United Heat Transfer Ltd(UHTL)

NSE: UHTL

₹ 130.1+4.96%refreshed 21 Aug, 03:30 pm ISTMarket cap: ₹ 247 crUpdated: 23 Oct 2026

About

United Heat Transfer Ltd makes heat exchangers, pressure vessels and related process equipment. Most of its work is custom EPC projects, and the rest is standard OEM products. Its manufacturing is at Talegaon, Nashik. The company reported FY26 revenue of 72.88 and serves domestic and international customers in industries including oil and gas and marine.^{[1][2][3][4][5]}

Business mix

EPC custom, project-based work made up about 85% of revenue and recurring OEM standard products about 15%, as stated in H1 FY26.^[2][3]
Management expected about INR 40 mn of recurring business in FY26.^[2]

Products

New products developed include moisture separators, exhaust gas coolers, safe tube heat exchangers and automatic backflush filters (Q1 FY26 call).^[3]
The company is increasing its focus on air-cooled heat exchangers (Q1 FY26 call).^[3]
The company is entering data-centre cooling with Cooling Distribution Units (CDUs). Vertiv was onboarded as a customer, with first commercial supply targeted by 30 June 2026.^[6]

Operations and capacity

Production capacity was raised by 42%. The new Talegaon facility uses about 30% of a 13-acre site, leaving the rest for expansion (Q1 FY26 call).^[3]
On-time delivery is above 95%, as stated in the FY26 calls.^[6]
Working capital days improved to ~182 in FY26 from ~256 in FY25.^[6]

Order book

The unexecuted order book was INR 225.0 Mn at 31 March 2026 and had risen to INR 341.52 Mn by 28 May 2026.^[6]
In H1 FY26, orders under execution were INR 405.6 mn and proposals under negotiation were INR 472.7 mn.^[2]
Dispatch delays from pending customer approvals and third-party inspections cut H1 FY26 revenue by about INR 60-70 mn.^[2]

Customers and markets

57 new customers were added in H2 FY26 (41 domestic, 16 international). 54 were added in the period to H1 FY26 (42 domestic, 12 international).^[6][2]
The company plans to grow exports in the USA, Europe, Africa and Asia, with the USA and Europe as the initial focus.^[6][3]

Expansion plans

A ~50,000 sq ft facility at Talegaon is under construction and expected to be operational by Q3 FY27. It is proposed to raise production capacity by 25-30%.^[6]
A clean room for making equipment from special materials remains part of the expansion plans.^[6][3]
Operating targets: cut the delivery cycle to 8-10 weeks from 14-16 weeks, and reach Overall Equipment Effectiveness above 85%.^[6]
Management is aiming for 30-35% revenue growth in FY27.^[6]

Recent developments

21 Oct 2026: The company won an order of about INR 36,39,058 from an overseas marine-industry company for tube stacks, for delivery by 25 January 2027.^[5]
12 Oct 2026: The board allotted 29,68,000 equity shares at Rs 105.50 each to 17 allottees, raising Rs 31,31,24,000. Share capital rose to Rs 21,97,20,000.^[7][8][9]
12 Oct 2026: MDSB AND CO LLP was appointed secretarial auditor for a further four years.^[7]
1 Oct 2026: The company won an order of about Rs 56,21,741.57 from a public-sector oil and gas company for pressure vessels, for delivery within eight months.^[4]
FY25 annual report: shareholders authorised borrowings, creation of charges, and loans and investments of up to Rs 500 crore each.^[10]

Market Cap

₹247 Cr

High / Low

₹132 / 44

Stock P/E

32.9

Price / Book

2.8

Book Value

₹33

EPS

₹2.6

No. of Shares

1.9 Cr

ROCE

11.8%

ROE

8.2%

OPM

12.7%

Debt / Equity

0.30

Sales

₹73 Cr

Net Profit

₹5 Cr

Promoter holding

67.8%

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