Announcement
Shareholders meeting 24 Sep - No announcement content available beyond digital signatures.
Source: Nse
HVAX Technologies Ltd. (HVAX)
SME CapIT stocks · SME cap · NSE
HVAX Technologies Ltd. is a turnkey clean room integrator, designing and executing specialized environments for pharmaceutical, biosimilar, and other industries. It operates as a project contracting company, sometimes offering design-build projects and other times acting as an executor.
₹700
-23.00 · -3.18%
Market cap ₹210 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:44 pm ISTDetails
Quote21 Oct, 01:44 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result24 May, 12:36 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
73BullishSMA20 +8.5% / mo · MACD + · sector +19.3pp vs Nifty 500 (3M)
Stock trend: 56
Sector RS: 100
Sector 3M: +13.1% vs Nifty 500 -6.1%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HVAXD candles · FIT view-13.5%TODAY · PROVISIONALLatest price ₹700.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.4%
RSI
49
MACD hist
-0.60
52W pos
33%
2026-10-21O ₹710.00H ₹715.00L ₹700.00C ₹700.00Vol 750 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HVAXNifty ITNifty 500
- HVAX
- +4.8%
- Nifty 500
- -5.6%
- Nifty IT
- +8.9%
- Vs Nifty 500
- +10.4 pp
Chart stats
19 Oct 2026- From 52W high
- -29.5%
- 52W range position
- 31%
- ATR (14)
- 4.9%
- Volume vs 20D
- 0.31x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹652 - ₹805
₹1,025
₹585.2 - ₹1,025
₹35.3
Latest completed session
20-session average
54.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish73
Price trend and sector-relative-strength timing.
Valuation
Legacy model+57.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence63
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹103 Cr | NDF | NDF |
| EBITDA | ₹11 Cr | NDF | +83.3% |
| Operating margin | 10.0% | NDF | -100 bps |
| PAT | ₹10 Cr | NDF | NDF |
| PAT margin | 9.7% | NDF | +151 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.70
- P/B
- 2.43
- EV/EBITDA
- 13.94
- Market Cap
- 210.00Cr
Profitability
- ROE
- 18.00%
- ROCE
- 20.10%
- ROA
- 9.74%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 25.19%
- EPS 5Y
- 36.36%
- Revenue 3Y
- 25.19%
- EPS 3Y
- 36.36%
Balance Sheet
- Debt/Equity
- 0.47
- Interest Coverage
- 5.67×
- Altman Z
- 4.28
- Book Value
- 312.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -14.00 Cr
- EPS TTM
- 51.53
Shareholding
- Promoter Hold
- 66.65%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 50%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 164+25.2% vs prev
Net Profit
₹ CrLatest: 15.0+36.4% vs prev
Return on Equity
%Latest: 17.2+12.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 49. Wait for confirmation.
- SMA20 rising (~7.7% over last month) — short-term momentum positive.
- RSI(14) at 49 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 25% off 52W high · 20% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
46
RS percentile
Stage 1 Base / Transition
1M return
+6.2%
3M return
+17.4%
6M return
+0.4%
1Y return
-28.9%
RS 1D
-4
RS 20D
+5
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is within 1.9% of the 30-week proxy.
- The 30-week proxy changed -1.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price below
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
207 observations
19 Oct 2026Value 76.89-3.50%
RS vs Nifty 50077
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation15/30
Growth23/25
Quality11/20
Balance Sheet8/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-3
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 57.7%.
- Growth contributes 23/25 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 15/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
14.7
PB
2.4
EV/EBITDA
13.9
ROE
18.0%
ROCE
20.1%
FCF Yield
—
Debt/Equity
0.5
MoS
+57.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+57.7%
Previous: +56.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
53
53
53
53
53
56
56
56
56
56
57
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹601.45
-16.4% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹1,654.11
+57.7% MoS
PEG
0.40
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VIRINCHI
Small
Virinchi Limited
IT Services / Digital
match 147
10
—
-4.7%
—
OVERVALUED
IKS
Small
Inventurus Knowledge Solutions Limited
IT Services / Digital
match 136
58
38.9
31.4%
-18%
FAIR VALUE
AAKAAR
SME
Aakaar Medical Technologies Ltd.
IT Services / Digital
match 127
55
15.2
17.1%
+55%
FAIR VALUE
HGM
Small
HandsOn Global Management (HGM) Limited
IT Services / Digital
match 114
8
—
-13.8%
—
OVERVALUED
FABTECH
Small
Fabtech Technologies Limited
IT Services / Digital
match 108
61
12.9
12.5%
+69%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-17T07:51:02.011Z
Management commentary snapshot
H1 FY26 Total Income grew 35% YoY to INR62.79 crores, EBITDA rose 19% YoY to INR8.53 crores, and Net Profit increased 29% YoY to INR4.94 crores. Margins were influenced by project execution stage and increased sales & marketing investments.
