Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹180Cr
Engineering - Light - General
Rev Gr TTM
Revenue Growth TTM
-33.00%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

PATELSAI
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 26.0 | 134.1 | 5.6 | 35.9 | 14.1 | 37.0 | -3.9 | 1.3 | -9.9 | -27.3 | -73.1 | -33.5 |
| 92 | 75 | 77 | 79 | 104 | 103 | 74 | 79 | 96 | 76 | 19 | 52 |
Operating Profit Operating ProfitCr |
| 8.9 | 9.3 | 9.9 | 8.9 | 9.6 | 9.1 | 9.4 | 10.2 | 8.2 | 7.9 | 14.4 | 10.9 |
Other Income Other IncomeCr | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
Interest Expense Interest ExpenseCr | 3 | 3 | 3 | 3 | 5 | 3 | 3 | 4 | 2 | 2 | 2 | 4 |
Depreciation DepreciationCr | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 5 | 4 | 4 | 5 | 7 | 7 | 4 | 5 | 6 | 4 | 2 | 3 |
| 2 | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 2 | 1 | 1 | 0 |
|
Growth YoY PAT Growth YoY% | 18.9 | 54.6 | 13.3 | 46.6 | 23.4 | 58.1 | -5.1 | 11.1 | -5.3 | -44.7 | -79.0 | -30.2 |
| 3.8 | 3.9 | 3.9 | 3.9 | 4.1 | 4.5 | 3.9 | 4.3 | 4.3 | 3.4 | 3.0 | 4.5 |
| 7.1 | 5.8 | 6.1 | 6.3 | 8.7 | 9.3 | 5.8 | 7.0 | 8.2 | 5.1 | 1.2 | 4.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 59.4 | 12.3 | 7.5 | 16.2 | -4.6 | 57.3 | 7.6 | 18.7 | -7.2 | 31.7 | 4.6 | -31.0 |
| 98 | 112 | 119 | 139 | 134 | 214 | 229 | 275 | 251 | 336 | 352 | 243 |
Operating Profit Operating ProfitCr |
| 12.7 | 11.8 | 12.7 | 12.4 | 11.5 | 9.7 | 10.2 | 9.3 | 10.7 | 9.5 | 9.2 | 9.2 |
Other Income Other IncomeCr | 0 | 0 | 1 | 0 | 1 | 2 | 1 | 1 | 1 | 2 | 2 | 4 |
Interest Expense Interest ExpenseCr | 3 | 2 | 3 | 5 | 5 | 7 | 8 | 9 | 12 | 13 | 11 | 10 |
Depreciation DepreciationCr | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 3 |
| 10 | 11 | 12 | 13 | 11 | 15 | 15 | 17 | 15 | 20 | 22 | 15 |
| 3 | 4 | 4 | 4 | 3 | 3 | 4 | 4 | 4 | 5 | 5 | 4 |
|
| 33.0 | 15.3 | 10.7 | 8.8 | -15.0 | 54.5 | 0.6 | 9.1 | -9.8 | 31.3 | 12.4 | -35.7 |
| 5.5 | 5.6 | 5.8 | 5.4 | 4.8 | 4.8 | 4.5 | 4.1 | 4.0 | 4.0 | 4.3 | 4.0 |
| 12.2 | 14.1 | 15.6 | 17.0 | 14.4 | 22.3 | 22.4 | 24.5 | 21.4 | 26.9 | 30.2 | 19.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| 48 | 54 | 62 | 69 | 75 | 84 | 94 | 106 | 124 | 137 | 152 | 155 |
Current Liabilities Current LiabilitiesCr | 44 | 29 | 52 | 64 | 99 | 156 | 167 | 142 | 209 | 213 | 134 | 124 |
Non Current Liabilities Non Current LiabilitiesCr | 6 | 9 | 9 | 10 | 12 | 15 | 16 | 31 | 22 | 16 | 17 | 15 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 77 | 66 | 105 | 126 | 167 | 223 | 238 | 221 | 299 | 321 | 260 | 254 |
