United Van Der Horst Ltd
Incorporated in 1989, United Van Der Horst
is in the business of providing reconditioning
and manufacturing services to the Core sectors.[1]
- Market Cap ₹ 214 Cr.
- Current Price ₹ 156
- High / Low ₹ 308 / 106
- Stock P/E 33.7
- Book Value ₹ 38.7
- Dividend Yield 0.96 %
- ROCE 11.6 %
- ROE 9.01 %
- Face Value ₹ 5.00
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 26.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 38.2%
Cons
- Stock is trading at 4.02 times its book value
- Company has a low return on equity of 7.03% over last 3 years.
* 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 Electrical Equipment Heavy Electrical Equipment
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6.17 | 5.26 | 3.50 | 1.76 | 3.84 | 5.86 | 7.81 | 8.99 | 11.63 | 16.71 | 22.83 | 30.04 | 34.13 | |
| 4.85 | 5.20 | 3.72 | 4.25 | 4.12 | 4.28 | 5.79 | 6.00 | 9.00 | 10.86 | 15.68 | 19.34 | 20.78 | |
| Operating Profit | 1.32 | 0.06 | -0.22 | -2.49 | -0.28 | 1.58 | 2.02 | 2.99 | 2.63 | 5.85 | 7.15 | 10.70 | 13.35 |
| OPM % | 21.39% | 1.14% | -6.29% | -141.48% | -7.29% | 26.96% | 25.86% | 33.26% | 22.61% | 35.01% | 31.32% | 35.62% | 39.12% |
| -0.01 | -0.09 | 0.88 | -0.85 | 0.13 | 0.14 | 0.02 | 0.41 | 0.68 | 0.51 | 0.46 | 0.62 | 0.72 | |
| Interest | 0.68 | 0.60 | 0.52 | 0.82 | 0.22 | 1.07 | 1.20 | 1.34 | 1.40 | 1.86 | 2.97 | 2.83 | 2.44 |
| Depreciation | 0.31 | 0.39 | 0.30 | 3.78 | 3.75 | 3.75 | 0.83 | 0.87 | 0.99 | 1.42 | 2.10 | 2.63 | 2.73 |
| Profit before tax | 0.32 | -1.02 | -0.16 | -7.94 | -4.12 | -3.10 | 0.01 | 1.19 | 0.92 | 3.08 | 2.54 | 5.86 | 8.90 |
| Tax % | 0.00% | -8.82% | -6.25% | -13.98% | -84.22% | -30.00% | -13,300.00% | 68.91% | -90.22% | 24.03% | 27.17% | 25.77% | |
| 0.32 | -0.93 | -0.15 | -6.83 | -0.65 | -2.18 | 1.34 | 0.36 | 1.75 | 2.34 | 1.84 | 4.36 | 6.36 | |
| EPS in Rs | 0.40 | -1.16 | -0.19 | -8.54 | -0.81 | -2.72 | 1.52 | 0.38 | 1.56 | 2.09 | 1.49 | 3.16 | 4.61 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 67.17% | 47.41% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 19% |
| 5 Years: | 31% |
| 3 Years: | 37% |
| TTM: | 37% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 22% |
| 5 Years: | 26% |
| 3 Years: | 35% |
| TTM: | 111% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 73% |
| 3 Years: | 63% |
| 1 Year: | 24% |
| Return on Equity | |
|---|---|
| 10 Years: | 1% |
| 5 Years: | 6% |
| 3 Years: | 7% |
| Last Year: | 9% |
Balance Sheet
Figures in Rs. Crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 4.37 | 4.79 | 5.59 | 5.59 | 6.18 | 6.89 | 6.89 |
| Reserves | -2.70 | -3.70 | -3.85 | 25.08 | 24.45 | 22.25 | 24.27 | 24.83 | 26.96 | 29.29 | 37.62 | 44.51 | 46.48 |
| 3.74 | 3.69 | 4.06 | 4.48 | 8.56 | 9.50 | 9.50 | 15.00 | 17.27 | 26.53 | 30.75 | 21.59 | 24.94 | |
| 3.57 | 2.58 | 2.22 | 19.05 | 12.21 | 11.47 | 10.30 | 11.83 | 10.68 | 12.04 | 13.51 | 15.32 | 18.45 | |
| Total Liabilities | 8.60 | 6.56 | 6.42 | 52.60 | 49.21 | 47.21 | 48.44 | 56.45 | 60.50 | 73.45 | 88.06 | 88.31 | 96.76 |
