Thejo Engineering Ltd.

•

thejo-engg.comBSE: -NSE: THEJO

Market Cap₹ 2,306 Cr.

Current Price

High / Low₹ 2,287 / 1,444

Stock P/E37.8

Book Value₹ 305

Price to Book5.02

Dividend Yield0.24 %

ROCE26.8 %

ROE19.0 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Service Units: 57.4% • Manufacturing Units: 42.6%

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 20.8% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 27.6%
Latest quarter profit grew 61.2% YoY, showing strong momentum
Company has delivered good sales growth of 19.2% CAGR over last 5 years

CONS

Receivables are growing faster than sales - a possible quality concern
Stock is trading at 5.0x its book value
Though reporting repeated profits, the company pays out little dividend (9.8%)

* 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	433.35	62.03	150895.22	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	970.60	89.95	47994.32	0.61	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3634.35	72.98	43305.57	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35625.15	57.15	31498.06	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1002.85	70.89	22807.13	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2248.45	80.08	20407.72	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	TRITURBINE	577.50	54.59	18358.64	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2775.95	128.99	17927.57	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.28	58.44	13072.16	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1547.15	550.12	11623.38	0.13	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1579.75	106.67	10340.80	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	THEJO	2125.30	41.17	2305.54	0.24	15.23	56.09	177.61	31.02	21.79	14.23

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
	95	99	97	100	100	102	112	123	111	126	133	145	144
	79	81	78	85	81	82	90	100	95	103	114	120	125
Operating Profit	16	19	19	16	19	20	22	23	15	23	19	24	19
OPM %	16.61%	18.97%	19.54%	15.54%	19.21%	19.62%	19.64%	18.96%	13.97%	18.26%	14.32%	16.77%	13.44%
	0	0	1	-0	0	1	0	0	1	2	-2	3	1
Interest	1	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation	3	3	4	5	3	4	4	4	3	1	2	2	2
Profit before Tax	12	15	16	10	15	16	18	19	13	23	14	24	20
Tax %	26.30%	25.57%	25.63%	25.57%	25.63%	25.83%	25.86%	25.68%	26.23%	25.64%	25.29%	25.47%	25.57%
Net Profit	8	11	12	7	11	12	13	14	9	17	11	18	15
	7.93	10.13	10.76	6.65	10.47	10.91	11.98	12.81	8.69	15.89	9.94	16.32	14.02

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	150	174	190	202	214	278	333	392	436	514	548
	133	154	164	176	179	231	286	322	352	432	462
Operating Profit	17	20	26	26	34	47	47	69	84	82	86
OPM %	11.11%	11.69%	13.81%	12.78%	16.08%	16.78%	13.98%	17.70%	19.29%	15.90%	15.64%
	1	1	1	1	3	2	2	2	2	4	4
Interest	6	5	4	3	3	2	4	4	4	4	4
Depreciation	4	4	4	5	6	7	8	15	15	8	7
Profit before Tax	8	13	19	19	29	39	37	51	67	74	82
Tax %	31.83%	31.07%	29.15%	26.74%	25.27%	25.15%	25.66%	25.77%	25.74%	25.60%	25.51%
Net Profit	6	9	14	14	21	29	28	38	50	55	61
EPS	0.00	0.00	0.00	0.00	20.22	27.14	25.52	35.35	46.11	50.83	—
Dividend Payout %	21.43%	15.77%	12.66%	12.59%	9.83%	7.29%	7.76%	8.49%	10.84%	9.84%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 19%
3 Years:: 16%

COMPOUNDED PROFIT GROWTH

10 Years:: 26%
5 Years:: 21%
3 Years:: 26%

STOCK PRICE CAGR

10 Years:: 41%
5 Years:: 18%
3 Years:: 7%
1 Year:: 13%

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 19%
3 Years:: 20%
Last Year:: 19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	70	78	90	102	121	142	167	204	254	304
	41	26	23	16	11	22	28	26	19	28
Trade Payables	12	17	19	20	23	27	39	33	35	50
	16	23	22	30	32	34	41	47	42	54
Total Liabilities	142	147	157	171	190	235	286	320	361	447
	20	23	24	23	32	48	85	84	79	94
Capital Work in Progress	1	1	0	0	1	1	2	2	0	12
	20	20	21	21	23	23	23	30	33	35
	17	17	22	25	28	37	40	44	45	50
	0	0	0	0	0	0	0	102	123	163
Cash & Bank	6	6	11	13	18	21	25	36	53	51
	79	81	79	89	89	105	110	21	27	40
Total Assets	142	147	157	171	190	235	286	320	361	447

