---
title: "HVAX Technologies Ltd (HVAX) — Share Price, Financials & Analysis"
symbol: "HVAX"
company: "HVAX Technologies Ltd"
canonical: "https://tapetide.com/stocks/HVAX"
isin: "INE0TO501019"
nse_symbol: "HVAX"
sector: "Construction"
industry: "Civil Construction"
market_cap_cr: 185.77
generated_at: "2026-09-13T18:38:02.644Z"
---

# HVAX Technologies Ltd (HVAX)

Canonical page: https://tapetide.com/stocks/HVAX

## Company

- **NSE Symbol:** HVAX
- **ISIN:** INE0TO501019
- **Sector:** Construction
- **Industry:** Civil Construction
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2024-10-07
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** hvax.in

## About

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]

## Latest Price

- **Price:** ₹669
- **Change:** +16 (+2.45%)
- **Open:** ₹630
- **Day High:** ₹669
- **Day Low:** ₹630
- **Previous Close:** ₹653
- **Volume:** 1800
- **As Of:** 2026-09-11T09:37:33+00:00

## Key Fundamentals

Observed at 2026-09-11T04:44:27.362458Z.

- **Market Cap:** ₹185.77 Cr
- **Classification:** SME
- **P/E (reported):** 12.3
- **Book Value:** ₹312.23
- **Price to Book:** 2.09
- **Dividend Yield:** 0%
- **ROE:** 16.95%
- **ROCE:** 25.33%
- **Debt to Equity:** 0.46
- **Revenue (yearly):** ₹171 Cr
- **Net Income:** ₹14.7 Cr
- **EBITDA:** ₹24.2 Cr
- **52-Week High:** ₹1007
- **52-Week Low:** ₹585.2
- **RSI (14):** 54.8

## Tapetide Score

- **Score:** 57 / 100
- **Score date:** 2026-09-04
- **Archetype:** Losing Momentum
- **What it means:** A capable business whose price trend has turned while the multiple is still demanding. Often a re-rating in progress rather than a broken company — watch whether earnings stay resilient.
- **Pillar profile:** Quality: Good · Valuation: Expensive · Momentum: Falling
- **Percentile:** 77.8 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 60.41 | 9% |
| growth | 70.62 | 9% |
| momentum | 45.89 | 12% |
| ownership | 50 | 24% |
| quality | 70.71 | 22% |
| valuation | 48.34 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has delivered good profit growth of 31.3% CAGR over last 5 years

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Earnings include an other income of Rs.7.06 Cr.
- Company has high debtors of 193 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -763.78% | -629.95% | — |
| ebitda margin growth | -2.15% | -30.54% | -8.71% |
| net income growth | 33.64% | 40% | 31% |
| revenue growth | 30.14% | 19% | 21% |
| roce | 9.61% | -41.4% | 36.51% |
| roe | 10.5% | 25.42% | -59.4% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 29 | 77 | 46 | 85 | 61 | 100 |
| Expenses | 26 | 67 | 39 | 73 | 54 | 89 |
| Operating Profit | 3 | 10 | 7 | 12 | 6 | 10 |
| OPM % | 10 | 13 | 15 | 14 | 11 | 10 |
| Other Income | 0 | 1 | 0 | 0 | 2 | 5 |
| Interest | 1 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 1 | 0 | 1 | 1 | 1 | 1 |
| Profit before tax | 1 | 10 | 5 | 10 | 7 | 13 |
| Tax % | 25 | 25 | 27 | 26 | 26 | 26 |
| Net Profit | 1 | 7 | 4 | 7 | 5 | 9 |
| EPS in Rs | 17.34 | 109.3 | 18.73 | 26 | 17.72 | 33.78 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 44 | 61 | 68 | 96 | 106 | 131 | 160 |
| Expenses | 41 | 55 | 61 | 87 | 93 | 112 | 144 |
| Operating Profit | 3 | 5 | 7 | 9 | 13 | 19 | 16 |
| OPM % | 7 | 9 | 10 | 9 | 12 | 14 | 10 |
| Other Income | 1 | 1 | 1 | 0 | 1 | 0 | 7 |
| Interest | 1 | 1 | 1 | 1 | 2 | 2 | 3 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 2 | 1 |
| Profit before tax | 3 | 5 | 6 | 7 | 11 | 15 | 19 |
| Tax % | 25 | 29 | 25 | 26 | 25 | 26 | 25 |
| Net Profit | 2 | 4 | 4 | 5 | 9 | 11 | 14 |
| EPS in Rs | 30.96 | 60.3 | 67.76 | 84.29 | 125 | 39.76 | 51.5 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.62 | 0.62 | 0.62 | 0.62 | 0.68 | 3 | 3 |
| Reserves | 5 | 7 | 11 | 17 | 30 | 69 | 84 |
| Borrowings | 11 | 7 | 10 | 17 | 24 | 28 | 40 |
| Other Liabilities | 11 | 22 | 32 | 44 | 8 | 22 | 25 |
| Total Liabilities | 28 | 37 | 54 | 78 | 64 | 122 | 151 |
| Fixed Assets | 7 | 10 | 8 | 7 | 9 | 8 | 7 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 0 | 1 | 0 | 0 | 1 |
| Other Assets | 20 | 26 | 45 | 70 | 54 | 114 | 143 |
| Total Assets | 28 | 37 | 54 | 78 | 64 | 122 | 151 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 2 | 8 | -1 | -4 | -12 | -22 | -14 |
| Cash from Investing Activity | -1 | -4 | 2 | 0 | -2 | 0 | -1 |
| Cash from Financing Activity | -1 | -4 | 2 | 6 | 10 | 31 | 9 |
| Net Cash Flow | 0 | -1 | 3 | 2 | -4 | 10 | -6 |
| Free Cash Flow | 2 | 4 | 0 | -4 | -15 | -22 | -14 |
| CFO/OP | 80 | 169 | 9 | -21 | -71 | -102 | -54 |

