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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

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
Key Metrics
Valuation Multiples
Market Cap
₹184 Cr.
Current Price
₹0
52-Week Low / High
₹0 / 0
TTM EPS
₹51.5
TTM Sales
₹160 Cr.
Book Value per Share
₹310.9
P/E Ratio
12.88
Lower than its 5-year historical median
Industry PE
32.8
Price to Book (P/B)
2.13
Lower than its 5-year historical median
Price to Sales (P/S)
1.15
Lower than its 5-year historical median
EV/EBITDA
8.41
Lower than its 5-year historical median
Dividend Yield
NAN%
Profitability Efficiency
Return on Equity (ROE)
21.45%
Outperforms industry median
Return on Capital Employed (ROCE)
22.44%
In line with industry median
Return on Assets (ROA)
11.95%
Operating Profit Margin
14.5%
Net Profit Margin
8.43%
Gross Profit Margin
12.6%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
23.54%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
42.7%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
29.58%
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
- / -

HVAX Technologies stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is HVAX Technologies Ltd a good quality company?
HVAX Technologies Ltd is a average quality company, based on a somewhat consistent 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.

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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.

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How does HVAX Technologies Ltd performance compare with that of its Peers?
Q.1 Revenue growth of HVAX Technologies Ltd vs industry peers?
HVAX Technologies Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0.00%, indicating stable growth and maintaining its market share.
Q.1 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.
Q.1 Stock return of HVAX Technologies Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 33.62% based on the current price.
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10 Year X-Ray : Login to view analysis.

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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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 performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ39.1%33.6%27.4%29%22.4%-
Value Creation
Index ⓘ		1.81.41.01.10.6-

Growth Parameters ⓘ
Sales ⓘ60.868.395.9106131160
Sales YoY Gr.-12.4%40.5%10.6%23.5%-
Adj EPS ⓘ16.72231.238.740.651.5
YoY Gr.-32%41.8%24.1%4.7%-
BVPS (₹) ⓘ42.364.993151.5259.3310.9
Adj Net
Profit ⓘ		3.14.15.87.911.314
Cash Flow from Ops. ⓘ6.3-0.8-3.6-12.2-21.9-
Debt/CF from Ops. ⓘ1.1-12-4.7-2-1.3-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNANA24.3%23.5%
Adj EPS ⓘNANA22.6%4.7%
BVPSⓘNANA58.7%71.2%
Share Price - - - -29%

Key Financial Parameters ⓘ

Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		39.541.139.632.921.918.1
Op. Profit
Mgn % ⓘ		8.910.19.812.314.5NAN
Net Profit
Mgn % ⓘ		5.1667.58.68.9
Debt to
Equity ⓘ		0.90.810.80.4-
Working Cap
Days ⓘ		01651921912070
Cash Conv.
Cycle ⓘ		01001291351540

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Sales616896106131
Operating Expenses ⓘ + 55618793112
Manufacturing Costs00003
Material Costs4342646879
Employee Cost 567910
Other Costs ⓘ 713161720
Operating Profit ⓘ 5791319
Operating Profit Margin (%) 8.9%10.1%8.9%12.3%14.2%
Other Income ⓘ + 11010
Exceptional Items ⓘ 000-00
Interest ⓘ 11122
Depreciation ⓘ 11112
Profit Before Tax ⓘ 5671115
Tax ⓘ 21234
Profit After Tax 445911
PAT Margin (%) 6.1%6.1%5.4%8.0%8.4%
Adjusted EPS (₹)20.122.628.141.739.8
Dividend Payout Ratio (%)0%0%0%0%0%

Valuation of HVAX Technologies - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 812173172
Share Capital ⓘ 11113
Reserves ⓘ 711173069
Debt +59162428
Long Term Debt53232
Short Term Debt06142225
Minority Interest00000
Trade Payables989616
Others Liabilities ⓘ 15243626
Total Liabilities ⓘ 37547864121

Fixed Assets

Net Fixed Assets ⓘ +108798
Gross Block1210101212
Accumulated Depreciation22335
CWIP ⓘ 00000
Investments ⓘ 10100
Inventories315202021
Trade Receivables1620322571
Cash Equivalents 369514
Others Assets ⓘ 44947
Total Assets ⓘ 37547864121

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + 6-1-4-12-22
PBT ⓘ 5671115
Adjustment ⓘ -12224
Changes in Working Capital ⓘ 3-7-10-23-38
Tax Paid ⓘ -1-1-2-3-3
Cash Flow From Investing Activity ⓘ + -42-0-20
Capex -41-0-2-0
Net Investments -00-010
Others ⓘ 00000
Cash Flow From Financing Activity ⓘ + -3261031
Net Proceeds from Shares ⓘ 000430
Net Proceeds from Borrowing ⓘ -2-2-11-0
Interest Paid ⓘ -1-1-1-2-2
Dividend Paid ⓘ 00000
Others ⓘ -15874
Net Cash Flow ⓘ -132-410

Financial Ratio

PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)47.5642.1835.6335.3521.45
ROCE (%)39.1433.6227.3629.0422.44
Asset Turnover Ratio1.651.51.451.51.42
PAT to CFO Conversion(x)1.5-0.25-0.8-1.33-2
Working Capital Days
Receivable Days9896.4099.4098.80134.20
Inventory Days16.8047.5066.506956.70
Payable Days76.5076.3050.8041.6049.60

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

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 ₹184.2 Cr

The latest P/E ratio of HVAX Technologies as of 31-Dec-1969 is 12.88.

The latest P/B ratio of HVAX Technologies as of 31-Dec-1969 is 2.13.

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 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 Weak which suggest that the price of HVAX Technologies Ltd is likely to Fall 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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