Thejo Engineering Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Service Units: 62.2% • Manufacturing Units: 33.4% • Others: 4.3%
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 27.5%
- Company has a good return on equity (ROE) track record: 3 Years ROE 20.3%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 56.1% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.02x)
CONS
- Total debt has risen sharply - up 58.5% year on year
- Though reporting repeated profits, the company pays out little dividend (11.0%)
- Expensive relative to growth - PEG of 3.5
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 422.45 | 60.47 | 147099.77 | 0.33 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 968.30 | 89.74 | 47880.59 | 0.61 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3629.80 | 72.89 | 43251.35 | 0.55 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 35072.10 | 56.27 | 31009.08 | 0.31 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 1036.70 | 73.28 | 23576.95 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 23.88 | 21.40 |
| INOXINDIA | 2214.10 | 78.99 | 20131.14 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| TRITURBINE | 581.20 | 54.94 | 18476.26 | 0.73 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| AZAD | 2824.05 | 131.23 | 18238.21 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.04 | 37.29 |
| LLOYDSENGG | 81.82 | 56.74 | 12690.60 | 0.31 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| TEGA | 1634.20 | 581.07 | 12277.37 | 0.12 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| KRN | 1659.55 | 112.06 | 10863.16 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
| THEJO | 2134.10 | 41.34 | 2315.09 | 0.23 | 15.23 | 56.09 | 177.61 | 31.02 | 21.79 | 14.23 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 135 | 134 | 150 | 141 | 131 | 133 | 136 | 153 | 136 | 153 | 162 | 181 | 178 | |
| 112 | 111 | 121 | 115 | 112 | 117 | 111 | 125 | 119 | 132 | 144 | 157 | 159 | |
| Operating Profit | 23 | 23 | 29 | 26 | 18 | 17 | 24 | 28 | 16 | 21 | 18 | 24 | 18 |
| OPM % | 16.83% | 17.21% | 19.38% | 18.11% | 14.11% | 12.65% | 17.83% | 18.42% | 12.06% | 13.75% | 11.38% | 13.36% | 10.35% |
| 1 | 0 | 2 | -0 | 1 | 4 | -0 | 0 | 2 | 2 | -1 | 3 | 2 | |
| Interest | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 5 | 5 | 5 | 6 | 4 | 5 | 5 | 5 | 4 | 2 | 4 | 4 | 5 |
| Profit before Tax | 17 | 17 | 24 | 18 | 13 | 15 | 18 | 22 | 13 | 20 | 12 | 22 | 21 |
| Tax % | 22.81% | 20.28% | 21.99% | 25.03% | 27.05% | 16.18% | 23.91% | 25.21% | 26.67% | 29.41% | 28.60% | 23.48% | 27.03% |
| Net Profit | 0 | 0 | 0 | 0 | 10 | 12 | 14 | 17 | 10 | 14 | 8 | 17 | 15 |
| 11.85 | 12.25 | 16.16 | 11.60 | 8.90 | 10.99 | 12.14 | 14.04 | 8.69 | 13.92 | 8.20 | 14.60 | 14.90 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 181 | 221 | 229 | 304 | 327 | 424 | 474 | 559 | 553 | 632 | 674 | |
| 161 | 194 | 198 | 255 | 277 | 356 | 415 | 459 | 465 | 552 | 592 | |
| Operating Profit | 20 | 27 | 31 | 49 | 50 | 68 | 59 | 100 | 88 | 80 | 82 |
| OPM % | 11.07% | 12.36% | 13.71% | 16.04% | 15.24% | 16.13% | 12.47% | 17.93% | 15.83% | 12.67% | 12.18% |
| 0 | 1 | 1 | 1 | 3 | 1 | 3 | 3 | 5 | 7 | 7 | |
| Interest | 6 | 6 | 5 | 5 | 4 | 3 | 5 | 6 | 5 | 5 | 5 |
| Depreciation | 5 | 5 | 6 | 6 | 9 | 11 | 12 | 20 | 19 | 15 | 17 |
| Profit before Tax | 9 | 17 | 22 | 38 | 41 | 56 | 46 | 77 | 68 | 67 | 74 |
| Tax % | 33.47% | 23.24% | 31.34% | 20.97% | 27.34% | 24.46% | 23.97% | 22.51% | 23.27% | 26.79% | 26.88% |
