Thejo Engineering Limited (THEJO)
₹1,951.80 -0.62% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Thejo Engineering's revenue was ₹178 Cr (+31.0% year on year, -1.9% on the previous quarter), and net profit ₹15.2 Cr (+56.1% year on year); the operating margin was 14.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹178 | +31.0% | -1.9% |
| Operating profit | ₹25.3 | +54.6% | +5.3% |
| Net profit | ₹15.2 | +56.1% | -10.4% |
| EPS (₹) | 14.90 | +71.5% | +2.1% |
| Operating margin | 14.2% | — | — |
THEJO delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 84.62% of the THEJO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 64.1%. That is higher than usual for this stock. Turnover was only ₹75 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 62.5% · 66.6% · 75.7% · 67.7% · 84.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Thejo Engineering Limited has submitted the scrutinizer's report and voting results for its 40th Annual General Meeting (AGM) held on August 25, 2026. All 5 ordinary resolutions were approved by shareholders with over 99.99% voting in favour. Total voter turnout was 51.40%, with 55,75,999 votes polled across 10,847,479 total outstanding shares. Approved matters include adoption of FY26 financial statements, dividend declaration, re-appointment of directors Mr. V.A. George and Mr. Manoj Joseph, and cost auditor remuneration.
- All 5 ordinary resolutions passed with requisite majority (>99.99% approval)
- Total voter turnout stood at 51.40% (55,75,999 votes polled on 10,847,479 total shares)
- Dividend declaration and adoption of audited FY26 annual accounts formally approved
- Re-appointment of directors Mr. V.A. George and Mr. Manoj Joseph ratified by shareholders
- A total of 7,737 shareholders were eligible as of the record date of August 18, 2026
Thejo Engineering held its 40th Annual General Meeting on August 25, 2026, in Chennai. Key agenda items taken up for shareholder approval included the adoption of FY26 standalone and consolidated financial statements, declaration of dividend for FY26, and the re-appointment of directors retiring by rotation (Mr. V.A. George and Mr. Manoj Joseph). The statutory and secretarial auditors' reports contained no adverse qualifications. Final voting results will be declared within two working days.
- 40th AGM held on August 25, 2026, commencing at 10:30 AM and concluding at 11:45 AM
- Shareholders considered adoption of FY26 audited accounts and declaration of dividend
- Re-appointment of directors Mr. V.A. George and Mr. Manoj Joseph taken up for voting
- Independent Auditor and Secretarial Auditor reports for FY26 confirmed to have no qualifications
- E-voting and ballot voting results to be submitted within two working days
Thejo Engineering Limited has approved the allotment of 595 equity shares of face value Rs 10 each under its ESOP 2015 scheme on August 19, 2026. The shares were allotted at an exercise price of Rs 671.75 per share (including a premium of Rs 661.75 per share). Following the allotment, the company's total issued paid-up share capital increased marginally to Rs 10,84,80,740 comprising 1,08,48,074 equity shares. The allotment causes negligible equity dilution of less than 0.01% with no material impact on earnings.
- Allotted 595 equity shares of face value Rs 10 each under ESOP 2015
- Shares issued at an exercise price of Rs 671.75 per share (including Rs 661.75 premium)
- Paid-up share capital increased from Rs 10,84,74,790 to Rs 10,84,80,740
- Total outstanding equity shares reached 1,08,48,074
Thejo Engineering reported a strong Q1 FY27 with consolidated revenue growing 31% YoY to ₹177.61 Cr and PAT rising 56% to ₹15.23 Cr. The order book nearly doubled YoY to ₹380 Cr, representing approximately 63% of TTM revenue, providing high visibility. Consolidated EBITDA margins expanded to 15.42% from 13.54% in the year-ago period, driven by improved performance across most subsidiaries. The company also secured a new master material supply agreement in Latin America with initial orders totaling approximately ₹12.69 Cr.
