BSE: 0 | NSE: THEJO | Engineering | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Thejo Engineering Ltd is a good quality company.
The key valuation ratios of Thejo Engineering Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Thejo Engineering Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 13.8% | 13.4% | 12.5% | 16.2% | 20.6% | 18.5% | 24.7% | 29% | 23.8% | 27% | - |
| Value Creation Index ⓘ | 0.0 | 0.0 | -0.1 | 0.2 | 0.5 | 0.3 | 0.8 | 1.1 | 0.7 | 0.9 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 169 | 157 | 150 | 174 | 190 | 202 | 214 | 278 | 333 | 392 | 399 |
| Sales YoY Gr. | - | -6.9% | -4.7% | 16.2% | 9.2% | 6% | 6% | 29.9% | 19.9% | 17.7% | - |
| Adj EPS ⓘ | 5.6 | 5.4 | 5.6 | 8.4 | 12.7 | 12.9 | 20 | 27 | 25.5 | 34.7 | 38.6 |
| YoY Gr. | - | -3.9% | 3.7% | 50.8% | 50.2% | 2.2% | 54.4% | 35.1% | -5.4% | 35.9% | - |
| BVPS (₹) ⓘ | 62.2 | 66.2 | 71.6 | 78.7 | 90.2 | 101.3 | 118 | 142.8 | 166.5 | 200 | 220 |
| Adj Net Profit ⓘ | 5.8 | 5.6 | 5.8 | 8.7 | 13.1 | 13.4 | 21.1 | 28.8 | 27.3 | 37.4 | 42 |
| Cash Flow from Ops. ⓘ | 10.5 | 12.2 | 7.6 | 19.8 | 18.4 | 15.6 | 27.8 | 19 | 47 | 40.2 | - |
| Debt/CF from Ops. ⓘ | 3.5 | 3.2 | 5.4 | 1.3 | 1.3 | 1 | 0.2 | 0.1 | 0.2 | 0.2 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9.8% | 15.5% | 22.4% | 17.7% | ||||
| Adj EPS ⓘ | 22.5% | 22.4% | 20.2% | 35.9% | ||||
| BVPSⓘ | 13.9% | 17.3% | 19.2% | 20.1% | ||||
| Share Price | - | 33.3% | 24.9% | 13.1% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 9.3 | 8.4 | 8.1 | 11.2 | 14.9 | 13.4 | 18.1 | 20.5 | 16.4 | 18.8 | 18.4 |
| Op. Profit Mgn % ⓘ | 10.4 | 10.9 | 11.3 | 11.7 | 13.8 | 12.8 | 16.1 | 16.8 | 14.1 | 17.7 | 18.5 |
| Net Profit Mgn % ⓘ | 3.4 | 3.5 | 3.8 | 5 | 6.9 | 6.7 | 9.9 | 10.4 | 8.2 | 9.5 | 10.5 |
| Debt to Equity ⓘ | 0.6 | 0.6 | 0.6 | 0.3 | 0.3 | 0.2 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 207 | 234 | 237 | 201 | 190 | 195 | 197 | 170 | 160 | 148 | 93 |
| Cash Conv. Cycle ⓘ | 101 | 121 | 144 | 133 | 122 | 128 | 132 | 111 | 93 | 87 | 58 |
Sales growth is growing at healthy rate in last 3 years 22.36%
Net Profit is growing at healthy rate in last 3 years 20.21%
Return on Equity has declined versus last 3 years average to 18.40%
Sales growth is not so good in last 4 quarters at 8.84%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 38.6 | 47.3 |
| TTM Sales (₹ Cr.) | 399 | 555 |
| BVPS (₹.) ⓘ | 220 | 249.6 |
| Reserves (₹ Cr.) ⓘ | 228 | 260 |
| P/BV ⓘ | 9.58 | 8.44 |
| PE ⓘ | 54.62 | 44.51 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 0.00 / 0.00 |
| All Time Low / High (₹) | - / - |
| Market Cap (₹ Cr.) | 2,285 |
| Equity (₹ Cr.) | 10.9 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 48 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 169 | 157 | 150 | 174 | 190 | 202 | 214 | 278 | 333 | 392 |
| Operating Expenses ⓘ | 152 | 140 | 133 | 154 | 164 | 176 | 179 | 231 | 286 | 322 |
| Manufacturing Costs | 20 | 23 | 25 | 35 | 35 | 41 | 43 | 59 | 78 | 99 |
| Material Costs | 47 | 31 | 37 | 40 | 42 | 41 | 43 | 62 | 83 | 87 |
| Employee Cost | 53 | 56 | 56 | 62 | 69 | 74 | 77 | 90 | 102 | 111 |
