United Heat Transfer Limited (UHTL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, United Heat's revenue was ₹51.4 Cr (+33.9% year on year, +139.9% on the previous half-year), and net profit ₹4.2 Cr (+86.2% year on year); the operating margin was 15.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹51.4 | +33.9% | +139.9% |
| Operating profit | ₹7.9 | +60.9% | +207.4% |
| Net profit | ₹4.2 | +86.2% | +396.4% |
| EPS (₹) | 2.19 | +85.6% | +397.7% |
| Operating margin | 15.4% | — | — |
UHTL delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 65.38% of the UHTL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 97.02%. That is lower than usual for this stock. 2 bulk or block deals were reported in UHTL in the last 60 days: ₹2 Cr bought and ₹0.53 Cr sold.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 97.6% · 65.4%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 24 Sep | Buy | Neo Apex Share Broking Services Llp | ₹1.96 Cr | ₹203.65 | 96,000 | Bulk |
| 24 Sep | Sell | Neo Apex Share Broking Services Llp | ₹0.53 Cr | ₹202.65 | 26,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
United Heat Transfer Limited (UHTL) has appointed M/S MDSB AND CO LLP, Company Secretaries, Nashik, as its secretarial auditor for a 4-year term covering FY 2026-2027 through FY 2029-30. This replaces existing secretarial auditor M/s A. Khadilkar & Associates after CS Aniket Abhilash Khadilkar joined MDSB AND CO LLP as a Designated Partner. The appointment was approved by the Board on October 12, 2026, during a meeting held between 4:30 PM and 4:45 PM.
- Appointment of M/S MDSB AND CO LLP as Secretarial Auditor approved on October 12, 2026
- Appointed for a tenure of 4 years from FY 2026-2027 till FY 2029-30
- Replaces M/s A. Khadilkar & Associates following the partner's merger into the new firm
- Board meeting commenced at 4:30 P.M. and concluded at 4:45 P.M.
United Heat Transfer Limited (UHTL) has allotted 29,68,000 equity shares at an issue price of ₹105.50 per share (face value ₹10 plus ₹95.50 premium) on a preferential basis to 17 non-promoter investors. The issue raised ₹31.31 Cr in cash consideration, representing approximately 48.9% of the company's existing net worth of ₹64 Cr. Following the allotment, total paid-up equity shares expanded from 1,90,04,000 to 2,19,72,000, causing an equity dilution of approximately 13.51%. Intelliquity Ventures LLP is the largest allottee, receiving 10,66,000 shares.
- Allotted 29,68,000 equity shares of face value ₹10 each at an issue price of ₹105.50 per share
- Raised a total of ₹31,31,24,000 (₹31.31 Cr) via preferential issue for cash
- Paid-up share capital increased from ₹19.00 Cr to ₹21.97 Cr
- Shares allocated across 17 non-promoter investors, led by Intelliquity Ventures LLP (10,66,000 shares)
United Heat Transfer Limited (UHTL) has approved the allotment of 29,68,000 equity shares at an issue price of ₹105.50 per share (face value ₹10 plus ₹95.50 premium) on a preferential basis to 17 non-promoter investors. The total capital raised amounts to ₹31.31 crore, which is substantial compared to the company's existing net worth of ₹64 crore (~49%) and TTM revenue of ₹140 crore (~22%). Following the allotment, the company's paid-up share capital expanded from ₹19.00 crore to ₹21.97 crore. Additionally, the board re-appointed M/S MDSB AND CO LLP as secretarial auditors for a 4-year term.
- Allotted 29,68,000 equity shares at ₹105.50 per share (including ₹95.50 premium)
- Raised gross proceeds of ₹31,31,24,000 (₹31.31 Cr) from 17 non-promoter allottees
- Paid-up share capital expanded from ₹19,00,40,000 (1.90 Cr shares) to ₹21,97,20,000 (2.19 Cr shares)
- Largest single allotment made to Intelliquity Ventures LLP for 10,66,000 equity shares
- Re-appointed M/S MDSB AND CO LLP as secretarial auditor for a 4-year term (FY27 to FY30)
United Heat Transfer Limited (UHTL) has received in-principle approval from the National Stock Exchange of India (NSE) under Regulation 28(1) for its proposed preferential issue. The company plans to allot 29,68,000 equity shares at an issue price of ₹105.50 per share, raising up to ₹31.31 crore. This capital injection represents ~48.9% of UHTL's net worth (₹64 crore) and ~22.4% of its TTM revenue (₹140 crore). Post-allotment, the company's paid-up share capital will expand from ₹19.00 crore to ₹21.97 crore, representing an equity dilution of ~13.5%.
