MarketFriction

Thejo Engineering Ltd

NSE THEJO · Industrial Products
₹2,071.40 -4.78%
NSE close2026-10-01
52 week range1,443.60 - 2,286.60
Market cap₹2,289 Cr.
P/E39.6
Price band 20% Delivery 77.4%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales134150141131133136153136153162181178
Expenses111121115112117111125119132144157152
Operating Profit232926181724281621182425
OPM %17%19%18%14%13%18%18%12%14%11%13%14%
Other Income02-014-0022-132
Interest221111111111
Depreciation556455542445
Profit before tax172418131518221320122221
Tax %20%22%25%27%16%24%25%27%29%29%23%27%
Net Profit14191310121417101481715
EPS in Rs12.2516.1511.598.8510.9812.1314.038.6813.928.2014.6014.91
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales175178220229303327424474559552631674
Expenses162158192197254276355414458464551585
Operating Profit1320273149506960100888089
OPM %7%11%12%14%16%15%16%13%18%16%13%13%
Other Income001103133577
Interest666554356555
Depreciation655669111220191517
Profit before tax1917223841564677686774
Tax %149%34%23%31%21%27%24%24%23%23%27%
Net Profit-1613153029433559524954
EPS in Rs0.205.5910.7312.9724.1725.1935.3130.3051.6946.0045.4151.63
Dividend Payout %572%21%12%13%7%8%6%7%6%11%11%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth14%14%10%21%
Compounded Profit Growth80%14%16%16%
Stock Price CAGR%14%8%17%
Return on Equity20%20%19%16%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital33333341111111111
Reserves484652627498125154186240287344
Borrowings373941343136183845433041
Other Liabilities6054415460799498121119119153
Total Liabilities148143138153169216240301362412446549
Fixed Assets3130293234324666112108103152
CWIP00110011221613
Investments-0-000-0-0-0-0-0-0-0-0
Other Assets116112108119135184193234249301328384
Total Assets148143138153169216240301362412446549
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1412242019522759527339
Cash from Investing Activity-4-4-5-8-6-5-13-15-51-19-44-59
Cash from Financing Activity4-4-4-15-9-2-31-0-8-15-22-10
Net Cash Flow1-431513813-0176-31
Free Cash Flow-5-061513153913931325
CFO/OP31%53%72%100%84%52%125%59%120%69%105%74%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days10811212010910212210492838989100
Inventory Days110281221196315229214198201194209234
Days Payable131193185155207178223131161126130181
Cash Conversion Cycle8720015715021017394159123156168153
Working Capital Days253338526373758470828692
ROCE %7%8%16%22%24%33%28%31%21%28%22%19%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters54.22%54.15%54.02%53.64%53.63%53.62%53.62%53.62%53.62%53.61%53.61%53.61%
FIIs0.00%0.00%0.49%0.12%0.23%0.66%0.67%0.65%0.66%0.79%0.84%0.85%
DIIs0.72%0.72%0.76%0.89%2.41%2.45%3.02%3.20%3.34%3.14%3.17%3.38%
Public45.06%45.13%44.72%45.36%43.72%43.27%42.69%42.53%42.38%42.46%42.37%42.17%
No. of Shareholders1,4493,6114,3425,4687,2497,7437,6708,0458,3458,0707,9098,000