- Consolidated Revenue increased 31% YoY to ₹177.61 Cr for the quarter ended June 30, 2026
- Order book surged 90% YoY to ₹380 Cr as of June 30, 2026, compared to ₹200 Cr in June 2025
- Consolidated EBITDA grew 48% YoY to ₹27.76 Cr with margins expanding by 188 bps to 15.42%
- Secured new orders in Latin America totaling $1.33 million (approx. ₹12.69 Cr) for specialized mill liners
- Consolidated PAT rose 56% YoY to ₹15.23 Cr, with basic EPS increasing to ₹14.90 from ₹8.69
Thejo Engineering has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, revealing that Maintenance and Repair Services remain its core revenue driver at 45% of sales. The company reported a standalone turnover of ₹513.26 cr and a net worth of ₹316.54 cr for the fiscal year. Exports contributed 13.35% to the total turnover, reflecting its international footprint in mining hubs like Australia and Brazil. The total workforce reached 2,709 personnel, though permanent employee turnover remains notable at 15.07%.
- Maintenance and Repair Services contributed 45% of total sales, followed by Rubber Products at 24%.
- Export contribution stood at 13.35% of total turnover for FY 2025-26.
- Total workforce as of March 31, 2026, comprised 816 employees and 1,893 workers.
- Standalone net worth reported at ₹316.54 cr against a standalone turnover of ₹513.26 cr.
- Sourcing from MSMEs improved to 5% of total inputs, up from 2% in the previous year.
Thejo Engineering has scheduled its 40th AGM for August 25, 2026, and recommended a final dividend of Rs 5 per share (50% of face value). For FY26, consolidated revenue increased to Rs 631.13 cr from Rs 550.73 cr in FY25, though consolidated PAT saw a slight decline to Rs 48.85 cr. A key accounting change from Written Down Value (WDV) to Straight Line Method (SLM) for depreciation provided a one-time boost of Rs 5.51 cr to standalone Profit After Tax. The company continues to focus on its 72% capacity expansion to 6,200 TPA to drive future growth.
- Recommended a final dividend of Rs 5 per equity share for the financial year 2025-26
- Consolidated total income for FY26 reached Rs 641.68 cr, up from Rs 557.81 cr in the previous year
- Change in depreciation method (WDV to SLM) increased standalone Profit After Tax by Rs 5.51 cr
- Consolidated Net Worth grew to Rs 354.42 cr as of March 31, 2026, compared to Rs 297.78 cr in FY25
- Fixed August 18, 2026, as the cut-off date for determining voting rights for the upcoming AGM
Thejo Engineering has reported the passing of Mr. K.J. Joseph, a Founder Promoter and Chairman Emeritus, on July 22, 2026. Mr. Joseph previously served as the Chairman of the company until June 22, 2021, when he transitioned to the emeritus role. Given his non-executive, honorary status at the time of passing, no disruption to the company's operations or strategic direction is anticipated. The company continues under the leadership of Executive Chairman V.A. George.
- Demise of Founder Promoter Mr. K.J. Joseph occurred on July 22, 2026
- Transitioned from Chairman to Chairman Emeritus on June 22, 2021
- Company maintains a market capitalization of Rs 2,104 Cr as of the announcement date
- No changes to the current executive management team led by V.A. George
Thejo Engineering's shareholders have approved the re-appointment of Mr. V.A. George as Executive Chairman for a 3-year term and Mr. Manoj Joseph as Managing Director for a 5-year term, both effective July 15, 2026. The approval was obtained via postal ballot, which concluded on July 11, 2026. This ensures leadership continuity as the company executes its 72% capacity expansion (adding 2,600 TPA) and integrates its Australian and Brazilian subsidiaries. The company currently operates with a TTM revenue of Rs 604 Cr and a PAT of Rs 49 Cr.
- Mr. V.A. George re-appointed as Executive Chairman for a 3-year term starting July 15, 2026
- Mr. Manoj Joseph re-appointed as Managing Director for a 5-year term starting July 15, 2026
- Remote e-voting process concluded on July 11, 2026, with the Scrutinizer report received on July 13, 2026
- Leadership oversees a TTM revenue base of Rs 604 Cr and a planned 72% capacity expansion to 6,200 TPA
Shareholders of Thejo Engineering have approved the re-appointment of Mr. V.A. George as Executive Chairman and Mr. Manoj Joseph as Managing Director via postal ballot. Both resolutions received overwhelming support, with over 99.99% of votes cast in favor. A total of 6.63 million votes were polled, representing a 61.14% turnout of the total 10.85 million shares. This ensures leadership continuity as the company executes its 72% capacity expansion strategy.
