Thejo Engineering Ltd

THEJO

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Market Cap

₹ 1,722 Cr

P/E

32.55

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Thejo Engineering Limited provides integrated engineering solutions, primarily serving the mining, mineral processing, and bulk material handling industries. With over four decades of experience, the company has evolved from a conveyor belt service provider to a comprehensive engineering partner.

Thejo Engineering has a diverse portfolio encompassing products, services, and O&M solutions designed to enhance efficiency and reliability for industrial clients.

The company operates with a global footprint across six countries, leveraging its Indian engineering expertise to service international markets in regions such as Australasia, the Middle East, and South America.

Thejo is undergoing notable capacity expansion, adding 2,600 tonnes of capability to their manufacturing facilities, reflecting a strong commitment to growth and demand fulfillment.

Thejo recently won a substantial contract, valued at ₹129 crores, for handling and maintaining streamlining operations at a major steel plant, further elevating its industry stature.

Sector

Engineering

Industry

Engineering - Heavy - Material Handling

Market Cap

1,722 Cr

Volatility

Moderate Risk

P/E Ratio

32.6

Industry P/E

28.2

PEG Ratio

1.7

P/B Ratio

5.3

52W High

2,485.80

52W Low

1,446.00

Sales CAGR

-1.19%

16.29%

16.69%

10Y

11.67%

Profit CAGR

-11.91%

19.58%

29.48%

10Y

27.57%

ROE

TTM

16.39%

16.98%

17.69%

10Y

16.95%

ROCE

TTM

21.56%

22.46%

23.85%

10Y

24.66%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SIKA	906.85	1,918 Cr	55.86	13.91	0.27	24.90	32.26	20.17
TIL	268.00	1,785 Cr	—	21.37	0.00	-9.45	6.29	-1.40
THEJO	1587.60	1,722 Cr	32.55	5.33	0.32	16.39	21.56	11.04
BAJAJINDEF	325.05	1,046 Cr	36.01	4.06	0.00	11.27	14.60	9.29
EIMCOELECO	1590.85	918 Cr	23.96	2.38	0.31	9.98	12.68	8.56
TRF	312.20	349 Cr	15.33	4.10	0.00	26.72	20.15	3.35
AFFORDABLE	211.00	237 Cr	156.33	2.33	0.00	1.48	5.41	0.64

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	135	134	150	141	131	133	136	153	136	153
Expenses	112	111	121	115	112	117	111	125	119	132
Operating Profit	23	23	29	25	18	17	24	28	16	21
OPM %	16.83	17.21	19.38	18.11	14.11	12.65	17.83	18.42	12.06	13.76
Other Income	1.18	0.31	2.03	-0.29	0.69	4.04	-0.08	0.43	2.32	2.21
Interest	1.75	1.66	1.60	1.41	1.46	1.39	1.14	1.23	1.45	1.10
Depreciation	4.60	4.75	5.23	5.86	4.49	4.87	4.76	5.24	3.91	2.19
Profit Before Tax	17	17	24	18	13	15	18	22	13	20
Tax %	22.81	20.28	21.99	25.03	27.05	16.18	23.91	25.21	26.67	29.41
Net Profit	14	14	19	13	9.61	12	14	17	9.76	14
EPS in Rs	—	12.01	15.85	11.48	8.89	10.98	12.13	14.04	8.69	13.92

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	185	222	229	304	327	424	474	559	553	558
Expenses	161	194	198	255	277	356	415	459	465	472
Operating Profit	24	28	31	49	50	69	59	100	88	86
OPM %	13.07	12.78	13.71	16.04	15.37	16.19	12.53	17.93	15.86	15.35
Other Income	0.34	0.78	1.12	0.59	2.70	1.24	3.13	3.22	5.07	6.71
Interest	5.75	5.59	4.53	4.59	3.69	3.15	4.61	6.43	5.23	5.21
Depreciation	5.35	5.42	6.47	6.33	8.76	11	12	20	19	19
Profit Before Tax	9.28	17	22	38	41	56	46	77	68	68
Tax %	33.47	23.24	31.34	20.97	27.34	24.46	23.97	22.51	23.27	23.21
Net Profit	6.18	13	15	30	29	43	35	59	52	52
EPS in Rs	—	—	—	—	—	—	29.83	51.05	46.03	48.78
Dividend Payout %	20.87	12.43	12.86	6.93	24.08	5.73	6.67	5.83	10.86	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	3.43	3.43	3.43	3.44	3.46	3.52	11	11	11	11
Reserves	46	52	62	74	98	125	154	186	240	287
Borrowings	37	38	28	28	30	18	38	45	43	30
Other Liabilities	56	44	58	61	84	95	100	123	121	119
Total Liabilities	143	138	152	167	215	241	303	364	414	446
Fixed Assets	30	29	32	34	32	46	66	112	108	103
CWIP	0.31	1.06	1.27	0.23	0.14	0.85	0.73	1.85	2.24	16
Investments	0.00	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	112	107	118	133	183	194	236	251	303	328
Total Assets	143	138	152	167	215	241	303	364	414	446

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	4.02	12	24	20	19	52	27	59	52	73
Cash from Investing Activity	-3.85	-5.05	-8.01	-6.42	-4.63	-13	-15	-51	-19	-44
Cash from Financing Activity	-3.92	-3.72	-15	-8.60	-1.63	-31	-0.04	-8.07	-15	-22
Net Cash Flow	-3.76	2.86	0.75	4.92	13	8.12	13	0.00	17	5.75