Non Current Assets Non Current AssetsCr | 27 | 31 | 24 | 22 | 24 | 38 | 44 | 63 | 61 | 50 | 48 | 47 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 0 | 8 | -3 | -5 | 7 | 11 | 8 | -13 | 5 | 11 | 40 |
Investing Cash Flow Investing Cash FlowCr | -1 | -6 | -1 | -1 | -3 | -17 | -9 | -6 | -3 | -1 | -1 |
Financing Cash Flow Financing Cash FlowCr | 7 | -18 | 11 | 2 | 6 | -6 | 10 | 14 | 3 | -17 | -16 |
|
Free Cash Flow Free Cash FlowCr | -4 | 5 | -3 | -5 | 7 | 11 | 8 | -13 | 5 | 9 | 37 |
| -1.8 | 112.3 | -40.6 | -63.8 | 90.2 | 97.8 | 74.4 | -103.2 | 43.0 | 76.1 | 242.0 |
CFO To EBITDA CFO To EBITDA% | -0.8 | 54.0 | -18.5 | -27.9 | 38.0 | 48.0 | 32.5 | -45.1 | 15.9 | 31.9 | 112.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 74 | 62 | 92 | 82 | 51 | 41 | 68 | 114 | 113 | 208 | 263 |
Price To Earnings Price To Earnings | 12.0 | 8.6 | 11.6 | 9.6 | 6.9 | 3.6 | 6.0 | 9.2 | 10.1 | 14.2 | 15.9 |
Price To Sales Price To Sales | 0.7 | 0.5 | 0.7 | 0.5 | 0.3 | 0.2 | 0.3 | 0.4 | 0.4 | 0.6 | 0.7 |
Price To Book Price To Book | 1.4 | 1.0 | 1.4 | 1.1 | 0.6 | 0.5 | 0.7 | 1.0 | 0.9 | 1.5 | 1.7 |
| 5.4 | 4.4 | 5.8 | 5.2 | 4.0 | 3.2 | 4.2 | 6.9 | 6.5 | 8.4 | 9.2 |
Profitability Ratios Profitability Ratios |
| 44.3 | 43.9 | 47.5 | 47.7 | 43.9 | 40.0 | 42.8 | 37.6 | 38.2 | 34.1 | 34.4 |
| 12.7 | 11.8 | 12.7 | 12.4 | 11.5 | 9.7 | 10.2 | 9.3 | 10.7 | 9.5 | 9.2 |
| 5.5 | 5.6 | 5.8 | 5.4 | 4.8 | 4.8 | 4.5 | 4.1 | 4.0 | 4.0 | 4.3 |
| 15.7 | 18.6 | 16.8 | 16.8 | 12.8 | 16.4 | 14.3 | 13.0 | 12.2 | 14.0 | 13.4 |
| 11.6 | 12.1 | 11.8 | 11.6 | 9.2 | 12.6 | 11.4 | 11.2 | 8.6 | 10.3 | 10.5 |
| 6.0 | 7.4 | 6.2 | 5.8 | 3.8 | 4.3 | 4.0 | 4.4 | 3.1 | 4.0 | 5.3 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Patels Airtemp (India) Ltd. is a public limited company operating in the engineering sector with over four decades of experience. The company specializes in the design, manufacturing, and supply of critical engineering equipment, serving as a **single-window solution provider** for industrial clients across domestic and international markets. It has established itself as a trusted name in the capital goods and industrial machinery space through innovation, quality certifications, and integrated project execution capabilities.
---
### **Business Segments & Product Portfolio**
- **Single Engineering Segment**: The company operates exclusively in the engineering fabrication and manufacturing domain.
- **Core Products**:
- **Heat Exchangers**: Shell & Tube, Finned Tube, and **Air-Cooled Heat Exchangers (ACHEs)**.
- **Pressure Vessels**.
- **Air Conditioning & Refrigeration Equipment**.
- **Turnkey HVAC Projects**.
