HVAX Technologies Ltd
Established in 2010, HVAX Technologies Limited provides turnkey engineering, procurement, and execution of controlled environment and cleanroom infrastructure, design, engineering, and consulting services to pharmaceutical and healthcare companies.[1]
- Market Cap ₹ 221 Cr.
- Current Price ₹ 795
- High / Low ₹ 1,029 / 544
- Stock P/E 18.2
- Book Value ₹ 277
- Dividend Yield 0.00 %
- ROCE 22.3 %
- ROE 21.3 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has delivered good profit growth of 41.9% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.0%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has high debtors of 199 days.
- Working capital days have increased from 74.1 days to 146 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 44 | 61 | 68 | 96 | 106 | 131 | 145 | |
| 41 | 55 | 61 | 87 | 93 | 112 | 127 | |
| Operating Profit | 3 | 5 | 7 | 9 | 13 | 19 | 18 |
| OPM % | 7% | 9% | 10% | 9% | 12% | 14% | 12% |
| 1 | 1 | 1 | 0 | 1 | 0 | 2 | |
| Interest | 1 | 1 | 1 | 1 | 2 | 2 | 3 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 2 | 1 |
| Profit before tax | 3 | 5 | 6 | 7 | 11 | 15 | 16 |
| Tax % | 25% | 29% | 25% | 26% | 25% | 26% | |
| 2 | 4 | 4 | 5 | 9 | 11 | 12 | |
| EPS in Rs | 30.96 | 60.30 | 67.76 | 84.29 | 125.00 | 39.76 | 43.72 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 24% |
| TTM: | 18% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 42% |
| 3 Years: | 40% |
| TTM: | 5% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 33% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 30% |
| 3 Years: | 27% |
| Last Year: | 21% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.62 | 0.62 | 0.62 | 0.62 | 0.68 | 3 | 3 |
| Reserves | 5 | 7 | 11 | 17 | 30 | 69 | 74 |
| 11 | 7 | 10 | 17 | 24 | 28 | 19 | |
| 11 | 22 | 32 | 44 | 8 | 22 | 15 | |
| Total Liabilities | 28 | 37 | 54 | 78 | 64 | 122 | 112 |
| 7 | 10 | 8 | 7 | 9 | 8 | 7 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 0 | 1 | 0 | 0 | 0 |
| 20 | 26 | 45 | 70 | 54 | 114 | 104 | |
| Total Assets | 28 | 37 | 54 | 78 | 64 | 122 | 112 |
Cash Flows
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 2 | 8 | -1 | -4 | -12 | -22 | |
| -1 | -4 | 2 | -0 | -2 | 0 | |
| -1 | -4 | 2 | 6 | 10 | 31 | |
| Net Cash Flow | 0 | -1 | 3 | 2 | -4 | 10 |
Ratios
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 92 | 98 | 106 | 124 | 86 | 199 |
| Inventory Days | 26 | 24 | 130 | 114 | 109 | 95 |
| Days Payable | 92 | 77 | 74 | 53 | 32 | 72 |
| Cash Conversion Cycle | 25 | 45 | 162 | 184 | 162 | 222 |
| Working Capital Days | 7 | -8 | 1 | 10 | 67 | 146 |
| ROCE % | 36% | 32% | 27% | 28% | 22% |
Documents
Announcements
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General Updates
27 November 2025 - Approved unaudited H1 results Sep 30, 2025 (Revenue Rs6,279.03L; PAT Rs92.73L); authorised potential investment evaluation in Krew Instruments.
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Analysts/Institutional Investor Meet/Con. Call Updates
26 November 2025 - H1 FY26: revenue INR62.79cr, EBITDA INR8.53cr, PAT INR4.94cr; order book INR350cr, pipeline INR650cr; proposed Krew acquisition.
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Analysts/Institutional Investor Meet/Con. Call Updates
20 November 2025 - Audio recording of H1 FY2026 earnings call held Nov 20, 2025; link provided.
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General Updates
19 November 2025 - HVAX Technologies Limited has informed about General Updates
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Analysts/Institutional Investor Meet/Con. Call Updates
17 November 2025 - HVAX H1 FY26 earnings call 20 Nov 2025, 12:00 PM; management speakers listed.
Annual reports
Concalls
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Nov 2025TranscriptPPT
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Sep 2025TranscriptAI SummaryPPT
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May 2025TranscriptPPTREC
Business Profile[1] The company supplies a range of products manufactured by third parties, including cleanroom wall and ceiling panels, covings, riser panels, cleanroom doors, flooring systems, pass boxes, air showers, LT/HT electrical panels, prefabricated galvanized iron (GI) ducts, air handling units, chillers, Building Management Systems (BMS) equipment, and utility generation and distribution equipment.