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10 Yrs X-Ray 
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Analyst Note 
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About
HVAX Technologies Ltd (HVAX)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: HVAX Engineering Consultancy | Small Cap | HVAX Technologies Share Price
BSE Share Price
Not Listed
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HVAX Technologies Ltd (HVAX)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: HVAX Engineering Consultancy | Small Cap | HVAX Technologies Share Price
BSE Share Price
Not Listed
Not Listed
Key Metrics
Valuation Multiples
Market Cap
₹196 Cr.
Current Price
₹0
52-Week Low / High
₹0 / 0
TTM EPS
₹51.5
TTM Sales
₹164 Cr.
Book Value per Share
₹312.2
P/E Ratio
13.72
Lower than its 5-year historical median
Industry PE
23.4
Price to Book (P/B)
2.26
Lower than its 5-year historical median
Price to Sales (P/S)
1.20
Lower than its 5-year historical median
EV/EBITDA
9.45
Lower than its 5-year historical median
Dividend Yield
NAN%
Profitability Efficiency
Return on Equity (ROE)
18.56%
Return on Capital Employed (ROCE)
20.12%
Return on Assets (ROA)
10.71%
Operating Profit Margin
10.4%
Net Profit Margin
8.99%
Gross Profit Margin
12.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
22.27%
Operating Profit Growth (1 Year)
-
-8.29%
Net Profit Growth (1 Year)
-
33.42%
Asset Quality
Promoter Holding
66.65%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹84 Cr.
Equity
₹2.8 Cr.
Face Value
₹10
All Time Low / High
₹0.00 / 0.00
Check Before You Invest
Quality
Not GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is HVAX Technologies Ltd a good quality company?
HVAX Technologies Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does HVAX Technologies Ltd performance compare with that of its Peers?
Revenue growth of HVAX Technologies Ltd vs industry peers?
HVAX Technologies Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of %, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of HVAX Technologies Ltd?
Promoters hold 66.65% of the HVAX Technologies Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of HVAX Technologies Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -23.09% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
HVAX Technologies Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 39.1% | 33.6% | 27.4% | 29% | 22.4% | 19.7% | - |
| Value Creation Index ⓘ | 1.8 | 1.4 | 1.0 | 1.1 | 0.6 | 0.4 | - |
Growth Parameters ⓘ |
|||||||
| Sales ⓘ | 60.8 | 68.3 | 95.9 | 106 | 131 | 160 | 160 |
| Sales YoY Gr. | - | 12.4% | 40.5% | 10.6% | 23.5% | 22.3% | - |
| Adj EPS ⓘ | 16.7 | 22 | 31.2 | 38.7 | 40.6 | 34.2 | 51.5 |
| YoY Gr. | - | 32% | 41.8% | 24.1% | 4.7% | -15.8% | - |
| BVPS (₹) ⓘ | 42.3 | 64.9 | 93 | 151.5 | 259.3 | 310.9 | 310.9 |
| Adj Net Profit ⓘ | 3.1 | 4.1 | 5.8 | 7.9 | 11.3 | 9.5 | 14 |
| Cash Flow from Ops. ⓘ | 6.3 | -0.8 | -3.6 | -12.2 | -21.9 | -14.2 | - |
| Debt/CF from Ops. ⓘ | 1.1 | -12 | -4.7 | -2 | -1.3 | -2.8 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 21.4% | 18.6% | 22.3% | ||||
| Adj EPS ⓘ | NA | 15.4% | 3.1% | -15.8% | ||||
| BVPSⓘ | NA | 49% | 49.5% | 19.9% | ||||
| Share Price | - | - | - | -21.4% | ||||
Key Financial Parameters ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 39.5 | 41.1 | 39.6 | 32.9 | 21.9 | 12 | 16.6 |
| Op. Profit Mgn % ⓘ | 8.9 | 10.1 | 9.8 | 12.3 | 14.5 | 10.3 | NAN |
| Net Profit Mgn % ⓘ | 5.1 | 6 | 6 | 7.5 | 8.6 | 5.9 | 8.9 |
| Debt to Equity ⓘ | 0.9 | 0.8 | 1 | 0.8 | 0.4 | 0.5 | - |
| Working Cap Days ⓘ | 0 | 165 | 192 | 191 | 207 | 267 | 0 |
| Cash Conv. Cycle ⓘ | 0 | 100 | 129 | 135 | 154 | 205 | 0 |
Valuation of HVAX Technologies - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'25 | Mar'26 |
|---|---|---|
| Sales | 131 | 164 |
| Operating Expenses ⓘ + | 112 | 147 |
| Operating Profit ⓘ | 19 | 17 |
| Operating Profit Margin (%) | 14.2% | 10.4% |
| Other Income ⓘ + | 0 | 7 |
| Interest ⓘ | 2 | 3 |
| Depreciation ⓘ | 2 | 1 |
| Profit Before Tax ⓘ | 15 | 20 |
| Tax ⓘ | 4 | 5 |
| Profit After Tax | 11 | 15 |
| PAT Margin (%) | 8.4% | 9.0% |
| Adjusted EPS (₹) | 39.8 | 51.5 |
| Dividend Payout Ratio (%) | 0% | 0% |
| PARTICULARS | Mar'25 | Mar'26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 72 | 87 | |||||||||
| Debt + | 28 | 41 | |||||||||
| Minority Interest | 0 | 0 | |||||||||
| Trade Payables | 16 | 21 | |||||||||
| Others Liabilities ⓘ | 6 | 5 | |||||||||
| Total Liabilities ⓘ | 121 | 154 | |||||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 8 | 7 | |||||||||
| CWIP ⓘ | 0 | 0 | |||||||||
| Investments ⓘ | 0 | 0 | |||||||||
| Inventories | 21 | 42 | |||||||||
| Trade Receivables | 71 | 86 | |||||||||
