Price
Financials
Standalone, Rs crore| Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Revenue from operations | 29 | 77 | 46 | 85 | 61 | 100 |
| Operating costs | 26 | 67 | 39 | 73 | 54 | 89 |
| EBITDA | 3 | 10 | 7 | 12 | 6 | 10 |
| EBITDA margin % | 10% | 13% | 15% | 14% | 11% | 10% |
| Depreciation & amortisation | 1 | 0 | 1 | 1 | 1 | 1 |
| Finance costs | 1 | 1 | 1 | 1 | 1 | 2 |
| Non-operating income | 0 | 1 | 0 | 0 | 2 | 5 |
| Pre-tax profit | 1 | 10 | 5 | 10 | 7 | 13 |
| Effective tax rate % | 25% | 25% | 27% | 26% | 26% | 26% |
| Profit after tax | 1 | 7 | 4 | 7 | 5 | 9 |
| Earnings per share (Rs) | 17.34 | 109.30 | 18.73 | 26.00 | 17.72 | 33.78 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 44 | 61 | 68 | 96 | 106 | 131 | 160 |
| Operating costs | 41 | 55 | 61 | 87 | 93 | 112 | 144 |
| EBITDA | 3 | 5 | 7 | 9 | 13 | 19 | 16 |
| EBITDA margin % | 7% | 9% | 10% | 9% | 12% | 14% | 10% |
| Depreciation & amortisation | 0 | 1 | 1 | 1 | 1 | 2 | 1 |
| Finance costs | 1 | 1 | 1 | 1 | 2 | 2 | 3 |
| Non-operating income | 1 | 1 | 1 | 0 | 1 | 0 | 7 |
| Pre-tax profit | 3 | 5 | 6 | 7 | 11 | 15 | 19 |
| Effective tax rate % | 25% | 29% | 25% | 26% | 25% | 26% | 25% |
| Profit after tax | 2 | 4 | 4 | 5 | 9 | 11 | 14 |
| Earnings per share (Rs) | 30.96 | 60.30 | 67.76 | 84.29 | 125.00 | 39.76 | 51.50 |
| Paid out as dividend % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Revenue CAGR | % | 21% | 19% | 22% | ||
| Profit CAGR | % | 31% | 40% | 30% | ||
| Share price CAGR | % | % | % | -27% | ||
| Average return on equity | % | 24% | 22% | 18% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Net block (property, plant) | 7 | 10 | 8 | 7 | 9 | 8 | 7 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 0 | 1 | 0 | 0 | 1 |
| Current & other assets | 20 | 26 | 45 | 70 | 54 | 114 | 143 |
| Total assets | 28 | 37 | 54 | 78 | 64 | 122 | 151 |
| Share capital | 0.62 | 0.62 | 0.62 | 0.62 | 0.68 | 3 | 3 |
| Reserves & surplus | 5 | 7 | 11 | 17 | 30 | 69 | 84 |
| Total debt | 11 | 7 | 10 | 17 | 24 | 28 | 40 |
| Other liabilities & provisions | 11 | 22 | 32 | 44 | 8 | 22 | 25 |
| Equity + liabilities | 28 | 37 | 54 | 78 | 64 | 122 | 151 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2 | 8 | -1 | -4 | -12 | -22 | -14 |
| Investing cash flow | -1 | -4 | 2 | -0 | -2 | 0 | -1 |
| Free cash flow (after capex) | 2 | 4 | 0 | -4 | -15 | -22 | -14 |
| Financing cash flow | -1 | -4 | 2 | 6 | 10 | 31 | 9 |
| Net change in cash | 0 | -1 | 3 | 2 | -4 | 10 | -6 |
| Cash conversion (OCF / EBITDA) % | 80% | 169% | 9% | -21% | -71% | -102% | -54% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Return on capital employed % | 36% | 32% | 27% | 28% | 22% | 20% | |
| Receivable days | 92 | 98 | 106 | 124 | 86 | 199 | 193 |
| Inventory days | 26 | 24 | 130 | 114 | 109 | 95 | 144 |
| Payable days | 92 | 77 | 74 | 53 | 32 | 72 | 72 |
| Cash cycle (days) | 25 | 45 | 162 | 184 | 162 | 222 | 265 |
| Working capital days | 7 | -8 | 1 | 10 | 67 | 146 | 165 |
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|
| Promoter group % | 66.65% | 66.65% | 66.65% | 66.65% | 66.65% | 66.65% | 66.65% |
| Foreign investors % | 9.35% | 9.29% | 9.17% | 9.13% | 8.96% | 8.90% | 8.90% |
| Domestic institutions % | 0.41% | 0.70% | 1.13% | 1.08% | 1.08% | 1.08% | 1.08% |
| Retail & others % | 23.60% | 23.36% | 23.05% | 23.14% | 23.31% | 23.38% | 23.38% |
| Shareholder count | 535 | 508 | 463 | 448 | 428 | 425 | 422 |
Fundamentals
Market value₹ 197 Cr.
