HVAX Technologies Q2 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹194 Cr
- P/E
- 13.59
- ROE
- 18.06%
- PEG
- 0.34
- Price to sales
- 1.21
- Debt to equity
- 0.47
- 52W high / low
- ₹929 / ₹585
- Sales growth (5Y)
- 21.40%
- EBITDA margin
- 10.28%
- Net profit margin
- 8.93%
- Promoter holding
- 66.65%
- Sales (last year)
- ₹160 Cr
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]
Guidance scorecard · Q2 FY26 call
What HVAX Technologies Ltd's management guided
and where it ranks in Construction
Construction
RevenueQ2 FY26 call
20–40%- HVAX Technologies aims for a sustained revenue growth of around 35% year-on-year over the next couple of years.
- The company is focused on expanding its presence in global markets and entering new segments like hospital, semiconductor, and solar industries.
- Current order book is INR350 crores with a healthy pipeline of INR650-680 crores, indicating strong future execution visibility.
- H2 FY '26 is expected to be stronger than H1 FY '26 in terms of revenue, supported by installation and design-led projects.
- Export orders constitute around 70%-85% of revenues, with better margin profiles driving growth.
- Strategic acquisitions (e.g., Krew Instruments) and partnerships aim to diversify offerings and accelerate growth.
2 more points from HVAX Technologies Ltd's call on revenue
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MarginsQ2 FY26 call
FlatSee what HVAX Technologies Ltd said on margins — free account, 30 seconds.
CapexQ2 FY26 call
Planned- HVAX Technologies Ltd is actively pursuing strategic acquisitions to diversify into new industries such as hospitals, semiconductors, and solar energy.
- The recent acquisition of Krew Instruments provides a direct entry into the hospital segment, enhancing growth potential through synergies and expanding the customer base.
- The company is cautious about new industry margins, implying careful evaluation of future capital investments.
- They are focused on expanding design-build project capabilities, especially in export markets, by establishing an in-house design and consultancy team.
- The company may raise funds via debt or equity depending on the size and nature of future acquisitions but intends to avoid unnecessary debt.
2 more points from HVAX Technologies Ltd's call on capex
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FundraisingQ2 FY26 call
See what HVAX Technologies Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY26 call
Rising- The current order book is around INR 350 crores, primarily comprising pharma and hospital projects (98%-99% pharma).
- Out of the order book, approximately 70%-75% are export orders, with 85% of revenues currently from exports.
- The INR 350 crores order book is expected to be executed over one to two years.
- There is also mention of a pipeline of INR 680 crores, which is realistically convertible into FY 2026.
- The company expects stronger execution and revenue in H2 FY '26 as design-led and installation activities pick up.
2 more points from HVAX Technologies Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Construction
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Construction companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,531 Cr | 11.7 | |
| 2 | 40%+ | Flat | ₹1,089 Cr | 9.3 | |
| 3 | 40%+ | Flat | ₹898 Cr | 7.6 | |
| 4 | 40%+ | Flat | ₹807 Cr | 14.7 | |
| 5 | 40%+ | Flat | ₹554 Cr | 13.1 | |
| 6 | 40%+ | Flat | ₹516 Cr | 30.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Construction rankingFinancials of HVAX Technologies Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of HVAX Technologies Ltd
Quarterly Results
Quarter-by-quarter operating performance
Financials of HVAX Technologies Ltd
Profit & Loss
Annual income statement trend
| 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 | 60.30 | 67.76 | 84.29 | 125.00 | 39.76 | 51.50 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of HVAX Technologies Ltd
Balance Sheet
Capital structure and asset base
| 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 |
Financials of HVAX Technologies Ltd
Cash Flows
Operating, investing and financing cash movement
| 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% |
Financials of HVAX Technologies Ltd
Ratios
Working capital efficiency and return ratios
| 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% |
Guidance history
How HVAX Technologies Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q4 FY25 call → | 20–40% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What HVAX Technologies Ltd's management said in earlier quarters
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