United Heat Transfer Ltd
Incorporated in January 1995, United Heat Transfers Limited manufactures essential equipment such as heat exchangers, pressure vessels, and process flow skids.[1]
- Market Cap ₹ 91.3 Cr.
- Current Price ₹ 48.0
- High / Low ₹ 98.0 / 44.0
- Stock P/E 29.6
- Book Value ₹ 31.2
- Dividend Yield 0.00 %
- ROCE 15.7 %
- ROE 13.4 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 73.5 to 102 days.
- Company's cost of borrowing seems high
- Working capital days have increased from 58.2 days to 155 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 Products Other Industrial Products
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 36.82 | 33.10 | 47.55 | 69.60 | 60.03 | 66.52 | 59.85 | |
| 32.75 | 29.03 | 41.38 | 61.82 | 50.04 | 55.13 | 52.37 | |
| Operating Profit | 4.07 | 4.07 | 6.17 | 7.78 | 9.99 | 11.39 | 7.48 |
| OPM % | 11.05% | 12.30% | 12.98% | 11.18% | 16.64% | 17.12% | 12.50% |
| 0.16 | 0.18 | 0.15 | 0.44 | 3.90 | 1.07 | 1.36 | |
| Interest | 1.12 | 1.36 | 2.96 | 3.92 | 4.20 | 3.37 | 2.65 |
| Depreciation | 0.84 | 0.89 | 1.21 | 1.48 | 1.83 | 1.97 | 2.00 |
| Profit before tax | 2.27 | 2.00 | 2.15 | 2.82 | 7.86 | 7.12 | 4.19 |
| Tax % | 27.75% | 25.00% | 28.84% | 24.82% | 20.61% | 25.56% | |
| 1.64 | 1.50 | 1.53 | 2.12 | 6.24 | 5.30 | 3.08 | |
| EPS in Rs | 2.79 | 1.62 | |||||
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 12% |
| TTM: | -12% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 26% |
| 3 Years: | 48% |
| TTM: | -55% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -26% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 3 Years: | 15% |
| Last Year: | 13% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 4.25 | 4.25 | 4.25 | 4.25 | 12.75 | 19.00 | 19.00 |
| Reserves | 4.74 | 6.25 | 7.77 | 9.89 | 7.69 | 39.52 | 40.36 |
| 9.57 | 31.28 | 37.62 | 32.96 | 36.92 | 17.83 | 18.07 | |
| 4.85 | 7.70 | 12.99 | 17.71 | 13.16 | 11.58 | 13.53 | |
| Total Liabilities | 23.41 | 49.48 | 62.63 | 64.81 | 70.52 | 87.93 | 90.96 |
| 0.00 | 0.00 | 23.76 | 24.55 | 34.61 | 34.95 | 34.80 | |
| CWIP | 0.00 | 15.20 | 10.63 | 11.24 | 0.98 | 0.98 | 1.19 |
| Investments | 0.00 | 0.00 | 1.71 | 1.59 | 1.72 | 1.99 | 1.78 |
| 23.41 | 34.28 | 26.53 | 27.43 | 33.21 | 50.01 | 53.19 | |
| Total Assets | 23.41 | 49.48 | 62.63 | 64.81 | 70.52 | 87.93 | 90.96 |
Cash Flows
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 3.25 | 0.00 | 2.41 | 7.64 | 3.27 | -6.83 | |
| -0.36 | -21.67 | -5.13 | -2.76 | -1.75 | -2.58 | |
| -2.17 | 21.65 | 3.64 | -5.20 | -2.10 | 9.50 | |
| Net Cash Flow | 0.72 | -0.02 | 0.92 | -0.32 | -0.57 | 0.09 |
| Free Cash Flow | 3.10 | -21.44 | -2.01 | 4.76 | 1.63 | -9.13 |
| CFO/OP | 95% | 13% | 49% | 107% | 33% | -60% |
Ratios
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 62.95 | 76.09 | 60.33 | 38.34 | 80.02 | 102.11 |
| Inventory Days | 87.02 | 141.55 | 213.41 | 134.88 | 152.08 | 257.58 |
| Days Payable | 45.39 | 92.76 | 147.34 | 104.83 | 68.17 | 55.45 |
| Cash Conversion Cycle | 104.58 | 124.87 | 126.40 | 68.39 | 163.93 | 304.24 |
| Working Capital Days | 83.37 | 110.82 | 19.27 | 7.76 | 11.55 | 155.45 |
| ROCE % | 11.14% | 11.53% | 13.95% | 16.16% | 15.69% |
Insights
In beta| Jan 1995 | Mar 2007 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Heat Exchangers Delivered (Cumulative) Units |
|
|||||||
| Covered Workshop Area Sq. Ft. |
||||||||
| Employee Strength Number |
||||||||
| Countries Served Number |
||||||||
| Customer Satisfaction % |
||||||||
| Lifting Capacity Tons |
||||||||
| On Time Delivery % |
||||||||
| Order Book INR Mn |
||||||||
Documents
Announcements
-
Bagging/Receiving of orders/contracts
2 April 2026 - Received Rs. 78.56 lakh heat exchanger supply order from Burckhardt Compression India; deliveries due by October 2026.
-
Bagging/Receiving of orders/contracts
28 March 2026 - Received Rs.93,00,000 PO from Gardner Denver for shell-and-tube heat exchanger; delivery by 20 July 2026.
-
Trading Window
26 March 2026 - Trading window closed 1 Apr 2026 until 48 hours after half-year/FY2025-26 results announcement.
-
Analysts/Institutional Investor Meet/Con. Call Updates
27 February 2026 - Management to attend Arihant Capital virtual investor meeting on 06 Mar 2026; no UPSI to be discussed.
-
Agreements
24 February 2026 - Executed hypothecation deed dated Feb 18, 2026; additional Rs.5 Cr cash credit, total Rs.13 Cr, secured by current assets.
Business Profile[1]
United Heat Transfer Limited (UHTL) manufactures heat exchangers, pressure vessels, and process flow skids for automotive, marine, power generation, and oil & gas industries. The company produces critical equipment for engines, maritime applications, mining trucks, and power generators, adhering to global standards like TEMA, ASME, and API in its manufacturing processes.