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Patels Airtemp (India) Limited

Patels Airtemp (India) Limited

PATELSAI.BO
Patels Airtemp (India) LimitedIN flagBombay Stock Exchange
405.60
INR
+14.90
- -
2.22BMarket Cap
Patels Airtemp (India) Limited
PATELSAI.BO
(Bombay Stock Exchange)

Recent

price

405.60

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
153.88
140.7
178.65
139.54
222.37
249.79
262.18
303.76
293.13
460.85
494.88
589.34
535.48
680.74
708.92
- -
462.22
Revenue per Share
17.5
10.57
9.76
9.2
12.23
14.1
15.6
16.98
14.43
22.3
22.39
24.39
21.4
26.98
30.18
- -
18.78
Basic EPS, GAAP
-3.89
11.18
21.33
13.76
-8.2
10.6
-11.75
16.09
13.01
21.95
16.66
-25.3
9.24
20.54
73.03
- -
- -
Free Cash Flow per Basic Share
2.33
2.32
- -
2.32
2.65
2.65
2.65
3.01
3.01
3.01
2.5
2.5
2.72
3.01
3
- -
- -
Dividend per Share
67.07
73.54
79.2
84.3
90.78
102.98
115.92
129.63
140.98
160.24
179.85
202.41
216.05
231.13
257.29
- -
10
Book Value per Share
74.27
82.05
89.67
95.99
104.54
118.8
132.04
145.95
157.12
176.34
195.87
216.26
246.69
261.18
287.6
- -
303.5
Tangible Book Value per Share
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
- -
5
Basic Weighted Avg Shares
780
713
906
708
1,127
1,266
1,329
1,540
1,486
2,337
2,509
2,988
2,795
3,708
3,878
2,529
2,529
Sales/Revenue/Turnover
19.97
15.23
10.82
11.25
10.62
10.58
11.22
11.19
10.61
9.25
9.36
8.48
9.93
8.48
8.16
7.83
7.83
Operating Margin (%)
11
13
15
17
25
24
26
26
26
29
33
36
41
41
39
35
35
Depreciation Expense
89
54
49
47
62
71
79
86
73
113
114
124
112
147
165
103
103
Net Income, GAAP
33.25
32.36
32.95
35.43
35.52
35.53
35.37
31.92
30.44
23.55
26.31
26.39
27.19
27.04
24.54
26.08
26.08
Effective Tax Rate (%)
11.37
7.52
5.46
6.59
5.5
5.64
5.95
5.59
4.92
4.84
4.52
4.14
4
3.96
4.26
4.06
4.06
Profit Margin (%)
220
253
295
236
329
453
528
627
678
671
718
789
901
1,085
1,267
1,130
1,130
Working Capital
31
48
53
- -
32
57
64
80
100
133
144
291
197
153
151
- -
- -
LT Debt
378
420
458
492
534
605
671
740
798
895
995
1,106
1,296
1,427
1,574
1,661
1,661
Total Equity
22.17
13.21
11.16
8.32
10.85
11.54
11.89
11.97
9.68
12.9
11.64
10.32
9.55
9.9
9.84
5.83
5.83
Return on Invested Capital (%)
23.09
14.46
9.21
9.24
10.89
11.42
13.63
12.03
9.42
12.35
11.06
9.94
8.67
10.07
11.16
10.87
10.87
Return on Capital (%)
28.99
15.04
12.77
11.25
13.97
14.55
14.26
13.83
10.67
14.81
13.17
12.76
10.37
12.31
12.38
14.05
14.05
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
800
- -
881
LT Borrowings
120
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
5
- -
5
Market Capitalization
1,772
1,358
1,009

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
2,536
- -
2,422
Cash, Cash Equivalents & STI
530
- -
503
Accounts Receivable, Net
653
- -
1,066
Inventories
1,200
- -
827
Total Current Liabilities
1,244
- -
1,292
Payables & Accruals
- -
- -
- -
ST Debt
800
- -
881
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.66%
10.86%
5.52%
Free Cash Flow
-46.57%
-8.67%
-42.94%
Net Income, GAAP
6.48%
1.08%
-37.77%
Sales/Revenue/Turnover
9.7%
3.02%
-34.78%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
828
852
873
1,114
3,708
2025
1,135
819
884
1,041
3,878
2026
826
220
588
895
2,529

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
5.84
6.08
6.27
- -
26.98
2025
9.25
5.75
6.96
8.22
30.18
2026
5.12
1.21
4.85
7.59
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
3.01
2025
- -
- -
- -
- -
3
2026
- -
- -
- -
- -
- -
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Business
Patels Airtemp (India) Limited manufactures and sells heat exchangers, pressure vessels, and air-conditioning and refrigeration equipment primarily for industrial applications in India. Founded in 1973 and headquartered in Ahmedabad, Gujarat, the company operates two manufacturing facilities in the state, including a unit at Rakanpur spread over 33,400 square meters and another at Kadi covering 44,500 square meters dedicated to air cooled heat exchangers and air fin coolers. Its core products include air cooled heat exchangers, shell and tube heat exchangers, ambient air heaters, air cooled condensers, shell and fin tube heat exchangers, and pressure vessels; it also provides air conditioning and refrigeration systems, turnkey HVAC projects, customized solutions, and after-sales services such as installation, maintenance, and repair. The company serves diverse sectors including oil and gas, petroleum refineries, power generation, nuclear reactors, chemicals, pharmaceuticals, fertilizers, petrochemicals, cement, textiles, and compressor OEMs, with products certified by major third-party agencies like ASME (holding U, U2, and S stamps), Bureau Veritas, TUV, Engineers India Limited, and SGS India, and membership in Heat Transfer Research Inc. (HTRI) since 1992. Geographically, it focuses on the Indian market with nominal exports, supported by tender-based orders from PSUs and EPC contractors where the top five customers contribute around 76% of net sales. In recent developments, the company reported total operating income growth of 31% to Rs371.18 crore in FY24 from Rs282.08 crore in FY23, with H1FY25 income at Rs195.36 crore and an unexecuted order book of Rs296.98 crore as of September 30, 2024, providing revenue visibility; it maintains a moderate orderbook linked to capex cycles in engineering, petroleum, and oil & gas, alongside board changes including the re-appointment of Shivang P. Patel as whole-time director for three years effective June 1, 2025, and appointment of Nidhi Y. Patel as additional independent director effective March 29, 2025.