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 ₹ 372 Cr.
- Current Price ₹ 196
- High / Low ₹ 196 / 44.0
- Stock P/E 74.3
- 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 5.86 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: | 167% |
| 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| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Export Revenue Share % |
|
||||
| Heat Exchanger Capacity Utilization % |
|||||
| Heat Exchanger Production Volume Nos |
|||||
| Permanent Employees Nos |
|||||
| Top 5 Customer Revenue Concentration % |
|||||
| Unexecuted Order Book INR Mn |
|||||
| OEM Revenue Share % |
|||||
| Project / EPC Revenue Share % |
|||||
Extracted by Screener AI
Documents
Announcements
-
General Updates
- United Heat Transfer clarifies preferential issue of 29.68 lakh shares and fund utilization timelines.
-
Shareholders meeting
- EGM approved capital increase, AOA change, and preferential equity issue on 19 September 2026.
-
Preferential issue
- Shareholders approved preferential allotment of 29.68 lakh shares at Rs 105.50, raising Rs 31.31 crore.
-
Increase in Authorised Capital
- Shareholders approved authorized share capital increase from Rs.20 crore to Rs.22 crore on Sept. 19, 2026.
-
Amendment to AOA/MOA
- Shareholders approved authorized capital increase to Rs.22 crore and AOA amendment on September 19, 2026.
Concalls
-
Jun 2026Transcript PPT REC
-
Nov 2025PPT
-
Aug 2025PPT
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.