| Other Costs ⓘ | 32 | 30 | 15 | 17 | 19 | 19 | 16 | 20 | 24 | 26 |
| Operating Profit ⓘ | 17 | 17 | 17 | 20 | 26 | 26 | 34 | 47 | 47 | 69 |
| Operating Profit Margin (%) | 10.1% | 10.9% | 11.1% | 11.7% | 13.8% | 12.8% | 16.1% | 16.8% | 14.0% | 17.7% |
| Other Income ⓘ | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 2 | 2 | 2 |
| Interest ⓘ | 5 | 6 | 6 | 5 | 4 | 3 | 3 | 2 | 4 | 4 |
| Depreciation ⓘ | 5 | 4 | 4 | 4 | 4 | 5 | 6 | 7 | 8 | 15 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 8 | 8 | 8 | 13 | 19 | 19 | 29 | 39 | 37 | 51 |
| Tax ⓘ | 3 | 3 | 3 | 4 | 6 | 5 | 7 | 10 | 10 | 13 |
| Profit After Tax | 5 | 6 | 6 | 9 | 14 | 14 | 21 | 29 | 28 | 38 |
| PAT Margin (%) | 3.2% | 3.6% | 3.7% | 5.0% | 7.1% | 6.8% | 10.0% | 10.5% | 8.3% | 9.7% |
| Adjusted EPS (₹) | 5.3 | 5.4 | 5.5 | 8.5 | 13.2 | 13.2 | 20.3 | 27.4 | 25.8 | 35.4 |
| Dividend Payout Ratio (%) | 22% | 22% | 21% | 16% | 13% | 13% | 10% | 7% | 8% | 8% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 64 | 68 | 74 | 81 | 93 | 105 | 124 | 152 | 178 | 215 |
| Share Capital ⓘ | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 11 | 11 | 11 |
| Reserves ⓘ | 61 | 65 | 70 | 78 | 90 | 102 | 121 | 142 | 167 | 204 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 35 | 37 | 37 | 22 | 22 | 15 | 4 | 1 | 5 | 6 |
| Long Term Debt | 6 | 8 | 5 | 4 | 2 | 1 | 1 | 1 | 5 | 6 |
| Short Term Debt | 29 | 29 | 32 | 18 | 20 | 15 | 3 | 0 | 0 | 0 |
| Trade Payables | 15 | 13 | 12 | 17 | 19 | 20 | 23 | 27 | 39 | 33 |
| Others Liabilities ⓘ | 35 | 32 | 19 | 27 | 24 | 31 | 39 | 56 | 63 | 66 |
| Total Liabilities ⓘ | 149 | 150 | 142 | 147 | 157 | 171 | 190 | 235 | 286 | 320 |
Fixed Assets | ||||||||||
| Gross Block | 45 | 47 | 50 | 57 | 62 | 65 | 38 | 61 | 105 | 118 |
| Accumulated Depreciation | 23 | 26 | 30 | 34 | 38 | 42 | 6 | 12 | 20 | 34 |
| Net Fixed Assetsⓘ | 22 | 21 | 20 | 23 | 24 | 23 | 32 | 48 | 85 | 84 |
| CWIP ⓘ | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 1 | 2 | 2 |
| Investmentsⓘ | 16 | 19 | 20 | 20 | 21 | 21 | 23 | 23 | 23 | 30 |
| Inventories | 14 | 17 | 17 | 17 | 22 | 25 | 28 | 37 | 40 | 44 |
| Trade Receivables | 54 | 52 | 56 | 62 | 60 | 73 | 72 | 84 | 88 | 102 |
| Cash Equivalents | 8 | 6 | 6 | 6 | 11 | 13 | 18 | 21 | 25 | 36 |
| Others Assetsⓘ | 35 | 35 | 23 | 18 | 18 | 16 | 17 | 21 | 22 | 21 |
| Total Assets ⓘ | 149 | 150 | 142 | 147 | 157 | 171 | 190 | 235 | 286 | 320 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 10 | 12 | 8 | 20 | 18 | 16 | 28 | 19 | 47 | 40 |
| PBT ⓘ | 8 | 8 | 8 | 13 | 19 | 19 | 29 | 39 | 37 | 51 |
| Adjustment ⓘ | 9 | 9 | 9 | 8 | 8 | 8 | 9 | 8 | 12 | 19 |
| Changes in Working Capital ⓘ | -4 | -2 | -7 | 3 | -3 | -5 | -4 | -18 | 9 | -16 |
| Tax Paid ⓘ | -3 | -3 | -3 | -4 | -5 | -6 | -6 | -11 | -11 | -14 |
| Cash Flow From Investing Activity ⓘ | -11 | -11 | -3 | 0 | -5 | -2 | -8 | -8 | -45 | -23 |
| Capex | -4 | -3 | -3 | -7 | -4 | -4 | -6 | -7 | -44 | -18 |
| Net Investments | -7 | -9 | -1 | 0 | -2 | 0 | -3 | 0 | -2 | -6 |
| Others ⓘ | 1 | 1 | 1 | 7 | 1 | 2 | 1 | 0 | 1 | 1 |
