---
title: "United Heat Transfer Ltd (UHTL) — Share Price, Financials & Analysis"
symbol: "UHTL"
company: "United Heat Transfer Ltd"
canonical: "https://tapetide.com/stocks/UHTL"
isin: "INE0SMR01011"
nse_symbol: "UHTL"
sector: "Industrials"
industry: "Industrial Products"
market_cap_cr: 325.63
generated_at: "2026-09-13T18:44:47.566Z"
---

# United Heat Transfer Ltd (UHTL)

Canonical page: https://tapetide.com/stocks/UHTL

## Company

- **NSE Symbol:** UHTL
- **ISIN:** INE0SMR01011
- **Sector:** Industrials
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2024-10-29
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** unitedheat.net

## About

Incorporated in January 1995, United Heat Transfers Limited manufactures essential equipment such as heat exchangers, pressure vessels, and process flow skids.[1]

## Latest Price

- **Price:** ₹174.75
- **Change:** +3.4 (+1.98%)
- **Open:** ₹174.75
- **Day High:** ₹174.75
- **Day Low:** ₹174.75
- **Previous Close:** ₹171.35
- **Volume:** 398000
- **As Of:** 2026-09-11T09:45:06+00:00

## Key Fundamentals

Observed at 2026-09-11T04:38:06.980875Z.

- **Market Cap:** ₹325.63 Cr
- **Classification:** SME
- **P/E (reported):** 65.2
- **Book Value:** ₹33.43
- **Price to Book:** 5.13
- **Dividend Yield:** 0%
- **ROE:** 9.06%
- **ROCE:** 15.71%
- **Debt to Equity:** 0.3
- **Revenue (yearly):** ₹72.88 Cr
- **Net Income:** ₹5.28 Cr
- **EBITDA:** ₹10.46 Cr
- **52-Week High:** ₹171.35
- **52-Week Low:** ₹44
- **RSI (14):** 92.44

## Tapetide Score

- **Score:** 50 / 100
- **Score date:** 2026-09-04
- **Archetype:** Priced for Perfection
- **What it means:** The business scores well but the multiple leaves little room for error. The debate here is about the price, not the company; small disappointments tend to cost more at rich valuations.
- **Pillar profile:** Quality: Good · Valuation: Expensive · Momentum: Rising
- **Percentile:** 47.7 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 74.51 | 9% |
| growth | 51.69 | 9% |
| momentum | 98.9 | 12% |
| ownership | 46.44 | 24% |
| quality | 66.4 | 22% |
| valuation | 25.61 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has delivered good profit growth of 27.3% CAGR over last 5 years

