Engineers Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026. Intimation of Notice of 39th Annual General Meeting of the Company scheduled to be held on Tuesday, September 29, 2026 at 12.00 p.m. at the Registered Office of the Company (Revised Notice).

2026-09-02

Record Date

2026-09-02 - Rajoo Engineers Limited has informed the Exchange that Record date for the purpose of Dividend is 22-Sep-2026.

2026-09-02

Shareholders meeting

2026-08-31

Appointment

2026-08-31 - Rajoo Engineers Limited has informed the Exchange regarding Appointment of Mrs Hetal Bhavesh Dobariya as Non- Executive Independent Director of the company w.e.f. September 01, 2026.

2026-08-21

Resignation of Director/KMP/SMP

2026-08-21 - Rajoo Engineers Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-21

Resignation

2026-08-21 - Rajoo Engineers Limited has informed the Exchange regarding Resignation of Mr Shital Bharatkumar Badshah (DIN: 10039677), as Non- Executive Independent Director of the company effective from close of the business hours on August 21, 2026.

2026-07-24

Press Release

2026-07-24 - Rajoo Engineers Limited has informed the Exchange regarding a press release dated July 24, 2026, titled "Rajoo Engineers Delivers Robust Q1 FY27 Performance Backed by Strong Execution and Healthy Global Demand".

2026-07-24

Investor Presentation

2026-07-24 - Rajoo Engineers Limited has informed the Exchange about Investor Presentation

2026-07-22

Copy of Newspaper Publication

2026-07-22 - Rajoo Engineers Limited has informed the Exchange about Copy of Newspaper Publication of Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026.

News

Recent coverage and analyst commentary for RAJOOENG

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Rajoo Engineers Ltd.

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Name

BHEL

432.80

61.95

150703.70

0.32

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

922.60

85.51

45620.81

0.64

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3729.70

74.90

44441.73

0.54

21.79

-85.61

2302.73

7.09

15.85

2.98

KIRLOSENG

2267.40

60.41

32995.17

0.31

111.06

-20.05

1999.53

13.36

14.46

15.02

JYOTICNC

1026.55

72.57

23346.12

0.00

57.14

-19.99

508.47

23.97

23.88

21.40

INOXINDIA

2180.15

77.65

19787.80

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

TRITURBINE

572.05

54.07

18185.38

0.74

51.10

-20.65

442.70

19.23

35.95

11.59

AZAD

2765.75

128.52

17861.70

0.00

35.16

19.46

172.60

25.90

12.28

37.29

LLOYDSENGG

84.88

58.86

13165.22

0.29

68.23

-77.28

527.15

142.92

17.99

15.04

TEGA

1552.65

552.07

11664.70

0.13

-108.25

-406.36

1723.44

383.99

8.37

3.27

KENNAMET

4534.30

85.10

9965.59

0.00

31.50

11.31

267.30

12.55

18.99

17.51

RAJOOENG

48.97

18.16

874.97

0.31

17.35

15.51

123.07

44.67

32.86

17.73

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

OPM %

9.32%

13.39%

12.80%

17.03%

13.98%

16.11%

19.33%

20.57%

21.84%

20.28%

22.00%

0.60%

16.72%

Interest

Depreciation

Profit before Tax

Tax %

22.88%

25.28%

25.65%

26.21%

24.26%

22.67%

22.96%

27.10%

24.46%

31.89%

18.18%

16.49%

21.46%

Net Profit

0.40

0.86

0.93

0.38

0.33

0.44

0.53

0.84

0.88

0.79

0.80

0.05

0.71

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

107

111

145

122

152

172

160

197

254

290

124

108

134

151

146

171

207

242

Operating Profit

OPM %

9.07%

11.06%

14.43%

11.57%

7.81%

12.30%

12.16%

8.77%

13.52%

18.37%

16.60%

Interest

Depreciation

Profit before Tax

Tax %

34.70%

36.12%

33.62%

14.79%

8.23%

30.08%

25.63%

22.88%

25.41%

24.76%

24.21%

Net Profit

EPS

0.00

0.24

1.69

2.40

1.63

3.20

2.15

—

Dividend Payout %

31.70%

23.15%

12.76%

7.80%

0.00%

10.40%

21.50%

7.80%

6.97%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

113

137

Trade Payables

131

Total Liabilities

105

149

127

141

146

148

174

220

314

Capital Work in Progress

103

130

Cash & Bank

Total Assets

105

149

127

141

146

148

174

220

314

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-5

Cash from Investing

-6

-7

-30

-6

-10

-12

-13

-11

-63

Cash from Financing

-4

-1

-13

-6

-3

-2

-3

-2

-4

-3

-0

-14

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

0.79

1.08

1.96

1.28

0.24

1.69

2.40

1.63

3.20

2.15

Book Value (₹)

6.34

7.46

9.78

10.73

10.98

12.78

15.25

16.65

19.41

9.33

Dividend per Share (₹)

0.25

0.10

0.00

0.25

0.35

0.25

0.15

Cash EPS (₹)

0.46

0.56

0.90

0.71

0.32

0.84

1.11

0.82

1.42

2.40

PROFITABILITY

Operating Margin %

8.67%

10.98%

15.09%

12.48%

7.97%

12.68%

13.75%

10.50%

13.52%

18.37%

Net Margin %

3.97%

5.21%

8.29%

6.44%

1.57%

6.83%

8.60%

6.27%

9.99%

13.92%

ROE %

12.93%

15.65%

23.32%

12.50%

2.20%

14.23%

17.16%

10.21%

17.77%

25.91%

ROCE %

18.21%

22.93%

30.66%

14.42%

4.59%

20.15%

22.99%

13.45%

24.11%

34.95%

6.04%

6.85%

9.50%

5.71%

1.09%

7.25%

10.07%

6.23%

10.01%

13.21%

EFFICIENCY

Debtor Days

Inventory Days

100

143

198

138

114

125

148

168

Payable Days

111

109

117

176

104

101

113

FINANCIAL HEALTH

Debt to Equity (x)

0.19x

0.15x

0.25x

0.29x

0.12x

0.04x

0.00x

0.01x

0.00x

Interest Coverage (x)

16.78x

11.66x

19.38x

5.08x

1.77x

16.20x

63.39x

40.79x

40.75x

51.44x

1.31x

1.23x

1.20x

1.52x

1.43x

1.62x

2.09x

1.97x

1.74x

1.61x

GROWTH

Revenue Growth %

-8.61%

4.23%

30.54%

-15.77%

-23.65%

62.82%

13.01%

-7.12%

23.51%

28.53%

Operating Profit Growth %

-7.35%

31.93%

66.12%

-30.35%

-51.17%

158.88%

22.48%

-29.05%

82.46%

69.73%

Net Profit Growth %

-12.66%

36.94%

92.45%

-34.59%

-81.40%

609.24%

42.21%

-32.31%

96.75%

79.12%

0.00%

96.84%

-32.82%

VALUATION

P/E (x)

0.00x

22.81x

45.62x

P/B (x)

0.00x

10.04x

10.52x

Dividend Yield %

0.00%

0.13%

0.15%

0.00x

38.13x

29.32x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

66.56

66.40

66.13

60.70

0.27

0.18

0.04

0.08

0.03

2.25

1.75

1.66

1.22

0.00

1.26

0.99

0.77

0.53

Government

0.00

33.16

33.25

33.56

33.52

33.84

35.80

36.58

36.88

37.55

Rajoo Engineers Ltd.

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Quarterly Results

Profit & Loss

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Corporate actions

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Rajoo Engineers Ltd.

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Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

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