| Net Profit | 6 | 13 | 15 | 30 | 29 | 43 | 35 | 59 | 52 | 49 | 54 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 24.92 | 34.92 | 30.00 | 51.69 | 46.00 | 45.41 | — |
| Dividend Payout % | 20.87% | 12.42% | 12.87% | 6.88% | 7.98% | 5.66% | 6.60% | 5.80% | 10.87% | 11.01% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 14%
- 3 Years:
- 10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 72%
- 5 Years:
- 13%
- 3 Years:
- 15%
STOCK PRICE CAGR
- 10 Years:
- 42%
- 5 Years:
- 19%
- 3 Years:
- 8%
- 1 Year:
- 16%
RETURN ON EQUITY
- 10 Years:
- 23%
- 5 Years:
- 22%
- 3 Years:
- 20%
- Last Year:
- 15%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 | 4 | 11 | 11 | 11 | 11 | 11 |
| Minority Interest | 2 | 5 | 6 | 12 | 15 | 21 | 23 | 22 | 23 | 25 |
| 52 | 62 | 73 | 97 | 123 | 153 | 184 | 238 | 286 | 342 | |
| 42 | 34 | 32 | 37 | 18 | 39 | 45 | 36 | 28 | 37 | |
| Trade Payables | 20 | 21 | 25 | 28 | 40 | 35 | 47 | 41 | 41 | 62 |
| 18 | 27 | 26 | 38 | 40 | 43 | 52 | 63 | 54 | 67 | |
| Total Liabilities | 138 | 151 | 166 | 214 | 239 | 301 | 362 | 411 | 442 | 543 |
| 29 | 32 | 34 | 32 | 46 | 66 | 112 | 108 | 103 | 152 | |
| Capital Work in Progress | 1 | 1 | 0 | 0 | 1 | 1 | 2 | 2 | 16 | 13 |
| 24 | 26 | 36 | 34 | 38 | 52 | 59 | 62 | 66 | 80 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 136 | 134 | 173 | |
| Cash & Bank | 9 | 10 | 15 | 28 | 37 | 50 | 52 | 68 | 78 | 67 |
| 74 | 82 | 81 | 120 | 117 | 131 | 138 | 34 | 45 | 59 | |
| Total Assets | 138 | 151 | 166 | 214 | 239 | 301 | 362 | 411 | 442 | 543 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 14 | 26 | 26 | 26 | 63 | 41 | 72 | 52 | 73 | 39 | |
| Cash from Investing | -5 | -8 | -6 | -4 | -14 | -15 | -50 | -19 | -44 | -59 |
| Cash from Financing | -4 | -13 | -9 | -2 | -31 | -0 | -8 | -15 | -22 | -10 |
| 3 | 1 | 5 | 13 | 7 | 13 | 0 | 18 | 6 | -31 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - Thejo Engineering Limited has submitted the Exchange a copy Srutinizers report of 40th Annual General Meeting held on August 25, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-25 - Thejo Engineering Limited has informed the Exchange regarding Proceedings of the 40th Annual General Meeting held on August 25, 2026
2026-08-19 - Thejo Engineering Limited has informed the Exchange regarding allotment of 595 Equity Shares under ESOP
2026-08-11 - Thejo Engineering Limited has informed the Exchange about Copy of Newspaper Publication pertaining to the Financial Results of the Company for the quarter ended 30th June 2026
2026-08-10 - Thejo Engineering Limited has submitted to the Exchange, the financial results for the quarter ended Jun 30, 2026.
2026-07-30 - Thejo Engineering Limited has informed the Exchange about Copy of Newspaper Publication pertaining to Notice regarding 40th Annual General Meeting, e-voting information, Book Closure and Record Date.
2026-07-29 - Thejo Engineering Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report for FY 2025-26'.
2026-07-29 - Thejo Engineering Limited has informed the Exchange regarding Notice of the 40th Annual General Meeting to be held on Tuesday, 25th August, 2026 at 10:30 a.m. at The Music Academy, Kasturi Srinivasan Hall (Mini Hall), New No. 168, T.T.K. Road, Royapettah, Chennai 600 014
2026-07-22 - Thejo Engineering Limited has informed the Exchange regarding 'Intimation of demise of Mr. K.J. Joseph, Chairman Emeritus of the Company'.
News
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