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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹103 Cr | NDF | NDF |
| EBITDA | ₹11 Cr | -8.3% | +83.3% |
| Operating margin | 10.0% | -400 bps | -100 bps |
| PAT | ₹10 Cr | NDF | NDF |
| PAT margin | 9.7% | +147 bps | +151 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Geography (H1 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
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.
In-house Design & Consultancy Team
Establishing our in-house design and consultancy team to increase design-built projects, especially in the export market.
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.
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%.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
50NeutralMACD +
Technical chart
HVAXdaily · 1Y · AUTO-7.6%Daily technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 54.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 54 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 34% off 52W high · 14% 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.
Valuation & score drivers
U-Score 22 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 22 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 9/15 to the score.
- Quality contributes 8/20 to the score.
- Valuation contributes 10/30 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Fair-value margin of safety is negative at -75.1%.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter holding is 66.7%. Key concern: Operating cash flow is negative at ₹-14 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · IT: 36th pctile, median 69 · SME: 45th pctile, median 64
3 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 12.90
- P/B
- 2.14
- EV/EBITDA
- 12.56
- Market Cap
- 185.00Cr
Profitability
- ROE
- 16.50%
- ROCE
- —
- ROA
- 9.74%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- —
- Revenue 3Y
- —
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.47
- Interest Coverage
- 5.67×
- Altman Z
- 4.05
- 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
- 19%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.