Cleanrooms & HVAC

HVAX Technologies

HVAXNSE_SMEMicro Cap

Cleanroom and HVAC systems for life sciences, pharma and high-tech manufacturing.

Market Cap

₹234 cr

Price

844

1Y 28%

Direct exposure

70/100

0–100 directness

Hold / Watchlist

Fundamental

48/ 100

Quality of growth, returns, cash conversion and balance sheet

Technical (TQ-100)

81/ 100

Trend, momentum, volume and relative strength composite

Valuation

50/ 100

Higher = cheaper vs peers and own history

Final composite

60/ 100

Blended decision input

Data transparency

What's real, what's pending, on this page

Real financials loaded

✓ Real / verified

· Live price, day change, market cap — NSE direct
· 1Y OHLCV, RSI(14), 50/200 DMA, 1M/3M/1Y returns, RS vs Nifty — computed from real NSE OHLCV
· Sector P/E — NSE direct
· Promoter %, pledge %, MF/FII/public split, 9-quarter history — Trendlyne
· Earnings call AI summaries — Trendlyne (where available)
· Technical (TQ-100) score — computed from real OHLCV
· Annual revenue / EBITDA / PAT / OCF / FCF / equity / assets — Trendlyne (audited annuals)

⚠ Analyst-set (qualitative)

· Segment classification + semicon directness score — analyst seed
· Bull/bear case + monitorables (curated thesis) — analyst seed
· Governance risk score (seed) — being replaced by AI-agent assessment
· Synthesized 5Y forecast removed entirely (was inaccurate)

Real financials extracted for 42 of 45 companies. See /data-sources for full provenance.

HVAX Technologies · HVAX

₹843.75+31.22% over 6M

Price50 DMA200 DMA

RSI (14)

Momentum oscillator · 6M view

Volume (60D)

Fundamental score (SageOne 100)

48/ 100C

Growth 20 / Margin 15 / ROC 20 / Cash 15 / Leverage 10 / Reinvestment 8 / Accounting 7 / Governance 5 minus red flags (capped -20).

Base 58

Red flags -10

Growth quality/ 20

10.8

Rev 1Y 11.9% · 3Y CAGR 20.6%

Margin & profitability/ 15

6.9

EBITDA 14.1% · PAT 8.7%

Return on capital/ 20

20.0

ROCE 42% · ROE 31%

Cash flow quality/ 15

0.0

OCF/EBITDA -80% · FCF yield -5.9%

Leverage discipline/ 10

9.0

Net Debt/EBITDA 0.30x

Reinvestment runway/ 8

8.0

ROCE × retention proxy

Accounting quality/ 7

0.0

OCF conversion proxy

Governance/ 5

3.3

Pledge 0.0% · Risk 35/100

Red flags (2)

− Weak cash conversionOCF/EBITDA -80% < 50%-4
− Governance risk elevatedRisk score 35/100-6

✓ Computed from real Trendlyne annuals (revenue, EBITDA, PAT, OCF, equity).

Technical score (TQ-100)

81/ 100A

Computed from real 1Y OHLCV pulled from NSE direct: trend, momentum, volume, RS vs Nifty, MA cluster, mean reversion, volatility, patterns minus red flags.

Base 81

Trend structure/ 20

18.6

Above 200DMA · -18% from 52W high

Momentum velocity/ 15

15.0

RSI(14) 56 · 1M 4.0%

Volume dynamics/ 15

6.0

Bucket: Micro Cap

Relative strength/ 15

11.0

RS vs Nifty 14%

MA cluster/ 10

10.0

200DMA + 1Y trend confirmation

Mean-reversion runway/ 10

9.7

RSI(14) 56; ideal 50-60

Volatility profile/ 8

3.6

Bucket: Micro Cap

Pattern integrity/ 7

7.0

Trend continuation proxy

AI research agents

Re-classify segment exposure and re-assess governance risk by running fresh AI agents on the latest data. Results cache to data/agents.json.

Segment classifier

Maps to value-chain segments + computes 0-100 directness

Seed: Cleanrooms & HVAC · 70/100

Governance assessor

Forensic-accounting flags + 0-100 risk score

Seed: 35/100 risk

AI thesis

Generates a fresh thesis grounded in this company's data. Wires to Anthropic when ANTHROPIC_API_KEY is set, otherwise returns a deterministic mock.

Curated thesis

Analyst-set bull, bear and monitorables · use AI thesis above for a fresh take

Cleanroom/HVAC beneficiary of fab/OSAT capex with SME-tier risks.