- Received NSE in-principle approval dated October 1, 2026, for proposed preferential issue
- Raising up to ₹31,31,24,000 (₹31.31 Cr) via 29,68,000 equity shares of face value ₹10 each
- Issue price fixed at ₹105.50 per equity share
- Paid-up share capital to expand from ₹19,00,40,000 (1.90 Cr shares) to ₹21,97,20,000 (2.19 Cr shares)
United Heat Transfer Limited (UHTL) has secured a domestic purchase order valued at approximately ₹56.22 lakh (excluding taxes) from an unnamed Public Sector Company in the Oil and Gas sector. The contract entails the manufacturing and supply of pressure vessels to be delivered within 8 months from the Letter of Award. Given UHTL's TTM revenue of ₹140 Cr, this order represents less than 0.05% of annual sales, making it a very small addition to the company's order pipeline. The payment structure includes phased milestones, with 50% tied to dispatch documentation.
- Order value is ₹56,21,741.57 (excluding tax) from an Oil & Gas Public Sector Company
- Contract covers manufacturing and supply of Pressure Vessels on an FOT dispatch basis
- Execution timeline is within 8 months from the Letter of Award (LOA)
- Payment milestones include 50% against dispatch documents and 15% against raw material identification
United Heat Transfer Limited announced that its Board of Directors approved availing credit facilities from HDFC Bank Limited under the ECLGS 5.0 scheme on September 30, 2026. The specific loan amount was not disclosed, though the company confirmed it falls within shareholder-approved borrowing limits. This additional liquidity comes alongside existing debt of ₹19 Cr against a net worth of ₹64 Cr (D/E ratio of 0.30). The board meeting commenced at 3:00 PM and concluded at 3:40 PM.
- Board approved availing credit facilities from HDFC Bank under ECLGS 5.0 Scheme
- Credit facility amount was not disclosed, but confirmed within existing shareholder limits
- Board meeting commenced at 3:00 P.M. and concluded at 3:40 P.M. on September 30, 2026
- Existing debt stands at ₹19 Cr against net worth of ₹64 Cr as per context
United Heat Transfer Limited concluded its 32nd Annual General Meeting on September 28, 2026, where shareholders approved all 8 resolutions with 100% of polled votes in favour. A total of 12,880,000 votes were polled across 19,004,000 total shares, representing a 67.78% turnout primarily driven by promoter holdings (12,878,000 shares). Key resolutions approved included the adoption of FY26 standalone financial statements, director appointments, and remuneration revisions for key managerial personnel.
- All 8 resolutions passed with 100% votes in favour out of 12,880,000 votes polled
- Overall voter turnout stood at 67.7752% of the company's 19,004,000 total shares
- Promoter group cast 12,878,000 votes (100% of their holding), while public non-institutions cast 2,000 votes
- Approved adoption of audited standalone financial statements for the financial year ended March 31, 2026
- Meeting took place on September 28, 2026, starting at 11:00 AM and concluding at 11:29 AM
United Heat Transfer Limited concluded its 32nd Annual General Meeting on September 28, 2026, where shareholders approved all 8 resolutions with 100% of polled votes in favour. A total of 12,880,000 votes were polled across 19,004,000 total shares, representing a 67.78% turnout primarily driven by promoter holdings (12,878,000 shares). Key resolutions approved included the adoption of FY26 standalone financial statements, director appointments, and remuneration revisions for key managerial personnel.