Fundamentals

Market Cap₹ 2,289 Cr.
Current Price₹ 2,110
Stock P/E39.6
Book Value₹ 327
ROCE19.4 %
ROE15.7 %
Dividend Yield0.24 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)21%
Compounded Profit Growth (TTM)16%
Consolidated figures.
Valuation
Market capRs 2,247 Cr
Enterprise valueRs 2,221 Cr
P/E (TTM)40.12x
Price to book6.34x
Price to sales3.33x
EV / EBITDA23.12x
EV / EBIT27.93x
EV / sales3.29x
Price to cash flow57.69x
Earnings yield2.49%
Dividend yield0.24%
P/E, 3-year average39.23x
P/B, 3-year average7.13x
P/E, 5-year average39.11x
P/B, 5-year average7.28x
Profitability
Operating margin (excl. other income)12.68%
Operating margin (incl. other income)13.77%
EBITDA margin14.25%
Pre-tax margin11.02%
Net profit margin8.31%
Net margin, latest quarter9.10%
ROE15.11%
ROCE19.91%
ROA9.90%
ROE, 3-year average19.41%
ROCE, 3-year average24.88%
ROA, 3-year average11.97%
ROE, 5-year average20.36%
ROCE, 5-year average26.26%
ROA, 5-year average11.92%
ROIC (approx.)17.71%
Tax rate26.80%
Other income / net worth1.94%
Growth
Sales growth (latest year)14.41%
Profit growth (latest year)-1.26%
Sales CAGR, 3 years10.04%
Sales CAGR, 5 years14.09%
Profit CAGR, 3 years14.96%
Profit CAGR, 5 years13.24%
Sales growth QoQ-1.97%
Profit growth QoQ2.08%
Sales growth YoY (latest quarter)31.02%
Profit growth YoY (latest quarter)71.66%
Per share
EPS (TTM)Rs 51.63
EPS (latest year)Rs 45.42
EPS (latest quarter)Rs 14.91
EPS, 3-year averageRs 47.70
EPS, 5-year averageRs 41.74
Book value per shareRs 326.78
Sales per shareRs 621.56
Cash flow per shareRs 35.90
Free cash flow per shareRs 4.61
Dividend per share (latest year)Rs 5.00
Dividend per share, 3-year averageRs 4.33
Dividend per share, 5-year averageRs 3.40
Dividends
Dividend payout11.00%
Dividend payout, 3-year average9.22%
Dividend payout, 5-year average7.99%
Efficiency
Asset turnover1.15x
Fixed asset turnover4.15x
Inventory turnover3.70x
Inventory days99 days
Debtor days100 days
Debtors turnover3.64x
Creditor days181 days
Cash conversion cycle153 days
Working capital days92 days
Leverage
Total debtRs 41 Cr
Cash and bankRs 67 Cr
Net debtRs -26 Cr
Debt to equity0.12x
Net debt / EBITDA-0.27x
Interest coverage15.18x
Current ratio (filing 2026-03-31)2.70x
Quick ratio (filing 2026-03-31)2.10x
Trade payables (filing 2026-03-31)Rs 62 Cr
Owners' fund to total sources64.59%
Debt to assets7.44%
Cash flow
Cash from Operating Activity (latest year)Rs 39 Cr
Cash from Investing Activity (latest year)Rs -59 Cr
Cash from Financing Activity (latest year)Rs -10 Cr
Net Cash Flow (latest year)Rs -31 Cr
Free cash flow (latest year)Rs 5 Cr
FCFE (approx.: FCF + change in debt)Rs 16 Cr
Cash from ops / profit, 5 years1.05x
Sales to cash flow16.21x
Statement figures
Net sales (TTM)Rs 674 Cr
Net sales (latest year)Rs 631 Cr
Sales (latest quarter)Rs 178 Cr
Operating profit excl. other income (latest year)Rs 80 Cr
Operating profit (latest quarter)Rs 25 Cr
Other income (TTM)Rs 7 Cr
EBITDA (TTM)Rs 96 Cr
PBDT (TTM)Rs 91 Cr
Profit before tax (TTM)Rs 74 Cr
Tax (latest year)Rs 18 Cr
Net profit (TTM)Rs 56 Cr
Net profit (latest year)Rs 49 Cr
Net profit (latest quarter)Rs 16 Cr
Depreciation (TTM)Rs 17 Cr
Depreciation (latest quarter)Rs 5 Cr
Interest (TTM)Rs 5 Cr
Cost of goods sold (latest year)Rs 295 Cr
Total expenditure (latest year)Rs 551 Cr
Total income (latest year)Rs 638 Cr
Share capitalRs 11 Cr
ReservesRs 344 Cr
Shareholders' fundsRs 354 Cr
Total assetsRs 549 Cr
Net blockRs 152 Cr
Capital work in progressRs 13 Cr
ReceivablesRs 173 Cr
InventoryRs 80 Cr
Other liabilitiesRs 153 Cr
Shares outstanding (crore)1.08
Ownership
Promoter holding53.61% (-0.01 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 40.1 is at the 27th percentile of its own 9.4-year range (median 48.0, low 21.7, high 136.8).
P/B 6.34 is at the 11th percentile (median 8.59).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodTHEJONifty 50Difference
1 week-4.5%-2.8% -1.7 pts
1 month-0.2%-6.8% +6.6 pts
3 months+8.0%-7.6% +15.6 pts
6 months+42.1%+0.4% +41.7 pts
1 year+12.8%-9.9% +22.7 pts
2 years-24.4%-13.6% -10.8 pts
3 years+25.1%+14.2% +10.9 pts
5 years-36.1%+27.9% -64.0 pts
1 mutual fund schemes hold about ₹11 Cr. Over three months 0 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Mahindra Manulife Manufacturing Fund1.60%11 -1%

