United Van Der Horst Ltd (522091)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, United Van's revenue was ₹9.2 Cr, and net profit ₹1.1 Cr; the operating margin was 30.8%.
| Q1 FY27 (₹ Cr) | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹9.2 | — | +54.0% |
| Operating profit | ₹2.8 | — | +86.4% |
| Net profit | ₹1.1 | — | +205.8% |
| EPS (₹) | 0.16 | — | +220.0% |
| Operating margin | 30.8% | — | — |
📢 Recent Corporate Announcements
United Van Der Horst Ltd has issued the notice for its 39th Annual General Meeting scheduled for Monday, September 21, 2026, along with its FY2025-26 Annual Report. Key resolutions include the adoption of FY26 financial statements and the re-appointment of Mr. Jagmeet Singh Sabharwal as Chairman & Managing Director for a three-year term from August 18, 2026, to August 17, 2029. Notably, the proposal specifies no remuneration will be paid to the CMD during this tenure. Shareholders will also vote on the re-appointment of a rotational director and approval of material related-party transactions.
- 39th AGM scheduled for Monday, September 21, 2026 at 3:30 PM IST via VC/OAVM.
- Proposed re-appointment of CMD Mr. Jagmeet Singh Sabharwal for a 3-year term (Aug 18, 2026 to Aug 17, 2029).
- Proposed remuneration for CMD during the term is nil.
- Shareholder approval sought for adoption of FY25-26 financial statements and material related-party transactions.
United Van Der Horst Ltd has submitted its Annual Report for FY 2025-26 along with the notice convening its 39th Annual General Meeting (AGM) under Regulation 34(1) of SEBI LODR. The 39th AGM is scheduled to take place virtually on September 21, 2026, at 3:30 p.m. Key agenda items include the re-appointment of Mr. Jagmeet Singh Sabharwal as Chairman & Managing Director for a three-year term from August 18, 2026, to August 17, 2029 (without remuneration), and approval for material related-party transactions.
- Annual Report for FY 2025-26 released pursuant to Regulation 34(1) of SEBI LODR Regulations.
- 39th Annual General Meeting scheduled for Monday, September 21, 2026, at 3:30 p.m. via VC/OAVM.
- Proposed re-appointment of Mr. Jagmeet Singh Sabharwal as Chairman & MD for 3 years (Aug 18, 2026 to Aug 17, 2029) at nil remuneration.
- Shareholder approval sought for adoption of FY26 financial statements and material related-party transactions.
United Van Der Horst Ltd reported a marginal 0.6% YoY revenue growth to ₹9.15 cr for the quarter ended June 30, 2026. However, net profit declined significantly by 45% to ₹1.12 cr from ₹2.04 cr in the same period last year, primarily due to a 44% surge in 'Other Expenses'. On a sequential basis, the company showed a strong recovery from Q4 FY26, where revenue was ₹5.94 cr and profit was ₹0.36 cr. The board also confirmed the re-appointment of Jagmeet Singh Sabharwal as Chairman and MD for a three-year term.
- Revenue from operations remained nearly flat at ₹9.15 cr compared to ₹9.09 cr in Q1 FY26.
- Net profit dropped to ₹1.12 cr from ₹2.04 cr YoY, resulting in EPS falling from ₹0.30 to ₹0.16.
- Other expenses increased significantly to ₹2.19 cr from ₹1.52 cr in the year-ago quarter.
- Sequential revenue growth was robust at 54% compared to the ₹5.94 cr reported in March 2026.
- MD Jagmeet Singh Sabharwal re-appointed for a 3-year term effective August 1, 2026.
United Van Der Horst Ltd reported a flat YoY revenue of ₹9.15 cr for the quarter ended June 30, 2026, representing approximately 28.6% of its TTM revenue. Net profit saw a significant decline of 45% YoY to ₹1.12 cr, down from ₹2.04 cr, primarily due to a 44% increase in other expenses and higher material costs. The board has approved the re-appointment of Jagmeet Singh Sabharwal as Chairman and Managing Director for a three-year term starting August 2026. Segment performance shows the Job Work & Reconditioning business remains the primary driver, contributing 57% of total revenue.
- Revenue from operations stood at ₹9.15 cr, a marginal 0.6% increase over ₹9.09 cr in the year-ago period.
- Net profit declined to ₹1.12 cr from ₹2.04 cr YoY, with EPS dropping to ₹0.16 from ₹0.30.
- Other expenses increased by 44% YoY to ₹2.19 cr, impacting operating margins.
- Job work & Reconditioning segment revenue was ₹5.21 cr, while Manufacturing contributed ₹3.85 cr.