- All 8 resolutions passed with 100% votes in favour out of 12,880,000 votes polled
- Overall voter turnout stood at 67.7752% of the company's 19,004,000 total shares
- Promoter group cast 12,878,000 votes (100% of their holding), while public non-institutions cast 2,000 votes
- Approved adoption of audited standalone financial statements for the financial year ended March 31, 2026
- Meeting took place on September 28, 2026, starting at 11:00 AM and concluding at 11:29 AM
United Heat Transfer Limited (UHTL) responded to queries from the NSE regarding its in-principle approval application for issuing 29,68,000 equity shares on a preferential basis. The total proposed utilization amounts to approximately Rs 31.31 Cr, including Rs 23.00 Cr for capex (within 15 months), Rs 5.00 Cr for working capital (within 3 months), and Rs 3.31 Cr for general corporate purposes. The capex component of Rs 23 Cr represents about 36% of the company's net worth of Rs 64 Cr, backing its planned capacity expansion. All proposed allottees are non-promoter public shareholders, with no single allottee receiving more than 5% of diluted share capital.
- Preferential issue of 29,68,000 equity shares following EGM approval on September 19, 2026
- Capex allocation of Rs 23,00,00,000 to be utilized within 15 months from allotment
- Working capital allocation of Rs 5,00,00,000 to be deployed within 3 months
- General corporate purpose funding pegged at Rs 3,31,24,000 within 12 months
- Allottees comprise 17 non-promoter public investors, with no change in management control
United Heat Transfer Limited (UHTL) announced the voting results of its Extraordinary General Meeting held on September 19, 2026. Shareholders approved all three proposed resolutions with 100% unanimous votes (12,878,000 votes in favor from 8 members who voted). The passed resolutions include an increase in authorized share capital, alteration of Articles of Association, and the issuance of further equity shares via preferential allotment. Specific preferential allotment issue pricing and fund quantum were not disclosed in this scrutinizer report filing.
- Resolution 01 to increase Authorized Share Capital passed with 100% majority (12,878,000 valid votes in favor).
- Resolution 03 approving the creation, offer, and issue of equity shares on a preferential allotment basis passed with 100% approval.
- Total of 8 members attended and cast valid votes via NSDL e-voting during the EGM.
- No votes were cast against any of the three resolutions (0 votes against, 0 invalid votes).
United Heat Transfer Limited (UHTL) shareholders have approved a preferential issue of 29,68,000 equity shares at an issue price of Rs 105.50 per share, raising an aggregate amount of Rs 31.31 crore. The allotment is being made for cash consideration entirely to non-promoter investors, with Intelliquity Ventures LLP being the largest proposed allottee (4.85% post-issue stake for Rs 11.25 crore). The Rs 31.31 crore raise is substantial relative to UHTL's net worth of Rs 64 crore (~48.9%) and TTM revenue of Rs 140 crore (~22.4%). This capital infusion will strengthen the balance sheet and potentially support its planned 80,000 sq. ft facility expansion in Talegaon, Nashik.
- Shareholders approved the issuance of 29,68,000 equity shares on a preferential basis at Rs 105.50 per share
- Total capital to be raised amounts to Rs 31,31,24,000 (Rs 31.31 crore)
- Proposed allotment consists of 17 non-promoter allottees, led by Intelliquity Ventures LLP taking 10,66,000 shares (4.85% post-issue)
- Second largest proposed allottee is Manju Singhi with 3,60,000 shares (1.64% post-issue) for Rs 3.80 crore
United Heat Transfer Limited (UHTL) announced that its shareholders approved an increase in authorized share capital on September 19, 2026. The authorized capital has expanded from Rs 20.00 crore to Rs 22.00 crore, raising total authorized shares from 2.00 crore to 2.20 crore equity shares of Rs 10 each. The amendment to Clause 5 of the Memorandum of Association was approved via an ordinary resolution. This procedural adjustment paves the way for potential future corporate actions or equity issuances.
- Shareholders approved the increase in authorized share capital on September 19, 2026
- Authorized share capital raised from Rs 20,00,00,000 to Rs 22,00,00,000
- Total authorized equity shares expanded from 2,00,00,000 to 2,20,00,000 with a face value of Rs 10 each
- Alteration to Capital Clause 5 of the Memorandum of Association passed by ordinary resolution
United Heat Transfer Limited (UHTL) shareholders have approved an increase in the company's authorized share capital from Rs 20.00 crore to Rs 22.00 crore via an ordinary resolution on September 19, 2026. This expands the share capital base from 2.00 crore to 2.20 crore equity shares of face value Rs 10 each. Concurrently, shareholders passed a special resolution to insert Article 8(i) into the Articles of Association, empowering the Board to issue securities via preferential offer or private placement. This procedural alteration paves the legal groundwork for potential future equity fundraising or dilution.
