Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
United Heat Transfer Ltd. (UHTL)
SME CapIndustrials stocks · SME cap · NSE
United Heat Transfer Ltd. (UHTL) manufactures shell and tube heat exchangers, air-cooled heat exchangers, pressure vessels, and process flow skid equipment. Incorporated in 1995, it serves industries like Automotive, Marine, Compressors, Oil & Gas, and Refineries. Operates two manufacturing facilities in Nashik, serving 22+ countries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:15 pm ISTDetails
Quote21 Oct, 03:15 pm IST
Base fundamentals11 Oct 2026 · screener
Latest result01 Jun, 07:59 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
65Bullishfull bull SMA stack · SMA20 +29.9% / mo · RSI overbought · MACD + · near 52W high
Stock trend: 78
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
UHTLD candles · FIT view+336.6%Latest close ₹224.65 on 2026-10-21
Bar
+0.0%
RSI
73
MACD hist
0.08
52W pos
95%
2026-10-21O ₹224.65H ₹224.65L ₹224.65C ₹224.65Vol 6,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
UHTLNifty India ManufacturingNifty 500
- UHTL
- +116.2%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -7.1%
- Vs Nifty 500
- +121.8 pp
Chart stats
21 Oct 2026- From 52W high
- -3.9%
- 52W range position
- 95%
- ATR (14)
- 1.9%
- Volume vs 20D
- 0.11x
- Avg traded value
- ₹1.1 Cr
- 20D price channel
- ₹192.1 - ₹233.9
₹233.9
₹44 - ₹233.9
₹4.3
Latest completed session
20-session average
29.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent75
Revenue +28.8% · PAT +11.8% YoY
Technical
Bullish65
Price trend and sector-relative-strength timing.
Valuation
Legacy model-116.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Excellent · 75/100Rev +29% YoY · PAT +12% YoY · margin expansion · +140% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹51.4 Cr | +28.8% | +139.9% |
| EBITDA | ₹7.9 Cr | NDF | +207.4% |
| Operating margin | 15.4% | NDF | +337 bps |
| PAT | ₹4.2 Cr | +11.8% | +396.4% |
| PAT margin | 8.1% | NDF | +419 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 80.40
- P/B
- 6.35
- EV/EBITDA
- 33.70
- Market Cap
- 403.00Cr
Profitability
- ROE
- 8.21%
- ROCE
- 11.80%
- ROA
- 5.33%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 4.01×
- Altman Z
- 8.05
- Book Value
- 33.40
Cash Flow
- FCF Yield
- 0.24%
- FCF Positive Y
- 4/5
- OCF
- 8.08 Cr
- EPS TTM
- 2.64
Shareholding
- Promoter Hold
- 67.74%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 100%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 51.4+139.9% vs prev
Net Profit
₹ CrLatest: 4.2+396.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 73. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~23.0% over last month) — short-term momentum positive.
- RSI(14) at 73 — overbought zone; risk of mean reversion.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 411% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
99
RS percentile
Stage 2 UptrendEstablished S2
1M return
+17.0%
3M return
+120.5%
6M return
+277.2%
1Y return
+195.6%
RS 1D
0
RS 20D
+1
Sector rank
#2
Industry rank
#22
Stage evidence
- Price is 110.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +24.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
18 Jun 2026
S2 age
81 trading sessions
Sector
leading
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
252 observations
21 Oct 2026Value 316.11-1.07%
RS vs Nifty 500316
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth16/25
Quality1/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
-4
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 16/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Fair-value margin of safety is negative at -116.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
80.4
PB
6.3
EV/EBITDA
33.7
ROE
8.2%
ROCE
11.8%
FCF Yield
0.2%
Debt/Equity
0.3
MoS
-116.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-116.5%
Previous: -120.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
31
31
31
31
31
31
31
31
31
31
31
31
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹44.54
-404.4% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹103.75
-116.5% MoS
PEG
2.73
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KRN
Micro
KRN Heat Exchanger and Refrigeration Limited
Industrial Machinery
match 66
36
93.2
14.1%
-84%
WATCHLIST
MEGATHERM
SME
Megatherm Induction Ltd.
Industrial Machinery
match 58
59
20.2
15.8%
+47%
FAIR VALUE
TECHERA
SME
TechEra Engineering (India) Ltd.
Industrial Machinery
match 57
13
136.0
3.8%
-1159%
OVERVALUED
TAURIAN
SME
Taurian MPS Ltd.
