Thejo Engineering Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,679.56Overvalued by 22.74%vs CMP ₹2,174.00

P/E (40.8) × ROE (15.7%) × BV (₹327.00) × DY (0.23%)

₹813.00Overvalued by 62.60%vs CMP ₹2,174.00

MoS: -167.4% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹1,761.69	22%	Over (-19%)
Graham Number	Earnings	₹574.31	16%	Over (-73.6%)
Earnings Power	Earnings	₹348.91	13%	Over (-84%)
DCF	Cash Flow	₹571.63	13%	Over (-73.7%)
Net Asset Value	Assets	₹327.30	7%	Over (-84.9%)
EV/EBITDA	Enterprise	₹751.40	9%	Over (-65.4%)
Earnings Yield	Earnings	₹448.30	7%	Over (-79.4%)
ROCE Capital	Returns	₹853.42	9%	Over (-60.7%)
Revenue Multiple	Revenue	₹508.93	5%	Over (-76.6%)
Consensus (9 models)		₹813.00	100%	Overvalued

Key Drivers: Wide model spread (₹327–₹1,762) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 4.9%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 24 September 2026, 3:49 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹552.00 Cr, versus ₹559.00 Cr in Mar 2024 (-1.3% year on year). Net profit for Mar 2025 was ₹52.00 Cr, versus ₹59.00 Cr in Mar 2024 (-11.9% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹73.00 Cr against net profit of ₹52.00 Cr. Cash flow covered 1.40 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹41.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Thejo Engineering Ltd scores 72/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health85/100 · Strong

ROCE 19.4% GoodROE 15.7% GoodD/E 0.01 Low debtInterest Coverage 17.8x StrongProfitable 5/5 available years Reported history

Smart Money60/100 · Moderate

FII holding up 0.19% (6mo) Slight increasePromoter holding at 53.6% Stable

Earnings Quality90/100 · Strong

CFO/NP ratio: 1.26x Cash-backed earningsOPM expanding (15% → 17%) Improving

Quarterly Momentum40/100 · Moderate

Revenue (4Q): +12% YoY GrowingProfit (4Q): -1% YoY DecliningOPM: 11.4% (down 6.4% YoY) Margin pressure

Industry Rank65/100 · Strong

P/E 40.8 vs industry 42.0 In-lineROCE 19.4% vs industry 15.8% Above peers3Y sales CAGR: 9% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 24, 2026, 3:49 am

Market Cap	2,358 Cr.
Current Price	2,174
Intrinsic Value	₹813.00
High / Low	2,287/1,444
Stock P/E	40.8
Book Value	327
Dividend Yield	0.23 %
ROCE	19.4 %
ROE	15.7 %
Face Value	10.0
PEG Ratio	8.34

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Thejo Engineering Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Thejo Engineering Ltd	2,358 Cr.	2,174	2,287/1,444	40.8	327	0.23 %	19.4 %	15.7 %	10.0
BGR Energy Systems Ltd	1,804 Cr.	252	491/215		396	0.00 %	26.9 %	%	10.0
Bondada Engineering Ltd	3,147 Cr.	282	503/215	14.4	62.2	0.10 %	39.4 %	35.7 %	2.00
McNally Bharat Engineering Company Ltd	1,492 Cr.	447	447/213		171	0.00 %	%	%	10.0
BMW Industries Ltd	1,176 Cr.	52.2	65.2/26.1	13.8	35.7	0.82 %	12.4 %	10.6 %	1.00
Industry Average	4,488.45 Cr	602.70		41.98	130.07	0.34%	15.80%	24.80%	6.04

All Competitor Stocks of Thejo Engineering Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	122.00	121.82	134.69	134.03	149.87	140.82	130.53	133.44	135.58	153.19	135.56	153.11	162.25
Expenses	106.97	111.62	112.03	110.97	120.83	115.32	112.11	116.57	111.41	124.98	119.21	132.04	143.79
Operating Profit	15.03	10.20	22.66	23.06	29.04	25.50	18.42	16.87	24.17	28.21	16.35	21.07	18.46
OPM %	12.32%	8.37%	16.82%	17.21%	19.38%	18.11%	14.11%	12.64%	17.83%	18.42%	12.06%	13.76%	11.38%
Other Income	1.28	0.87	1.18	0.31	2.03	-0.29	0.69	4.04	-0.08	0.43	2.32	2.21	-1.03
Interest	1.17	1.24	1.75	1.66	1.60	1.41	1.46	1.39	1.14	1.23	1.45	1.10	1.31
Depreciation	3.18	3.36	4.60	4.75	5.23	5.86	4.49	4.87	4.76	5.24	3.91	2.19	4.37
Profit before tax	11.96	6.47	17.49	16.96	24.24	17.94	13.16	14.65	18.19	22.17	13.31	19.99	11.75
Tax %	22.91%	23.96%	22.81%	20.28%	21.95%	25.03%	26.98%	16.11%	23.91%	25.21%	26.60%	29.41%	28.60%
Net Profit	9.21	4.92	13.50	13.52	18.92	13.45	9.60	12.29	13.84	16.58	9.75	14.11	8.39
EPS in Rs	8.38	4.39	11.84	12.25	16.15	11.59	8.85	10.98	12.13	14.03	8.68	13.92	8.20

