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HVAX Technologies posted FY ’25 revenue of Rs. 131.42 Cr (+22.3% YoY), EBITDA of Rs. 18.97 Cr (+31.5%, 14.44% margin), and PAT of Rs. 11.04 Cr (+29.7%, 8.40% margin). H2 revenue was Rs. 84.94 Cr with EBITDA margin at 13.92%. The firm specializes in pharma cleanroom turnkey projects (98% revenue), expanding cautiously into hospitals and other sectors using its Africa experience. Strong R&D focuses on IoT and AI for smart monitoring. Order execution spans 6 months to 2 years; working capital is the main deployment. IPO proceeds will fuel growth, operational efficiency, and acquisitions. Management targets 35%-40% near-term revenue growth and increased investor engagement.