Industrial Machinery
match 56
56
33.9
26.7%
+14%
FAIR VALUE
BIRLAPREC
Small
Birla Precision Technologies Limited
Industrial Machinery
match 56
34
28.7
6.5%
+34%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-03T07:21:30.188Z
Management commentary snapshot
UHTL reported strong H2 FY26 results with Revenue from Operations up 33.9% YoY to INR 514.4 Mn, driven by robust order execution. EBITDA surged 61.1% YoY to INR 79.0 Mn, expanding margins by 259 bps to 15.4%. Net Profit increased 85.8% YoY to INR 41.7 Mn.
UHTL demonstrated significant H2 FY26 growth across revenue, EBITDA, and net profit, supported by strong order execution and improved operational efficiencies. The company is actively expanding capacity, diversifying into data center cooling, and targeting substantial revenue growth for FY27, indicating positive momentum.
Current business mix
Revenue by Customer Type
Latest issuer-disclosed distribution across 3 reported categories.
OEM35.0%
Auto OEM23.0%
Project / EPC42.0%
Growth engines
Data Center Cooling Solutions
Strategically focusing on establishing presence in the Data Center Infrastructure segment with development of Cooling Distribution Units (CDUs). Onboarded Vertiv as a new customer.
Export Expansion
Aiming to increase Exports by strengthening the recurring export business. Expansion in USA, Europe, Africa and Asia-specific region as initial growth markets.
Manufacturing Capacity Expansion
Construction of ~50,000 sq. ft. manufacturing facility underway; expected operational by Q3 FY27 to improve throughput and efficiency.
Customer Base Expansion
Added 57 new customers during H2 FY26, including 41 domestic and 16 international customers.
Capacity and execution
New Manufacturing Facility
Construction of a new building of ~50,000 sq. ft. facility commenced and expected to be operational by Q3 of FY27.
Unit 2 Land Utilization
Manufacturing Unit – 2 (~80,000 sq. ft.) covers ~30% area of 13 acres of total land, balance available for future expansion.
Infrastructure & Technology Upgrades
Added cranes, material handling equipment, CNC Rolling Machine & Automatic/Semi-Automatic TIG Welding setup to improve shop-floor efficiency.
Headwinds
Higher Raw Material Costs
EBITDA increased despite higher raw material and procurement costs arising from global conflicts and supply chain disruptions.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
H2 FY26 results are compared to H2 FY25 (YoY) to account for potential seasonality and H1 FY26 (HoH, equivalent to QoQ for half-year) to show sequential momentum and execution improvement.
Sector KPIs management disclosed
Unexecuted Order Book
Increased from INR 225.0 Mn on March 31, 2026, to INR 341.52 Mn on May 28, 2026.
Revenue from Operations
Grew 33.9% YoY to INR 514.4 Mn in H2 FY26, driven by strong order execution.
EBITDA Margin
Expanded 259 bps YoY to 15.4% in H2 FY26 on improved product mix and operational efficiencies.
Net Profit Margin
Improved 226 bps YoY to 8.1% in H2 FY26.
Management forward view
FY27 Revenue Growth Target
Aiming for 30-35% Revenue Growth in FY27.
Operational Efficiency Improvement
Expansion initiative focused on improving manufacturing throughput and enhancing operational efficiency with targeted Overall Equipment Effectiveness (OEE) above 85%.
Reduced Product Delivery Cycle
Targeting reduction in product delivery cycle to 8–10 weeks from the current 14–16 weeks.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Unexecuted Order Book | INR 341.52 Mn (as on May 28, 2026) | Growth in unexecuted order book and its conversion into revenue. |
| FY27 Revenue Growth | Targeting 30-35% | Achievement of stated revenue growth target for FY27. |
| Product Delivery Cycle | Current 14-16 weeks | Reduction in product delivery cycle to 8-10 weeks. |
| Talegaon Plant Commissioning | Under construction | Operationalization of the ~50,000 sq. ft. facility by Q3 FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 64th percentile within Industrials. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
5 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Industrials: 64th pctile, median 68 · SME: 85th pctile, median 64
Evidence depth
Financial-only
5 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 67.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸4 years of positive FCF.
Trust risks
- ▸ROCE trend is -2.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching United Heat Transfer Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 5 June 2026 - Submitted H2 FY26 earnings call transcript; discussed Rs36-37 crore order book, Vertiv trial order, expansion plans.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationAug 2025
Aug 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.