### Weaknesses

- Stock is trading at 5.23 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 11.6% over last 3 years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -308.87% | -189.4% | -6.83% |
| ebitda margin growth | -22.83% | -34.69% | 5.04% |
| net income growth | -0.38% | 33% | 27% |
| revenue growth | 7.33% | 2% | 17% |
| roce | -48.36% | -6.99% | 18.95% |
| roe | -70.32% | 18.18% | -39.44% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Sales | 39.93 | 28.41 | 38.41 | 21.44 | 51.44 |
| Expenses | 35.92 | 21.93 | 33.5 | 18.87 | 43.54 |
| Operating Profit | 4.01 | 6.48 | 4.91 | 2.57 | 7.9 |
| OPM % | 10.04 | 22.81 | 12.78 | 11.99 | 15.36 |
| Other Income | 3.78 | 0.56 | 0.51 | 0.85 | 0.14 |
| Interest | 2.13 | 2 | 1.37 | 1.28 | 1.33 |
| Depreciation | 0.92 | 0.98 | 0.99 | 1.01 | 1.05 |
| Profit before tax | 4.74 | 4.06 | 3.06 | 1.13 | 5.66 |
| Tax % | 21.31 | 24.88 | 26.47 | 25.66 | 26.33 |
| Net Profit | 3.73 | 3.06 | 2.24 | 0.84 | 4.17 |
| EPS in Rs | — | 2.2 | 1.18 | 0.44 | 2.19 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 36.82 | 33.1 | 47.55 | 69.6 | 60.03 | 66.52 | 72.88 |
| Expenses | 32.75 | 29.03 | 41.38 | 61.82 | 50.04 | 55.13 | 62.42 |
| Operating Profit | 4.07 | 4.07 | 6.17 | 7.78 | 9.99 | 11.39 | 10.46 |
| OPM % | 11.05 | 12.3 | 12.98 | 11.18 | 16.64 | 17.12 | 14.35 |
| Other Income | 0.16 | 0.18 | 0.15 | 0.44 | 3.9 | 1.07 | 1 |
| Interest | 1.12 | 1.36 | 2.96 | 3.92 | 4.2 | 3.37 | 2.61 |
| Depreciation | 0.84 | 0.89 | 1.21 | 1.48 | 1.83 | 1.97 | 2.06 |
| Profit before tax | 2.27 | 2 | 2.15 | 2.82 | 7.86 | 7.12 | 6.79 |
| Tax % | 27.75 | 25 | 28.84 | 24.82 | 20.61 | 25.56 | 26.22 |
| Net Profit | 1.64 | 1.5 | 1.53 | 2.12 | 6.24 | 5.3 | 5.01 |
| EPS in Rs | — | — | — | — | — | 2.79 | 2.64 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 4.25 | 4.25 | 4.25 | 4.25 | 12.75 | 19 | 19 |
| Reserves | 4.74 | 6.25 | 7.77 | 9.89 | 7.69 | 39.52 | 44.53 |
| Borrowings | 9.57 | 31.28 | 37.62 | 32.96 | 36.92 | 17.83 | 18.9 |
| Other Liabilities | 4.85 | 7.7 | 12.99 | 17.71 | 13.16 | 11.58 | 11.62 |
| Total Liabilities | 23.41 | 49.48 | 62.63 | 64.81 | 70.52 | 87.93 | 94.05 |
| Fixed Assets | 0 | 0 | 23.76 | 24.55 | 34.61 | 34.95 | 35.9 |
| CWIP | 0 | 15.2 | 10.63 | 11.24 | 0.98 | 0.98 | 4.3 |
| Investments | 0 | 0 | 1.71 | 1.59 | 1.72 | 1.99 | 2.66 |
| Other Assets | 23.41 | 34.28 | 26.53 | 27.43 | 33.21 | 50.01 | 51.19 |
| Total Assets | 23.41 | 49.48 | 62.63 | 64.81 | 70.52 | 87.93 | 94.05 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 3.25 | 0 | 2.41 | 7.64 | 3.27 | -6.83 | 8.08 |
| Cash from Investing Activity | -0.36 | -21.67 | -5.13 | -2.76 | -1.75 | -2.58 | -7.11 |
| Cash from Financing Activity | -2.17 | 21.65 | 3.64 | -5.2 | -2.1 | 9.5 | -1.28 |
| Net Cash Flow | 0.72 | -0.02 | 0.92 | -0.32 | -0.57 | 0.09 | -0.31 |
| Free Cash Flow | 3.1 | -21.44 | -2.01 | 4.76 | 1.63 | -9.13 | 1.75 |
| CFO/OP | 95 | 13 | 49 | 107 | 33 | -60 | 77 |

### Ratios

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 62.95 | 76.09 | 60.33 | 38.34 | 80.02 | 102.11 | 83.94 |
| Inventory Days | 87.02 | 141.55 | 213.41 | 134.88 | 152.08 | 257.58 | 263.11 |
| Days Payable | 45.39 | 92.76 | 147.34 | 104.83 | 68.17 | 55.45 | 62.98 |
| Cash Conversion Cycle | 104.58 | 124.87 | 126.4 | 68.39 | 163.93 | 304.24 | 284.06 |
| Working Capital Days | 83.37 | 110.82 | 19.27 | 7.76 | 11.55 | 155.45 | 127.26 |
| ROCE % | — | 11.14 | 11.53 | 13.95 | 16.16 | 15.69 | 11.84 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- |
| Promoters | 67.46% | 67.63% | 67.74% |
| FIIs | 0% | 0% | 0.26% |
| DIIs | 0% | 3.28% | 0.89% |
| Government | 0% | 0% | 0% |
| Public | 17.26% | 18.76% | 21.23% |
| Others | 15.28% | 10.32% | 9.87% |
| No. of Shareholders | 803 | 810 | 830 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 13 / 1 / 5

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 160.22 | Buy |
| EMA (10) | 160.37 | Buy |
| SMA (20) | 144.22 | Buy |
| EMA (20) | 147.29 | Buy |
| SMA (50) | 120.87 | Buy |
| EMA (50) | 125.27 | Buy |
| SMA (100) | 96.27 | Buy |
| EMA (100) | 105.58 | Buy |
| SMA (200) | 75.93 | Buy |
| EMA (200) | 88.43 | Buy |