### Ratios

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 92 | 98 | 106 | 124 | 86 | 199 | 193 |
| Inventory Days | 26 | 24 | 130 | 114 | 109 | 95 | 144 |
| Days Payable | 92 | 77 | 74 | 53 | 32 | 72 | 72 |
| Cash Conversion Cycle | 25 | 45 | 162 | 184 | 162 | 222 | 265 |
| Working Capital Days | 7 | -8 | 1 | 10 | 67 | 146 | 165 |
| ROCE % | — | 36 | 32 | 27 | 28 | 22 | 20 |

## Shareholding Pattern

### Quarterly

| Category | Jun 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 90.5% | 66.65% | 66.65% | 66.65% | 66.65% | 66.65% | 66.65% | 66.65% |
| FIIs | 0% | 9.35% | 9.29% | 9.17% | 9.13% | 8.96% | 8.9% | 8.9% |
| DIIs | 0% | 0.4% | 0.4% | 0.4% | 0.4% | 1.08% | 1.08% | 1.08% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 0% | 12.72% | 12.73% | 12.31% | 12.26% | 12.31% | 12.16% | 12.38% |
| Others | 9.5% | 10.89% | 10.94% | 11.48% | 11.56% | 11% | 11.21% | 11% |
| No. of Shareholders | 10 | 535 | 508 | 463 | 448 | 428 | 425 | 422 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Buy
- **Buy / Neutral / Sell:** 8 / 7 / 4