Red flags

F-score 3 of 8
explainDebt up, profit down Borrowings up 36% while net profit fell in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹178 Cr +30.9% vs Jun 2025. Net profit ₹15 Cr +50.0%.
Against our estimate for Jun 2026: sales +10.3%, profit +12.6% beat. Our estimate for Sep 2026: sales Rs 191 Cr, profit Rs 17 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-18Dividend - Rs 5 Per Share
2025-08-22Dividend - Rs 5 Per Share
2024-08-22Dividend - Rs 3 Per Share
DateTypeWhat it says
2026-08-26Shareholder meetingVoting results.
2026-08-25Shareholder meetingProceedings of the 40th Annual General Meeting held on August 25, 2026
2026-08-19AllotmentAllotment of 595 Equity Shares under ESOP
2026-08-10Board meeting outcomeThejo Engineering Limited has submitted to the Exchange, the financial results for the quarter ended Jun 30, 2026.
2026-07-29UpdatesBusiness Responsibility and Sustainability Report for FY 2025-26.
2026-07-29Shareholder meetingNotice 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 H...
2026-07-22UpdatesIntimation of demise of Mr. K.J. Joseph, Chairman Emeritus of the Company.
2026-07-13UpdatesUpdate- Approval by Members for the re-appointment of Whole-time Director and Managing Director.
2026-07-13Shareholder meetingProceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-07-03UpdatesUpdate - Purchase Orders from Vale, Brazil.
2026-06-19AllotmentAllotment of 25 Equity Shares under ESOP
2026-06-17Credit RatingCredit Rating
2026-06-08Shareholder meetingNotice of Postal Ballot
2026-05-28Press ReleaseA press release dated May 28, 2026, titled "Thejo Engineering-Q4FY26-Press Release".
2026-05-27Record DateRecord date for the purpose of Dividend is 18-Aug-2026.
2026-05-27DividendBoard of Directors at its meeting held on May 27, 2026, recommended Final Dividend of Rs. 5 per equity share of Face Value of Rs.10/- each
2026-05-27Board meeting outcomeThejo Engineering Limited has submitted to the Exchange, the financial results for the quarter and year ended March 31, 2026.
2026-04-09Disclosure under SEBI TakeovK.J. Joseph and Thomas John has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (S...
2026-03-04Concall / analyst meetSchedule of meet
2026-03-02AllotmentAllotment of 295 Equity Shares under ESOP
2026-02-16Investor PresentationInvestor Presentation
2026-02-09ESOPGrant of 7236 Options under the Employees Stock Option Plan 2015.
2026-02-09Board meeting outcomeThejo Engineering Limited has submitted to the Exchange, the financial results for the quarter and nine months ended December 31, 2025.
2026-01-31UpdatesUpdate on Purchase Order received by TE-Global FZ LLC.
2025-12-18AllotmentAllotment of 580 Equity Shares under ESOP
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Thejo Engineering Ltd?

Thejo Engineering Ltd (THEJO) has a market capitalisation of Rs 2,289 Cr. at the 2026-10-01 close.

What is the P/E ratio of Thejo Engineering Ltd?

Thejo Engineering Ltd trades at a P/E of 39.6 on trailing twelve-month profit, at the 2026-10-01 close.

What were Thejo Engineering Ltd's latest quarterly results?

In the Jun 2026 quarter, Thejo Engineering Ltd sales was Rs 178 Cr (+30.9% vs Jun 2025) and net profit was Rs 15 Cr.

What is the 52-week high and low of Thejo Engineering Ltd?

The 52-week high is Rs 2,286.60 and the 52-week low is Rs 1,443.60.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03