About THES
THES is a publicly listed company based in Gurugram (India) founded in 2001. It operates as a music and entertainment events are managed in India. Its Indian entity Thinking Hats Entertainment Solutions Limited reported revenue of ₹48.40 Cr. THES offers products and services including Film Production, Event Management, Artist Management, Intellectual Properties Development, and Website/App Development. Its focus areas include Business Services, IT Services, Application Development and Horizontal. Its competitors include AlmavivA, Hedgehog lab, Hancom, AKQA and Waracle and 5 more; 6 of its 10 listed competitors have raised funding.
Company details
THES was founded in 2001 and is based in Gurugram, India. Event management services focused on music and other entertainment activities are offered. Operations include planning and execution of various events within the entertainment sector. The company serves clients across India through its domain thes.in, handling logistics and coordination for live performances and related gatherings.
- Market Cap₹15.11 Cr
THESL-ST · NSE
- Share Price₹11.50
-4.96% today
- Revenue₹23.52 Cr
FY 2025-26 · -50.7% YoY
- EBITDA₹2.33 Cr
Margin 9.9%
- Net Profit₹1.25 Cr
FY 2025-26 · -65.9% YoY
- P/E (TTM)12.1x
P/B 0.5x
Associated legal entities of THES
THES is associated with 2 registered companies on The Company Check; the primary company is Thinking Hats Entertainment Solutions Limited, a listed company. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2025) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Thinking Hats Entertainment Solutions Limited Listed CIN L92490MH2013PLC352652 | Active | 11 Feb 2013 | Mumbai, Maharashtra | ₹48.4 Cr | – | 6 | View details |
| Talespin Entertainment & Media Llp CIN AAO-9127 | Active | 16 Apr 2019 | Mumbai, Maharashtra | – | – | 3 | View details |
Products & Services of THES
THES offers a comprehensive portfolio of products and services, including Film Production, Event Management, Artist Management, Intellectual Properties Development, and Website/App Development.
Handles film and TV campaigns with creative execution.
Organizes corporate events and activations for clients.
Manages performances for memorable event experiences.
Conceptualizes innovative events and campaigns.
Creates tech solutions for business enhancement.
Apps and channels of THES
its YouTube channel Thinking Hats has 185 subscribers and 30 videos.
Videos from THES
The most watched videos on THES's YouTube channel, Thinking Hats (185 subscribers). Click a video to play it here.
More on Thinking Hats.
Board of directors of Thinking Hats Entertainment Solutions Limited (THES)
Thinking Hats Entertainment Solutions Limited is the primary company behind THES. The boards of the 2 registered companies of THES currently have 7 directors; the longest-serving is Rajesh Bhardwaj, appointed in 2014. 16 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Rajesh Bhardwaj DIN 02590002 | Managing Director | 09 May 2014 | 12 yrs 5 mo | Thinking Hats Entertainment Solutions Limited |
| Sorabh Ramswaroop Bajaj DIN 07084773 | Designated Partner | 16 Apr 2019 | 7 yrs 6 mo | Talespin Entertainment & Media Llp |
| Manish Tukaram Bhogte DIN 08422794 | Designated Partner | 16 Apr 2019 | 7 yrs 6 mo | Talespin Entertainment & Media Llp |
| Hemal Anantkumar Kothari DIN 08422795 | Designated Partner | 16 Apr 2019 | 7 yrs 6 mo | Talespin Entertainment & Media Llp |
| Princy Anand DIN 10414963 | Director | 30 May 2024 | 2 yrs 4 mo | Thinking Hats Entertainment Solutions Limited |
| Nikita Jain DIN 08222385 | Director | 11 Feb 2025 | 1 yr 8 mo | Thinking Hats Entertainment Solutions Limited |
| Sana Warsi DIN 11155001 | Director | 18 Jun 2025 | 1 yr 4 mo | Thinking Hats Entertainment Solutions Limited |
IPO & Listings of THES
THES is a publicly listed company on the NSE with ticker symbol THESL in India, operating in the Commercial services sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
- IPO date03 Oct 2024
- Listed onNSE: THESL
- Listed entityThinking Hats Entertainment Solutions Limited
- Exchange sectorCommercial services
- ISININE0SHE01019
- Share price₹12.70 (-4.87% on the day) · 2026-10-14
- Market capitalisation₹17.5 Cr
- Price to earnings12.7
- EPS (diluted, trailing year)₹1.00
- Volume (last session)6,000
Financials of THES
Exchange-reported figures of Thinking Hats Entertainment Solutions Limited, the listed company behind THES (NSE: THESL-ST).
