United Van Der Horst Ltd is an Indian industrial-services company that keeps the heavy machinery of core industries running - it reconditions worn-out hydraulic and pneumatic components, reverse-engineers obsolete parts, and manufactures new ones to precise specifications, all from a single plant near Mumbai. Incorporated in 1987 and operating ever since, the company was built on two proprietary pillars: patented chrome-plating processes - including one called “Porous Krome” - and mastery of specialised welding techniques that together let it restore components to as-new condition rather than simply replacing them. Its recurring approach is to work closely with each customer to develop a customised solution, combining in-house machining with on-site engineering services delivered at the customer’s own factory, so that a marine engine part or an oilfield cylinder gets fixed where it sits, with minimal downtime. # Business segments Two engines fed by one machine shop - a reconditioning-and-services business that is the larger revenue driver, and a manufacturing business that supplies new components to the same heavy-industry customers, both drawing on the same proprietary processes under one roof. ## 1. Reconditioning and on-site services: the company’s defining engine **It restores, re-standardises and reverse-engineers heavy industrial components - and does much of the work at the customer’s own premises, so equipment downtime shrinks.** - **In-house restoration at Taloja** - the facility performs grinding, honing, boring, chrome plating, demineralization and welding on hydraulic and pneumatic cylinders and related parts, using the company’s patented advanced chrome plating processes to return worn components to specification. - **On-site machining cuts downtime** - rather than shipping a broken cylinder back to the plant, the company sends engineers and equipment to perform in-situ machining, marine-component reconditioning and oilfield-equipment refurbishment at the customer’s own factory, which is how it minimises disruption for clients in Marine, Oil & Gas, Power, Petrochemicals and Mining. - **Reverse-engineering fills the gap** - when an original part is obsolete or unavailable, the company reverse-engineers it from the worn sample, so a 30-year-old power-plant cylinder can be recreated without the original drawings. - **Revenue from the Reconditioning segment** - it earns by completing service contracts, with revenue recognised on contract completion or upon invoice and technical inspection; this segment brought in Rs. 1,861.60 Lakhs in FY25, making it the larger of the two. - **Faces significant competition and may need to compete on price** - the company acknowledges it faces a large number of low-cost, lower-quality competitors with greater market penetration, which can force it to accept thinner contract margins to win work. ## 2. Manufacturing: new-build components from the same toolbox **It designs and fabricates hydraulic, pneumatic and mechanical components - cylinders up to 1,500 mm in diameter and 10 metres long - for customers who need new parts built to order rather than old ones restored.** - **A catalogue of heavy-industry parts** - the product range spans hydraulic and pneumatic cylinders, telescopic cylinders, seals, powerpacks, control valves, accumulators, marine engine parts for both 2-stroke and 4-stroke engines, flanged connectors, ring gaskets across three specification levels (PSL1 to PSL3), and blowout-preventer equipment for oilfields. - **Customised, not off-the-shelf** - the company works closely with customers to develop manufactured solutions that precisely meet their specific requirements, drawing on the same advanced machine shop and proprietary chrome-plating and welding processes that support the reconditioning business. - **Revenue on invoice and inspection** - manufacturing sales are recognised when the invoice is raised and the component passes technical inspection; the segment contributed Rs. 1,142.59 Lakhs in FY25, the smaller of the two. - **Everything sourced at home** - all raw materials and stores for manufacturing are procured indigenously, with the company reporting 100% domestic sourcing consistently across the years covered. # Engineering infrastructure and proprietary processes **A single integrated plant at Taloja houses every machine and process both segments depend on - a vertically contained setup where the same lathes, welders and chrome baths serve reconditioning jobs and new-build orders alike.** - **One machine shop, many capabilities** - the floor holds horizontal boring machines, centre lathes, vertical turret lathes, crankshaft grinding machines, universal milling machines and radial drilling machines, giving it the range to handle everything from a small seal to a 10-metre cylinder. - **Patented surface engineering** - the company’s proprietary “Porous Krome” and hard-chrome plating processes, together with its mastery of Manual Metal Arc, Open Arc and Submerged Arc Welding, are what let it recondition and manufacture components to the exacting standards heavy industry demands. - **Capacity built ahead of demand** - the company has installed machinery with production capacity exceeding current levels, a deliberate move to lower per-unit fixed costs and strengthen its hand against low-cost competitors. - **Working-capital intensive by nature** - the business model ties up cash in raw materials and work-in-progress, with work-in-progress valued based on technical personnel certification after considering cancellation of orders; needs are met through a mix of capital and long-term debt. # Group structure and partners **The company stands alone - no subsidiaries, no associates, no joint ventures - but operates within the orbit of a promoter group that includes Max Spare Limited, a significant related party and fellow member of the Max Spare Group.** - **No group companies** - as of March 31, 2025, UVDHL has no subsidiary, associate or joint venture, a position unchanged across the years covered. - **Max Spare Limited is the key related party** - an enterprise in which a director has an interest; transactions span purchases of seals and machinery parts and provision of reconditioning and manufacturing services, with the value for the period to March 2025 reaching Rs. 10,00,00,000. - **Promoter holdings restructured through warrants** - in August 2023, the company allotted 10,50,000 fully convertible warrants to promoters and the promoter group; Max Spare Limited converted its 3,40,000 warrants into equity in December 2023, and the Chairman and Managing Director, Mr. Jagmeet Singh Sabharwal, converted his 7,10,000 warrants into 14,20,000 shares in August 2024 following a share split. - **A lean, four-director board** - governance rests with one Executive Director (the Chairman and Managing Director), one Non-Executive Director, and two Non-Executive Independent Directors, supported by a Chief Financial Officer and a Company Secretary. - **A recent CSR affiliate** - in Q3 FY2025-26, the company acquired a 30% stake in Max Udaan Foundation, a Section 8 company that serves as the implementing agency for its corporate social responsibility activities and in which the promoter group has an interest.