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 ₹ 170 Cr.
- Current Price ₹ 89.6
- High / Low ₹ 99.0 / 44.0
- Stock P/E 34.0
- Book Value ₹ 33.4
- Dividend Yield 0.00 %
- ROCE 11.8 %
- ROE 8.21 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 27.3% CAGR over last 5 years
Cons
- Stock is trading at 2.68 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 11.6% 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 Industrial Products Other Industrial Products
Part of Nifty SME Emerge
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 36.82 | 33.10 | 47.55 | 69.60 | 60.03 | 66.52 | 72.88 | |
| 32.75 | 29.03 | 41.38 | 61.82 | 50.04 | 55.13 | 62.42 | |
| Operating Profit | 4.07 | 4.07 | 6.17 | 7.78 | 9.99 | 11.39 | 10.46 |
| OPM % | 11.05% | 12.30% | 12.98% | 11.18% | 16.64% | 17.12% | 14.35% |
| 0.16 | 0.18 | 0.15 | 0.44 | 3.90 | 1.07 | 1.00 | |
| Interest | 1.12 | 1.36 | 2.96 | 3.92 | 4.20 | 3.37 | 2.61 |
| Depreciation | 0.84 | 0.89 | 1.21 | 1.48 | 1.83 | 1.97 | 2.06 |
| Profit before tax | 2.27 | 2.00 | 2.15 | 2.82 | 7.86 | 7.12 | 6.79 |
| Tax % | 27.75% | 25.00% | 28.84% | 24.82% | 20.61% | 25.56% | 26.22% |
| 1.64 | 1.50 | 1.53 | 2.12 | 6.24 | 5.30 | 5.01 | |
| EPS in Rs | 2.79 | 2.64 | |||||
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 17% |
| 3 Years: | 2% |
| TTM: | 10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 27% |
| 3 Years: | 33% |
| TTM: | -5% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 12% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 12% |
| Last Year: | 8% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 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 | 44.53 |
| 9.57 | 31.28 | 37.62 | 32.96 | 36.92 | 17.83 | 18.90 | |
| 4.85 | 7.70 | 12.99 | 17.71 | 13.16 | 11.58 | 11.62 | |
| Total Liabilities | 23.41 | 49.48 | 62.63 | 64.81 | 70.52 | 87.93 | 94.05 |
| 0.00 | 0.00 | 23.76 | 24.55 | 34.61 | 34.95 | 35.90 | |
| CWIP | 0.00 | 15.20 | 10.63 | 11.24 | 0.98 | 0.98 | 4.30 |
| Investments | 0.00 | 0.00 | 1.71 | 1.59 | 1.72 | 1.99 | 2.66 |
| 23.41 | 34.28 | 26.53 | 27.43 | 33.21 | 50.01 | 51.19 | |
| Total Assets | 23.41 | 49.48 | 62.63 | 64.81 | 70.52 | 87.93 | 94.05 |
Cash Flows
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 3.25 | 0.00 | 2.41 | 7.64 | 3.27 | -6.83 | 8.08 | |
| -0.36 | -21.67 | -5.13 | -2.76 | -1.75 | -2.58 | -7.11 | |
| -2.17 | 21.65 | 3.64 | -5.20 | -2.10 | 9.50 | -1.28 | |
| Net Cash Flow | 0.72 | -0.02 | 0.92 | -0.32 | -0.57 | 0.09 | -0.31 |
| Free Cash Flow | 3.10 | -21.44 | -2.01 | 4.76 | 1.63 | -9.13 | 1.75 |
| CFO/OP | 95% | 13% | 49% | 107% | 33% | -60% | 77% |
Ratios
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 62.95 | 76.09 | 60.33 | 38.34 | 80.02 | 102.11 | 83.94 |
| Inventory Days | 87.02 | 141.55 | 213.41 | 134.88 | 152.08 | 257.58 | 263.11 |
| Days Payable | 45.39 | 92.76 | 147.34 | 104.83 | 68.17 | 55.45 | 62.98 |
| Cash Conversion Cycle | 104.58 | 124.87 | 126.40 | 68.39 | 163.93 | 304.24 | 284.06 |
| Working Capital Days | 83.37 | 110.82 | 19.27 | 7.76 | 11.55 | 155.45 | 127.26 |
| ROCE % | 11.14% | 11.53% | 13.95% | 16.16% | 15.69% | 11.84% |
Insights
In beta| Jan 1995 | Mar 2007 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Heat Exchangers Delivered (Cumulative) Units |
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Extracted by Screener AI
Documents
Announcements
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Analysts/Institutional Investor Meet/Con. Call Updates
9 June 2026 - Company will hold investor and analyst meetings in Mumbai on 15 June 2026.
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Bagging/Receiving of orders/contracts
9 June 2026 - Received Atlas Copco Crepelle order worth Rs. 23.68 lakh; delivery due by 31 August 2026.
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Analysts/Institutional Investor Meet/Con. Call Updates
5 June 2026 - Submitted H2 FY26 earnings call transcript; discussed Rs36-37 crore order book, Vertiv trial order, expansion plans.
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Analysts/Institutional Investor Meet/Con. Call Updates
3 June 2026 - Post-earnings conference call for H2 FY2026 held on 03 June 2026; recording shared, no UPSI disclosed.
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Bagging/Receiving of orders/contracts
2 June 2026 - Received Rs 1 crore domestic order from Siemens Energy for pressure vessels, deliverable in October and November 2026.
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.