- Special Resolution for re-appointment of Mr. V.A. George passed with 99.9994% votes in favor
- Ordinary Resolution for re-appointment of Mr. Manoj Joseph passed with 99.9997% votes in favor
- Total of 6,632,002 votes polled out of 10,847,454 total shares, representing 61.14% participation
- Voting process concluded on July 11, 2026, with the Scrutinizer report submitted on July 13, 2026
- Total number of shareholders on the record date of June 5, 2026, stood at 8,164
Thejo Engineering Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent (RTA), Cameo Corporate Services Limited, confirmed that no securities were received for dematerialization during the quarter ended June 30, 2026. Consequently, no share certificates were mutilated or cancelled, and no changes were made to the register of members. This is a standard procedural filing with no impact on the company's financial or operational status.
- Reporting period covers the quarter ended June 30, 2026
- 0 securities were received from depository participants for dematerialization
- Certificate issued by Cameo Corporate Services Limited on July 4, 2026
- No certificates were mutilated or cancelled during the reporting period
Thejo Engineering has secured its first tranche of orders from Vale, Brazil, valued at USD 0.89 million (approximately ₹8.46 crore). This order follows successful plant trials of the company's proprietary THOR-R and THOR-M Mill Liners under a three-year supply contract. While the order represents a modest 1.4% of TTM revenue (₹604 Cr), it validates the company's product quality with a global mining major. The supply for these initial two sets is scheduled for completion by October 2026.
- First tranche of orders worth USD 0.89 million (₹8.46 crore) received from Vale, Brazil
- Order covers the supply of the initial two complete sets of THOR-R and THOR-M Mill Liners
- Supply is scheduled to be completed by October 2026
- Contract follows successful performance demonstrated during plant trials at Vale's facilities
- Part of a larger three-year supply contract secured from the international mining entity
Thejo Engineering Limited has announced the closure of its trading window starting June 30, 2026, in compliance with SEBI insider trading regulations. This closure is a standard procedure preceding the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their relatives until 48 hours after the results are made public. The specific date for the Board Meeting to approve these results will be announced at a later time.
- Trading window closure begins effective June 30, 2026.
- Closure pertains to the financial results for the quarter ending June 30, 2026.
- Applies to Directors, Designated Persons, and their immediate relatives.
- Trading window will reopen 48 hours after the official financial results declaration.
- Board meeting date for result consideration to be intimated in due course.
Thejo Engineering Limited has approved the allotment of 25 equity shares of face value Rs. 10 each to an eligible employee under its 2015 ESOP scheme. The shares were issued at an exercise price of Rs. 671.75 per share, which includes a securities premium of Rs. 661.75. This minor allotment has increased the company's total paid-up equity share capital from Rs. 10,84,74,540 to Rs. 10,84,74,790. The new shares are identical in all respects to the existing equity shares of the company.
- Allotment of 25 equity shares following the exercise of options under the Thejo Employees Stock Option Scheme, 2015.
- Exercise price of Rs. 671.75 per share, including a premium of Rs. 661.75.
- Total paid-up equity share capital increased to Rs. 10,84,74,790 divided into 1,08,47,479 shares.
- The allotment was approved by the Allotment Committee via circular resolution on June 19, 2026.
CRISIL Ratings has reaffirmed its credit ratings for Thejo Engineering Limited's bank loan facilities totaling Rs. 137.50 crore. The long-term rating is maintained at 'CRISIL A/Stable' for facilities worth Rs. 70.08 crore, and the short-term rating remains 'CRISIL A1' for Rs. 67.42 crore. This reaffirmation indicates a stable credit profile and the company's continued ability to meet its financial obligations across various instruments including cash credits and term loans.
- CRISIL reaffirmed the long-term rating at 'CRISIL A/Stable' for Rs. 70.08 crore of bank facilities.