| Cash Flow From Financing Activityⓘ | 0 | -3 | -4 | -19 | -9 | -12 | -16 | -9 | 0 | -5 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 1 |
| Interest Paid ⓘ | -5 | -6 | -6 | -5 | -4 | -3 | -3 | -2 | -4 | -4 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | -2 | -2 | -2 | -2 | -2 | -2 |
| Others ⓘ | 5 | 2 | 2 | -14 | -3 | -7 | -13 | -5 | 0 | 0 |
| Net Cash Flow ⓘ | -1 | -2 | 1 | 0 | 5 | 2 | 3 | 3 | 3 | 12 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 8.77 | 8.46 | 7.9 | 11.25 | 15.59 | 13.87 | 18.69 | 21.14 | 16.7 | 19.34 |
| ROCE (%) | 13.75 | 13.41 | 12.5 | 16.19 | 20.57 | 18.5 | 24.69 | 29.01 | 23.82 | 26.97 |
| Asset Turnover Ratio | 1.22 | 1.08 | 1.05 | 1.21 | 1.25 | 1.23 | 1.18 | 1.3 | 1.28 | 1.29 |
| PAT to CFO Conversion(x) | 2 | 2 | 1.33 | 2.22 | 1.29 | 1.14 | 1.33 | 0.66 | 1.68 | 1.05 | Working Capital Days |
| Receivable Days | 107 | 120 | 128 | 124 | 118 | 120 | 124 | 103 | 95 | 89 |
| Inventory Days | 28 | 35 | 40 | 35 | 37 | 43 | 46 | 43 | 42 | 39 |
| Payable Days | 103 | 146 | 83 | 90 | 122 | 144 | 148 | 130 | 145 | 150 |
Thejo Engineering 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, fertilizers etc. Its services include belt conveyor maintenance and operations, while its product portfolio covers design, manufacture and supply of engineering products for bulk material handling, mineral processing and corrosion protection. The company has developed a strong brand and goodwill in the industry it operates.
Today, Thejo Engineering is one of the few companies in the sub continent offering manufacturing, marketing and servicing activities under one roof. Its services business caters to belt splicing, pulley lagging, belt conveyor maintenance, installation of belt conveyors, belt reconditioning, and rubber lining etc. On the other hand its products business caters to design, development, manufacture and supply of rubber and polyurethane engineering products for belt cleaning, spillage control, enhanced flow of material, impact & abrasion protection, screening, rubber & polyurethane linings. Since the last two years the company has initiated trading in certain manufactured products of international repute which supplements its current product line.
The company has four manufacturing units, all of which are located near Chennai. It has pan India presence through its 11 branch offices and 36 site offices located across 14 states. The company’s international presence through partnerships and distribution network extends across Australia, kingdom of Saudi Arabia, the USA, Germany, Chile, Brazil and Ghana.
Awards and achievements
2005: Received ISO 9001:2008 certification from Det Norske Veritas for manufacture and refurbishing of rubber and rubberized products to general engineering industries in relation to Unit I located at Jagannathapuram Road, Irulipattu Village, Alinjivakkam Post, Ponneri, Chennai - 600 086, India.
2011: Received “NSIC-CRISIL - SE1B†rating for small scale industries from NSIC and CRISIL indicating highest performance capability and moderate financial strength.
Milestones
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