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 ₹ 156 Cr.
- Current Price ₹ 81.9
- High / Low ₹ 129 / 51.5
- Stock P/E 29.4
- 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
-
Shareholders meeting
25 July 2025 - 31st AGM on Sept 19, 2025, at Nashik; e-voting facility details to follow.
-
Outcome of Board Meeting
25 July 2025 - Board approved FY24-25 reports, related party omnibus approval, and AGM arrangements for Sept 19, 2025.
-
Bagging/Receiving of orders/contracts
18 July 2025 - Received Rs. 90 lakh purchase order from Cummins for manufacturing 20 tanks, delivery by Jan 2027.
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Awarding or Bagging of Orders/Contracts-XBRL
18 July 2025 - United Heat Transfer Limited has informed about the event related to Bagging/Receiving of orders/contracts
-
Board Meeting Intimation
17 July 2025 - United Heat Transfer Limited has informed about Board Meeting to be held on 25-Jul-2025 to consider Other business.
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.