Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹197 Cr.
Stock P/E
17.8
P/B
2.3
Current Price
₹709.9
Book Value
₹ 310.8
Face Value
10
52W High
₹980
52W Low
₹ 585.2
Dividend Yield
0%

HVAX Technologies Overview

Business

HVAX Technologies Ltd. operates as an engineering consultancy firm based in India. Its core business involves providing specialized technical expertise, advisory services, design, planning, and project management solutions across various engineering domains. The company assists clients with project feasibility studies, detailed engineering design, procurement support, construction supervision, and quality assurance. HVAX makes money by charging fees for its professional services, which are typically structured per project, based on milestones, or as retainer fees for ongoing advisory roles.

Revenue Mix

While specific segments are not provided, HVAX Technologies likely offers a range of services within the broader engineering consultancy sector. These could include infrastructure consultancy (e.g., roads, bridges, urban development), industrial plant design and engineering, energy sector consulting, environmental engineering, or specialized technical studies. Revenue contribution breakdown across specific services or end-user industries is not publicly available.

Industry

The engineering consultancy industry in India is dynamic, driven by significant infrastructure development and industrial growth initiatives. It is characterized by a mix of large global players, established domestic firms, and numerous smaller niche consultancies. The industry is competitive, project-based, and often influenced by government spending and private sector capital expenditure. HVAX Technologies operates within this competitive landscape, positioning itself to serve clients requiring specialized engineering expertise, likely focusing on specific areas where it has built capabilities and client relationships.

MOAT

HVAX's competitive advantages, common for engineering consultancies, would primarily stem from:

Reputation & Track Record: A history of successful project deliveries builds client trust and credibility.

Specialized Expertise: Niche technical skills and domain knowledge can differentiate it from generalists.

Client Relationships: Long-term relationships with key clients can lead to repeat business and referrals.

Talent Pool: The ability to attract and retain highly skilled engineers and project managers is crucial.

These advantages, while present, can be narrower than moats in other sectors, as competition often revolves around project specific capabilities and pricing.

Growth Drivers

Infrastructure Spending: Continued government and private sector investments in infrastructure (transportation, urban development, energy) across India.

Industrial Expansion: Growth in manufacturing, logistics, and other industrial sectors requiring new plant designs and process optimization.

Smart Cities & Urbanization: Projects related to developing modern urban infrastructure and sustainable solutions.

Technological Advancements: Demand for consulting on digitalization, automation, and sustainable engineering practices.

Regulatory Compliance: Need for specialized consultants to navigate complex environmental and safety regulations.

Risks

Economic Cycles: Sensitivity to economic downturns that can lead to project delays or cancellations.

Competition: Intense competition from domestic and international players can put pressure on pricing and margins.

Project Concentration: Over-reliance on a few large projects or clients can lead to revenue volatility.

Talent Retention: Difficulty in attracting, training, and retaining skilled engineering talent.

Regulatory & Policy Changes: Adverse changes in government policies or regulations affecting infrastructure spending or industry standards.

Working Capital Management: Potential for delays in client payments, especially from government entities, affecting cash flow.

Management & Ownership

HVAX Technologies Ltd. is an Indian company, likely founded and driven by its promoters. The success of an engineering consultancy heavily relies on the experience, technical acumen, and leadership quality of its management team in securing and executing complex projects. Without specific details, it is generally assumed that key management members possess relevant industry experience. Ownership structure typically involves a significant promoter holding, with the remainder held by public shareholders.

Outlook

HVAX Technologies Ltd. operates in a sector with significant long-term growth potential, fueled by India's developmental agenda. The bull case suggests that consistent government push for infrastructure, private sector capital expenditure, and increasing demand for specialized engineering solutions will provide a robust pipeline of opportunities. Successful execution, diversification across clients and geographies, and retention of skilled talent could drive sustained growth. However, the bear case highlights the inherent volatility and competitive intensity of the engineering consultancy market. Risks include economic slowdowns impacting project flow, intense pricing competition, challenges in talent acquisition and retention, and potential delays in project payments. The company's ability to navigate these challenges, leverage its expertise, and maintain strong client relationships will be crucial for its future performance.