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	54.71%	54.44%	54.34%	54.22%	54.15%	54.02%	53.64%	53.63%	53.62%	53.62%	53.62%	53.62%
FIIs	0.00%	0.00%	0.14%	0.00%	0.00%	0.49%	0.12%	0.23%	0.66%	0.67%	0.65%	0.66%
DIIs	0.00%	0.00%	0.45%	0.72%	0.72%	0.76%	0.89%	2.41%	2.45%	3.02%	3.20%	3.34%
Public	45.29%	45.56%	45.07%	45.06%	45.13%	44.72%	45.36%	43.72%	43.27%	42.69%	42.53%	42.38%
Total Shareholders	1,038	1,220	1,156	1,449	3,611	4,342	5,468	7,249	7,743	7,670	8,045	8,345

Projection

Actions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY25

Investor Presentation

Q1 FY25

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	135	134	150	141	131	133	136	153	136	153
Expenses	112	111	121	115	112	117	111	125	119	132
Operating Profit	23	23	29	25	18	17	24	28	16	21
OPM %	16.83	17.21	19.38	18.11	14.11	12.65	17.83	18.42	12.06	13.76
Other Income	1.18	0.31	2.03	-0.29	0.69	4.04	-0.08	0.43	2.32	2.21
Interest	1.75	1.66	1.60	1.41	1.46	1.39	1.14	1.23	1.45	1.10
Depreciation	4.60	4.75	5.23	5.86	4.49	4.87	4.76	5.24	3.91	2.19
Profit Before Tax	17	17	24	18	13	15	18	22	13	20
Tax %	22.81	20.28	21.99	25.03	27.05	16.18	23.91	25.21	26.67	29.41
Net Profit	14	14	19	13	9.61	12	14	17	9.76	14
EPS in Rs	—	12.01	15.85	11.48	8.89	10.98	12.13	14.04	8.69	13.92

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	185	222	229	304	327	424	474	559	553	558
Expenses	161	194	198	255	277	356	415	459	465	472
Operating Profit	24	28	31	49	50	69	59	100	88	86
OPM %	13.07	12.78	13.71	16.04	15.37	16.19	12.53	17.93	15.86	15.35
Other Income	0.34	0.78	1.12	0.59	2.70	1.24	3.13	3.22	5.07	6.71
Interest	5.75	5.59	4.53	4.59	3.69	3.15	4.61	6.43	5.23	5.21
Depreciation	5.35	5.42	6.47	6.33	8.76	11	12	20	19	19
Profit Before Tax	9.28	17	22	38	41	56	46	77	68	68
Tax %	33.47	23.24	31.34	20.97	27.34	24.46	23.97	22.51	23.27	23.21
Net Profit	6.18	13	15	30	29	43	35	59	52	52
EPS in Rs	—	—	—	—	—	—	29.83	51.05	46.03	48.78
Dividend Payout %	20.87	12.43	12.86	6.93	24.08	5.73	6.67	5.83	10.86	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	3.43	3.43	3.43	3.44	3.46	3.52	11	11	11	11
Reserves	46	52	62	74	98	125	154	186	240	287
Borrowings	37	38	28	28	30	18	38	45	43	30
Other Liabilities	56	44	58	61	84	95	100	123	121	119
Total Liabilities	143	138	152	167	215	241	303	364	414	446
Fixed Assets	30	29	32	34	32	46	66	112	108	103
CWIP	0.31	1.06	1.27	0.23	0.14	0.85	0.73	1.85	2.24	16
Investments	0.00	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	112	107	118	133	183	194	236	251	303	328
Total Assets	143	138	152	167	215	241	303	364	414	446

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	4.02	12	24	20	19	52	27	59	52	73
Cash from Investing Activity	-3.85	-5.05	-8.01	-6.42	-4.63	-13	-15	-51	-19	-44
Cash from Financing Activity	-3.92	-3.72	-15	-8.60	-1.63	-31	-0.04	-8.07	-15	-22
Net Cash Flow	-3.76	2.86	0.75	4.92	13	8.12	13	0.00	17	5.75

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SIKA	906.85	1,918 Cr	55.86	13.91	0.27	24.90	32.26	20.17
TIL	268.00	1,785 Cr	—	21.37	0.00	-9.45	6.29	-1.40
THEJO	1587.60	1,722 Cr	32.55	5.33	0.32	16.39	21.56	11.04
BAJAJINDEF	325.05	1,046 Cr	36.01	4.06	0.00	11.27	14.60	9.29
EIMCOELECO	1590.85	918 Cr	23.96	2.38	0.31	9.98	12.68	8.56
TRF	312.20	349 Cr	15.33	4.10	0.00	26.72	20.15	3.35
AFFORDABLE	211.00	237 Cr	156.33	2.33	0.00	1.48	5.41	0.64

Overview

Detailed Summary

Thejo Engineering has a diverse portfolio encompassing products, services, and O&M solutions designed to enhance efficiency and reliability for industrial clients.

Thejo is undergoing notable capacity expansion, adding 2,600 tonnes of capability to their manufacturing facilities, reflecting a strong commitment to growth and demand fulfillment.

Thejo recently won a substantial contract, valued at ₹129 crores, for handling and maintaining streamlining operations at a major steel plant, further elevating its industry stature.

Sector

Engineering

Industry

Engineering - Heavy - Material Handling

Market Cap

1,722 Cr

Volatility

Moderate Risk

P/E Ratio

32.6

Industry P/E

28.2

PEG Ratio

1.7

P/B Ratio

5.3

52W High

2,485.80

52W Low

1,446.00

Sales CAGR

-1.19%

16.29%

16.69%

10Y

11.67%

Profit CAGR

-11.91%

19.58%

29.48%

10Y

27.57%

ROE

TTM

16.39%

16.98%

17.69%

10Y

16.95%

ROCE

TTM

21.56%

22.46%

23.85%

10Y

24.66%