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 ₹ 97.8 Cr.
- Current Price ₹ 51.4
- High / Low ₹ 98.0 / 44.0
- Stock P/E 31.8
- 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
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 | 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: | -14% |
| 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 |
| Free Cash Flow | 3.10 | -21.44 | -2.01 | 4.76 | 1.63 | -9.13 |
| CFO/OP | 95% | 13% | 49% | 107% | 33% | -60% |
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% |
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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Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
24 April 2026 - Company appealed GST order demanding Rs. 1.08 crore tax, Rs. 10.8 lakh penalty and Rs. 39.78 lakh interest.
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Bagging/Receiving of orders/contracts
15 April 2026 - United Heat Transfer received Rs. 24.25 lakh order from Kirloskar Pneumatic for supply by 18 June 2026.
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
14 April 2026 - Filed Regulation 74(5) certificate for quarter ended March 31, 2026; no rematerialisation requests.
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Bagging/Receiving of orders/contracts
9 April 2026 - Received ₹56.9 lakh domestic order from Ingersoll-Rand for heat exchangers; deliveries due by October 2026.
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Agreements
7 April 2026 - Company executed hypothecation agreement for Rs. 3.70 crore term loan with Saraswat Co-operative Bank on 27 March 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.