HVAX
HVAX Technolog. financials
- Market cap
- ₹186 Cr
- Sector
- Construction
- Calls analysed
- 2
HVAX Technologies Ltd. H1 FY26
What went well
- Total income grew 35% YoY to ₹62.79 crores in H1 FY26.
- EBITDA increased 19% YoY to ₹8.53 crores in H1 FY26.
- Net profit rose 29% YoY to ₹4.94 crores in H1 FY26.
What to watch
- EBITDA margins experienced compression in H1 FY26 due to fewer design-build projects and increased investment in sales and marketing.
- Human resource availability is identified as the primary potential hindrance to future growth.
What HVAX Technolog. does
HVAX Technologies designs, engineers, supplies, installs, tests and commissions cleanroom and controlled-environment infrastructure (HVAC systems, modular partitions, air handling units, ducting, ceilings, doors and Building Management Systems) for regulated industries. It earns revenue from turnkey projects (lead generation through handover) and from ongoing services such as IoT-based monitoring, AMC, calibration and revalidation. The company also offers feasibility studies, detailed engineering, regulatory validation (DQ/IQ/OQ/PQ) and technology-transfer consultancy as standalone specialized services.
Segments
- Turnkey Projects
- Services
- Engineering & Consultancy
- Countries served
- 22+
- Projects executed
- 250+
- Workforce
- 135+ professionals (engineers & project managers)
- Sectors served
- 5+ (Pharma, Biotech, Healthcare, FMCG, Solar, Semiconductors)
- Industry presence
- 15+ years
- Average project timeline
- 120 days (initiation to dispatch)
Guidance record · Q2 FY26
what the last two calls moved 7 tracked 1 delivered 2 missed 4 open- Market Entry delivered said Q4 FY25 Promised: To start with, next year, probably, our focus is the hospitals. Q2 FY26: Announced the proposed acquisition of Krew Instruments to enter the healthcare/hospital infrastructure segment.
- Shareholder Returns / Liquidity went quiet said Q4 FY25 Promised: exploring this as to how can this be split, so that it becomes more affordable Q2 FY26: No update provided on the lot size reduction.
- EBITDA Margin at risk said Q4 FY25 Promised: keeping the EBITDA margin at the path of the last year or maybe a little bit higher Q2 FY26: H1 FY26 saw margin compression due to project mix and investments, though management claims they will hit the target for the full year.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 29.9%, net profit up 28.6% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 29 | 77 | 46 | 85 | 61 +110% | 100 +30% |
| EBITDA | 3 | 10 | 7 | 12 | 6 +100% | 10 +0% |
| Net profit | 1 | 7 | 4 | 7 | 5 +400% | 9 +29% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −18.4% 1Y
1Y: ₹820 on 10 Sept 2025 → ₹669. High ₹980 (24 Sept 2025), low ₹588.75 (3 Jul 2026).
How the price took the results
close before → close after
- Q2 FY26
- 0.0%
- 20 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹3 Cr | ₹3 Cr |
| Reserves | ₹7 Cr | ₹11 Cr | ₹17 Cr | ₹30 Cr | ₹74 Cr | ₹84 Cr |
| Borrowings | ₹7 Cr | ₹10 Cr | ₹17 Cr | ₹24 Cr | ₹19 Cr | ₹40 Cr |
| Other liabilities | ₹22 Cr | ₹32 Cr | ₹44 Cr | ₹8 Cr | ₹15 Cr | ₹25 Cr |
| Total liabilities | ₹37 Cr | ₹54 Cr | ₹78 Cr | ₹64 Cr | ₹112 Cr | ₹151 Cr |
| Fixed assets | ₹10 Cr | ₹8 Cr | ₹7 Cr | ₹9 Cr | ₹7 Cr | ₹7 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹1 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Other assets | ₹26 Cr | ₹45 Cr | ₹70 Cr | ₹54 Cr | ₹104 Cr | ₹143 Cr |
| Total assets | ₹37 Cr | ₹54 Cr | ₹78 Cr | ₹64 Cr | ₹112 Cr | ₹151 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.33 pp while FIIs trimmed −0.27 pp. The shareholder count shrank 9% to 422.
- Promoters
- 66.7%
- FIIs
- 8.9%
- DIIs
- 1.1%
- Public
- 23.4%
Since Jun 2025
- Public +0.33 pp
- FIIs −0.27 pp
- DIIs −0.05 pp
How it drifted, 7 quarters
Ownership split by quarter, oldest first. Dec '24: Promoters 66.7%, FIIs 9.3%, DIIs 0.4%, Public 23.6%.Mar '25: Promoters 66.7%, FIIs 9.3%, DIIs 0.7%, Public 23.4%.Jun '25: Promoters 66.7%, FIIs 9.2%, DIIs 1.1%, Public 23.1%.Sep '25: Promoters 66.7%, FIIs 9.1%, DIIs 1.1%, Public 23.1%.Dec '25: Promoters 66.7%, FIIs 9.0%, DIIs 1.1%, Public 23.3%.Mar '26: Promoters 66.7%, FIIs 8.9%, DIIs 1.1%, Public 23.4%.Jun '26: Promoters 66.7%, FIIs 8.9%, DIIs 1.1%, Public 23.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Fivex Capital Vcc - Fivex Emerging Star Fund FPI fund +2.05 pp 8.90% held
- Santoshkumar Arjun Singh +0.10 pp 1.33% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of HVAX Technolog. above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Nirbhaynarayan Sudarshan Singh | 33.32% | unchanged |
| Prayagdatt V Mishra | 33.32% | unchanged |
| Fivex Capital Vcc - Fivex Emerging Star Fund FPI fund | 8.90% | +2.05 pp |
| Craft Emerging Market Fund Pcc- Citadel Capital Fu | 3.37% | unchanged |
| Craft Emerging Market Fund Pcc- Elite Capital Fund FPI fund | 3.37% | unchanged |
| Santoshkumar Arjun Singh | 1.33% | +0.10 pp |
| Aftertrade Broking Private Limited Corporate | 1.32% | unchanged |
| Manoj Agarwal | 1.17% | unchanged |
| Veena Singh | 0.00% | unchanged |
| Isovax Technologies | 0.00% | unchanged |
| PNX Enterprises LLP | 0.00% | unchanged |
| HVAX Engineering | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q2 FY26 call →Learn to analyse HVAX Technolog.
Guides on how to read this kind of business and the numbers that matter.