Last Updated: March 3, 2026, 2:12 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 4:46 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	147	186	175	178	220	229	303	327	424	474	559	552	604
Expenses	133	175	162	158	192	197	254	276	355	414	458	464	520
Operating Profit	14	11	13	20	27	31	49	50	69	60	100	88	84
OPM %	9%	6%	7%	11%	12%	14%	16%	15%	16%	13%	18%	16%	14%
Other Income	1	1	0	0	1	1	0	3	1	3	3	5	4
Interest	5	6	6	6	6	5	5	4	3	5	6	5	5
Depreciation	4	6	6	5	5	6	6	9	11	12	20	19	16
Profit before tax	6	0	1	9	17	22	38	41	56	46	77	68	67
Tax %	79%	1,240%	149%	34%	23%	31%	21%	27%	24%	24%	23%	23%
Net Profit	1	-2	-1	6	13	15	30	29	43	35	59	52	49
EPS in Rs	3.04	-0.22	0.20	5.59	10.73	12.97	24.17	25.19	35.31	30.30	51.69	46.00	44.83
Dividend Payout %	38%	-522%	572%	21%	12%	13%	7%	8%	6%	7%	6%	11%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-300.00%	50.00%	700.00%	116.67%	15.38%	100.00%	-3.33%	48.28%	-18.60%	68.57%	-11.86%
Change in YoY Net Profit Growth (%)	0.00%	350.00%	650.00%	-583.33%	-101.28%	84.62%	-103.33%	51.61%	-66.88%	87.18%	-80.44%

Thejo Engineering Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	11%
5 Years:	13%
3 Years:	9%
TTM:	0%

Compounded Profit Growth
10 Years:	75%
5 Years:	14%
3 Years:	10%
TTM:	-5%

Stock Price CAGR
10 Years:	%
5 Years:	44%
3 Years:	18%
1 Year:	-30%

Return on Equity
10 Years:	20%
5 Years:	21%
3 Years:	20%
Last Year:	18%

Last Updated: September 5, 2025, 1:46 pm

Balance Sheet

Last Updated: July 24, 2026, 2:00 am

Month	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

Reserves and Borrowings Chart

Cash Flow

Month	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	39
Cash from Investing Activity +	-4	-4	-5	-8	-6	-5	-13	-15	-51	-19	-44	-59
Cash from Financing Activity +	4	-4	-4	-15	-9	-2	-31	-0	-8	-15	-22	-10
Net Cash Flow	1	-4	3	1	5	13	8	13	0	17	6	-31
Free Cash Flow	-5	-0	6	15	13	15	39	13	9	31	32	5
CFO/OP	31%	53%	72%	100%	84%	52%	125%	59%	120%	69%	105%	74%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	-5.00	0.00	6.00	15.00	13.00	15.00	39.00	13.00	9.00	31.00	32.00	5.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	115	108	112	120	109	102	122	104	92	83	89	89
Inventory Days	117	110	281	221	196	315	229	214	198	201	194	209
Days Payable	107	131	193	185	155	207	178	223	131	161	126	130
Cash Conversion Cycle	124	87	200	157	150	210	173	94	159	123	156	168
Working Capital Days	20	25	33	38	52	63	73	75	84	70	82	86
ROCE %	13%	7%	8%	16%	22%	24%	33%	28%	31%	21%	28%	22%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	54.22%	54.15%	54.02%	53.64%	53.63%	53.62%	53.62%	53.62%	53.62%	53.61%	53.61%	53.61%
FIIs	0.00%	0.00%	0.49%	0.12%	0.23%	0.66%	0.67%	0.65%	0.66%	0.79%	0.84%	0.85%
DIIs	0.72%	0.72%	0.76%	0.89%	2.41%	2.45%	3.02%	3.20%	3.34%	3.14%	3.17%	3.38%
Public	45.06%	45.13%	44.72%	45.36%	43.72%	43.27%	42.69%	42.53%	42.38%	42.46%	42.37%	42.17%
No. of Shareholders	1,449	3,611	4,342	5,468	7,249	7,743	7,670	8,045	8,345	8,070	7,909	8,000

