Thejo Engineering Q3 FY26 Share Price & Earnings Call Analysis

₹1,935.20-1.46% today

Market cap: ₹2,099 Cr
P/E: 36.28
ROE: 15.67%
PEG: 2.26
Price to sales: 3.11
Debt to equity: 0.12
52W high / low: ₹2,224 / ₹1,457
Sales growth (5Y): 14.09%
EBITDA margin: 13.20%
Net profit margin: 8.03%
Promoter holding: 53.79%
Sales (last year): ₹674 Cr

All 12 ratios ↓

Thejo Engineering Ltd., incorporated in 1986, is an Engineering Solutions provider for Bulk Material Handling, Mineral Processing and Corrosion Protection to the Core Sector Industries like mining, power, steel, cement, ports and fertilisers. [1]

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Manufacturing
on management's own guidance

See all potential multibaggers Where does Thejo Engineering rank?

Portfolio builder

Build your portfolio
from the top-ranked stocks

1. Pick 3–15 stocks
2. Choose large, mid or small cap and your sectors
3. Get a portfolio built from the rankings

Build my portfolio

Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Manufacturing companies ranked on guidance

#	Company	Revenue guided	Margin guided	Market cap	P/E
1		40%+	Up 0–2%	₹1,185 Cr	109.0
2		40%+	Up 0–2%	₹486 Cr	29.9
3		40%+	Flat	₹7,897 Cr	92.3
4		40%+	Flat	₹3,421 Cr	74.4
5		40%+	Flat	₹2,461 Cr	58.4
6		40%+	Flat	₹681 Cr	40.0

Sign up free to see every company in the sector ranking and track Thejo Engineering.

Pro shows every company guiding 40%+ revenue growth →Full Industrial Manufacturing ranking

Financials of Thejo Engineering

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Thejo Engineering

Quarterly Results

Quarter-by-quarter operating performance

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales +	122	135	134	150	141	131	133	136	153	136	153	162	181
Expenses +	112	112	111	121	115	112	117	111	125	119	132	144	157
Operating Profit	10	23	23	29	26	18	17	24	28	16	21	18	24
OPM %	8%	17%	17%	19%	18%	14%	13%	18%	18%	12%	14%	11%	13%
Other Income +	1	1	0	2	-0	1	4	-0	0	2	2	-1	3
Interest	1	2	2	2	1	1	1	1	1	1	1	1	1
Depreciation	3	5	5	5	6	4	5	5	5	4	2	4	4
Profit before tax	6	17	17	24	18	13	15	18	22	13	20	12	22
Tax %	24%	23%	20%	22%	25%	27%	16%	24%	25%	27%	29%	29%	23%
Net Profit +	5	14	14	19	13	10	12	14	17	10	14	8	17
EPS in Rs	4.39	11.84	12.25	16.15	11.59	8.85	10.98	12.13	14.03	8.68	13.92	8.20	14.60

Financials of Thejo Engineering

Profit & Loss

Annual income statement trend

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales +	186	175	178	220	229	303	327	424	474	559	552	632
Expenses +	175	162	158	192	197	254	276	355	414	458	464	552
Operating Profit	11	13	20	27	31	49	50	69	60	100	88	80
OPM %	6%	7%	11%	12%	14%	16%	15%	16%	13%	18%	16%	13%
Other Income +	1	0	0	1	1	0	3	1	3	3	5	7
Interest	6	6	6	6	5	5	4	3	5	6	5	5
Depreciation	6	6	5	5	6	6	9	11	12	20	19	15
Profit before tax	0	1	9	17	22	38	41	56	46	77	68	67
Tax %	1,240%	149%	34%	23%	31%	21%	27%	24%	24%	23%	23%	27%
Net Profit +	-2	-1	6	13	15	30	29	43	35	59	52	49
EPS in Rs	-0.22	0.20	5.59	10.73	12.97	24.17	25.19	35.31	30.30	51.69	46.00	45.41
Dividend Payout %	-522%	572%	21%	12%	13%	7%	8%	6%	7%	6%	11%	0%

Financials of Thejo Engineering

Balance Sheet

Capital structure and asset base

	Mar 2015	Mar 2016	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	3	3	4	11	11	11	11	11
Reserves	48	46	52	62	74	98	125	154	186	240	287	344
Borrowings +	37	39	41	34	31	36	18	38	45	43	30	41
Other Liabilities +	60	54	41	54	60	79	94	98	121	119	119	153
Total Liabilities	148	143	138	153	169	216	240	301	362	412	446	549
Fixed Assets +	31	30	29	32	34	32	46	66	112	108	103	152
CWIP	0	0	1	1	0	0	1	1	2	2	16	13
Investments	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets +	116	112	108	119	135	184	193	234	249	301	328	384
Total Assets	148	143	138	153	169	216	240	301	362	412	446	549

Financials of Thejo Engineering

Cash Flows

Operating, investing and financing cash movement

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	1	4	12	24	20	19	52	27	59	52	73
Cash from Investing Activity +	-4	-4	-5	-8	-6	-5	-13	-15	-51	-19	-44
Cash from Financing Activity +	4	-4	-4	-15	-9	-2	-31	-0	-8	-15	-22
Net Cash Flow	1	-4	3	1	5	13	8	13	0	17	6
Free Cash Flow	-5	-0	6	15	13	15	39	13	9	31	32
CFO/OP	31%	53%	72%	100%	84%	52%	125%	59%	120%	69%	105%

Financials of Thejo Engineering

Ratios

Working capital efficiency and return ratios

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	108	112	120	109	102	122	104	92	83	89	89	100
Inventory Days	110	281	221	196	315	229	214	198	201	194	209	234
Days Payable	131	193	185	155	207	178	223	131	161	126	130	181
Cash Conversion Cycle	87	200	157	150	210	173	94	159	123	156	168	153
Working Capital Days	25	33	38	52	63	73	75	84	70	82	86	92
ROCE %	7%	8%	16%	22%	24%	33%	28%	31%	21%	28%	22%	19%

Momentum score · price trend

31 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

Period	Share price change	Better than … of 1,910 stocks
Last 12 months	+9.1%	68%
Last 6 months	+7.4%	65%
Last 3 months	−9.5%	46%

The price is 43% below its all-time high of ₹3,442.4 (5 Jul 2024). Stocks more than 20% below their peak have their score halved, so 62 became 31.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Thejo Engineering: 0.4 × 68 + 0.4 × 65 + 0.2 × 46 = 62, halved to 31 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

What Thejo Engineering's management said in earlier quarters

Others in Industrial Manufacturing this season

Jyoti CNC Automation (Q2 FY27)
Revenue from Operations for Q2FY27: INR 602 Cr, up 18.5% YoY from INR 507.9 Cr in Q2FY26 (Page 12). Key investor presentation takeaways from Jyoti CNC Automatio
Walchandnagar Industries (Q2 FY27)
5,178 lakhs for the same quarter in the previous year, representing a year-on-year increase of approximately 80.6%. Key results statement takeaways from Walchan
EPack PrefabTech (Q2 FY27)
Revenue from Operations for Q2 FY 2026 (quarter ended September 30, 2026) is ₹50,112.53 lakhs (Consolidated) and ₹50,101.15 lakhs (Standalone). Key investor pre
Indef Manufactur (Q2 FY27)
4,784.86 lakhs (~0.66% increase). Key results statement takeaways from Indef Manufacturing Ltd's Q2 FY27 results statement — and how it ranks against sector pee

Compare:vs Mazagon Dock vs Indo-MIM Ltd vs Aditya Infotech