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | 23.52 | 47.67 | 26.63 | 22.15 | 11.60 |
| Revenue growth | -50.7% | +79.0% | +20.2% | +91.0% | - |
| EBITDA | 2.33 | 5.34 | 4.99 | 2.92 | (0.30) |
| EBITDA margin | +9.9% | +11.2% | +18.7% | +13.2% | -2.6% |
| Profit before tax | 1.63 | 5.23 | 4.29 | 2.74 | 0.49 |
| Net profit | 1.25 | 3.67 | 3.08 | 2.00 | 0.39 |
| Net profit margin | +5.3% | +7.7% | +11.6% | +9.0% | +3.4% |
| EPS (₹) | 1.00 | 2.94 | 35.30 | 26.33 | 4.88 |
| Balance sheet | |||||
| Total assets | 40.16 | 40.60 | 16.49 | 9.87 | 4.02 |
| Net worth | 29.21 | 27.97 | 11.00 | 5.73 | 3.72 |
| Total debt | 10.82 | 12.51 | 5.39 | 4.14 | 0.30 |
| Cash & bank | 1.91 | 3.93 | 0.57 | 0.25 | 0.46 |
| Net working capital | 10.62 | 13.59 | 4.69 | 1.99 | 1.69 |
| Cash flow | |||||
| Cash from operations | 3.35 | (1.52) | 1.50 | 2.34 | 0.98 |
| Cash from investing | 0.59 | (18.75) | (4.08) | (5.62) | (1.51) |
| Cash from financing | (2.48) | 19.90 | 2.90 | 3.07 | 0.27 |
Financial Statements
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Revenue | 23.52 | 47.67 | 26.63 | 22.15 | 11.60 |
| Revenue growth | -50.7% | +79.0% | +20.2% | +91.0% | - |
| Other income | 0.52 | 0.73 | 0.07 | 0.13 | 0.85 |
| Total expenses | 21.19 | 42.33 | 21.64 | 19.23 | 11.90 |
| Employee cost | 0.00 | 2.74 | 2.14 | 1.82 | 1.20 |
| EBITDA | 2.33 | 5.34 | 4.99 | 2.92 | (0.30) |
| EBITDA margin | +9.9% | +11.2% | +18.7% | +13.2% | -2.6% |
| Depreciation | 0.44 | 0.22 | 0.17 | 0.10 | 0.06 |
| Interest | 0.78 | 0.62 | 0.60 | 0.21 | 0.00 |
| Profit before tax | 1.63 | 5.23 | 4.29 | 2.74 | 0.49 |
| Tax | 0.38 | 1.57 | 1.21 | 0.74 | 0.10 |
| Net profit | 1.25 | 3.67 | 3.08 | 2.00 | 0.39 |
| Net profit margin | +5.3% | +7.7% | +11.6% | +9.0% | +3.4% |
| EPS (₹) | 1.00 | 2.94 | 35.30 | 26.33 | 4.88 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Equity & liabilities | |||||
| Share capital | 12.49 | 12.49 | 0.88 | 0.76 | 0.76 |
| Reserves & surplus | 16.72 | 15.48 | 10.12 | 4.97 | 2.96 |
| Shareholders' funds (net worth) | 29.21 | 27.97 | 11.00 | 5.73 | 3.72 |
| Secured loans | 4.83 | 7.93 | 3.64 | 1.50 | 0.23 |
| Unsecured loans | 5.99 | 4.58 | 1.75 | 2.64 | 0.07 |
| Total debt | 10.82 | 12.51 | 5.39 | 4.14 | 0.30 |
| Total liabilities | 40.16 | 40.60 | 16.49 | 9.87 | 4.02 |
| Assets | |||||
| Gross block | 4.09 | 2.76 | 2.38 | 2.29 | 1.04 |
| Net block | 2.97 | 2.01 | 1.58 | 1.66 | 0.52 |
| Capital work in progress | 21.33 | 15.33 | 2.37 | 0.00 | 0.00 |
| Investments | 4.76 | 9.18 | 7.65 | 6.01 | 1.62 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sundry debtors | 11.59 | 12.35 | 9.89 | 6.06 | 3.11 |
| Cash & bank balances | 1.91 | 3.93 | 0.57 | 0.25 | 0.46 |
| Loans & advances | 4.57 | 6.30 | 1.87 | 0.35 | 0.48 |
| Total current assets | 18.07 | 22.58 | 12.33 | 6.66 | 4.05 |
| Total current liabilities | 7.45 | 8.99 | 7.64 | 4.67 | 2.36 |
| Net working capital | 10.62 | 13.59 | 4.69 | 1.99 | 1.69 |
| Total assets | 40.16 | 40.60 | 16.49 | 9.87 | 4.02 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Opening cash | 0.20 | 0.57 | 0.25 | 0.46 | 0.73 |
| Net cash from operating activities | 3.35 | (1.52) | 1.50 | 2.34 | 0.98 |
