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 ₹ 115 Cr.
- Current Price ₹ 60.5
- High / Low ₹ 111 / 51.5
- Stock P/E 37.3
- 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: | -43% |
| 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 |
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% |
Documents
Announcements
-
Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
9 December 2025 - Received GST SCN dated Nov 28 demanding Rs.3,25,700; retrieved Dec 8; alleges wrongful ITC.
-
Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
9 December 2025 - GST SCN dated 28 Nov 2025 (retrieved 8 Dec) demands Rs.5,86,224 alleging wrongful ITC.
-
Disclosure under SEBI Takeover Regulations
8 December 2025 - Promoter inter-se gift of 240,000 shares (1.26%) to Praketa Yogesh Patil on/after 15 Dec 2025.
-
Bagging/Receiving of orders/contracts
5 December 2025 - Purchase order from Burckhardt Compression for dampers/coolers ~Rs47.3 lakh; delivery by 31 Mar 2026.
-
Analysts/Institutional Investor Meet/Con. Call Updates
30 November 2025 - Investor/analyst plant visit and management meeting on 09-Dec-2025 in Nashik (10:00–17:00).
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.