- Authorized share capital increased by Rs 2.00 crore to Rs 22.00 crore (previously Rs 20.00 crore)
- Total authorized equity shares expanded from 2,00,00,000 to 2,20,00,000 shares of Rs 10 face value each
- Shareholder approval obtained via Ordinary and Special Resolutions on September 19, 2026
- AOA amended with new Article 8(i) to enable issuance via preferential offer or private placement
United Heat Transfer Limited announced that all three resolutions presented at its Extraordinary General Meeting (EGM) held on September 19, 2026, were approved unanimously. Key approvals include increasing the authorized share capital, altering the Articles of Association, and issuing further equity shares via preferential allotment. A total of 8 members representing 12,878,000 votes participated, with 100% of votes cast in favor. Specific pricing, total dilution, and exact fundraise amounts were not disclosed in the scrutinizer report.
- Resolution to issue equity shares on a preferential allotment basis approved with 100% votes in favor
- Approval granted to increase authorized share capital and amend Capital Clause 5 of the MoA
- A total of 8 members cast 12,878,000 valid votes through e-voting with zero votes against or abstaining
- EGM conducted virtually on September 19, 2026, running from 11:00 AM to 11:19 AM IST
United Heat Transfer Limited announced that all three resolutions presented at its Extraordinary General Meeting (EGM) held on September 19, 2026, were approved unanimously. Key approvals include increasing the authorized share capital, altering the Articles of Association, and issuing further equity shares via preferential allotment. A total of 8 members representing 12,878,000 votes participated, with 100% of votes cast in favor. Specific pricing, total dilution, and exact fundraise amounts were not disclosed in the scrutinizer report.
- Resolution to issue equity shares on a preferential allotment basis approved with 100% votes in favor
- Approval granted to increase authorized share capital and amend Capital Clause 5 of the MoA
- A total of 8 members cast 12,878,000 valid votes through e-voting with zero votes against or abstaining
- EGM conducted virtually on September 19, 2026, running from 11:00 AM to 11:19 AM IST
Financial Performance
Revenue Growth by Segment
Overall revenue from operations grew 11% YoY, reaching INR 668.1 Mn in FY25 compared to INR 601.9 Mn in FY24. Segment-specific growth is not explicitly broken down, but the company reported a revenue impact of INR 60-70 Mn due to dispatch delays from pending approvals.
Geographic Revenue Split
The company is aggressively expanding its international footprint, adding 12 international customers out of 54 new additions in the recent quarter. Target regions for scaling include the USA and Europe to increase the international revenue share.
Profitability Margins
Reported Net Profit Margin was 7.9% in FY25 compared to 10.4% in FY24. However, FY24 profit included a one-time asset sale of INR 36.2 Mn; excluding this, operational PAT rose from INR 26.17 Mn to INR 53.03 Mn, representing a 102.6% increase in core profitability.
EBITDA Margin
EBITDA margin improved to 17.0% in FY25 (INR 113.9 Mn) from 16.6% in FY24 (INR 99.9 Mn). This 40 bps expansion was driven by measures taken to reduce material and direct costs and enhanced operational efficiency during order execution.
Capital Expenditure
The company is executing a major expansion at Talegaon, Nashik, adding 80,000 sq. ft of production capacity on a 13-acre plot to supplement its existing 60,000 sq. ft facility. Total Assets increased from INR 705.2 Mn to INR 879.3 Mn YoY.
Credit Rating & Borrowing
Interest costs decreased by 19.8% from INR 42.0 Mn in FY24 to INR 33.7 Mn in FY25. The Debt-Equity ratio significantly improved from 1.81 to 0.30 following the IPO, which raised INR 29.99 Cr and substantially increased Net Worth.
Operational Drivers
Raw Materials
Steel plates, tubes, and specialized alloys for thermal conductivity (implied by Heat Exchanger manufacturing). Cost of Goods Sold (COGS) represented 48.5% of revenue in FY25, down from 56.2% in FY24.