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 660.53 | Buy |
| EMA (10) | 657.13 | Buy |
| SMA (20) | 646.57 | Buy |
| EMA (20) | 653.31 | Buy |
| SMA (50) | 646.14 | Buy |
| EMA (50) | 660.48 | Buy |
| SMA (100) | 703.64 | Sell |
| EMA (100) | 689.46 | Sell |
| SMA (200) | 765.7 | Sell |
| EMA (200) | 721.06 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 54.8 | Neutral |
| MACD (12,26,9) | 3.57 | Buy |
| Stochastic (14,3,3) | 47.11 | Neutral |
| ADX (14) | 12.37 | Neutral |
| Williams %R (14) | -48.14 | Neutral |
| ATR (14) | 22.59 | High Volatility |
| ROC (12) | 4.53 | Buy |
| Stoch RSI (14) | 67.19 | Neutral |
| UO (7,14,28) | 67 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 January 2026 - Certification under Reg 74(5) for quarter ended Dec 31, 2025; demat details furnished, certificates cancelled. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 9 January 2026 - Certification under Reg 74(5) for quarter ended Dec 31, 2025; demat details furnished, certificates cancelled.](https://nsearchives.nseindia.com/corporate/HVAX_09012026160405_HVAX_Reg-74-5.pdf) |
| 5 March 2026 - Order book ₹342.63 Cr, pipeline ₹719.26 Cr; revenue ₹3,133.54 Cr; proposed majority acquisition of Krew Instruments. | [Press Release 5 March 2026 - Order book ₹342.63 Cr, pipeline ₹719.26 Cr; revenue ₹3,133.54 Cr; proposed majority acquisition of Krew Instruments.](https://nsearchives.nseindia.com/corporate/HVAX_05032026155558_Press_Release_Hvax__1_.pdf) |
| 30 Jun - Nirbhaynarayan Sudarshan Singh has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, … | [Disclosure under SEBI Takeover Regulations 30 Jun - Nirbhaynarayan Sudarshan Singh has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, …](https://nsearchives.nseindia.com/corporate/team_sandeshc_12052026130930_27.pdf) |
| 30 April 2026 - HVAX Technologies Limited has informed about General Updates | [General Updates 30 April 2026 - HVAX Technologies Limited has informed about General Updates](https://nsearchives.nseindia.com/corporate/HVAX_30042026163934_HVAX_Disclosure_for_non-applicability_Large_corporate__1_.pdf) |
| 29 May - Compliance certificate confirms SDD maintained; 3 required events captured for FY ended March 31, 2026. | [Structural Digital Database 29 May - Compliance certificate confirms SDD maintained; 3 required events captured for FY ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/HVAX_29052026185717_Certificate_Hvax.pdf) |
| 26 March 2026 - Trading window closed Apr 1, 2026 until 48 hours after audited results for half-year/FY ending March 31, 2026. | [Trading Window 26 March 2026 - Trading window closed Apr 1, 2026 until 48 hours after audited results for half-year/FY ending March 31, 2026.](https://nsearchives.nseindia.com/corporate/HVAX_26032026183248_HVAX_TRADING_WINDOW_CLOSURE_NSE_INTIMATION_MARCH_2026-0001__1_.pdf) |
| 26 March 2026 - HVAX Technologies Limited has informed regarding Outcome of Board Meeting held on March 26, 2026. | [Outcome of Board Meeting 26 March 2026 - HVAX Technologies Limited has informed regarding Outcome of Board Meeting held on March 26, 2026.](https://nsearchives.nseindia.com/corporate/HVAX_26032026154619_Signed_Outcome_of_BM.pdf) |
| 24 Aug - Record date for the purpose of Annual General Meeting is 17-Sep-2026. | [Record Date 24 Aug - Record date for the purpose of Annual General Meeting is 17-Sep-2026.](https://nsearchives.nseindia.com/corporate/HVAX_24082026180700_1__Regulation_42.pdf) |
| 24 Aug - HVAX Technologies Limited has informed regarding Outcome of Board Meeting held on August 24, 2026. | [Outcome of Board Meeting 24 Aug - HVAX Technologies Limited has informed regarding Outcome of Board Meeting held on August 24, 2026.](https://nsearchives.nseindia.com/corporate/HVAX_24082026180118_OUTCOME_OF_BOARD_MEETING_TC.pdf) |
| 24 Aug - HVAX Technologies Limited has informed regarding Outcome of Board Meeting held on August 24, 2026 for Book Closure Intimation | [Outcome of Board Meeting 24 Aug - HVAX Technologies Limited has informed regarding Outcome of Board Meeting held on August 24, 2026 for Book Closure Intimation](https://nsearchives.nseindia.com/corporate/HVAX_24082026181247_1__Regulation_42.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31127_HVAX_2025_2026_A_3370139_02092026175822.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28292_HVAX_2024_2025_A_1514881_03092025170819.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Sep 2025 | [Concall - Sep 2025](https://nsearchives.nseindia.com/corporate/HVAX_16092025165644_HVAX_Technologies_Limited-_Investor_Presentation_v3.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/HVAX_26112025144548_Reg_30_Transcript_of_the_Earning_Call_Hvax.pdf) |
| May 2025 | [Concall - May 2025](https://nsearchives.nseindia.com/corporate/HVAX_28052025153534_Transcript.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:38:02.644Z.