Shareholding Pattern Chart

No. of Shareholders

Thejo Engineering Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Mahindra Manulife Manufacturing Fund	52,653	1.25	7.67	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	46.07	51.86	30.35	35.41	25.31
Diluted EPS (Rs.)	46.07	51.43	30.00	34.92	24.92
Cash EPS (Rs.)	66.08	74.16	43.91	49.77	108.66
Book Value[Excl.RevalReserv]/Share (Rs.)	274.55	253.21	205.11	174.24	409.46
Book Value[Incl.RevalReserv]/Share (Rs.)	274.55	253.21	205.11	174.24	409.46
Revenue From Operations / Share (Rs.)	509.63	519.68	443.38	398.29	930.13
PBDIT / Share (Rs.)	85.52	96.15	58.47	65.64	150.67
PBIT / Share (Rs.)	67.67	77.16	47.08	55.76	125.75
PBT / Share (Rs.)	62.85	71.19	42.77	52.81	115.25
Net Profit / Share (Rs.)	48.23	55.17	32.52	39.89	83.74
NP After MI And SOA / Share (Rs.)	46.00	51.69	30.29	35.31	75.23
PBDIT Margin (%)	16.78	18.50	13.18	16.48	16.19
PBIT Margin (%)	13.27	14.84	10.61	14.00	13.51
PBT Margin (%)	12.33	13.69	9.64	13.25	12.39
Net Profit Margin (%)	9.46	10.61	7.33	10.01	9.00
NP After MI And SOA Margin (%)	9.02	9.94	6.83	8.86	8.08
Return on Networth / Equity (%)	16.75	22.23	16.51	22.80	20.57
Return on Capital Employeed (%)	21.07	26.71	19.26	26.62	28.05
Return On Assets (%)	11.17	13.44	8.89	12.42	10.96
Long Term Debt / Equity (X)	0.00	0.03	0.05	0.07	0.03
Total Debt / Equity (X)	0.01	0.05	0.08	0.10	0.07
Asset Turnover Ratio (%)	1.29	1.44	1.42	1.16	1.05
Current Ratio (X)	3.12	2.89	2.39	2.86	2.25
Quick Ratio (X)	2.44	2.28	1.82	2.20	1.79
Inventory Turnover Ratio (X)	8.61	1.95	1.99	1.92	1.33
Dividend Payout Ratio (NP) (%)	6.51	3.85	6.58	5.64	6.55
Dividend Payout Ratio (CP) (%)	4.69	2.81	4.78	4.41	4.92
Earning Retention Ratio (%)	93.49	96.15	93.42	94.36	93.45
Cash Earning Retention Ratio (%)	95.31	97.19	95.22	95.59	95.08
Interest Coverage Ratio (X)	17.75	16.10	13.58	22.21	14.35
Interest Coverage Ratio (Post Tax) (X)	11.01	10.24	8.55	14.50	8.97
Enterprise Value (Cr.)	1858.65	2600.66	1406.59	1268.64	399.08
EV / Net Operating Revenue (X)	3.36	4.65	2.96	2.99	1.22
EV / EBITDA (X)	20.04	25.13	22.48	18.13	7.53
MarketCap / Net Operating Revenue (X)	3.46	4.71	2.99	3.02	1.26
Retention Ratios (%)	93.48	96.14	93.41	94.35	93.44
Price / BV (X)	6.42	10.52	7.23	7.77	3.20
Price / Net Operating Revenue (X)	3.46	4.71	2.99	3.02	1.26
EarningsYield	0.02	0.02	0.02	0.02	0.06

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Thejo Engineering Ltd and is it undervalued?

Thejo Engineering Ltd: the stored intrinsic value estimate is ₹813.00, compared with a stored share price of ₹2,174.00. The model value is 62.6% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Thejo Engineering Ltd?

The stored share price is ₹2,174.00. Price-data record updated: 24 September 2026, 3:49 am +05:30. This is not a live quote. The stored 52-week high / low is 2,287/1,444; this is a rolling range, not a financial-year range.

How have Thejo Engineering Ltd's revenue and profit changed?

Does Thejo Engineering Ltd's profit convert into cash?

What should I check in Thejo Engineering Ltd's balance sheet?

Reported borrowings were ₹41.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Thejo Engineering Ltd's P/E with other stocks?

The stored P/E is 40.80. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Thejo Engineering Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.