HVAX delivered solid H1 FY26 growth in revenue and profit, but EBITDA margin compressed due to less design-build projects and higher S&M spend. The proposed acquisition of Krew Instruments is a strategic move into healthcare infrastructure, aiming for multiyear growth and synergies, despite Krew's small current turnover.
Current business mix
Revenue by Geography (H1 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Exports85.0%
Domestic15.0%
Growth engines
Healthcare Infrastructure Entry
Proposed acquisition of Krew Instruments for direct entry into the hospital segment, unlocking synergies and strengthening recurring revenue through service and maintenance.
High-Efficiency Solutions Demand
Robust order pipeline in core vertical backed by strong demand for high-efficiency solutions and integrated project capabilities.
Global Market Expansion
Expanding presence in global markets and a growing opportunity set across pharmaceuticals, healthcare, and semiconductor sectors.
Higher Value Engagements
Scaling through higher value engagements, project selectivity, and improved margin visibility, focusing on complex mission-critical environments.
Capacity and execution
In-house Design & Consultancy Team
Establishing our in-house design and consultancy team to increase design-built projects, especially in the export market.
Tailwinds
Rapid Modernization of Healthcare Infrastructure
The Krew acquisition positions HVAX to participate meaningfully in the rapid modernization of healthcare infrastructure across India and emerging markets.
Strong Demand for Specialized Environments
Strong demand for high-efficiency solutions and integrated project capabilities in core vertical.
Headwinds
Skilled Human Resource Scarcity
The only challenge that we find in our growth is human resource, specifically the demand for skilled professionals in the pharmaceutical industry.
Domestic Market Competition
Competitive pressure is primarily in the domestic market, leading the company to limit domestic projects to 15%-20%.
Risk radar
Integration Risk of Krew Instruments
Acquisition of Krew Instruments, a small company with INR2.6 crores annual turnover, requires successful integration to realize projected 15x-20x growth with existing customers.
Margin Volatility from Project Mix
Margins were influenced by the stage of project execution and a lower proportion of higher-margin design-build projects in H1 FY26.
Uncertainty in New Sector Margins
Margins for new sectors like semiconductors and renewables are not yet clear, with management only expecting them to be 'more or less' in line with current margins.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Financial results are explicitly presented on a Year-on-Year basis for H1 FY26. The business is project-based, where annual comparisons are more indicative of underlying performance than sequential quarterly changes, especially given project execution cycles.
Sector KPIs management disclosed
Total Income (H1 FY26)
INR62.79 crores, registering a growth of 35% year-on-year.
EBITDA (H1 FY26)
INR8.53 crores compared to INR7.15 crores in H1 FY '25, a growth of 19%.
Net Profit (H1 FY26)
INR4.94 crores, reflecting a year-on-year growth of 29%.
Order Book
Currently, our order book stands at INR350 crores.
Management forward view
H2 FY26 Outlook
Remain cautiously optimistic for H2 FY26, with a healthy execution pipeline and strengthening market positioning. H2 is expected to be stronger than H1.
Growth Target
Look to grow around 35% for the next couple of years, with margins expected to be upwards of previous year's levels.
Strategic Acquisitions
Exploring acquisitions in other industries to gain direct entry, with Krew Instruments being the first step into the hospital industry.
Operational Excellence & Prudence
Continue to prioritize operational excellence, balance sheet prudence, and disciplined bidding.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | INR350 crores order book, expected to be executed in a year or two. | Timely execution of the existing order book and conversion of the INR650 crore pipeline. |
| Krew Instruments Integration & Growth | Proposed acquisition of Krew Instruments (INR2.6 crores annual turnover) for healthcare entry. | Successful integration, realization of 15x-20x growth target for Krew, and contribution to recurring revenue. |
| EBITDA Margin Trend | EBITDA margin compressed in H1 FY26 due to project mix and S&M spend. | Reversal of margin compression in H2 FY26 and achievement of 'upwards' margin guidance. |
| Design-Build Project Share | Tentatively 15%-20% of revenue from design-led work. | Increase in the share of higher-margin design-built projects, especially in export markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
63Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 36th percentile within IT. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
38th percentile
overall median 67 · IT: 36th pctile, median 69 · SME: 45th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 66.7%.
- ▸Promoter pledge is zero.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Operating cash flow is negative at ₹-14 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching HVAX Technologies Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationSep 2025
Sep 2025 · PPT
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.