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 ₹ 194 Cr.
- Current Price ₹ 102
- High / Low ₹ 132 / 44.0
- Stock P/E 38.7
- 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 3.05 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: | 25% |
| 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 % |
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| Heat Exchanger Capacity Utilization % |
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| Heat Exchanger Production Volume Nos |
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| Permanent Employees Nos |
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| Top 5 Customer Revenue Concentration % |
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| Unexecuted Order Book INR Mn |
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| OEM Revenue Share % |
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| Project / EPC Revenue Share % |
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Extracted by Screener AI
Documents
Announcements
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Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
17 July 2026 - GST SCN issued for alleged inadmissible ITC of Rs. 9,38,860 for FY2024-25.
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Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
18 July 2026 - Received GST show cause notice proposing ITC block of Rs. 2,75,412 for FY 2025-26; no immediate impact.
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
13 July 2026 - RTA confirms Regulation 74(5) not applicable; all shares held in demat form for quarter ended June 30, 2026.
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Agreements
7 July 2026 - United Heat Transfer executed additional mortgage for Rs. 2.47 crore working capital loan from Saraswat Co-operative Bank.
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Bagging/Receiving of orders/contracts
1 July 2026 - Received USD 67,356 order from National Compressed Air Canada Ltd. for moisture separators, deliverable by 18 Dec 2026.
Concalls
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Jun 2026Transcript PPT REC
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Nov 2025TranscriptAI SummaryPPT
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Aug 2025TranscriptAI SummaryPPT
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.