- These products serve key industrial sectors including:
- Power
- Refineries & Petrochemicals
- Fertilizers & Chemicals
- Cement
- Pharmaceuticals
- Textiles
- Since inception, the company has supplied over **10,500 equipment units** to more than **550 clients** worldwide.
---
### **Manufacturing Infrastructure**
- **Two Manufacturing Facilities**:
1. **Rakanpur Plant**: Located in Gandhinagar, Gujarat – the original manufacturing site.
2. **Dudhai Greenfield Unit**: Located in Kadi, Mehsana, Gujarat – established to decongest operations and expand capacity.
- **Dudhai Unit Expansion**:
- Total Covered Area: **11,016 sq. meters**.
- Comprises **four manufacturing bays**, each with **40-ton lifting capacity**.
- Dedicated to manufacturing **Air-Cooled Heat Exchangers** and other high-value engineering products.
- **Total Capital Investment**: ₹24 crore (upgraded from initial ₹19.1 crore due to expansion).
- Fully operational since 2022 and instrumental in scaling production and enhancing export readiness.
---
### **Strategic Growth Initiatives**
#### **Geographic Expansion**
- The company is actively pursuing **export-led growth**, targeting:
- **Developed Markets**: USA, UK, Canada, Europe, and Singapore.
- **Emerging Markets**: Nigeria, Indonesia, and Zambia.
- The Dudhai unit positions the company to meet growing demand from both domestic clients and international buyers.
#### **Quality & Compliance Certifications**
- **ASME Stamps**:
- ‘U’ (Pressure Vessels),
- ‘U2’ (Pressure Vessels for External Pressure),
- ‘S’ (Power Boilers),
- **N & NPT** (Nuclear Power – one of only three Indian companies authorized).
- **National Board Stamps**: ‘NB’ and ‘R’ – validating compliance with U.S. and international safety standards.
- These certifications are crucial for **accessing regulated and high-value markets**, particularly for nuclear, power, and oil & gas applications.
#### **Membership & Technology Partnerships**
- **HTRI (Heat Transfer Research, Inc., USA) Member since 1992**:
- Access to cutting-edge research and design methodologies in heat transfer technology.
- **ISO 9001:2015 Certified** by **TÜV-SUD**, ensuring adherence to global quality management standards.
#### **Engineering & Design Capabilities**
- Utilizes **licensed engineering software** for precision design and simulation:
- ANSYS (FEA and thermal analysis)
- CREO (3D modeling)
- PV Elite (vessel and exchanger design)
- Nozzle Pro (stress analysis)
- TEKLA (structural modeling)
- Enables **engineering excellence**, innovation, and compliance with international codes (ASME, TEMA, API, EN).
---
### **Operations & Supply Chain Resilience**
- The company has implemented an **Efficient Production Management System (EPMS)** to:
- Better manage **raw material price fluctuations**.
- Improve cost control, inventory planning, and scalability in response to rising order volumes.
- This system supports long-term operational efficiency and resilience amid global commodity volatility and supply chain challenges.
---
### **Key Management**
#### **Mr. Narayanbhai G. Patel – Chairman & Founder**
- **57+ years** of experience in mechanical and refrigeration engineering.
- Postgraduate specialization in **Air-Conditioning, Refrigeration, and Heat Transfer Equipment**.
- Instrumental in securing the prestigious **ASME N-NPT stamp**, positioning the company among **India’s elite nuclear-grade equipment manufacturers**.
- Provides strategic leadership in product development, quality, and market expansion.
#### **Mr. Apurva V. Shah – Whole-time Director**
- **Approx. 40 years** of industry experience.
- Joined as **Senior Design Engineer (1992)**, later served as **Vice President (Operations)**, and became **Whole-time Director (2018)**.
- Expertise in **thermal design, finite element analysis (FEA), and cost estimation** for pressure vessels and heat exchangers.
- Proficient in **ASME, TEMA, API, and EN standards**.
- Received **specialized training in the USA** on **air-cooled heat exchanger systems**.
- Oversees design, production, and client solutions, driving innovation and operational excellence.