Bull case

+Pharma + semicon cleanroom mix
+Reasonable margins
+Order book visibility

Bear case

−SME liquidity
−Limited disclosure
−Customer concentration

Key monitorables

Mainboard migrationOrder disclosureMargin trajectory

Semiconductor exposure

How direct, how visible

Primary segment

Cleanrooms & HVAC

All segments

Cleanrooms & HVAC

Exposure type

Indirect / pull-through

Policy beneficiary

Yes

Import substitution

High

Governance risk score

35/100 (lower = better)

Financial snapshot

Latest reported metrics · mock data, ready for live financials

Rev growth (1Y)

11.9%

Rev CAGR (3Y)

20.6%

EBITDA margin

14.1%

PAT margin

8.7%

ROCE

42%

ROE

31%

OCF / EBITDA

-80%

Net Debt / EBITDA

0.3x

Promoter holding

70.0%

Promoter pledge

0.0%

Valuation

P/E (TTM)

19.3

Forward P/E

26.0

EV/EBITDA

15.4

EV/Sales

2.2

P/B

7.7

FCF Yield

-5.9%

Dividend Yield

0.00%

Hist. percentile

60%

Peer percentile

55%

Technicals

RSI(14)

1M return

4.0%

1Y return

28%

From 52W high

-18%

RS vs Nifty

14%

>200 DMA

Yes

Annual financials — real data

Extracted from Trendlyne · audited annuals · TTM + last 6 fiscal years

✓ Real

Line	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	₹131 cr	₹108 cr	₹96 cr	₹69 cr	₹61 cr	₹45 cr	₹41 cr
↳ YoY growth	+22.2%	+11.9%	+39.7%	+12.2%	+35.0%	+11.0%	—
EBITDA	₹19 cr	₹15 cr	₹9 cr	₹7 cr	₹6 cr	₹4 cr	₹3 cr
↳ EBITDA margin	14.5%	14.1%	9.2%	10.8%	10.1%	9.3%	7.8%
PAT	₹11 cr	₹9 cr	₹5 cr	₹4 cr	₹4 cr	₹2 cr	₹2 cr
↳ PAT margin	8.4%	8.7%	5.4%	6.1%	5.7%	4.2%	3.9%
OCF	₹-22 cr	₹-12 cr	₹-4 cr	₹-1 cr	₹8 cr	₹2 cr	₹5 cr
↳ OCF / EBITDA	-115.3%	-80.3%	-40.9%	-10.8%	129.0%	45.2%	165.6%
FCF (= OCF − capex)	₹-22 cr	₹-14 cr	₹-4 cr	₹-1 cr	₹4 cr	₹1 cr	₹-2 cr
Total Equity	₹72 cr	₹31 cr	₹17 cr	₹12 cr	₹9 cr	₹6 cr	₹4 cr
Total Assets	₹122 cr	₹64 cr	₹78 cr	₹54 cr	₹38 cr	₹28 cr	₹23 cr
↳ ROE	15.3%	30.7%	30.2%	35.0%	38.0%	33.3%	42.1%
↳ ROA	9.0%	14.8%	6.6%	7.8%	9.3%	6.8%	7.0%

Source: Trendlyne (Standalone where Consolidated unavailable). Last refresh on real-data ingest.

Promoter pledge & shareholding history

From Trendlyne · 9 quarters · synced Invalid Date

Pledge: 0.0%

Promoter

66.7%

Mutual Funds

0.0%

FII

8.9%

Public

23.4%

Promoter holding trend

66.7

Mar

66.7

Jun

66.7

Sep

66.7

Dec

66.7

Mar

66.7

Jun

66.7

Sep

66.7

Dec

66.7

Mar

Δ:+0.0% over 9 quarters

Commentary

·Recently listed (SME)
·Promoter stable at 66.7%
·No pledge

Management quality

Capital allocation, debt discipline, alignment, governance composite. Computed from disclosed metrics.

Capital allocation

Sustained high return on capital indicates disciplined reinvestment.

ROCE 42%, div yield 0.0%

Promoter holding

Promoter has strong skin in the game.

70.0%

Promoter pledge

No pledging — cleanest signal.

0.0%

Debt discipline

Comfortable leverage band.

Net Debt/EBITDA 0.30x

Cash conversion

Weak cash conversion — investigate working capital and quality of earnings.

OCF/EBITDA -80%

Governance composite

Multiple yellow flags — confirm with disclosures.

35/100 risk

Variant perception

What the market is pricing in versus our read, and what would invalidate the thesis.

What the market is pricing in

Steady but unspectacular execution. Multiples reflect mid-pack expectations.

What we think it's missing

The market is correctly cautious. Variant perception works against you here — wait for governance signals to clear.

Thesis killers

×Working capital blowout disclosed in next quarterly result
×Project execution slip beyond stated commissioning date
×Auditor change, CFO exit, or RPT disclosure that requires explanation

References

Wire to live data sources in production

NSE filings Screener BSE corporate filings Annual report (latest)Concall transcript (latest)Investor presentation