### Oscillators — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 93.05 | Sell |
| MACD (12,26,9) | 15.96 | Buy |
| Stochastic (14,3,3) | 100 | Sell |
| ADX (14) | 57.46 | Buy |
| Williams %R (14) | 0 | Sell |
| ATR (14) | 3.46 | Neutral |
| ROC (12) | 26.58 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 97.97 | Sell |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 June 2026 - Received Atlas Copco Crepelle order worth Rs. 23.68 lakh; delivery due by 31 August 2026. | [Bagging/Receiving of orders/contracts 9 June 2026 - Received Atlas Copco Crepelle order worth Rs. 23.68 lakh; delivery due by 31 August 2026.](https://nsearchives.nseindia.com/corporate/UNITEDHEAT_09062026103154_PO.pdf) |
| 9 June 2026 - Company will hold investor and analyst meetings in Mumbai on 15 June 2026. | [Analysts/Institutional Investor Meet/Con. Call Updates 9 June 2026 - Company will hold investor and analyst meetings in Mumbai on 15 June 2026.](https://nsearchives.nseindia.com/corporate/UNITEDHEAT_09062026154804_Investor_meet.pdf) |
| 9 April 2026 - Received ₹56.9 lakh domestic order from Ingersoll-Rand for heat exchangers; deliveries due by October 2026. | [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.](https://nsearchives.nseindia.com/corporate/UNITEDHEAT_09042026155613_UHTL.pdf) |
| 7 Jul - United Heat Transfer executed additional mortgage for Rs. 2.47 crore working capital loan from Saraswat Co-operative Bank. | [Agreements 7 Jul - United Heat Transfer executed additional mortgage for Rs. 2.47 crore working capital loan from Saraswat Co-operative Bank.](https://nsearchives.nseindia.com/corporate/UNITEDHEAT_07072026173730_UHTL.pdf) |
| 7 April 2026 - Company executed hypothecation agreement for Rs. 3.70 crore term loan with Saraswat Co-operative Bank on 27 March 2026. | [Agreements 7 April 2026 - Company executed hypothecation agreement for Rs. 3.70 crore term loan with Saraswat Co-operative Bank on 27 March 2026.](https://nsearchives.nseindia.com/corporate/UNITEDHEAT_07042026210241_UHTL-_Reporting_of_Loan_agreement.pdf) |
| 6 May 2026 - Received GST ASMT-10 notice for FY2022-23 discrepancy of Rs. 7,63,695. | [Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company 6 May 2026 - Received GST ASMT-10 notice for FY2022-23 discrepancy of Rs. 7,63,695.](https://nsearchives.nseindia.com/corporate/UNITEDHEAT_06052026161308_UHTL.pdf) |
| 6 February 2026 - GST DRC-07 order (05 Feb 2026) imposing GST ₹1,08,00,000, penalty ₹10,80,000, interest ₹39,78,542. | [Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company 6 February 2026 - GST DRC-07 order (05 Feb 2026) imposing GST ₹1,08,00,000, penalty ₹10,80,000, interest ₹39,78,542.](https://nsearchives.nseindia.com/corporate/UNITEDHEAT_06022026180359_UHTL_Reporting_of_GST_Order.pdf) |
| 5 Sep - Trading window closes from 23 Sep 2026 to 28 Sep 2026 for 32nd AGM. | [Trading Window 5 Sep - Trading window closes from 23 Sep 2026 to 28 Sep 2026 for 32nd AGM.](https://nsearchives.nseindia.com/corporate/UNITEDHEAT_05092026173954_AGM_TWC.pdf) |
| 5 Sep - Trading window closed from 13 Sep 2026 to 19 Sep 2026 for EGM. | [Trading Window 5 Sep - Trading window closed from 13 Sep 2026 to 19 Sep 2026 for EGM.](https://nsearchives.nseindia.com/corporate/UNITEDHEAT_05092026165131_TWC-_EGM.pdf) |
| 5 Sep - Received Rs. 4.58 crore domestic order for cooler and pressure vessels; delivery in 6 months. | [Bagging/Receiving of orders/contracts 5 Sep - Received Rs. 4.58 crore domestic order for cooler and pressure vessels; delivery in 6 months.](https://nsearchives.nseindia.com/corporate/UNITEDHEAT_05092026210601_UHTL-_Reporting_of_Orders-_05092026.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/UNITEDHEAT_17112025172938_UHTL_Investor_Presentation.pdf) |
| Jun 2026 | [Concall - Jun 2026](http://nsearchives.nseindia.com/corporate/UNITEDHEAT_05062026181318_Transcripts.pdf) |
| Aug 2025 | [Concall - Aug 2025](https://nsearchives.nseindia.com/corporate/UNITEDHEAT_14082025134206_UHTL-_Investor_Presentation.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31559_UHTL_2025_2026_A_1891193_05092026172243.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_27748_UHTL_2024_2025_A_1583103_26082025203906.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:44:47.566Z.