- The short-term rating was reaffirmed at 'CRISIL A1' for Rs. 67.42 crore.
- Total bank loan facilities reviewed by the rating agency amount to Rs. 137.50 crore.
- The ratings cover facilities from major lenders including State Bank of India, HDFC Bank, Axis Bank, and Citibank.
- The 'Stable' outlook reflects the agency's expectation of the company's steady financial performance.
Thejo Engineering Limited has initiated a postal ballot to seek shareholder approval for the re-appointment of its top leadership. Mr. V.A. George is proposed for re-appointment as Executive Chairman for a three-year term with a monthly basic salary of ₹12 lakh and a profit-linked commission of up to 2%. Mr. Manoj Joseph is proposed for re-appointment as Managing Director for a five-year term with a basic salary of ₹5.15 lakh per month plus allowances. These moves are intended to ensure leadership continuity and strategic stability for the company starting July 15, 2026.
- Re-appointment of Mr. V.A. George as Executive Chairman for 3 years effective July 15, 2026.
- Re-appointment of Mr. Manoj Joseph as Managing Director for 5 years effective July 15, 2026.
- Executive Chairman's remuneration includes ₹12,00,000 monthly basic salary and up to 2% commission on annual profits.
- Managing Director's package includes ₹5,15,000 monthly basic salary plus 30% DA and 50% HRA.
- Remote e-voting period is set from June 12, 2026, to July 11, 2026, with results by July 14, 2026.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 11.46% YoY to INR 436.46 Cr in FY25 from INR 391.57 Cr in FY24. The growth was driven by a 17.7% YoY increase in the previous fiscal across both product and service segments, though the Australian subsidiary saw a 5% revenue decline in 9M FY25 due to a mining sector slowdown.
Geographic Revenue Split
Thejo operates across India, Saudi Arabia, Australia, Brazil, and Chile. While specific % splits per region are not fully disclosed, the Australian subsidiary is a major contributor, though it faced a temporary slowdown in FY25. The group is expanding its footprint in the Middle East through TE Global FZ-LLC (UAE).
Profitability Margins
Operating margins improved to 18.19% in FY24 from 13.05% in FY23. Profit before tax (PBT) for FY25 stood at INR 67.34 Cr, a 31.37% increase from INR 51.26 Cr in FY24. Margins are expected to stabilize at 16-17% over the medium term due to better fixed cost absorption.
EBITDA Margin
EBITDA margin reached 18.19% in FY24, up 514 bps from 13.05% in FY23. This improvement was driven by the stabilization of raw material costs and strategic focus on high-margin product businesses like mill liners and specialty rubber components.
Capital Expenditure
The company has planned a capital expenditure of INR 40 Cr to expand manufacturing capacity by 2,600 tonnes per annum. This expansion is intended to be entirely funded through internal accruals, maintaining the company's low-debt profile.
Credit Rating & Borrowing
Maintains a 'Stable' outlook with CRISIL. Gearing is exceptionally low at less than 0.1 times as of March 31, 2024. Interest coverage ratio is robust at over 16 times, reflecting very low borrowing costs and high debt-servicing ability.
Operational Drivers
Raw Materials
Key raw materials include natural and synthetic rubber, steel for conveyor components, and specialized chemicals for linings. Material costs accounted for INR 93.83 Cr in FY25, representing approximately 21.5% of total revenue.
Import Sources
Sourced globally to support subsidiaries in Australia, Brazil, Chile, and Saudi Arabia. Domestic sourcing is centered in India for the main manufacturing hub in Chennai.
Key Suppliers
Not specifically named, but the company utilizes a diverse vendor base for rubber compounds and steel components to mitigate dependency risks.
Capacity Expansion
Current manufacturing capacity is approximately 3,600 tonnes per annum. The company is expanding this by 2,600 tonnes (a 72% increase) to reach a total of 6,200 tonnes per annum within 10-12 months to meet growing demand in core sectors.
Raw Material Costs
Cost of materials consumed rose 5.37% to INR 93.83 Cr in FY25. The company uses backward integration, manufacturing its own conveyor components and rubber molded parts, to control costs and improve margins by 230-300 bps.