Import Sources
Not specifically disclosed, though the company maintains global compliance standards (ASME) suggesting procurement meets international quality benchmarks for export-ready products.
Capacity Expansion
Current facility is 60,000 sq. ft. Planned expansion involves an 80,000 sq. ft facility on 13 acres at Talegaon, Nashik, to cater to a new range of customers and increasing global demand.
Raw Material Costs
COGS was INR 324.5 Mn in FY25, a decrease of 4.1% YoY despite higher revenue, indicating successful cost optimization and better procurement strategies.
Manufacturing Efficiency
The company utilizes HTRI software for thermal design expertise. Operational efficiency is reflected in the EBITDA growth outpacing revenue growth (14% vs 11%).
Logistics & Distribution
Distribution is impacted by third-party inspections and customer approvals; H1FY26 saw INR 372.6 Mn in revenue recorded to date with post-September dispatches pending.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by a three-pronged strategy: 1) Increasing focus on Air Cooled Heat Exchangers for sustainable industrial practices, 2) Expanding export revenue share via USA and Europe markets, and 3) Ramping up production capacity at the new 13-acre Talegaon site.
Products & Services
Heat Exchangers, Air Cooled Heat Exchangers, Pressure Vessels, and specialized thermal solutions for energy and chemical sectors.
Brand Portfolio
United Heat Transfer Limited (UHTL).
New Products/Services
Increased focus on Air Cooled Heat Exchangers and solutions for coal/lignite gasification and synthetic fuels.
Market Expansion
Targeting USA and Europe for international scaling; added 54 new customers (12 international) to diversify the client base.
Strategic Alliances
Member of HTRI (Heat Transfer Research, Inc.) for thermal design software and enlisted with Engineers India Limited (EIL) for project approvals.
External Factors
Industry Trends
The industry is shifting toward Green Energy and Hydrogen; India's refining capacity is expected to double by 2030, creating a growing market for complex thermal solutions.
Competitive Landscape
Competes with global thermal solution providers; positioning is based on design expertise (HTRI) and compliance with international fabrication standards.
Competitive Moat
Sustainable moat built on high-barrier certifications: ASME 'U' and 'R' stamps, NB Registration, and EIL approval, which are mandatory for global energy project participation.
Macro Economic Sensitivity
Highly sensitive to global energy and chemical sector CapEx; India's ambition to become a global hydrogen hub provides a significant tailwind.
Consumer Behavior
Industrial customers are increasingly demanding energy-efficient and sustainable thermal solutions, driving the shift toward Air Cooled Heat Exchangers.
Geopolitical Risks
Trade barriers and energy security goals in developing economies drive project announcements but also pose risks to global supply chain stability.
Regulatory & Governance
Industry Regulations
Strict adherence to ASME (American Society of Mechanical Engineers) standards for pressure vessels and heat exchangers; compliance with SEBI (LODR) and Companies Act 2013.
Environmental Compliance
Certified for ISO 14001:2015 (Environment Management System) and ISO 45001:2018 (Occupational Health and Safety).
Taxation Policy Impact
Effective tax rate was approximately 25.4% in FY25 (INR 18.1 Mn tax on INR 71.2 Mn PBT).
Legal Contingencies
The Secretarial Audit and CEO/CFO certification confirm no instances of significant fraud, illegal transactions, or material defaults during the audit period ended March 31, 2025.
Risk Analysis
Key Uncertainties
Potential for material misstatements due to fraud or error in complex financial reporting, though currently mitigated by internal controls. Market volatility in the energy sector could impact the INR 47.27 Cr proposal pipeline.
Geographic Concentration Risk
Currently concentrated in India (Nashik), but actively diversifying into USA and Europe to mitigate regional economic risks.
Third Party Dependencies
High dependency on third-party inspectors for product dispatch; delays can impact quarterly revenue by ~10%.
Technology Obsolescence Risk
Mitigated by continuous upskilling of 130 employees and adoption of industry-standard HTRI design software.
Credit & Counterparty Risk
Trade receivables increased to INR 186.1 Mn in FY25 from INR 131.6 Mn in FY24, primarily due to sales concentrated in the latter half of the reporting period.
