Thejo Engineering Limited (THEJO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-62.5%

₹727.49

vs ₹1,940.00 price

Levered DCF

₹65.73

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	32.09×	39.45×	47.51×	43.78×	33.96×	15.4×	6.19×	15.12×
P/B	4.46×	6.61×	10.56×	7.22×	7.75×	3.17×	1.54×	2.61×
P/S	2.5×	3.56×	4.73×	2.99×	3.02×	1.25×	0.51×	0.88×
EV / EBITDA	18.25×	20.83×	25.81×	22.68×	18.2×	7.45×	3.51×	6.8×
Gross margin	45.4%	44.2%	56.4%	77.4%	59.4%	61.5%	59.7%	62.8%
Operating margin	10.3%	12.4%	14.3%	10.2%	13.9%	12.8%	14.2%	10.9%
Net margin	7.8%	9.0%	10.0%	6.8%	8.9%	8.1%	8.3%	5.8%
Current ratio	2.7×	3.12×	2.89×	2.39×	2.86×	2.25×	1.98×	1.7×
Debt / equity	0.12×	0.1×	0.17×	0.23×	0.23×	0.14×	0.35×	0.4×
Interest coverage	12.37×	13.08×	12.42×	10.46×	18.71×	11.34×	9.35×	5.52×
Dividend yield	0.3%	0.2%	0.1%	0.2%	0.2%	0.4%	1.3%	0.8%
Payout ratio	11.0%	6.5%	3.9%	8.9%	5.6%	6.6%	8.3%	12.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.9%	16.8%	22.2%	16.5%	22.8%	20.6%	24.8%	17.2%
Return on invested capital	11.3%	14.9%	19.4%	13.6%	19.5%	19.5%	22.5%	14.9%
Return on assets	9.0%	11.2%	13.4%	8.9%	12.4%	11.2%	11.7%	8.0%
Free cash flow yield	0.4%	1.5%	1.1%	0.6%	1.0%	9.2%	9.4%	6.5%
Earnings yield	3.1%	2.5%	2.1%	2.3%	2.9%	6.5%	16.2%	6.6%
Enterprise value	₹15.9B	₹19.3B	₹26.3B	₹14.2B	₹12.7B	₹3.9B	₹1.7B	₹2.2B
Net debt / EBITDA	0.06×	-0.39×	-0.17×	0.04×	-0.07×	-0.23×	0.26×	0.61×
Cash conversion cycle (days)	119	118	121	123	130	99	141	151