- CMD Jagmeet Singh Sabharwal re-appointed for a 3-year term effective August 1, 2026, to August 17, 2029.
United Van Der Horst Ltd has scheduled a board meeting on August 6, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company enters this period following a fiscal year (FY26) with TTM revenue of ₹32 cr and a PAT of ₹5 cr. Investors will be closely monitoring if the company can reverse the sequential revenue decline observed over the last four quarters, where revenue fell from ₹9.09 cr in June 2025 to ₹5.94 cr in March 2026. The trading window for designated persons has been closed since July 1, 2026.
- Board meeting to be held on August 6, 2026, for Q1 FY27 results approval
- Trading window has been closed since July 1, 2026, per SEBI regulations
- Company reported a TTM revenue of ₹32 cr and PAT of ₹5 cr as of March 2026
- Sequential revenue has declined for three consecutive quarters from ₹9.09 cr to ₹5.94 cr
- Promoter holding remains stable at 74.94% as of March 2026
Financial Performance
Revenue Growth by Segment
Total revenue grew 31.32% YoY to INR 30.66 Cr. Reconditioning revenue grew 45.06% to INR 18.62 Cr, while Manufacturing revenue grew 13.69% to INR 11.43 Cr.
Profitability Margins
Operating Margin improved from 24.05% to 28.86%. Net Profit Margin increased from 8% to 15% (0.15 ratio) due to a 137.18% increase in net profit after tax of INR 4.36 Cr.
EBITDA Margin
Operating Margin (PBIT) is 28.86%, up from 24.05% YoY, driven by operational efficiency and cost control measures.
Capital Expenditure
The company is installing machinery to exceed current capacity to lower production costs; specific INR Cr values for planned CAPEX are not disclosed.
Credit Rating & Borrowing
Interest expenses were INR 2.80 Cr, down 5.5% from INR 2.97 Cr. Debt-Equity ratio improved significantly to 0.42 from 0.70 due to loan repayments and new equity infusion.
Operational Drivers
Capacity Expansion
The company is installing machinery with higher production capacity than current levels to divide fixed costs over a larger number of units, aiming for low-cost production and market leadership.
Manufacturing Efficiency
Efficiency is driven by capacity expansion to lower unit production costs and a focus on operational efficiency which improved the Operating Margin by 481 basis points.
Strategic Growth
Growth Strategy
Growth will be achieved through capacity expansion to lower unit costs, a growing and diversified order book, strategic partnerships, new product introductions, and the development of comprehensive service platforms.
Products & Services
Hydraulic and Pneumatic Cylinders (including AGC, Rock Breaker, and Telescopic types), Hydraulic and Pneumatic Seals, Rotary Seals, Powerpacks, Control Valves, Accumulators, and Reconditioning services.
Brand Portfolio
Max Spare Group Company.
New Products/Services
New product introductions are planned to enhance operational performance, though specific revenue contributions are not disclosed.
Market Expansion
The company aims to expand beyond national boundaries, leveraging the liberalization of the Indian economy.
Strategic Alliances
Strategic partnerships are listed as a key growth initiative.
External Factors
Industry Trends
The engineering sector is experiencing exponential growth. There is a significant trend toward reducing carbon footprints and waste materials. Stiff competition is rising due to the ease of doing business.
Competitive Landscape
Stiff competition from numerous participants, including those offering low-cost, lower-quality products that affect revenue generation.
Competitive Moat
Moat is built on quality-based manufacturing and specialized reconditioning services for core industries like Marine and Oil & Gas, which require high precision and customized solutions.
Macro Economic Sensitivity
Highly sensitive to the liberalization and expansion of the Indian economy, which presents opportunities for domestic enterprises to expand.
Consumer Behavior
Customers require customized solutions; the company works closely with them to develop products that precisely meet specific needs.
Regulatory & Governance
Industry Regulations
Operations require regulatory approvals, licenses, and permissions; failure to obtain them timely adversely affects business.
Environmental Compliance
Intensive pressure to reduce carbon footprints and waste materials limits potential performance ability if not managed.
Taxation Policy Impact
Tax expenses for the year were INR 1.40 Cr on a profit before tax of INR 5.76 Cr.
Risk Analysis
Key Uncertainties
Key risks include supply chain interruptions (potential loss of millions) and changes in government legislation (price controls/taxes).
Third Party Dependencies
Significant dependency on the supply chain; interruptions threaten revenue, profits, and reputation.
Technology Obsolescence Risk
Mitigated by reverse engineering capabilities and a focus on evolving customized solutions for clients.
Credit & Counterparty Risk
Debtors turnover ratio of 2.57 indicates efficient collection of receivables.