| Cash Equivalents | 14 | 9 | |||||||||
| Others Assets ⓘ | 7 | 10 | |||||||||
| Total Assets ⓘ | 121 | 154 | |||||||||
| PARTICULARS | Mar'25 | Mar'26 |
|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -22 | -14 |
| Cash Flow From Investing Activity ⓘ + | 0 | -1 |
| Cash Flow From Financing Activity ⓘ + | 31 | 10 |
| Net Cash Flow ⓘ | 10 | -5 |
| PARTICULARS | Mar'25 | Mar'26 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 15.34 | 18.56 | ||||||||
| ROCE (%) | 17.43 | 20.12 | ||||||||
| Asset Turnover Ratio | 1.08 | 1.19 | ||||||||
| PAT to CFO Conversion(x) | -2 | -0.93 | ||||||||
| Working Capital Days | ||||||||||
| Receivable Days | 199 | 175.20 | ||||||||
| Inventory Days | 57.30 | 69.30 | ||||||||
| Payable Days | 71.60 | 64.50 | ||||||||
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HVAX Technologies Ltd FAQs
The current trading price of HVAX Technologies on 01-Jan-1970 05:30 is ₹0.00.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 31-Dec-1969 the market cap of HVAX Technologies stood at ₹196.3 Cr
The latest P/E ratio of HVAX Technologies as of 31-Dec-1969 is 13.73.
The latest P/B ratio of HVAX Technologies as of 31-Dec-1969 is 2.27.
The 52-week high of HVAX Technologies is ₹0.00 and the 52-week low is ₹0.00.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of HVAX Technologies is ₹160 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that HVAX Technologies Ltd is a below average quality company.
The key valuation ratios of HVAX Technologies Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of HVAX Technologies Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About HVAX Technologies Ltd
HVAX Technologies (HVAX), established in 2010 and headquartered in Mumbai, is a specialized turnkey solutions provider for cleanroom and controlled environment infrastructure. The company offers comprehensive services covering design, engineering, supply, installation, testing, commissioning, and validation, enabling it to meet the requirements of highly regulated industries.
Over time, HVAX has built strong expertise in HVAC systems, modular partitions, air handling units, ducting, ceilings, doors, and Building Management Systems. This capability allows the company to cater to diverse sectors including pharmaceuticals, biotechnology, healthcare, and FMCG, where compliance, precision, and operational reliability are critical. Alongside its core turnkey offerings, HVAX provides feasibility studies, detailed engineering, and project integration services, ensuring end-to-end support for its clients.
With a steadfast commitment to global GMP standards and regulatory compliance, HVAX has earned recognition for transparency, technical strength, and execution excellence. Its international journey began with the first overseas project in Kenya in 2012, followed by the successful delivery of complex hospital and pharmaceutical infrastructure across Asia, Africa, and the Middle East.
Business area of the company
The company is a premier engineering and controlled-environment partner. By combining turnkey design consultancy with advanced HVAC and containment integration, the company provides the scalable infrastructure necessary for industries where uptime, regulatory compliance, and safety are the primary drivers of value.
Services
- Engineering Consultancy
- Gap Analysis and Validation
- Containment Consultancy
- Technology Transfer
- Project Feasibility
Products
- Clean Room Partition
- HVAC Systems
- Containment Technology
- Building Management Systems
- Clean Room Equipment
- Electrical HT/LT Panels
- Laboratories Furniture
- Utility Generation & Distribution
- Pre Engineering Building.
Milestones
- 2010: Secured first orders from leading MNCs such as Sandoz and 3M.
- 2012: Began projects for API manufacturers including Divis and Alembic; achieved first international breakthrough in Kenya.
- 2014: Expanded team strength to support seamless project installations.
- 2016: Bagged turnkey projects in 8 countries; executed a landmark $5 million healthcare project with Nairobi West Hospital.
- 2018: Expanded capabilities with cleanroom partitions and electrical panels; advanced into turnkey integration and design consultancy.
- 2020: Strengthened global presence with footprints in 12+ countries; upgraded facilities.
- 2022: Expanded into a 100,000 sq. ft. facility and initiated turnkey oncology projects.
- 2024: Successfully listed on NSE Emerge, marking a new phase of growth, visibility, and governance.
- 2025: Achieved revenue of Rs 131.42 crore.
- 2025: Entered strategic international markets of Iraq and Algeria.
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