| 2.42 | 2.18 | 1.88 | 49.84 | 46.08 | 42.50 | 42.55 | 43.98 | 48.75 | 58.01 | 66.29 | 67.46 | 68.24 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.73 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.51 | 2.30 | 0.50 | 0.01 | 0.00 | 0.00 | 0.00 |
| 6.18 | 4.38 | 4.54 | 2.76 | 3.13 | 4.71 | 5.38 | 10.17 | 11.25 | 15.43 | 21.04 | 20.85 | 28.52 | |
| Total Assets | 8.60 | 6.56 | 6.42 | 52.60 | 49.21 | 47.21 | 48.44 | 56.45 | 60.50 | 73.45 | 88.06 | 88.31 | 96.76 |
Cash Flows
Figures in Rs. Crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0.66 | 0.85 | -0.20 | 0.37 | -3.81 | 0.56 | 1.43 | 0.27 | 1.62 | 2.47 | 2.46 | 11.64 | |
| -0.28 | -0.30 | 0.00 | 0.01 | 0.00 | -0.17 | -1.37 | -3.99 | -3.97 | -10.12 | -11.11 | -3.31 | |
| -0.29 | -0.56 | 0.11 | -0.38 | 3.86 | -0.13 | -0.03 | 4.95 | 1.74 | 7.26 | 8.41 | -8.64 | |
| Net Cash Flow | 0.09 | -0.01 | -0.09 | 0.00 | 0.05 | 0.26 | 0.03 | 1.22 | -0.61 | -0.39 | -0.24 | -0.31 |
Ratios
Figures in Rs. Crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 90.51 | 32.61 | 77.17 | 89.18 | 144.48 | 139.52 | 97.68 | 183.11 | 156.29 | 150.50 | 190.25 | 139.97 |
| Inventory Days | 1,368.75 | 807.26 | 2,679.63 | 349.23 | 124.14 | 465.96 | 384.67 | 389.79 | 300.38 | 397.69 | 300.73 | 288.16 |
| Days Payable | 759.03 | 447.59 | 970.37 | 380.77 | 66.70 | 93.19 | 124.58 | 90.91 | 55.89 | 111.29 | 97.63 | 109.00 |
| Cash Conversion Cycle | 700.23 | 392.29 | 1,786.44 | 57.63 | 201.92 | 512.29 | 357.77 | 482.00 | 400.79 | 436.90 | 393.36 | 319.13 |
| Working Capital Days | -33.13 | -104.78 | -162.69 | -1,221.51 | -635.90 | 181.25 | 153.76 | 253.35 | 201.80 | 153.34 | 63.95 | 91.49 |
| ROCE % | 21.34% | -7.33% | -12.22% | -33.17% | -11.31% | -5.97% | 3.28% | 6.11% | 4.91% | 8.88% | 8.12% | 11.64% |
Documents
Announcements
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 24 Nov
-
Disclosures under Reg. 29(1) & 29(2) of SEBI (SAST) Regulations, 2011
24 Nov - Disclosure under Regulation 29(1) & 29(2) of SEBI (SAST) Regulations, 2011 for Max Spare Ltd & PACs
-
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
11 Nov - Postal ballot approved share split and capital clause change; 98,14,432 for, 1,358 against; voting ended Nov 7, 2025.
- Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot 11 Nov
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
9 Nov - Copies of Newspaper Advertisement Clippings for Unaudited Standalone Financial Results of the Company for the quarter and half year ended September 30, 2025, published in …
Annual reports
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from bse
-
Financial Year 2010
from bse
Business Overview:[1]
Company was formed as a collaboration between the UB Group (India) and Dr. Van Der Horst B.V. (Holland), the company provides Reconditioning, Re-standardizing, Reverse Engineering, and Manufacturing services to the core sectors and industries by combining the patented 'Porous Krome' and hard chrome plating techniques with specialized welding processes which include Grinding, Honing, Chrome Plating, Submerge Arc Welding, Boring, Vertical Turret Lathe, and Groove Grinding.