Nashik-based manufacturer of shell-and-tube and air-cooled heat exchangers, pressure vessels and process-flow skids for oil & gas, marine, defence, pharma and data-center cooling customers worldwide.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 51.4 | +33.9% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 15.4 | +2.6 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 4.2 | +86.2% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
| Return on equity | −5.2 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | 2.41 | +16.1 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | −1.5 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Guidance
6 targets tracked, none judged yet · 6 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Revenue Growth | 30-35% for FY27 | Q4 FY26 | Management expects 30-35% revenue growth for the current financial year (FY27). | New |
6 of United Heat Transfer Limited's 6 targets are still open. See which are on track and which have gone quiet. The 1 above are the free sample; 5 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹91.5 on 24 Oct 2025 → ₹207.85. High ₹233.85 (16 Oct 2026), low ₹44 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
United Heat Transfer Limited designs and fabricates heat exchangers (shell-and-tube, air-cooled, extended-surface, jacket-water, marine, charged-air-cooler types), pressure vessels, process flow skids, moisture separators and automatic backflush filters used in industrial thermal-management systems. It sells standard, volume-based equipment to OEM and Auto-OEM customers under long-term supply arrangements, and executes custom, made-to-order fabrication for project/EPC engagements in oil & gas, refineries, compressors, marine, pharmaceutical, HVAC and, more recently, data-center cooling. Products are engineered to global codes (ASME Sec VIII, TEMA, API 660/661) and exported to customers in 22+ countries.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
6 targets tracked, none judged yet · 6 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Revenue Growth | 30-35% for FY27 | Q4 FY26 | Management expects 30-35% revenue growth for the current financial year (FY27). | New |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 6 tracked commitments, with each call’s wording and source.
Call summaries
UHTL Q4 FY26
UHTL concluded FY26 with a strong order book of INR37 crores and is poised for significant growth in FY27, targeting 30-35% revenue increase. Key drivers include a new strategic partnership with Vertiv for data center cooling solutions, an INR7 crore order from NPCL, and ongoing capacity expansion. While raw material volatility and geopolitical issues remain watch items, management is optimistic about margin improvement and export growth.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +86% (quarter to mar 2026 against mar 2025).
| Line item | Mar 2024 | Sept 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales | 40 | 28 | 38 | 21 | 51 |
| Expenses | 36 | 22 | 34 | 19 | 44 |
| Operating profit | 4 | 6 | 5 | 3 | 8 |
| Operating margin | 10.0% | 22.8% | 12.8% | 12.0% | 15.4% |
| Other income | 4 | 1 | 1 | 1 | 0 |
| Interest | 2 | 2 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 5 | 4 | 3 | 1 | 6 |
| Tax rate | 21.3% | 24.9% | 26.5% | 25.7% | 26.3% |
| Net profit | 4 | 3 | 2 | 1 | 4 |
| EPS (₹ per share) | — | 2.20 | 1.18 | 0.44 | 2.19 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 13 | 19 | 19 | 19 |
| Reserves | 8 | 10 | 8 | 40 | 40 | 45 |
| Borrowings | 38 | 33 | 37 | 18 | 18 | 19 |
| Other liabilities | 13 | 18 | 13 | 12 | 14 | 12 |
| Total liabilities | 63 | 65 | 71 | 88 | 91 | 94 |
| Fixed assets | 24 | 25 | 35 | 35 | 35 | 36 |
| Capital work in progress | 11 | 11 | 1 | 1 | 1 | 4 |
| Investments | 2 | 2 | 2 | 2 | 2 | 3 |
| Other assets | 27 | 27 | 33 | 50 | 53 | 51 |
| Total assets | 63 | 65 | 71 | 88 | 91 | 94 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 0 | 2 | 8 | 3 | -7 | 8 |
| Cash from investing | -22 | -5 | -3 | -2 | -3 | -7 |
| Cash from financing | 22 | 4 | -5 | -2 | 10 | -1 |
| Net cash flow | -0 | 1 | -0 | -1 | 0 | -0 |
| Free cash flow | -21 | -2 | 5 | 2 | -9 | 2 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 76 | 60 | 38 | 80 | 102 | 84 |
| Inventory days | 142 | 213 | 135 | 152 | 258 | 263 |
| Days payable | 93 | 147 | 105 | 68 | 55 | 63 |
| Cash conversion cycle | 125 | 126 | 68 | 164 | 304 | 284 |
| Working capital days | 111 | 19 | 8 | 12 | 155 | 128 |
| Return on capital employed | 11.1% | 11.5% | 13.9% | 16.2% | 15.7% | 11.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Promoters hold 58.61% as of Oct 2026; institutions cut 0.13 pts since Sept 2026.
since Sep 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 8 holders trimming and 0 off the list — both are in the register beside this.
Named in the Oct 2026 filing
Every holder of United Heat Transfer Limited above SEBI's 1% disclosure line, and what changed since Sep 2026.
| Holder | Stake | Change |
|---|---|---|
| 25.44% | −3.97 pp | |
| 25.06% | −3.91 pp | |
| 4.85% | newly disclosed | |
| 3.63% | −0.56 pp | |
| 2.97% | −0.46 pp | |
| 2.83% | −0.44 pp | |
| 2.12% | −0.33 pp | |
| 1.64% | newly disclosed | |
| 1.21% | −0.19 pp | |
| 1.15% | −0.18 pp | |
| 0.01% | 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.
Your own record
Free account: one company. Everything above stays public.
Write why you follow United Heat Transfer Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Guides on how to read this kind of business and the numbers that matter.
