HVAX Technologies Ltd.
•₹ 640-3.25%
2026-08-21
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 0.4
- 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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | NBCC | 87.30 | 31.74 | 23571.00 | 1.15 | 158.01 | 17.01 | 2259.53 | -5.51 | 39.22 | 6.86 |
| 2. | CMPDI | 237.30 | 0.00 | 16943.22 | 1.33 | 1162.70 | — | 4813.70 | — | 38.09 | 30.22 |
| 3. | RITES | 216.70 | 24.95 | 10414.68 | 3.67 | 97.78 | 7.58 | 532.20 | 8.67 | 21.75 | 22.45 |
| 4. | HVAX | 630.00 | 12.23 | 174.94 | 0.00 | — | — | — | — | 22.44 | — |
| 5. | DHRUV | 24.67 | 0.00 | 46.79 | 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 | 7 | 7 | 9 | 14 | 19 |
| OPM % | 11 | 11 | 9 | 14 | 14 |
| Other Income | 1 | 1 | 0 | 1 | 0 |
| Interest | 1 | 1 | 1 | 2 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 2 |
| 5 | 6 | 7 | 11 | 15 | |
| Tax % | 29 | 25 | 26 | 25 | 26 |
| Net Profit | 4 | 4 | 5 | 9 | 11 |
| EPS | 60 | 68 | 84 | 125 | 40 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 20 | 23 | 28 | 42 | 40 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 20 | 23 | 28 | 42 | 40 |
Mar 2021
- 61
- 55
- Operating Profit
- 7
- OPM %
- 11
- Other Income
- 1
- Interest
- 1
- Depreciation
- 1
- 5
- Tax %
- 29
- Net Profit
- 4
- EPS
- 60
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 20
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 20
Mar 2022
- 68
- 61
- Operating Profit
- 7
- OPM %
- 11
- Other Income
- 1
- Interest
- 1
- Depreciation
- 1
- 6
- Tax %
- 25
- Net Profit
- 4
- EPS
- 68
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 23
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 23
Mar 2023
- 96
- 87
- Operating Profit
- 9
- OPM %
- 9
- Other Income
- 0
- Interest
- 1
- Depreciation
- 1
- 7
- Tax %
- 26
- Net Profit
- 5
- EPS
- 84
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 28
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 28
Mar 2024
- 106
- 93
- Operating Profit
- 14
- OPM %
- 14
- Other Income
- 1
- Interest
- 2
- Depreciation
- 1
- 11
- Tax %
- 25
- Net Profit
- 9
- EPS
- 125
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 42
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 42
Mar 2025
- 131
- 112
- Operating Profit
- 19
- OPM %
- 14
- Other Income
- 0
- Interest
- 2
- Depreciation
- 2
- 15
- Tax %
- 26
- Net Profit
- 11
- EPS
- 40
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 40
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 40
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:
- -34%
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 | |
|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - |
| Equity Capital | 1 | 1 | 1 | 1 | 3 |
| 7 | 11 | 17 | 30 | 69 | |
| 2 | 7 | 15 | 22 | 25 | |
| Trade Payables | 9 | 8 | 9 | 6 | 16 |
| 18 | 26 | 37 | 5 | 8 | |
| Total Liabilities | 37 | 54 | 78 | 64 | 121 |
| ASSETS | - | - | - | - | - |
| 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 |
| Total Debt | 7 | 10 | 17 | 24 | 28 |
| Net Working Capital | 2 | 7 | 11 | 24 | 67 |
| Contingent Liabilities | 0 | 0 | 0 | 0 | 0 |
| Book Value per Share | 126.80 | 194.59 | 278.94 | 454.50 | 259.34 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Total Debt | 7 | 10 | 17 | 24 | 28 |
