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 ₹ 154 Cr.
- Current Price ₹ 80.9
- High / Low ₹ 129 / 51.5
- Stock P/E 29.0
- Book Value ₹ 30.8
- Dividend Yield 0.00 %
- ROCE 15.7 %
- ROE 13.4 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has delivered good profit growth of 26.4% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 73.2 to 102 days.
- Company's cost of borrowing seems high
- Working capital days have increased from 141 days to 218 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 | |
|---|---|---|---|---|---|---|
| 36.82 | 33.10 | 47.55 | 69.60 | 60.03 | 66.81 | |
| 32.75 | 29.03 | 41.38 | 61.82 | 50.04 | 55.42 | |
| Operating Profit | 4.07 | 4.07 | 6.17 | 7.78 | 9.99 | 11.39 |
| OPM % | 11.05% | 12.30% | 12.98% | 11.18% | 16.64% | 17.05% |
| 0.16 | 0.18 | 0.15 | 0.44 | 3.90 | 1.07 | |
| Interest | 1.12 | 1.36 | 2.96 | 3.92 | 4.20 | 3.37 |
| Depreciation | 0.84 | 0.89 | 1.21 | 1.48 | 1.83 | 1.97 |
| Profit before tax | 2.27 | 2.00 | 2.15 | 2.82 | 7.86 | 7.12 |
| 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 | |
| EPS in Rs | 2.79 | |||||
| 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: | 11% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 26% |
| 3 Years: | 48% |
| TTM: | 59% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| 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 | |
|---|---|---|---|---|---|---|
| Equity Capital | 4.25 | 4.25 | 4.25 | 4.25 | 12.75 | 19.00 |
| Reserves | 4.74 | 6.25 | 7.77 | 9.89 | 7.63 | 39.52 |
| 9.57 | 31.28 | 37.62 | 32.96 | 36.92 | 17.83 | |
| 4.85 | 7.70 | 12.99 | 17.71 | 13.17 | 11.58 | |
| Total Liabilities | 23.41 | 49.48 | 62.63 | 64.81 | 70.47 | 87.93 |
| 0.00 | 0.00 | 23.76 | 24.55 | 34.61 | 34.94 | |
| CWIP | 0.00 | 15.20 | 10.63 | 11.24 | 0.98 | 0.98 |
| Investments | 0.00 | 0.00 | 1.71 | 1.59 | 1.72 | 1.99 |
| 23.41 | 34.28 | 26.53 | 27.43 | 33.16 | 50.02 | |
| Total Assets | 23.41 | 49.48 | 62.63 | 64.81 | 70.47 | 87.93 |
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 | 3.29 | -6.83 | |
| -0.36 | -21.67 | -5.13 | -2.76 | -1.77 | -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 |
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 | 79.65 | 101.67 |
| 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 | 163.57 | 303.80 |
| Working Capital Days | 83.37 | 110.82 | 103.24 | 69.75 | 135.59 | 217.55 |
| ROCE % | 11.14% | 11.53% | 13.95% | 16.17% | 15.70% |
Documents
Announcements
-
Updates
7 June 2025 - Auditor certifies full utilization of INR 2708.26 lakh IPO funds as per SEBI regulations.
-
Bagging/Receiving of orders/contracts
4 June 2025 - Received Rs. 30.9 lakh purchase order for heat exchanger from Burckhardt Compression India.
-
Disclosure under SEBI Takeover Regulations
3 June 2025 - Promoters confirm no encumbrance on shares for FY ending March 31, 2025.
-
Bagging/Receiving of orders/contracts
31 May 2025 - Received Rs. 40.28 lakh order from Ingersoll-Rand for air compressor components, delivery in 4 months.
-
Updates
30 May 2025 - Revised FY25 results: 9.9% revenue growth, 50.6% net profit rise; FY26 focus on global expansion and efficiency.
Annual reports
No data available.
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.