Manufacturing Efficiency
Operating leverage benefits are expected to sustain margins at 16-17% as higher order execution allows for better absorption of fixed employee costs (INR 121.25 Cr in FY25).
Logistics & Distribution
Distribution is handled through a global network of subsidiaries. Shifting costs to new plants and hiring new sales teams in overseas markets temporarily impacted margins in FY23 but stabilized in FY24-25.
Strategic Growth
Expected Growth Rate
15-18%
Growth Strategy
Growth will be achieved through a 72% capacity expansion (adding 2,600 TPA), full acquisition of Australian and Brazilian subsidiaries to capture 100% of profits, and aggressive cross-selling of manufactured products through existing Operations & Maintenance (O&M) service contracts.
Products & Services
Conveyor belts, conveyor components, rubber molded components, mill liners, filtration systems, rubber linings, and specialized O&M services for material handling equipment.
Brand Portfolio
THEJO, Thejo Hatcon (Saudi Arabia), Thejo Australia.
New Products/Services
Focusing on high-margin specialty products and machines, including customized equipment for mineral processing, expected to sustain operating margins above 16%.
Market Expansion
Full acquisition of subsidiaries in Australia and Brazil completed in 2025. Target regions include the Middle East (via UAE subsidiary) and deeper penetration in the Latin American mining markets (Chile/Brazil).
Market Share & Ranking
Established player in niche material handling and corrosion protection segments; however, scale remains 'modest' compared to global engineering giants.
Strategic Alliances
Acquired the remaining 20% stake in the Australian subsidiary from Bridgestone in 2025 as Bridgestone exited the conveyor belt business globally.
External Factors
Industry Trends
The industry is shifting toward integrated service-plus-product models. Thejo is positioned as a one-stop-shop for material handling, moving from just servicing belts to manufacturing the entire component ecosystem.
Competitive Landscape
Competes with large global engineering firms and local niche players. Competitive advantage lies in lower overheads and specialized R&D for rubber-based corrosion protection.
Competitive Moat
Moat is built on 'sticky' O&M contracts and backward integration. By providing on-site services, Thejo creates high switching costs for mines and plants that rely on them for 24/7 material flow efficiency.
Macro Economic Sensitivity
Highly sensitive to the industrial production cycles of core sectors (Steel, Cement, Power). A 1% decline in core sector GDP growth typically correlates with reduced O&M service frequency.
Consumer Behavior
Industrial customers are increasingly outsourcing maintenance to specialized players to focus on core production, benefiting Thejo’s O&M segment.
Geopolitical Risks
Management maintains 'cautious optimism' due to prevailing geopolitical conditions that threaten global supply chains for industrial products.
Regulatory & Governance
Industry Regulations
Subject to Section 148 of the Companies Act for maintenance of cost records for manufactured products. Compliant with Regulation 33 of SEBI LODR for financial reporting.
Environmental Compliance
Maintains compliance with pollution norms for rubber manufacturing; no material ESG-related penalties disclosed.
Taxation Policy Impact
Effective tax rate is approximately 25-26%, with FY25 tax expense at INR 17.56 Cr on PBT of INR 67.34 Cr.
Legal Contingencies
No material pending litigations or defaults on statutory dues (GST, PF, Income Tax) were reported by auditors for the period ending March 31, 2025.
Risk Analysis
Key Uncertainties
Susceptibility to cyclicality in end-user segments (Mining/Steel) could impact revenue by 5-10% during economic downturns.
Geographic Concentration Risk
Significant revenue concentration in Australia and India. The Australian mining slowdown is a primary risk factor for consolidated performance.
Third Party Dependencies
Low dependency on any single third-party vendor due to backward integration into manufacturing core components.
Technology Obsolescence Risk
Risk is mitigated by continuous R&D in polymer science and rubber molding to ensure products meet the evolving durability requirements of high-wear mining environments.
Credit & Counterparty Risk
Receivables are generally from large, credit-worthy core-sector companies, though the company monitors working capital closely to maintain its < 0.1x gearing.