Last price₹ 710
P/E (trailing)13.8
Book value / share₹ 311
Return on capital19.7 %
Return on equity18.1 %
Dividend yield0.00 %
Face value₹ 10.0
Revenue CAGR (TTM)22%
Profit CAGR (TTM)30%
Standalone figures.
Valuation
Market capRs 197 Cr
Enterprise valueRs 205 Cr
P/E (TTM)37.91x
Price to book11.45x
Price to sales2.05x
EV / EBITDA23.44x
EV / EBIT26.70x
EV / sales2.14x
Earnings yield2.64%
Profitability
Operating margin (excl. other income)8.91%
Operating margin (incl. other income)9.13%
EBITDA margin9.13%
Pre-tax margin7.29%
Net profit margin5.42%
ROE35.59%
ROCE27.35%
ROA7.87%
ROE, 3-year average44.20%
ROCE, 3-year average32.50%
ROA, 3-year average9.53%
ROIC (approx.)22.50%
Tax rate25.61%
Other income / net worth1.22%
Growth
Sales growth (latest year)40.54%
Profit growth (latest year)24.40%
Sales CAGR, 3 years29.30%
Profit CAGR, 3 years39.63%
Per share
EPS (TTM)Rs 18.73
EPS (latest year)Rs 84.29
EPS, 3-year averageRs 70.78
Book value per shareRs 61.98
Sales per shareRs 345.46
Cash flow per shareRs -13.04
Efficiency
Asset turnover1.23x
Fixed asset turnover13.59x
Inventory turnover3.21x
Inventory days114 days
Debtor days124 days
Debtors turnover2.95x
Leverage
Total debtRs 17 Cr
Cash and bankRs 9 Cr
Net debtRs 8 Cr
Debt to equity0.98x
Net debt / EBITDA0.94x
Interest coverage10.99x
Owners' fund to total sources21.99%
Debt to assets21.62%
Cash flow
Operating cash flow (latest year)Rs -4 Cr
Investing cash flow (latest year)Rs -0 Cr
Financing cash flow (latest year)Rs 6 Cr
Net change in cash (latest year)Rs 2 Cr
Statement figures
Net sales (TTM)Rs 96 Cr
Net sales (latest year)Rs 96 Cr
Operating profit excl. other income (latest year)Rs 9 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 9 Cr
PBDT (TTM)Rs 8 Cr
Profit before tax (TTM)Rs 7 Cr
Tax (latest year)Rs 2 Cr
Net profit (TTM)Rs 5 Cr
Net profit (latest year)Rs 5 Cr
Depreciation (TTM)Rs 1 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 64 Cr
Total expenditure (latest year)Rs 87 Cr
Total income (latest year)Rs 96 Cr
Share capitalRs 1 Cr
ReservesRs 17 Cr
Shareholders' fundsRs 17 Cr
Total assetsRs 78 Cr
Net blockRs 7 Cr
InvestmentsRs 1 Cr
ReceivablesRs 32 Cr
InventoryRs 20 Cr
Other liabilitiesRs 44 Cr
Shares outstanding (crore)0.28
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 37.9 is at the 12th percentile of its own 2.1-year range
(median 48.4, low 33.4, high 64.0).
P/B 11.45 is at the 12th percentile (median 19.31).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | HVAX | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +3.8% | -2.8% | +6.6 pts |
| 1 month | +7.6% | -6.8% | +14.4 pts |
| 3 months | +12.7% | -7.6% | +20.3 pts |
| 6 months | -3.6% | +0.4% | -4.0 pts |
| 1 year | -14.4% | -9.9% | -4.4 pts |
Red flags
F-score 2 of 8| explain | Weak cash conversion Cash from operations was 27% of net profit over the last 3 years |
| explain | High accruals Profit exceeded operating cash by 11% of total assets in 2026 |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Mar 2026Sales ₹100 Cr +29.9% vs Mar 2024.
Net profit ₹9 Cr +28.6%.
Activity
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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Less than 100 unique PAN traded in previous 30 daysSME scrip is not regularly traded
Quick answers
What is the market cap of HVAX Technologies Ltd?
HVAX Technologies Ltd (HVAX) has a market capitalisation of Rs 197 Cr. at the 2026-10-01 close.
What is the P/E ratio of HVAX Technologies Ltd?
HVAX Technologies Ltd trades at a P/E of 13.8 on trailing twelve-month profit, at the 2026-10-01 close.
What were HVAX Technologies Ltd's latest quarterly results?
In the Mar 2026 quarter, HVAX Technologies Ltd sales was Rs 100 Cr (+29.9% vs Mar 2024) and net profit was Rs 9 Cr.
What is the 52-week high and low of HVAX Technologies Ltd?
The 52-week high is Rs 979.95 and the 52-week low is Rs 585.20.