1. Order book at 2.1x FY26 revenue - The order book stood at ₹342.63 crores as of March 2026, against FY26 consolidated revenue of ₹163.87 crores, and management expects it to be executed over the next two financial years. This provides near-complete revenue visibility for FY27 at current run-rates, with 75-80% of the book coming from higher-margin export orders.
2. 35-40% revenue growth guidance - Management has guided for 35% YoY revenue growth for the next couple of years and a broader 35-50% range further out, confirming they are "very much aligned" to the FY26 target. Sustaining that pace on a ₹164 crore base would more than double revenue in three years, with the existing order book already covering the first leg.
3. ₹719 crore project pipeline - The project pipeline aggregated to nearly ₹719.26 crores as of March 2026, at various stages of discussion and commercial assessment, up from ₹650 crores in Q2 FY26. Even at the historical conversion rate of 20-25%, this pipeline replenishes the order book by ₹140-180 crores, extending the growth runway beyond the current backlog.
4. Krew Instruments acquisition opens hospital segment - HVAX acquired an 80% stake in Krew Instruments, with an indicative time period for completion of within 15 days, marking entry into hospital and healthcare infrastructure. Management believes it can grow the acquired business 15x to 20x using its existing export customer base, and a single healthcare project can fetch revenue of ₹100 crores.
5. MENA and GCC expansion for larger, higher-margin projects - The company is deepening its presence in the MENA region and GCC countries, where projects are described as premium with massive size and better profitability, and plans to establish local representation. Export orders already carry better margins than domestic work, so shifting the mix further toward these regions lifts blended margins.
6. Design-build and in-house consultancy ramp - Design-build projects carry better margins than pure contracting. The company sees visibility for design-build projects to remain around 15-20% of the project mix, so this higher-margin stream supports overall profitability as revenue scales.
7. Entry into solar with first project secured - HVAX secured its first solar project, worth ₹3 crore for CG Power, which is in execution with margins "more or less in line" with current business. This pilot opens a path into the renewable energy segment, which the company is prioritising alongside semiconductors and healthcare, diversifying revenue beyond the 98-99% pharma concentration.