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	10	23	24	22	34	30	58	40	46	37
Cash from Investing	-3	-0	-5	-2	-8	-8	-45	-23	-18	-48
Cash from Financing	-4	-19	-9	-12	-16	-9	0	-5	-15	-11
	1	0	5	2	3	3	3	12	13	-21

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	16.34	25.36	39.49	39.71	61.02	27.44	25.77	35.35	46.11	50.83
Book Value (₹)	214.89	236.04	270.67	303.94	354.03	142.83	166.47	199.97	243.94	290.58
Dividend per Share (₹)	3.50	4.00	5.00	5.00	6.00	2.00	2.00	3.00	5.00	5.00
Cash EPS (₹)	9.25	12.10	17.47	17.64	26.10	33.83	33.28	49.63	59.79	58.22
PROFITABILITY
Operating Margin %	11.53%	12.42%	14.48%	13.25%	17.46%	17.39%	14.68%	17.70%	19.29%	15.90%
Net Margin %	3.64%	4.97%	7.13%	6.81%	10.04%	10.54%	8.29%	9.72%	11.46%	10.72%
ROE %	7.90%	11.25%	15.59%	13.87%	18.69%	21.14%	16.70%	19.34%	20.84%	19.02%
ROCE %	12.50%	16.19%	20.57%	18.50%	24.69%	29.01%	23.82%	26.97%	28.91%	26.78%
	3.84%	6.01%	8.91%	8.36%	11.86%	13.73%	10.59%	12.57%	14.70%	13.66%
EFFICIENCY
Debtor Days	128	124	118	120	124	103	95	89	94	101
Inventory Days	40	35	37	43	46	43	42	39	37	34
Payable Days	83	90	122	144	148	130	145	150	128	144
	85	69	33	19	22	16	-8	-22	3	-8
FINANCIAL HEALTH
Debt to Equity (x)	0.55x	0.33x	0.25x	0.16x	0.03x	0.01x	0.04x	0.04x	0.00x	0.00x
Interest Coverage (x)	2.46x	3.35x	5.83x	6.53x	12.34x	17.43x	11.02x	12.59x	19.35x	20.34x
	1.43x	1.56x	1.72x	1.87x	2.23x	2.53x	2.10x	2.49x	3.04x	2.81x
GROWTH
Revenue Growth %	-4.73%	16.25%	9.23%	5.97%	5.97%	29.86%	19.87%	17.70%	11.46%	17.82%
Operating Profit Growth %	-1.71%	22.49%	26.64%	-3.09%	39.72%	29.28%	1.21%	45.49%	20.82%	3.32%
Net Profit Growth %	0.33%	55.25%	55.86%	1.26%	56.14%	36.30%	-5.69%	37.96%	31.42%	10.27%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	37.14%	30.43%	10.26%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	69.18x	38.21x	28.67x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	12.23x	7.22x	5.02x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%	0.28%	0.34%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	36.66x	21.64x	17.24x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.64	53.63	53.62	53.62	53.62	53.62	53.61	53.61	53.61
	0.12	0.23	0.66	0.67	0.65	0.65	0.78	0.84	0.84
	0.89	2.42	2.46	3.02	3.20	3.34	3.14	3.18	3.38
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	45.36	43.72	43.27	42.69	42.53	42.38	42.46	42.37	42.17

Documents

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

2026-08-26

Shareholders meeting

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

Shareholders meeting

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

Allotment of Securities

2026-08-19 - Thejo Engineering Limited has informed the Exchange regarding allotment of 595 Equity Shares under ESOP

2026-08-11

Copy of Newspaper Publication

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

Outcome of Board Meeting

2026-08-10 - Thejo Engineering Limited has submitted to the Exchange, the financial results for the quarter ended Jun 30, 2026.

2026-07-30

Copy of Newspaper Publication

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

Updates

2026-07-29 - Thejo Engineering Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report for FY 2025-26'.

2026-07-29

Shareholders meeting

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

Updates

2026-07-22 - Thejo Engineering Limited has informed the Exchange regarding 'Intimation of demise of Mr. K.J. Joseph, Chairman Emeritus of the Company'.

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