United Heat Transfer first-half profit rises 76% to Rs 1.47 crore

United Heat Transfer Limited reported profit after tax of Rs 1.47 crore for the half year ended 30 September 2026, up 76% from Rs 83.70 lakh a year earlier, as revenue from operations increased 50% to Rs 32.19 crore. The company also reported higher capital work-in-progress, inventory and long-term borrowings during the period.

How did United Heat Transfer's first-half earnings change?

United Heat Transfer's profit after tax rose to Rs 1.47 crore in the half year ended 30 September 2026 from Rs 83.70 lakh in the half year ended 30 September 2025. Revenue from operations increased to Rs 32.19 crore from Rs 21.44 crore over the same comparison, while total revenue, including other income, rose to Rs 32.80 crore from Rs 22.30 crore.

Profit before tax increased to Rs 1.98 crore from Rs 1.12 crore. Tax expense totalled Rs 50.61 lakh, compared with Rs 28.67 lakh in the prior-year half, leaving distributable profit of Rs 1.47 crore. Basic earnings per equity share were Rs 0.77, compared with Rs 0.44, and United Heat Transfer said half-year earnings per share were not annualised.

What drove United Heat Transfer's profit movement?

United Heat Transfer reported profit before depreciation, interest and tax of Rs 4.43 crore for the September 2026 half year, compared with Rs 3.41 crore a year earlier. The increase followed a Rs 10.75 crore rise in revenue from operations, although total expenses also rose to Rs 28.37 crore from Rs 18.88 crore.

Cost of materials consumed increased to Rs 23.19 crore from Rs 13.71 crore, while employee benefits expense rose to Rs 5.75 crore from Rs 4.58 crore. Changes in work-in-progress and finished-goods inventories were negative Rs 8.24 crore, compared with negative Rs 5.88 crore a year earlier, as presented in the profit and loss statement. Other expenses were Rs 7.66 crore, up from Rs 7.09 crore.

Finance costs increased to Rs 1.37 crore from Rs 1.28 crore, while depreciation and amortisation were Rs 1.09 crore against Rs 1.07 crore. These charges reduced profit before depreciation and tax of Rs 3.06 crore to profit before tax of Rs 1.98 crore. Other income declined to Rs 51.53 lakh from Rs 85.36 lakh, meaning the reported revenue increase came principally from operations.

How did United Heat Transfer's balance sheet change?

United Heat Transfer's total assets were Rs 97.42 crore as at 30 September 2026, compared with Rs 94.06 crore as at 31 March 2025 in its statement of assets and liabilities. Capital work-in-progress rose to Rs 10.28 crore from Rs 4.30 crore, while property, plant and equipment increased to Rs 35.39 crore from Rs 35.04 crore.

Inventory increased to Rs 31.33 crore from Rs 25.90 crore, a rise of Rs 5.42 crore. In contrast, trade receivables declined to Rs 8.05 crore from Rs 16.76 crore. The cash-flow statement records a Rs 8.71 crore reduction in trade receivables during the half year and a Rs 5.42 crore cash outflow from the increase in inventories.

Long-term borrowings increased to Rs 9.02 crore from Rs 2.88 crore, while short-term borrowings fell to Rs 15.46 crore from Rs 16.02 crore. Trade payables to micro, small and medium enterprises were Rs 3.54 crore, compared with Rs 3.26 crore, whereas dues to creditors other than micro, small and medium enterprises fell to Rs 39.93 lakh from Rs 2.94 crore.

What does United Heat Transfer's cash flow show?

United Heat Transfer generated net cash from operating activities of Rs 3.55 crore in the half year ended 30 September 2026. This followed operating profit before working-capital changes of Rs 3.92 crore, with the Rs 8.71 crore reduction in receivables partly offset by the Rs 5.42 crore inventory increase and a Rs 3.75 crore decrease in trade payables and other liabilities.

Investing activities used Rs 7.84 crore during the half year, principally because fixed assets increased by Rs 7.37 crore and investments increased by Rs 47.79 lakh. The balance sheet showed capital work-in-progress of Rs 10.28 crore at 30 September 2026, compared with Rs 4.30 crore at 31 March 2025, although the filing did not identify individual projects or completion dates.

Financing activities supplied Rs 4.32 crore, led by a Rs 6.74 crore increase in long-term borrowing. Short-term borrowings decreased by Rs 56.06 lakh and interest paid was Rs 1.37 crore. Cash and cash equivalents ended the half year at Rs 7.06 lakh, up from Rs 4.06 lakh at the beginning of the year.

What business and reporting basis did United Heat Transfer disclose?

United Heat Transfer operates in one reportable segment: manufacturing shell-and-tube heat exchangers, air-cooled heat exchangers, pressure vessels and process-flow skids. Its equipment is used in applications including petrol and diesel engines, railway engines, maritime engines, power generator sets, mining trucks and heavy engines, so no separate segment financial data were presented under Accounting Standard 17 on segment reporting.

The September 2026 results were prepared under Accounting Standards prescribed under Section 133 of the Companies Act, 2013, and other generally accepted accounting principles in India. United Heat Transfer said companies listed on the small and medium enterprise exchange are exempt from the compulsory adoption of Indian Accounting Standards, or Ind AS, under the cited Ministry of Corporate Affairs notification.

Kayde & Associates performed a limited review under the Securities and Exchange Board of India listing regulations and, on 13 November 2026, said nothing had come to its attention indicating a material misstatement. The reviewer stated that it had not performed an audit and therefore did not express an audit opinion. United Heat Transfer's board approved the results on 13 November 2026.

Conclusion

United Heat Transfer's September 2026 half-year filing shows revenue growth of 50% and a 76% rise in profit after tax to Rs 1.47 crore. The filing also shows a changed working-capital position, with inventory at Rs 31.33 crore and receivables at Rs 8.05 crore, while operating activities generated Rs 3.55 crore of net cash.

The next disclosed development to watch is the effect of the 29.68 lakh equity shares allotted through a preferential allotment approved by the board on 12 October 2026, after the half-year end. Subsequent statements can also show whether the Rs 10.28 crore capital work-in-progress and Rs 9.02 crore of long-term borrowings result in further changes in fixed assets, finance costs or operating output.