UHTL

United Heat Transfer financials

Market cap
₹332 Cr
Sector
Capital Goods
Calls analysed
1
Latest concall · Q4 FY26 · call held 05 Jun 2026

UHTL Q4 FY26

What went well

  • Current order book is robust at INR37 crores, providing good visibility.
  • Secured a trial order from Vertiv for critical cooling distribution unit (CDU) components, with a potential annual business of INR10-20 crores.
  • Successfully registered with Nuclear Power Corporation (NPCL) and secured an INR7 crore order for a pressurizer, opening doors for future defence and nuclear projects.

What to watch

  • Geopolitical issues are a concern that could become a hurdle if not settled soon.
  • Volatility in raw material prices (metals) has affected margins in the past, requiring efforts to minimize operating costs.
Read the full call →

What United Heat Transfer Limited does

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

  • OEM & Auto OEM
  • Project / EPC
Manufacturing units
2 (Unit-1 Ambad, ~60,000 sq. ft.; Unit-2 Talegaon, ~80,000 sq. ft. on 13 acres) plus a ~50,000 sq. ft. facility under construction, expected operational Q3 FY27
Total covered workshop area
1,20,000 sq. ft.
Personnel strength
250+
Global heat-exchanger installations
75,000+
Export presence
22+ countries
Years of manufacturing experience
30+
Founded 1995Headquarters Nashik, Maharashtra, IndiaEmployees 250 (FY26) Company website

Guidance record · Q4 FY26

what the last two calls moved 6 tracked 0 delivered 0 missed 6 open
  • Revenue Growth open said Q4 FY26 Promised: 30-35% for FY27 Q4 FY26: Management expects 30-35% revenue growth for the current financial year (FY27).

All 6 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 28.8%, net profit up 11.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue40 28 38 21 51 +29%
EBITDA4 6 5 3 8 +97%
Net profit4 3 2 1 4 +12%
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 +142.7% 1Y

₹50₹100₹150Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 5 Jun 2026

1Y: ₹72 on 10 Sept 2025 → ₹174.75. High ₹174.75 (11 Sept 2026), low ₹44 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−5.0%
5 Jun

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.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹4 Cr₹4 Cr₹4 Cr₹13 Cr₹19 Cr₹19 Cr
Reserves₹6 Cr₹8 Cr₹10 Cr₹8 Cr₹40 Cr₹45 Cr
Borrowings₹31 Cr₹38 Cr₹33 Cr₹37 Cr₹18 Cr₹19 Cr
Other liabilities₹8 Cr₹13 Cr₹18 Cr₹13 Cr₹14 Cr₹12 Cr
Total liabilities₹49 Cr₹63 Cr₹65 Cr₹71 Cr₹91 Cr₹94 Cr
Fixed assets₹0 Cr₹24 Cr₹25 Cr₹35 Cr₹35 Cr₹36 Cr
Capital work in progress₹15 Cr₹11 Cr₹11 Cr₹1 Cr₹1 Cr₹4 Cr
Investments₹0 Cr₹2 Cr₹2 Cr₹2 Cr₹2 Cr₹3 Cr
Other assets₹34 Cr₹27 Cr₹27 Cr₹33 Cr₹53 Cr₹51 Cr
Total assets₹49 Cr₹63 Cr₹65 Cr₹71 Cr₹91 Cr₹94 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 Mar 2026

Since Mar 2025, the public added +2.76 pp while DIIs trimmed −2.69 pp. The shareholder count grew 3% to 830.

Promoters
67.7%
FIIs
0.3%
DIIs
0.9%
Public
31.1%

Since Mar 2025

  • Public +2.76 pp
  • DIIs −2.69 pp
  • FIIs −0.36 pp

How it drifted, 4 quarters

Over this window the public went from 20.2% to 31.1% — +10.9 pp.

Oct '24Mar '25Mar '26

Ownership split by quarter, oldest first. Oct '24: Promoters 67.1%, FIIs 4.7%, DIIs 8.0%, Public 20.2%.Mar '25: Promoters 67.5%, FIIs 0.6%, DIIs 3.6%, Public 28.3%.Sep '25: Promoters 67.6%, FIIs 0.3%, DIIs 3.3%, Public 28.8%.Mar '26: Promoters 67.7%, FIIs 0.3%, DIIs 0.9%, Public 31.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Sep 2025

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 2 off the list — both are in the register beside this.

Who is on the register

Named in the Mar 2026 filing

Every holder of United Heat Transfer Limited above SEBI's 1% disclosure line, and what changed since Sep 2025.

HolderStakeChange
Vivek Vishwanath Patil 29.41%unchanged
Yogesh Vishwanath Patil 28.94%+0.08 pp
Pranita Vivek Patil 4.19%unchanged
Vijit Global Securities Private Limited 3.80%unchanged
Jatinder Agarwal 2.64%newly disclosed
Meenal Yogesh Patil 2.45%−1.26 pp
Kvp Enterprise Llp 1.58%unchanged
Durva Yogesh Patil 1.40%unchanged
Praketa Yogesh Patil 1.33%+1.27 pp
Shatanik Vivek Patil 0.01%unchanged
Urjaswati Vivek Patil 0.01%unchanged
Paresh Prataprao Deshmukh 0.00%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 the price implies
23.2% a year
for 7 years, fading to 4%
It has actually compounded at
Not enough history
The gap
—
between what it did and what it must do
Price today ₹174.75

Change the assumptions yourself →

Learn to analyse United Heat Transfer Limited

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