Patels Airtemp (India) Ltd

₹ 394 4.45%

22 Sep 2:28 p.m.

About

Incorporated in 1972, Patels Airtemp India
Ltd manufactures and sells extensive range
of Heat Exchangers, other related equipment and undertakes Turnkey HVAC Projects^[1]

Key Points

Business Overview:^[1]
PAIL is in the business of design and fabrication of process equipment and engineering goods. It manufactures capital goods equipment and executes turnkey heating, ventilation, and air conditioning (HVAC) projects.

Website BSE

Market Cap ₹ 216 Cr.
Current Price ₹ 394
High / Low ₹ 420 / 180
Stock P/E 31.5
Book Value ₹ 304
Dividend Yield 0.75 %
ROCE 9.50 %
ROE 6.33 %
Face Value ₹ 10.0

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Pros

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -0.19% over past five years.
Company has a low return on equity of 9.25% over last 3 years.
Contingent liabilities of Rs.122 Cr.
Dividend payout has been low at 12.4% of profits over last 3 years
Company has high debtors of 154 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Manufacturing Industrial Products

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	82.83	85.23	87.27	115.45	113.50	81.87	88.39	104.06	82.57	22.04	58.81	89.52	15.52
	75.11	76.76	79.47	104.36	103.14	74.13	79.37	95.58	76.02	18.87	52.37	82.35	13.69
Operating Profit	7.72	8.47	7.80	11.09	10.36	7.74	9.02	8.48	6.55	3.17	6.44	7.17	1.83
OPM %	9.32%	9.94%	8.94%	9.61%	9.13%	9.45%	10.20%	8.15%	7.93%	14.38%	10.95%	8.01%	11.79%
	0.26	0.15	0.56	1.05	0.42	0.32	0.27	0.54	0.59	1.39	0.98	1.08	0.26
Interest	2.63	3.12	2.59	4.55	2.96	2.80	3.61	1.97	2.18	1.98	3.50	2.29	1.98
Depreciation	1.03	1.04	1.03	0.96	1.03	1.02	1.03	0.85	0.86	0.88	0.89	0.89	0.88
Profit before tax	4.32	4.46	4.74	6.63	6.79	4.24	4.65	6.20	4.10	1.70	3.03	5.07	-0.77
Tax %	25.93%	25.56%	27.64%	28.51%	25.48%	25.71%	18.06%	27.58%	31.46%	61.18%	12.21%	18.15%	-19.48%
	3.20	3.32	3.43	4.74	5.06	3.15	3.81	4.49	2.80	0.66	2.66	4.15	-0.62
EPS in Rs	5.85	6.07	6.27	8.67	9.25	5.76	6.97	8.21	5.12	1.21	4.86	7.59	-1.13
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	113	127	136	158	151	237	255	303	281	371	388	253	186
	98	112	119	138	134	214	229	275	251	336	352	230	167
Operating Profit	14	15	17	20	17	23	26	28	30	35	36	23	19
OPM %	13%	12%	13%	12%	12%	10%	10%	9%	11%	9%	9%	9%	10%
	0	0	0	0	1	2	1	1	1	2	2	4	4
Interest	3	2	3	5	5	7	8	9	12	13	11	10	10
Depreciation	2	2	3	3	3	3	3	4	4	4	4	4	4
Profit before tax	10	11	12	13	11	15	15	17	15	20	22	14	9
Tax %	36%	36%	35%	32%	30%	24%	26%	26%	27%	27%	24%	26%
	6	7	8	9	7	11	11	12	11	15	17	10	7
EPS in Rs	12.23	14.10	15.60	16.98	14.44	22.31	22.43	24.46	20.46	26.85	30.18	18.77	12.53
Dividend Payout %	18%	16%	16%	15%	17%	11%	11%	11%	15%	11%	10%	16%

Compounded Sales Growth
10 Years:	7%
5 Years:	0%
3 Years:	-4%
TTM:	-48%

Compounded Profit Growth
10 Years:	4%
5 Years:	-2%
3 Years:	-3%
TTM:	-52%

Stock Price CAGR
10 Years:	8%
5 Years:	16%
3 Years:	2%
1 Year:	9%

Return on Equity
10 Years:	11%
5 Years:	10%
3 Years:	9%
Last Year:	6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	5	5	5	5	5	5	5	5	5	5	5	5
Reserves	48	54	62	69	75	84	94	106	124	137	152	161
	25	10	24	30	42	45	64	88	95	93	90	88
	25	27	38	44	69	126	119	86	136	136	61	43
Total Liabilities	104	97	128	148	191	261	282	284	360	371	308	297
	23	23	23	21	22	33	43	47	47	45	44	45
CWIP	0	0	1	0	0	4	1	0	0	0	0	3
Investments	0	0	0	0	0	0	0	0	0	0	0	0
	81	74	105	127	169	224	239	237	313	326	264	250
Total Assets	104	97	128	148	191	261	282	284	360	371	308	297

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-0	8	-3	-5	7	11	8	-13	5	11	40	23
	-1	-6	-1	-1	-3	-17	-9	-6	-3	-1	-1	-3
	7	-18	11	2	6	-6	10	14	3	-17	-16	-13
Net Cash Flow	6	-16	6	-4	10	-12	9	-5	5	-7	23	6
Free Cash Flow	-4	5	-6	-6	3	-6	-1	-20	1	9	37	16
CFO/OP	22%	80%	7%	-6%	62%	64%	47%	-29%	30%	46%	136%	101%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	74	101	152	144	157	141	131	110	144	105	88	154
Inventory Days	154	117	150	224	309	260	258	189	314	253	165	201
Days Payable	80	62	100	138	123	164	147	77	160	110	36	38
Cash Conversion Cycle	148	157	202	230	343	236	242	221	298	248	218	317
Working Capital Days	35	88	104	122	107	86	70	87	102	102	82	114
ROCE %	17%	17%	19%	18%	14%	17%	16%	14%	13%	14%	14%	10%

Insights

In beta

Mar 2016

Mar 2017

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Permanent Employees & Workers on Rolls
count

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Unexecuted Order Book
INR crore

Top 5 Customers' Share of Net Sales
% of net sales

Air Cooled Heat Exchanger & Accessories - Revenue Share
% of total revenue

Heat Exchanger & Accessories - Revenue Share
% of total revenue

Export Sales as % of Total Sales
% of total sales

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

1 Recently

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	46.45%	46.45%	46.45%	46.45%	46.45%	46.45%	46.45%	46.45%	46.45%	46.45%	46.45%	46.45%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.07%	0.07%	0.07%	0.07%	0.07%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%
	53.56%	53.55%	53.55%	53.57%	53.55%	53.54%	53.52%	53.50%	53.48%	53.49%	53.49%	53.41%
No. of Shareholders	6,774	6,947	7,195	8,445	8,899	9,548	9,715	9,694	10,328	10,435	10,349	10,697

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	47.25%	47.25%	47.25%	47.21%	47.21%	48.11%	46.45%	46.45%	46.45%	46.45%	46.45%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.07%	0.07%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%
	0.00%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	52.75%	52.23%	52.75%	52.79%	52.79%	51.89%	53.55%	53.55%	53.52%	53.49%	53.41%
No. of Shareholders	6,264	6,357	6,185	5,763	7,081	7,511	6,457	7,195	9,715	10,349	10,697

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Patels Airtemp (India) Ltd

Patels Airtemp (India) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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