517417

Patels Airtemp financials

Market cap
₹150 Cr
Sector
Capital Goods

What Patels Airtemp does

Patels Airtemp (India) Limited is an Ahmedabad, Gujarat-based engineering company engaged in manufacturing and fabricating tailor-made (custom, engineer-to-order) equipment, including heat exchangers such as blow-down heat exchangers, and holds ASME "U"/"U2"/"S" and National Board "NB"/"R" pressure-equipment certifications along with membership of the Heat Transfer Research Institute (HTRI), USA. It operates two manufacturing works, Rakanpur Works (Gandhinagar district) and Dudhai Works (Mehsana district), both in Gujarat, in addition to an A.C. Division at its registered office in Ahmedabad. The company sells its custom-built products in both domestic and export markets and also earns processing-charge (job-work) service revenue; because equipment is built to order, its business depends on the confirmed order book on hand rather than standardised repeat-product sales.

Segments

  • Products
  • Processing Charges (Services)
  • A.C. Division
Manufacturing works
2 — Rakanpur Works (Gandhinagar district) and Dudhai Works (Mehsana district), Gujarat
Pressure-equipment code stamps
ASME "U"/"U2"/"S"; National Board "NB"/"R"
Quality management certifications
ISO 9001:2015, ISO 14001:2015, ISO 45001:2018
Industry body membership
Member of HTRI (Heat Transfer Research Institute), USA
Sales markets
Domestic and export markets
Headquarters Ahmedabad, Gujarat, India Company website

Quarterly results

Q4 FY26: revenue down 14.0%, net profit down 7.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Revenue114 82 88 104 83 −27%22 −73%59 −33%90 −14%
EBITDA10 8 9 8 7 −37%3 −59%6 −29%7 −15%
Net profit5 3 4 4 3 −45%1 −79%3 −30%4 −8%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −20.8% 1Y

₹200₹250₹300₹350₹400Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹347.2 on 10 Sept 2025 → ₹275. High ₹405.6 (7 Jul 2026), low ₹184.45 (30 Mar 2026).

Financials, as filed

Revenue fell 4.4% a year over 4 years, FY22 to FY26. Operating margin held at 9.2%.

Year endingFY22FY23FY24FY25FY26
Revenue₹303 Cr₹281 Cr₹371 Cr₹388 Cr₹253 Cr
Operating profit₹28 Cr₹30 Cr₹35 Cr₹36 Cr₹23 Cr
Operating margin9.3%10.7%9.4%9.2%9.2%
Interest₹9 Cr₹12 Cr₹13 Cr₹11 Cr₹10 Cr
Depreciation₹4 Cr₹4 Cr₹4 Cr₹4 Cr₹4 Cr
Net profit₹12 Cr₹11 Cr₹15 Cr₹17 Cr₹10 Cr
Net margin4.1%4.0%3.9%4.3%4.1%
Cash from operations₹-13 Cr₹5 Cr₹11 Cr₹40 Cr₹23 Cr
Free cash flow₹-20 Cr₹1 Cr₹9 Cr₹37 Cr₹16 Cr
ROCE14.0%13.0%14.0%——
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹5 Cr₹5 Cr₹5 Cr₹5 Cr₹5 Cr₹5 Cr
Reserves₹94 Cr₹106 Cr₹124 Cr₹137 Cr₹155 Cr₹161 Cr
Borrowings₹64 Cr₹88 Cr₹95 Cr₹93 Cr₹92 Cr₹88 Cr
Other liabilities₹119 Cr₹86 Cr₹136 Cr₹136 Cr₹47 Cr₹43 Cr
Total liabilities₹282 Cr₹284 Cr₹360 Cr₹371 Cr₹300 Cr₹297 Cr
Fixed assets₹43 Cr₹47 Cr₹47 Cr₹45 Cr₹44 Cr₹45 Cr
Capital work in progress₹1 Cr₹0 Cr₹0 Cr₹0 Cr₹2 Cr₹3 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹239 Cr₹237 Cr₹313 Cr₹326 Cr₹255 Cr₹250 Cr
Total assets₹282 Cr₹284 Cr₹360 Cr₹371 Cr₹300 Cr₹297 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

The ownership split has held steady since Jun 2025. The shareholder count grew 10% to 10,697.

Promoters
46.5%
FIIs
0.1%
DIIs
0.1%
Public
53.4%

Since Jun 2025

  • Public −0.09 pp
  • DIIs +0.07 pp
  • Promoters 0.00 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 46.5%, Public 53.6%.Dec '23: Promoters 46.5%, Public 53.5%.Mar '24: Promoters 46.5%, Public 53.5%.Jun '24: Promoters 46.5%, Public 53.6%.Sep '24: Promoters 46.5%, Public 53.5%.Dec '24: Promoters 46.5%, Public 53.5%.Mar '25: Promoters 46.5%, FIIs 0.0%, Public 53.5%.Jun '25: Promoters 46.5%, FIIs 0.1%, Public 53.5%.Sep '25: Promoters 46.5%, FIIs 0.1%, Public 53.5%.Dec '25: Promoters 46.5%, FIIs 0.1%, Public 53.5%.Mar '26: Promoters 46.5%, FIIs 0.1%, Public 53.5%.Jun '26: Promoters 46.5%, FIIs 0.1%, DIIs 0.1%, Public 53.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Patels Airtemp above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Therm Flow Engineers Pvt Ltd 24.91%unchanged
Sanjivkumar Narayanbhai Patel 8.15%+0.63 pp
Devidas Chelaram Narumalani 5.30%unchanged
Aarti Prakashbhai Patel 3.38%unchanged
Rashmika Narendra Patel 2.40%unchanged
Bharat Chhabildas Patel 2.39%unchanged
Shivang Prakashchandra Patel 2.14%+0.63 pp
Sunil Kumar Gupta 1.28%unchanged
Jalpa Sanjiv Patel 1.22%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.14%unchanged
Sanjivkumar Narayanbhai Patel Huf 0.82%unchanged
Patel Narayanbhai Gangaram Huf 0.32%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹275, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~-9%. At that growth it is worth ₹100 — downside of 64%.

Growth the price implies
9.8% a year
for 7 years, fading to 4%
It has actually compounded at
-7.0% a year
net profit, FY22–FY26 · EPS -8.7%
The gap
0.2 pp
-64% downside if it only repeats history
Price today ₹275 Value at the reference growth ₹99.86

Change the assumptions yourself →

Learn to analyse Patels Airtemp

Guides on how to read this kind of business and the numbers that matter.