| Net Working Capital | 2 | 7 | 11 | 24 | 67 |
| Contingent Liabilities | 0 | 0 | 0 | 0 | 0 |
| Book Value per Share | 126.80 | 194.59 | 278.94 | 454.50 | 259.34 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Mar 2021
- Equity Capital
- 1
- 7
- 2
- Trade Payables
- 9
- 18
- Total Liabilities
- 37
- 10
- 1
- 3
- 0
- Cash & Bank
- 3
- 20
- Total Assets
- 37
- Total Debt
- 7
- Net Working Capital
- 2
- Contingent Liabilities
- 0
- Book Value per Share
- 126.80
- Face Value
- 10.00
- Total Debt
- 7
- Net Working Capital
- 2
- Contingent Liabilities
- 0
- Book Value per Share
- 126.80
- Face Value
- 10.00
Mar 2022
- Equity Capital
- 1
- 11
- 7
- Trade Payables
- 8
- 26
- Total Liabilities
- 54
- 8
- 0
- 15
- 0
- Cash & Bank
- 6
- 24
- Total Assets
- 54
- Total Debt
- 10
- Net Working Capital
- 7
- Contingent Liabilities
- 0
- Book Value per Share
- 194.59
- Face Value
- 10.00
- Total Debt
- 10
- Net Working Capital
- 7
- Contingent Liabilities
- 0
- Book Value per Share
- 194.59
- Face Value
- 10.00
Mar 2023
- Equity Capital
- 1
- 17
- 15
- Trade Payables
- 9
- 37
- Total Liabilities
- 78
- 7
- 1
- 20
- 0
- Cash & Bank
- 9
- 42
- Total Assets
- 78
- Total Debt
- 17
- Net Working Capital
- 11
- Contingent Liabilities
- 0
- Book Value per Share
- 278.94
- Face Value
- 10.00
- Total Debt
- 17
- Net Working Capital
- 11
- Contingent Liabilities
- 0
- Book Value per Share
- 278.94
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 1
- 30
- 22
- Trade Payables
- 6
- 5
- Total Liabilities
- 64
- 9
- 0
- 20
- 25
- Cash & Bank
- 5
- 4
- Total Assets
- 64
- Total Debt
- 24
- Net Working Capital
- 24
- Contingent Liabilities
- 0
- Book Value per Share
- 454.50
- Face Value
- 10.00
- Total Debt
- 24
- Net Working Capital
- 24
- Contingent Liabilities
- 0
- Book Value per Share
- 454.50
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 3
- 69
- 25
- Trade Payables
- 16
- 8
- Total Liabilities
- 121
- 8
- 0
- 21
- 71
- Cash & Bank
- 14
- 7
- Total Assets
- 121
- Total Debt
- 28
- Net Working Capital
- 67
- Contingent Liabilities
- 0
- Book Value per Share
- 259.34
- Face Value
- 10.00
- Total Debt
- 28
- Net Working Capital
- 67
- Contingent Liabilities
- 0
- Book Value per Share
- 259.34
- Face Value
- 10.00
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 6 | -1 | -4 | -12 | -22 | |
| Cash from Investing | -4 | 2 | -0 | -2 | 0 |
| Cash from Financing | -3 | 2 | 6 | 10 | 31 |
| -1 | 3 | 2 | -4 | 10 | |
| Free Cash Flow | 6 | -1 | -4 | -14 | -22 |
| OCF / Net Profit | 1.69 | -0.20 | -0.70 | -1.44 | -1.99 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 |
| OCF / Net Profit | 1.69 | -0.20 | -0.70 | -1.44 | -1.99 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 |
Mar 2021
- 6
- Cash from Investing
- -4
- Cash from Financing
- -3
- -1
- Free Cash Flow
- 6
- OCF / Net Profit
- 1.69
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.69
- Cumulative 5-Year FCF
- 0
Mar 2022
- -1
- Cash from Investing
- 2
- Cash from Financing
- 2
- 3
- Free Cash Flow
- -1
- OCF / Net Profit
- -0.20
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.20
- Cumulative 5-Year FCF
- 0
Mar 2023
- -4
- Cash from Investing
- -0
- Cash from Financing