| Net cash from investing activities | 0.59 | (18.75) | (4.08) | (5.62) | (1.51) |
| Net cash from financing activities | (2.48) | 19.90 | 2.90 | 3.07 | 0.27 |
| Net change in cash | 1.46 | (0.37) | 0.32 | (0.21) | (0.26) |
| Closing cash | 1.91 | 3.93 | 0.57 | 0.25 | 0.46 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Growth | |||||
| Sales growth | -50.7% | +79.0% | +20.2% | +91.0% | - |
| EBITDA growth | -56.4% | +7.0% | +70.9% | +1073.3% | - |
| PBT growth | -68.8% | +21.9% | +56.6% | +459.2% | +9997.0% |
| Net income growth | -65.9% | +19.2% | +54.0% | +412.8% | - |
| Revenue CAGR (3Y) | +2.0% | +60.2% | - | - | - |
| EBITDA CAGR (3Y) | -7.3% | - | - | - | - |
| Profitability & leverage | |||||
| Net income margin | +5.3% | +7.7% | +11.6% | +9.0% | +3.4% |
| Return on capital employed | - | +20.5% | +37.2% | +42.7% | +12.0% |
| Return on net worth | - | +18.8% | +36.9% | +42.5% | +10.0% |
| Debt / equity | - | 0.46 | 0.57 | 0.47 | 0.08 |
| Long-term debt / equity | - | 0.10 | 0.12 | 0.11 | 0.00 |
| Interest cover | 41.27 | 12.11 | 12.45 | 7.45 | 0.00 |
| Efficiency & per share | |||||
| Fixed asset turnover | - | 18.55 | 11.40 | 13.30 | 11.15 |
| Inventory turnover | - | 0.00 | 0.00 | 0.00 | 0.00 |
| Debtors turnover | - | 4.29 | 3.34 | 4.83 | 3.73 |
| EPS (₹) | 1.00 | 2.94 | 35.30 | 26.33 | 4.88 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 0.00 | 22.40 | 125.58 | 75.18 | 48.85 |
Competitors of THES
THES has 10 listed competitors in our database, 6 of them funded. They include AlmavivA, Hedgehog lab, Hancom, AKQA and Waracle, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| almaviva.it | 2005 | Rome, Italy | – | – | IT services suite solutions are provided globally by AlmavivA. | |
| hedgehoglab.com | 2007 | Newcastle Upon Tyne, United Kingdom | $9.49M | 88 | Mobile application development and UX design services are provided. | |
| hancom.com | 1990 | Seongnam-si, South Korea | – | – | Technology conglomerate spanning AI, blockchain, IoT, and mobility solutions. | |
| akqa.com | 1994 | Riyadh, Saudi Arabia | $8.74M | 648 | Integrated digital marketing campaigns are developed and executed across channels. | |
| waracle.com | 2007 | Dundee, United Kingdom | $6.32M | 42 | Mobile apps and IoT solutions are developed across platforms. | |
| freschesolutions.com | 1976 | Montreal, Canada | $16M | – | IT services for application modernization and development are offered. | |
| sierraatlantic.com | 1993 | Newark, United States | $17.4M | 139 | Offshore enterprise application development and IT consulting services are provided. | |
| glowtouch.com | 2002 | Louisville, United States | – | 2,269 | Technology services are provided to mid-sized businesses across multiple regions. | |
| brightspot.com | 2008 | Reston, United States | $22M | – | CMS solutions for digital publishers are provided and managed. | |
| sylogist.com | 1993 | Calgary, Canada | – | – | Software solutions are delivered to public sector and business clients. |
Detailed competitors of THES
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
Verified entity values are shown only after access is granted.
Top companies in IT Services & Operations
10 companies that operate in the same segment as THES (IT Services & Operations), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Cloud orchestration solutions are provided for multi-cloud and device applications. | 1998 | Palo Alto, California, United States | USD 595.83 M | USD 812.05 M | 8,861 | |
A cloud-based platform for incident management software is provided. | 2009 | San Francisco, California, United States | USD 173.6 M | USD 492.55 M | 4,473 | |
Unified IT management is delivered through a cloud-based platform. | 2004 | Santa Clara, California, United States | USD 83.7 M | USD 13.28 B | 26,290 | |
Cloud based platform offering IT operational data and security analytics software | 2003 | San Francisco, California, United States | USD 40 M | USD 2.59 M | 108 | |
Cloud-based enterprise management solutions including backup and recovery are provided. | 2003 | Singapore, Singapore | USD 658 M | – | 1,898 | |
Cloud and application performance management platform is provided. | 2010 | New York, New York, United States | USD 147.19 M | USD 2.68 B | 6,500 | |
Converged data management solutions are provided for backup and recovery. | 2014 | Palo Alto, California, United States | USD 553 M | USD 1.32 B | 5,196 | |
IT backup and recovery solutions are provided via cloud platform. | 2006 | Columbus, Ohio, United States | USD 1.04 B | – | 7,596 | |
IT outsourcing services are delivered across multiple business lines. | 2011 | Bengaluru, Karnataka, India | USD 64.83 M | USD 246.74 M | 5,260 | |
Analytics and digital solutions for healthcare and banking are provided. | 1999 | New York, New York, United States | USD 10 M | USD 2.09 B | 59,500 |
Unlock complete access to The Company Check
Get unrestricted viewing across everything we track — from companies and brands to investors, funding rounds, acquisitions, financials, and more.
- Unlimited viewing on all profiles Companies, investors, financials, funding, acquisitions & directors
- Full access to every database India & global coverage, advanced filters and rich profile details
- Always-on access from your team account Single premium plan for everything you see on the portal
Related news about Thes
Complete news archive for THES
Full article history, source details, and older brand coverage require an active premium plan.
- Full article archive
- Source and publication date
- Older coverage
- Brand-specific news history
Verified entity values are shown only after access is granted.
Frequently Asked Questions about THES
THES was founded in 2001.
THES is headquartered in Gurugram, India. It is registered at Gurugram, Haryana, India.
The primary company behind THES, Thinking Hats Entertainment Solutions Limited, reported revenue of ₹48.40 Cr for FY 2025, up 81% year on year.
THES was founded in 2001 and is based in Gurugram, India. Event management services focused on music and other entertainment activities are offered. Operations include planning and execution of various events within the entertainment sector. The company serves clients across India through its domain thes.in, handling logistics and coordination for live performances and related gatherings.
THES's top competitors include Hedgehog lab, AlmavivA and AKQA.
THES offers Film Production, Event Management, Artist Management, Intellectual Properties Development, and Website/App Development.
Yes, THES is publicly traded on NSE under the ticker symbol THESL.
THES is associated with 2 legal entities: Thinking Hats Entertainment Solutions Limited, Talespin Entertainment & Media Llp.
The legal entities of THES currently have 9 directors, including Sorabh Ramswaroop Bajaj, Manish Tukaram Bhogte, Hemal Anantkumar Kothari and others.