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 ₹ 239 Cr.
- Current Price ₹ 860
- High / Low ₹ 990 / 462
- Stock P/E 21.6
- Book Value ₹ 259
- Dividend Yield 0.00 %
- ROCE 22.5 %
- ROE 21.5 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 42.0% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.9%
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 142 days to 218 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 | |
|---|---|---|---|---|---|---|
| 44 | 61 | 68 | 96 | 106 | 131 | |
| 41 | 55 | 61 | 87 | 92 | 112 | |
| Operating Profit | 3 | 5 | 7 | 9 | 14 | 19 |
| OPM % | 7% | 9% | 10% | 9% | 13% | 14% |
| 1 | 1 | 1 | 0 | 1 | 0 | |
| Interest | 1 | 1 | 1 | 1 | 2 | 2 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 2 |
| Profit before tax | 3 | 5 | 6 | 7 | 13 | 15 |
| Tax % | 25% | 29% | 25% | 26% | 25% | 26% |
| 2 | 4 | 4 | 5 | 9 | 11 | |
| EPS in Rs | 30.96 | 60.30 | 67.76 | 84.29 | 137.76 | 39.76 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 24% |
| TTM: | 24% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 42% |
| 3 Years: | 40% |
| TTM: | 25% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 28% |
| Last Year: | 22% |
Balance Sheet
Figures in Rs. Crores
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.62 | 0.62 | 0.62 | 0.62 | 0.68 | 3 |
| Reserves | 5 | 7 | 11 | 17 | 30 | 69 |
| 11 | 7 | 10 | 17 | 24 | 28 | |
| 11 | 22 | 32 | 44 | 9 | 22 | |
| Total Liabilities | 28 | 37 | 54 | 78 | 64 | 122 |
| 7 | 10 | 8 | 7 | 9 | 8 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 0 | 1 | 0 | 0 |
| 20 | 26 | 45 | 70 | 54 | 114 | |
| Total Assets | 28 | 37 | 54 | 78 | 64 | 122 |
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 | 29 | 3 | 38 | 67 | 141 | 218 |
| ROCE % | 36% | 32% | 27% | 30% | 22% |
Documents
Announcements
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Updates
30 May 2025 - HVAX Technologies Limited has informed regarding 'Clarification on Price Movement'.
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Price movement
29 May 2025 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written …
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Analysts/Institutional Investor Meet/Con. Call Updates
28 May 2025 - HVAX reports FY25 revenue Rs131cr (+22%), EBITDA margin 14.4%, plans 35-50% growth, diversifies beyond pharma.
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Analysts/Institutional Investor Meet/Con. Call Updates
23 May 2025 - Audio recording of H2 FY25 and FY25 earnings call available online.
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Copy of Newspaper Publication
22 May 2025 - HVAX reports FY25 revenue ₹131.42Cr, PAT ₹11.04Cr, 30% net profit growth, EPS ₹45.90.
Annual reports
No data available.
Concalls
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May 2025TranscriptPPT
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.