HVAX Technologies Share Price

Live · NSE · Inception: 2010
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

HVAX Technologies Quarterly Results

#(Fig in Cr.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

HVAX Technologies Profit & Loss

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 61 68 96 106 131
Other Income 1 1 0 1 0
Total Income 62 69 96 107 131
Total Expenditure 55 61 87 93 112
Operating Profit 7 7 9 14 19
Interest 1 1 1 2 2
Depreciation 1 1 1 1 2
Exceptional Income / Expenses 0 0 0 -0 0
Profit Before Tax 5 6 7 11 15
Provision for Tax 2 1 2 3 4
Profit After Tax 4 4 5 9 11
Adjustments 0 0 0 0 0
Profit After Adjustments 4 4 5 9 11
Adjusted Earnings Per Share 20.1 22.6 28.1 41.6 39.8

HVAX Technologies Balance Sheet

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 8 12 17 31 72
Minority's Interest 0 0 0 0 0
Borrowings 5 3 2 3 2
Other Non-Current Liabilities 0 0 0 1 1
Total Current Liabilities 24 38 59 29 46
Total Liabilities 37 54 78 64 121
Fixed Assets 10 8 7 9 8
Other Non-Current Assets 1 1 1 1 1
Total Current Assets 25 45 70 53 113
Total Assets 37 54 78 64 121

HVAX Technologies Cash Flow

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 4 3 6 9 5
Cash Flow from Operating Activities 6 -1 -4 -12 -22
Cash Flow from Investing Activities -4 2 -0 -2 0
Cash Flow from Financing Activities -3 2 6 10 31
Net Cash Inflow / Outflow -1 3 2 -4 10
Closing Cash & Cash Equivalent 3 6 9 5 14

HVAX Technologies Ratios

# Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 20.1 22.59 28.12 41.65 39.77
CEPS(Rs) 23.96 29.16 33.91 46.89 45.33
DPS(Rs) 0 0 0 0 0
Book NAV/Share(Rs) 42.27 64.86 92.98 151.5 259.34
Core EBITDA Margin(%) 8.93 10.09 8.92 12.27 14.18
EBIT Margin(%) 9.54 9.09 8.02 12.25 13.3
Pre Tax Margin(%) 8.62 8.17 7.29 10.76 11.42
PAT Margin (%) 6.12 6.13 5.42 8.03 8.43
Cash Profit Margin (%) 7.3 7.91 6.54 9.04 9.61
ROA(%) 10.08 9.21 7.88 12.02 11.95
ROE(%) 47.56 42.18 35.63 35.35 21.45
ROCE(%) 39.14 33.62 27.36 29.04 22.44
Receivable days 97.96 96.42 99.39 98.75 134.18
Inventory Days 16.83 47.45 66.53 69.03 56.65
Payable days 76.53 76.34 50.83 41.62 49.61
PER(x) 0 0 0 0 14.08
Price/Book(x) 0 0 0 0 2.16
Dividend Yield(%) 0 0 0 0 0
EV/Net Sales(x) 0.07 0.06 0.09 0.19 1.29
EV/Core EBITDA(x) 0.69 0.58 1.01 1.41 8.92
Net Sales Growth(%) 0 12.36 40.54 10.56 23.54
EBIT Growth(%) 0 7.06 23.99 68.89 34.14
PAT Growth(%) 0 12.38 24.45 63.65 29.69
EPS Growth(%) 0 12.38 24.45 48.12 -4.5
Debt/Equity(x) 0.89 0.84 0.98 0.79 0.39
Current Ratio(x) 1.07 1.17 1.19 1.82 2.44
Quick Ratio(x) 0.96 0.78 0.85 1.14 2
Interest Cover(x) 10.36 9.9 10.94 8.24 7.06
Total Debt/Mcap(x) 0 0 0 0 0.18

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +24% +24% — —
Operating Profit CAGR +36% +39% — —
PAT CAGR +22% +40% — —
Share Price CAGR -24% — — —
ROE Average +21% +31% +36% +36%
ROCE Average +22% +26% +30% +30%

HVAX Technologies Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 66.65 %
FII 8.9 %
DII (MF + Insurance) 1.08 %
Public (retail) 23.38 %
# Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 66.6566.6566.6566.6566.6566.6566.65
FII 9.359.299.179.138.968.98.9
DII 0.410.71.131.081.081.081.08
Public 23.623.3623.0523.1423.3123.3823.38
Others 0000000
Total 100100100100100100100

HVAX Technologies Peer Comparison

Engineering Consultancy Edit Columns

HVAX Technologies Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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HVAX Technologies Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 31%
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Debtor days have increased from 41.62 to 49.61days.
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