- 6
- 2
- Free Cash Flow
- -4
- OCF / Net Profit
- -0.70
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.70
- Cumulative 5-Year FCF
- 0
Mar 2024
- -12
- Cash from Investing
- -2
- Cash from Financing
- 10
- -4
- Free Cash Flow
- -14
- OCF / Net Profit
- -1.44
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -1.44
- Cumulative 5-Year FCF
- 0
Mar 2025
- -22
- Cash from Investing
- 0
- Cash from Financing
- 31
- 10
- Free Cash Flow
- -22
- OCF / Net Profit
- -1.99
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -1.99
- Cumulative 5-Year FCF
- 0
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 |
Mar 2021
- EPS (₹)
- 60.31
- Book Value (₹)
- 126.80
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 23.96
- Operating Margin %
- 10.72%
- Net Margin %
- 6.12%
- ROE %
- 47.56%
- ROCE %
- 39.14%
- 10.08%
- Debtor Days
- 98
- Inventory Days
- 17
- Payable Days
- 77
- 38
- Debt to Equity (x)
- 0.89x
- Interest Coverage (x)
- 10.36x
- 1.07x
- Revenue Growth %
- 0.00%
- Operating Profit Growth %
- 0.00%
- Net Profit Growth %
- 0.00%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 67.78
- Book Value (₹)
- 194.59
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 29.16
- Operating Margin %
- 10.87%
- Net Margin %
- 6.13%
- ROE %
- 42.18%
- ROCE %
- 33.62%
- 9.21%
- Debtor Days
- 96
- Inventory Days
- 47
- Payable Days
- 76
- 68
- Debt to Equity (x)
- 0.84x
- Interest Coverage (x)
- 9.90x
- 1.17x
- Revenue Growth %
- 12.36%
- Operating Profit Growth %
- 14.00%
- Net Profit Growth %
- 12.38%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 84.35
- Book Value (₹)
- 278.94
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 33.91
- Operating Margin %
- 9.14%
- Net Margin %
- 5.42%
- ROE %
- 35.63%
- ROCE %
- 27.36%
- 7.88%
- Debtor Days
- 99
- Inventory Days
- 67
- Payable Days
- 51
- 115
- Debt to Equity (x)
- 0.98x
- Interest Coverage (x)
- 10.94x
- 1.19x
- Revenue Growth %
- 40.54%
- Operating Profit Growth %
- 18.13%
- Net Profit Growth %
- 24.45%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 124.94
- Book Value (₹)
- 454.50
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 46.89
- Operating Margin %
- 12.27%
- Net Margin %
- 8.03%
- ROE %
- 35.35%
- ROCE %
- 29.04%
- 12.02%
- Debtor Days
- 99
- Inventory Days
- 69
- Payable Days
- 42
- 126
- Debt to Equity (x)
- 0.79x
- Interest Coverage (x)
- 8.24x
- 1.82x
- Revenue Growth %
- 10.56%
- Operating Profit Growth %
- 64.57%
- Net Profit Growth %
- 63.65%
- 48.12%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 1.41x
Mar 2025
- EPS (₹)
- 39.77
- Book Value (₹)
- 259.34
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 45.33
- Operating Margin %
- 14.18%
- Net Margin %
- 8.43%
- ROE %
- 21.45%
- ROCE %
- 22.44%
- 11.95%
- Debtor Days
- 134
- Inventory Days
- 57
- Payable Days
- 50
- 141
- Debt to Equity (x)
- 0.39x
- Interest Coverage (x)
- 7.06x
- 2.44x
- Revenue Growth %
- 23.54%
- Operating Profit Growth %
- 31.52%
- Net Profit Growth %
- 29.69%
- -68.17%
- P/E (x)
- 14.08x
- P/B (x)
- 2.16x
- Dividend Yield %
- 0.00%
- 8.92x
Documents
Announcements
Nothing filed yet.
Annual Reports
Credit Ratings
Nothing filed yet.
Concalls
Nov 2025
Sep 2025
May 2025