Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹365 Cr.
Stock P/E
68.8
P/B
6.2
Current Price
₹192.1
Book Value
₹ 30.8
Face Value
10
52W High
₹203.7
52W Low
₹ 44
Dividend Yield
—

United Heat Transfer Overview

Business

United Heat Transfer Ltd. (UHTL) is an engineering company specializing in the design, manufacturing, and supply of heat transfer equipment. Its core business involves producing critical components such as heat exchangers, condensers, evaporators, coolers, and related systems for various industrial applications. The company operates on a B2B model, catering to process industries where efficient thermal management is crucial. UHTL makes money by selling custom-engineered and standard heat transfer equipment, and potentially through associated services like design, installation support, and after-sales maintenance or parts supply.

Revenue Mix

Specific segment breakdown and revenue contribution data are not publicly available based on the provided information. However, typical segmentation for a company like UHTL might include:

Product Categories: Shell & Tube Heat Exchangers, Plate Heat Exchangers, Air-Cooled Heat Exchangers, Fired Heaters, etc.

End-Use Industries: Oil & Gas (Refineries, Petrochemicals), Power Generation, Chemical & Fertilizers, HVAC, Food & Beverage, Pharmaceuticals, General Industrial.

Services: Engineering design, fabrication, testing, installation supervision, spare parts, and repair/maintenance.

Without specific data, it's not possible to ascertain the dominant revenue stream.

Industry

UHTL operates within the "Engineering - Industrial Equipments" sector, specifically a niche focused on heat transfer technology. This industry is characterized by the need for specialized technical expertise, adherence to strict quality standards (e.g., ASME, TEMA), and capital-intensive manufacturing processes. The market is generally competitive, with both large global players and numerous specialized domestic manufacturers.

UHTL likely positions itself as a specialized manufacturer capable of delivering custom-engineered solutions for complex industrial projects. Its positioning relative to specific peers (e.g., market leader, niche specialist, cost leader) cannot be determined without market share data or specific product line insights. Given its Indian base, it likely competes with other domestic engineering firms and potentially with international players for larger projects.

MOAT

UHTL's potential competitive advantages could include:

Specialized Engineering Expertise: The design and manufacture of high-performance, compliant heat transfer equipment require deep technical know-how in thermodynamics, materials science, and mechanical engineering.

Quality & Reliability: A reputation for manufacturing durable, efficient, and reliable equipment that meets stringent industrial standards can build long-term client trust.

Customer Relationships: Establishing long-term relationships with major industrial clients, often through repeat orders or critical project involvement, can create a degree of switching cost due to familiarity with processes and specifications.

Certifications & Compliance: Adherence to international codes and standards (e.g., ASME, TEMA, API) acts as a barrier to entry and assures customers of product quality and safety.

Customization Capabilities: The ability to provide bespoke solutions tailored to specific client requirements and complex operational environments.

Growth Drivers

Key factors that can drive growth for UHTL over the next 3-5 years include:

Industrial Capital Expenditure (Capex): Increased investment and expansion in core process industries such as oil & gas, petrochemicals, chemicals, power generation, and infrastructure in India and potentially in global markets.

Energy Efficiency Initiatives: Growing global emphasis on energy conservation and efficiency drives demand for more advanced and efficient heat transfer solutions.

Replacement & Upgrade Cycles: Aging industrial infrastructure necessitates the replacement or upgrade of existing heat transfer equipment for operational efficiency, compliance, and safety.

Regulatory Demands: Stricter environmental regulations might push industries to adopt more efficient and compliant thermal management systems.

Diversification & Export: Expanding product offerings, entering new industrial segments, or increasing export footprint to new geographies.

Risks

Cyclicality of Industrial Capex: Demand for industrial equipment is highly dependent on economic cycles and capital expenditure decisions of client industries, leading to order book volatility.

Raw Material Price Volatility: Significant fluctuations in the prices of key raw materials (e.g., steel, copper, nickel, specialized alloys) can impact profitability if not effectively hedged or passed on to customers.

Intense Competition: Competition from both domestic and international players can put pressure on pricing and market share.

Project Delays/Cancellations: Customer project delays or cancellations can lead to underutilization of manufacturing capacity and impact revenue recognition.

Technological Obsolescence: Failure to invest in R&D and adapt to new materials, designs, or manufacturing techniques could lead to a loss of competitive edge.

Quality and Liability Risks: Equipment failures in critical industrial applications can lead to significant financial liabilities, reputational damage, and warranty claims.

Management & Ownership

Information regarding the specific promoters, management team quality, or detailed ownership structure of United Heat Transfer Ltd. is not available in the provided data. Typically, Indian engineering firms are often promoter-led, with family or founding members holding significant control and leadership positions. Ownership structure would include promoters, institutional investors, and public shareholders, typical of a publicly traded company in India.

Outlook

United Heat Transfer Ltd. operates in a specialized and critical segment of the industrial equipment market. Its outlook is intrinsically linked to the broader industrial capital expenditure cycles, particularly within process industries.

Positive Factors: If India's industrial growth trajectory remains robust, coupled with increasing focus on energy efficiency and modernization of existing plants, UHTL could see sustained demand for its specialized products. Its technical expertise and established client relationships could allow it to capitalize on these trends.

Challenges: The company faces risks from the cyclical nature of its end markets, intense competition, and volatility in raw material costs. Its ability to innovate, manage project execution efficiently, and diversify its client base or product offerings will be crucial for sustained performance.

Overall, UHTL is positioned as a niche player in a foundational industry. Its success will depend on its ability to maintain technical leadership, ensure quality and reliability, manage operational efficiencies, and adapt to the evolving demands of its industrial clients in a competitive environment.

United Heat Transfer Share Price

Live · NSE · Inception: 1995
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

United Heat Transfer Quarterly Results

#(Fig in Cr.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

United Heat Transfer Profit & Loss

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 48 70 60 67
Other Income 0 0 4 1
Total Income 48 70 64 68
Total Expenditure 41 62 50 55
Operating Profit 6 8 14 12
Interest 3 4 4 3
Depreciation 1 1 2 2
Exceptional Income / Expenses -0 -0 0 0
Profit Before Tax 2 3 8 7
Provision for Tax 1 1 2 2
Profit After Tax 2 2 6 5
Adjustments 0 0 0 0
Profit After Adjustments 2 2 6 5
Adjusted Earnings Per Share 1.2 1.7 4.9 2.8

United Heat Transfer Balance Sheet

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 12 14 20 59
Minority's Interest 0 0 0 0
Borrowings 27 21 16 6
Other Non-Current Liabilities 1 5 3 2
Total Current Liabilities 23 25 31 21
Total Liabilities 63 65 71 88
Fixed Assets 24 25 35 35
Other Non-Current Assets 12 13 3 3
Total Current Assets 26 27 33 50
Total Assets 63 65 71 88

United Heat Transfer Cash Flow

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 1 1 0
Cash Flow from Operating Activities 2 8 3 -7
Cash Flow from Investing Activities -5 -3 -2 -3
Cash Flow from Financing Activities 4 -5 -2 10
Net Cash Inflow / Outflow 1 -0 -1 0
Closing Cash & Cash Equivalent 1 1 0 0

United Heat Transfer Ratios

# Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 1.2 1.66 4.89 2.79
CEPS(Rs) 2.15 2.82 6.33 3.83
DPS(Rs) 0 0 0 0
Book NAV/Share(Rs) 9.43 11.09 16.03 30.8
Core EBITDA Margin(%) 12.91 11.11 16.6 17.04
EBIT Margin(%) 10.71 9.63 20.03 15.7
Pre Tax Margin(%) 4.5 4.03 13.06 10.65
PAT Margin (%) 3.2 3.02 10.36 7.94
Cash Profit Margin (%) 5.74 5.15 13.41 10.88
ROA(%) 2.44 3.32 9.22 6.69
ROE(%) 12.7 16.17 36.09 13.43
ROCE(%) 10.28 13.92 23.09 15.69
Receivable days 60.21 39.57 62.06 86.79
Inventory Days 119.24 79.48 87.92 101.05
Payable days 147.38 101.12 96.56 63.26
PER(x) 0 0 0 21.31
Price/Book(x) 0 0 0 1.93
Dividend Yield(%) 0 0 0 0
EV/Net Sales(x) 0.85 0.52 0.82 1.95
EV/Core EBITDA(x) 6.29 4.42 3.56 10.47
Net Sales Growth(%) 0 46.81 -13.95 11
EBIT Growth(%) 0 31.98 79.08 -13.03
PAT Growth(%) 0 38.56 194.91 -15
EPS Growth(%) 0 38.56 194.91 -42.97
Debt/Equity(x) 3.13 2.33 1.81 0.3
Current Ratio(x) 1.16 1.09 1.07 2.36
Quick Ratio(x) 0.48 0.5 0.61 1.27
Interest Cover(x) 1.73 1.72 2.87 3.11
Total Debt/Mcap(x) 0 0 0 0.16

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +12% +12% — —
Operating Profit CAGR -14% +26% — —
PAT CAGR -17% +36% — —
Share Price CAGR +148% — — —
ROE Average +13% +22% +20% +20%
ROCE Average +16% +18% +16% +16%

United Heat Transfer Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 67.74 %
FII 0.26 %
DII (MF + Insurance) 0.89 %
Public (retail) 31.1 %
Others 0.01 %
# Mar 2025 Sep 2025 Mar 2026
Promoter 67.4667.6367.74
FII 0.620.260.26
DII 3.583.280.89
Public 28.3428.8331.1
Others 000
Total 100100100

United Heat Transfer Peer Comparison

Engineering - Industrial Equipments Edit Columns

United Heat Transfer Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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United Heat Transfer Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 22%
  • Debtor days have improved from 96.56 to 63.26days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 6.2 times its book value.
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