NSE: THEJO
THEJO ENGINEERING LIMITED
Manufactures industrial products for the mining sector, most notably mill liners, and supplies related on-site services through its Service Units segment. In FY26, Service Units brought in ₹451.98 crore (62.2% of segment revenue), Manufacturing Units ₹242.91 crore (33.4%) and Others ₹31.58 crore (4.3%). The company makes THOR-R and THOR-M Mill Liners and received the first tranche of a three-year purchase order from Vale, Brazil valued at USD 0.89 million (about ₹8.46 crore) for two complete sets, due for delivery by October 2026. It employs 2,709 people, operates through subsidiaries in Australia, Brazil, Chile and the Middle East, and earns 13.35% of revenue from exports. Employee cost is the largest single line at 32.5% of revenue, with other opex at 35.1% and raw materials at 20.2%. FY26 total revenue reached ₹632.09 crore, up 14% year-on-year, with EBITDA margin of 13.76% (down from 16.7% the prior year). Consolidated net profit fell to ₹48.85 crore, with the company noting losses at its Saudi subsidiary. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Service Units (62%), Manufacturing Units (33%), Others (4%). Industrial products manufacturer and on-site service provider focused on the mining sector
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 559 | 553 | 632 |
| EBITDA (ex other income) | 100 | 88 | 77 |
| margin % | 17.9 | 15.9 | 12.2 |
| Owners' profit | 56 | 50 | 49 |
| EPS, as reported (₹) | 51.86 | 46.07 | 45.41 |
| ROE % · ROCE % | 21.8 · 26.7 | 16.3 · 21.1 | 12.9 · 17.3 |
| Debt / equity (x) | 0.05 | 0.01 | 0.01 |
| Cash from operations | 52 | 73 | 39 |
| Capex | (21) | (41) | (35) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 133 | 136 | 153 | 136 | 153 | 162 | 181 | 178 |
| Profit before tax | 15 | 18 | 22 | 13 | 20 | 12 | 22 | 21 |
| Net profit | 12 | 14 | 17 | 10 | 14 | 8 | 17 | 15 |
| EPS (₹) | 10.99 | 12.14 | 14.04 | 8.69 | 13.92 | 8.20 | 14.60 | 14.90 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Manufacturing Units | 243 | 33.4 |
| Service Units | 452 | 62.2 |
| Others | 32 | 4.3 |
| Total, before eliminations | 726 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 47,010 | 97.6 | 25.05 | 81.1 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 32,374 | 87.3 | 10.56 | 56.3 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 28,600 | 52.1 | 6.41 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 23,149 | 72.0 | 11.57 | 40.8 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 21,672 | 62.6 | 4.55 | 30.8 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,592 | 100.7 | 6.14 | 57.0 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 14,712 | 516.7 | 4.32 | 44.3 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 14,156 | 55.6 | 8.41 | 58.0 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.8 | 28.5 | 83 of 130 | 36% |
| P/B | 5.9 | 3.4 | 80 of 112 | 29% |
| ROCE | 16.1 | 11.3 | 45 of 142 | 69% |
| ROE | 12.9 | 9.8 | 35 of 113 | 70% |
| Debt / Equity | 0.0 | 0.2 | 30 of 113 | 74% |
| EBITDA margin | 15.6 | 12.4 | 45 of 110 | 60% |
| Revenue growth | 31.0 | 20.6 | 37 of 114 | 68% |
| Profit growth | 56.1 | 17.1 | 38 of 109 | 66% |
| Market cap | 2229 | 322 | 33 of 141 | 77% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · RTA certificate for Q2 FY26 - no dematerialisation requests | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closure from September 30, 2026 for Q2 results | compliance | minimal | — | — |
| 26 Aug 2026 · AGM results: All 5 resolutions passed, including dividend and director re-appointments | compliance | minimal | — | — |
| 25 Aug 2026 · 40th AGM proceedings held; dividend and director re-appointments considered | board shareholder meetings | medium | — | — |
| 19 Aug 2026 · Thejo Engineering allots 595 shares under ESOP 2015 | capital market events | low | — | — |
| 11 Aug 2026 · Newspaper publication of Q1FY27 results filed with NSE | compliance | minimal | — | — |
| 10 Aug 2026 · Q1FY27 results: Revenue up about 30%, PAT up over 60% standalone | results | high | — | — |
| 30 Jul 2026 · 40th AGM notice, e-voting, book closure and record date - Thejo Engineering | compliance | minimal | — | — |
| 29 Jul 2026 · Thejo Engineering files BRSR for FY 2025-26 with NSE | compliance | low | — | — |
| 29 Jul 2026 · Thejo Engineering 40th AGM on 25 Aug 2026; Dividend Rs 5 per share | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.