HVAX Technologies Ltd.

•

hvax.inBSE: -NSE: HVAX

Market Cap₹ 186 Cr.

Current Price

High / Low₹ 1,007 / 585

Stock P/E13.0

Book Value₹ 311

Price to Book2.16

Dividend Yield0.00 %

ROCE22.4 %

ROE21.4 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 30.8%
Company has a healthy return on capital (ROCE) of 26.3%
Operating margins have improved to 14.2% from 10.9%
Company comfortably covers its interest (7.1x coverage)
Attractively priced for its growth - PEG of 0.3
Company maintains a comfortable, low leverage position

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.53x)
Working capital days have increased from 83 to 186 days
Free cash flow has been persistently negative

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionCapital GoodsEngineering Consultancy

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	NBCC	86.55	31.46	23368.50	1.16	158.01	17.01	2259.53	-5.51	41.74	6.86
2.	CMPDI	240.10	27.96	17143.14	1.31	1162.70	—	4813.70	—	38.09	30.22
3.	RITES	213.50	24.58	10260.89	3.72	97.78	7.58	532.20	8.67	22.99	22.45
4.	HVAX	669.95	13.00	186.04	0.00	—	—	—	—	22.44	—
5.	DHRUV	23.00	0.00	43.62	0.00	-4.76	-398.06	15.55	-26.07	11.72	-23.24

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

No standalone quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	61	68	96	106	131
	55	61	87	93	112
Operating Profit	5	7	9	13	19
OPM %	8.93%	10.09%	8.92%	12.27%	14.18%
	1	1	0	1	0
Interest	1	1	1	2	2
Depreciation	1	1	1	1	2
Profit before Tax	5	6	7	11	15
Tax %	28.94%	25.04%	25.56%	25.41%	26.18%
Net Profit	4	4	5	9	11
EPS	60.31	67.78	84.35	124.94	39.77
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 24%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 38%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -33%

RETURN ON EQUITY

10 Years:: —
5 Years:: 36%
3 Years:: 31%
Last Year:: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1	1	1	1	3
	7	11	17	30	69
	7	10	17	24	28
Trade Payables	9	8	9	6	16
	13	23	35	2	6
Total Liabilities	37	54	78	64	121
	10	8	7	9	8
	1	0	1	0	0
	3	15	20	20	21
	0	0	0	25	71
Cash & Bank	3	6	9	5	14
	20	24	42	4	7
Total Assets	37	54	78	64	121

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	8	1	-2	-12	-22
Cash from Investing	-4	2	-0	-2	0
Cash from Financing	-3	2	6	10	31
	-1	3	2	-4	10

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	60.31	67.78	84.35	124.94	39.77
Book Value (₹)	126.80	194.59	278.94	454.50	259.34
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	23.96	29.16	33.91	46.89	45.33
PROFITABILITY
Operating Margin %	10.72%	10.87%	9.14%	12.27%	14.18%
Net Margin %	6.12%	6.13%	5.42%	8.03%	8.43%
ROE %	47.56%	42.18%	35.63%	35.35%	21.45%
ROCE %	39.14%	33.62%	27.36%	29.04%	22.44%
	10.08%	9.21%	7.88%	12.02%	11.95%
EFFICIENCY
Debtor Days	98	96	99	99	134
Inventory Days	17	47	67	69	57
Payable Days	77	76	51	42	50
	38	68	115	126	141
FINANCIAL HEALTH
Debt to Equity (x)	0.89x	0.84x	0.98x	0.79x	0.39x
Interest Coverage (x)	10.36x	9.90x	10.94x	8.24x	7.06x
	1.07x	1.17x	1.19x	1.82x	2.44x
GROWTH
Revenue Growth %	0.00%	12.36%	40.54%	10.56%	23.54%
Operating Profit Growth %	0.00%	14.00%	18.13%	64.57%	31.52%
Net Profit Growth %	0.00%	12.38%	24.45%	63.65%	29.69%
	0.00%	0.00%	0.00%	48.12%	-68.17%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	14.08x
P/B (x)	0.00x	0.00x	0.00x	0.00x	2.16x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	1.41x	8.92x

Shareholding Pattern

Numbers in percentages

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.65	66.65	66.65	66.65	66.65	66.65	66.65
	9.34	9.29	9.17	9.13	8.96	8.90	8.90
	0.41	0.70	1.13	1.08	1.08	1.08	1.08
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	23.60	23.36	23.05	23.14	23.31	23.38	23.38

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for HVAX

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HVAX Technologies Ltd.

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Name

NBCC

86.55

31.46

23368.50

1.16

158.01

17.01

2259.53

-5.51

41.74

6.86

CMPDI

240.10

27.96

17143.14

1.31

1162.70

—

4813.70

—

38.09

30.22

RITES

213.50

24.58

10260.89

3.72

97.78

7.58

532.20

8.67

22.99

22.45

HVAX

669.95

13.00

186.04

0.00

—

22.44

—

DHRUV

23.00

0.00

43.62

0.00

-4.76

-398.06

15.55

-26.07

11.72

-23.24

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

106

131

112

Operating Profit

OPM %

8.93%

10.09%

8.92%

12.27%

14.18%

Interest

Depreciation

Profit before Tax

Tax %

28.94%

25.04%

25.56%

25.41%

26.18%

Net Profit

EPS

60.31

67.78

84.35

124.94

39.77

Dividend Payout %

0.00%

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Trade Payables

Total Liabilities

121

Cash & Bank

Total Assets

121

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-2

-12

-22

Cash from Investing

-4

-0

-2

Cash from Financing

-3

-1

-4

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

60.31

67.78

84.35

124.94

39.77

Book Value (₹)

126.80

194.59

278.94

454.50

259.34

Dividend per Share (₹)

0.00

Cash EPS (₹)

23.96

29.16

33.91

46.89

45.33

PROFITABILITY

Operating Margin %

10.72%

10.87%

9.14%

12.27%

14.18%

Net Margin %

6.12%

6.13%

5.42%

8.03%

8.43%

ROE %

47.56%

42.18%

35.63%

35.35%

21.45%

ROCE %

39.14%

33.62%

27.36%

29.04%

22.44%

10.08%

9.21%

7.88%

12.02%

11.95%

EFFICIENCY

Debtor Days

134

Inventory Days

Payable Days

115

126

141

FINANCIAL HEALTH

Debt to Equity (x)

0.89x

0.84x

0.98x

0.79x

0.39x

Interest Coverage (x)

10.36x

9.90x

10.94x

8.24x

7.06x

1.07x

1.17x

1.19x

1.82x

2.44x

GROWTH

Revenue Growth %

0.00%

12.36%

40.54%

10.56%

23.54%

Operating Profit Growth %

0.00%

14.00%

18.13%

64.57%

31.52%

Net Profit Growth %

0.00%

12.38%

24.45%

63.65%

29.69%

0.00%

48.12%

-68.17%

VALUATION

P/E (x)

0.00x

14.08x

P/B (x)

0.00x

2.16x

Dividend Yield %

0.00%

0.00x

1.41x

8.92x

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

66.65

9.34

9.29

9.17

9.13

8.96

8.90

0.41

0.70

1.13

1.08

Government

0.00

23.60

23.36

23.05

23.14

23.31

23.38

HVAX Technologies Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

HVAX Technologies Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI