The directors are pleased to present this 15^th Annual report on the business and operations of your company along with the Audited
Financial Statement for the year ended on 31^st March, 2025.

1. FINANCIAL RESULTS:

3. CAPITAL STRUCTURE:

A. AUTHORISED CAPITAL

The Authorised Share Capital of the Company as on 31^st March, 2025 was ' 25,00,00,000/- (Rupees Twenty-Five Crores) in the
following manner:

The financial performance of your company for the Financial Year ended on 31^st March, 2025, is given below:

(All amounts are in Lakhs, unless otherwise stated)

2. FINANCIAL HIGHLIGHTS AND STATE OF AFFAIRS OF THE COMPANY:

During the financial year ended 31^st March, 2025, your Company achieved a total income of ' 13,103.19 Lakhs as compared to '
10,606.13 Lakhs in the previous financial year ended 31^st March, 2024, registering a growth of 23.54%. The Net Profit After Tax for
the year under review stood at ' 1,104.41 Lakhs as against ' 851.59 Lakhs in the previous year, reflecting an increase of 29.69%.
This consistent growth in both revenue and profitability demonstrates the robust operational performance and financial stability of
your Company.

During the year under review, there was no change in the Authorised Capital of the Company.

B. PAID UP CAPITAL

During the year under review, the paid-up share capital of the Company underwent the following changes-

• During the year under review, the Company allotted 13,63,250 equity shares as fully paid-up bonus shares on 1^st April, 2024,
in the ratio of 2:1 to the existing shareholders.

• Subsequently, the Company was listed on the EMERGE SME platform of the National Stock Exchange of India Limited (NSE)
w.e.f. 7^th October, 2024, and successfully came out with its Initial Public Offer (IPO). Pursuant to the IPO, the Company issued
and allotted 7,32,000 equity shares of face value ' 10/- each at a price of ' 458/- per share (including share premium of '
448/- per share).

Consequent to the aforesaid allotments, the paid-up equity share capital of the Company as on 31^st March, 2025 is as follows:

C. BUY BACK OF SECURITIES

The Company has not bought back any of its securities during the year under review.

D. SWEAT EQUITY

The Company has not issued any Sweat Equity Shares during the year under review.

E. BONUS SHARES

During the year under review, the Company allotted Bonus Shares in the ratio of 2:1 (i.e., two fully paid-up equity shares for every one
equity share held) to the existing shareholders of the Company.

F. EMPLOYEES STOCK OPTION PLAN

The Company has not provided any Stock Option Scheme to the employees.

G. SHARES WITH DIFFERENTIAL RIGHTS

The Company has not issued any shares with differential rights during the year under review.

4. DIVIDEND:

In order to conserve the resources of the Company and
strengthen its financial position, your directors have not
recommended any dividend on the equity shares for the
financial year 2024-25. However, considering the growth
prospects and accumulated profits, the Board may
recommend the declaration of dividend(s) in the forthcoming
financial year.

5. CHANGE IN THE NATURE OF BUSINESS, IF ANY:

There were no changes in the nature of business of your
company during the year under review.

6. ANNUAL RETURN

Pursuant to amendments in Sections 92, 134(3) of the
Act and Rule 12 of the Companies (Management and
Administration) Rules, 2014, the copy of the annual return
is available on the website of the Company viz; https://www.
hvax.in.

7. BOARD MEETINGS AND ATTENDANCE:

The Directors of your company met at regular intervals with
the gap between two meetings not exceeding 120 days to
review company's policies and strategies apart from the
Board matters. The notices of the meeting were given in
advance. Additional meetings were held on the basis of the
requirements of the company. Proper quorum was present
in each meeting as per the Companies Act requirement.

8. DIRECTOR’S RESPONSIBILITY STATEMENT:

To the best of knowledge and belief and according to the
information and explanations obtained by them, your
directors make the following statement in terms of Section
134(3)(c) of the Companies Act, 2013 that:

a) In the preparation of the annual accounts for the
financial year ended 31^st March, 2025, the applicable
accounting standards have been followed and there
are no material departures for the same;

b) The directors have selected such accounting policies
and applied them consistently and made judgements
and estimates that are reasonable and prudent, so as
to give true and fair view of the state of affairs of the
company as on 31^st March, 2025 and of the profits of
the company for the year ended on that date;

c) Directors have taken proper and sufficient care for
the maintenance of adequate accounting records in

accordance with the provisions of the Companies Act,
2013, for safeguarding the assets of the Company
and for preventing and detecting fraud and other
irregularities;

d) Directors have prepared the annual accounts on a
going concern basis;

e) Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws
and that such system were adequate and operating
effectively;

f) The directors had devised proper systems to ensure
compliance with the provisions of all applicable laws
and that such systems were adequate and operating
effectively.

9. INTERNAL FINANCIAL CONTROL SYSTEMS AND ITS
ADEQUACY:

Your Company has its internal financial control systems
commensurate with the size of its operations, the
management regularly monitors the safeguarding of its
assets, prevention and detection of frauds and errors, and
the accuracy and completeness of the accounting records
including optimal utilization of resources, reliability of its
financial information and compliance and timely preparation
of reliable financial information.

Internal Audit Reports and significant audit observations
are brought to the attention of the Audit Committee
of the Company. The internal controls existing in the
Company are considered to be adequate vis-a-vis the
business requirements. Your Company ensures adequacy,
commensurate with its current size and business, to ensure
operational efficiency, protection and conservation of
resources, accuracy and promptness in financial reporting
and compliance of laws and regulations. It is supported
by the internal audit process and will be enlarged to be
adequate with the growth in business activity.

For more details on internal financial control system and
their adequacy kindly refer Management Discussion and
Analysis Report.

10. TRANSFER TO RESERVE:

The Directors do not propose to transfer any amount to Free
Reserves. The Accounting Standards permit that the amount
that stands at profit/ loss after tax is included in reserves &
surplus schedule i.e Other Equity.

11. DEPOSITS:

Your company has not accepted any deposits from the

public falling within the purview of Section 73 and 74 of the
Companies Act, 2013 read together with the Companies
(Acceptance of Deposit) Rules, 2014; therefore, there was
no principal or interest outstanding as on the date of the
balance sheet.

12. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

During the year under review, the Company has not made
any investments or provided any guarantees. However, the
Company has advanced loans which are well within the limits
approved by the Members of the Company and in compliance
with the provisions of Section 186 of the Companies Act,
2013 ("the Act”) and the rules made thereunder. The details
of loans, guarantees and investments covered under Section
186 of the Act are disclosed in the Notes to the Standalone
Financial Statements forming part of this Annual Report.

13. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE
WITH RELATED PARTIES:

In line with the requirements of the Companies Act, 2013
and Listing Regulations, your Company has formulated a
Policy on Related Party Transactions which is also available
on the Company's website at https://www.hvax.in. The
Policy intends to ensure that proper reporting, approval
and disclosure processes are in place for all transactions
between the Company and Related Parties.

All transactions entered into with related parties during
the financial year were on an ordinary course of business
and at arm's length basis, which were approved by the
Audit Committee. There were no material related party
transactions, i.e. transactions exceeding 10% of the annual
consolidated turnover as per the last audited financial
statement, were entered during the year by your Company.
Accordingly, the disclosure of Related Party Transactions
as required under Section 134(3)(h) of the Companies Act,
2013, in Form AOC-2 is not applicable.

14. HOLDING, SUBSIDIARY, ASSOCIATE AND JOINT VENTURE
COMPANY / IES:

The Company has no Holding, Subsidiary, Associate or Joint
Venture Companies as on 31^st March, 2025

15. MATERIAL CHANGES AND COMMITMENT, IF ANY BETWEEN
THE DATE OF THE BOARD REPORT AND END OF FINANCIAL
YEAR, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY:

There were no Material changes and commitments affecting
the financial position of the Company occurred between the
end of the financial year to which these Financial Statements
relate and on the date of this report.

16. COMPLIANCE OF SECRETARIAL STANDARD:

During the year under review, the Company has complied
with applicable Secretarial Standards.

17. CORPORATE SOCIAL RESPONSIBILITY:

As per Companies Act, 2013, all the Companies having
net worth of ' 500 crore or more, or a turnover of ' 1000
Crores or more or net profit of ' 5 Crores or more during any
financial year are required to constitute a CSR Committee
comprising three or more Directors, at least one of whom
should be independent Director. All such Companies are
required to spend 2% of the average profits of last three
preceding financial years on CSR activities.

The Company adopted its CSR initiatives during the financial
year ended 31^st March, 2025, the Company incurred CSR
expenditure of ' 15,52,893/- (Rupees Fifteen Lakh Fifty-Two
Thousand Eight Hundred Ninety-Three).

The Company's CSR initiatives were in accordance with
Section 135 of the Companies Act, 2013 read with
Companies (Corporate Social Responsibility Policy) Rules,
2014 and details of the same is set out in amended Annual
Report on CSR Activities and is annexed herewith as
ANNEXURE - I.

18. AUDITORS & AUDIT REPORT:

> STATUTORY AUDITORS:

Pursuant to the provisions of Section 139 of the Companies
Act, 2013 and the Companies (Audit and Auditors) Rules,
2014, M/s. Keyur Shah & Associates, Chartered Accountants,
Ahmedabad (ICAI Firm Registration No. 333288W) has been
appointed as statutory auditors of the Company till the
conclusion of 19^th (Nineteenth) AGM to be held in FY 2028¬
29, in the previous Annual General Meeting held on 30^th
September, 2024.

The Auditors' Report for FY 2024-25 does not contain any
qualification, reservation, or adverse remark. The report is
enclosed with the financial statements in this Integrated
Annual Report.

> SECRETARIAL AUDITOR:

Your Company had appointed M/s. Parth Nair & Associates,
Ahmedabad as Secretarial Auditor for the Financial Year
ended 31^st March, 2025 in accordance to the provisions of
Section 204 of Companies Act, 2013 read with rules framed
thereunder. The Secretarial Audit Report in the Form MR-3
issued by the Secretarial Auditor forms part of this Report as
ANNEXURE - II.

possess requisite expertise and experience required to fulfil
their duties as Independent Directors. The Independent
Directors have confirmed that they have registered
themselves with Independent Directors database of The
Indian Institute of Corporate Affairs (IICA) and have cleared
online proficiency test as applicable.

22. COMPANY’S POLICY ON DIRECTORS’ APPOINTMENT AND
REMUNERATION INCLUDING CRITERIA FOR DETERMINING
QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE
OF A DIRECTOR AND OTHER MATTERS PROVIDED UNDER
SUB-SECTION (3) OF SECTION 178:

Your Company has framed a Nomination and Remuneration
Policy to formulate the criteria for determining qualifications,
competencies, positive attributes and independence for
appointment of a director (executive/ non-executive/
independent), Senior Management and other employees.

The Nomination and Remuneration Committee (NRC)
identifies and recommends eminent professionals
with relevant expertise and independent standing for
appointment as Independent Directors, in line with the
Company's Policy on Selection of Directors and Determining
Independence. The Policy, revised during the year, sets
guiding principles for assessing qualifications, attributes,
diversity and independence of Directors.

The Remuneration Policy, framed under Section 178 of the
Companies Act, 2013, is performance-driven, aligned with
industry practices and designed to reward achievement and
contribution.

23. FORMAL ANNUAL EVALUATION PROCESS BY BOARD:

Pursuant to the Companies Act, 2013 and SEBI (LODR)
Regulations, 2015, the Board carried out the annual
performance evaluation of the Board, its committees
and individual Directors. The evaluation was conducted
through a structured questionnaire covering aspects
such as Board composition, culture, effectiveness,
governance and discharge of duties.

The performance of individual Directors, including
the Chairman, was assessed on parameters like level
of engagement, independence of judgement and
safeguarding of stakeholders' interests. The evaluation
of Independent Directors was done by the entire
Board, while the Independent Directors reviewed
the performance of the Chairman, Non-Independent
Directors and the Secretarial Department. The Directors
expressed satisfaction with the overall evaluation
process.

24. CORPORATE GOVERNANCE:

Since the Company's securities are listed on the NSE Emerge
SME Platform, in terms of Regulation 15 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations,
2015, the provisions relating to Corporate Governance
under Regulations 17 to 27, clauses (b) to (i) of Regulation
46(2) and paras C, D and E of Schedule V are not applicable.
Accordingly, the Corporate Governance Report does not
form part of this Annual Report.

25. COMMITTEES:

The Board has constituted 3 main Committees, viz. Audit
Committee, Nomination and Remuneration Committee
and Stakeholders Relationship Committee. The Board is
authorized to constitute other functional Committees,
from time to time, depending on business needs. The
recommendations of the Committees are submitted to the
Board for approval. During the year, all the recommendations
of the Committees were accepted by the Board. The
Composition of various Committees of your Company as on
31^th March, 2025 was as below:

> Audit Committee:

In compliance with the requirement of Section 177, as
applicable to the Company, the Board of Directors has
constituted Audit Committee. The members of the Audit
Committee possess financial/accounting expertise/
exposure. The Audit Committee assists the Board in its
responsibility for overseeing the quality and integrity of
the accounting, auditing and reporting practices of the
Company and its compliance with the legal and regulatory
requirements. Apart from the matters provided under
Section 177(4) of the Companies Act, 2013, the Audit
Committee also review the significant legal cases pending
and all material developments are reported to the Board.

The Company has constituted an Audit Committee of the
Company on 01^st April 2024. The Audit Committee comprises
of the following Directors of the Company;

> Nomination and Remuneration Committee:

The Company constituted a Nomination & Remuneration
Committee (NRC) of the Company on 01^st April 2024 in line
with the provision of Section 178 of the Act.

The Nomination & Remuneration Committee comprises of
the Independent/Non-Executive Directors of the Company
as mentioned below.

A Copy of the NRC Committee Policy will be available at the
Company's website https ://www.hvax.in

> Stakeholders Relationship Committee:

The Company has constituted a Stakeholders Relationship
Committee of the Company on 01^st April 2024 in line with the
provision of Section 178 of the Act.

The Stakeholders Relationship Committee comprises of the
Independent/Non-Executive Directors of the Company as
mentioned below.

A Copy of the Stakeholders Relationship Committee Policy
will be available at the Company's website https://www.
hvax.in

26. POLICIES:

> RISK MANAGEMENT POLICY:

The Company has in place a mechanism to identify, assess,
monitor and mitigate various risks towards the key business
objectives. Major risks identified by the businesses and
functions are systematically addressed through mitigating
actions on a continuing basis. These are discussed at the
meetings of the Board of Directors of the Company. Although,
Board is of the opinion that there are no major risks affecting
the existence of the Company.

> ESTABLISHMENT OF VIGIL MECHANISM / WHISTLE BLOWER
POLICY FOR DIRECTORS AND EMPLOYEES:

Your Company promotes ethical behaviors in all its business
activities and has put in place a mechanism wherein the
employees are free to report illegal or unethical behavior,
actual or suspected fraud or violation of the Company's
Codes of Conduct or Corporate Governance Policies or any
improper activity to the Chairman of the Audit Committee of
the Company or Chairman of the Board. The Whistle Blower
Policy has been duly communicated within your Company.

Under the Whistle Blower Policy, the confidentiality of those
reporting violation(s) is protected, and they are not subject
to any discriminatory practices. No personnel have been
denied access to the Audit Committee in this regard. The
Vigil Mechanism and Whistle Blower Policy may be accessed
on the Company's website https://www.hvax.in.

> SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

Your Company has in place a Prevention of sexual
harassment policy in line with the requirements of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition
& Redressal) Act, 2013. Internal Complaints Committee
has been set up to redress complaints received regarding
sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy.

Your Company did not receive any sexual harassment
complaints during the year ended on 31^st March, 2025

The Company is committed to provide safe and conducive
work environment to all its employees and associates The
policy adopted by the Company for Prevention of Sexual
Harassment is available on its website at https://www.hvax.in.

27. PARTICULARS OF EMPLOYEES:

The remuneration paid to the Directors is in accordance
with the Nomination and Remuneration Policy of the
Company formulated pursuant to Section 178 of the
Companies Act, 2013.

The disclosures required under Section 197 of the Companies
Act, 2013 read with the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014,
including any statutory modifications or re-enactments
thereof, have been duly complied with and form part of this
Report in accordance with the applicable provisions.

28. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

A detailed analysis of the Company's performance is made
in the Management Discussion and Analysis Report, which
forms part of this Annual Report. (ANNEXURE - IV)

29. INSURANCE

The properties and insurable assets of the Company such as
buildings, plants, machinery and stocks among others are
adequately insured.

30. CEO AND CFO CERTIFICATION:

Since your Company's securities are listed on NSE SME
Platform, by virtue of Regulation 15 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations,
2015, the Compliance with CEO and CFO Certification as
provided under Sub- regulation 8 of Regulation 17 is not
applicable. Hence, the same does not form part of this
report.

31. DEMATERIALISATION OF EQUITY SHARES:

The entire Shareholding of the Company is in DEMAT mode.
The ISIN No. allotted is INE0TO501019. The Company's
Equity Shares are compulsorily tradable in electronic form.

32. LISTING AND DEPOSITORY FEES:

Your Company has paid Annual Listing Fee for the financial
year 2025-26 to NSE Ltd. according to the prescribed norms
& regulations. Company has also paid Annual Custody Fee
to National Securities Depository Limited and Issuer Fee to
Central Depository Services (India) Limited for the financial
year 2025-26.

33. DISCLOSURE OF ACCOUNTING TREATMENT:

In the preparation of the financial statements, the Company
has followed the Accounting Standards referred to in Section
133 of the Companies Act, 2013. The significant accounting
policies which are consistently applied are set out in the
Notes to the Financial Statements.

34. ENVIRONMENT, HEALTH AND SAFETY:

The Company considers it is essential to protect the Earth
and limited natural resources as well as the health and well¬
being of every person. The Company strives to achieve safety,
health and environmental excellence in all aspects of its
business activities. Acting responsibly with a focus on safety,

health and the environment is a part of the Company's DNA.

35. HUMAN RESOURCES AND INDUSTRIAL RELATIONS:

Your Company lays emphasis on competence and
commitment of its human capital, recognizing its pivotal
role for organizational growth. During the year, the Company
maintained a record of peaceful employee relations. Your
directors wish to place on record their appreciation for the
commitment shown by the employees throughout the year.

36. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE
GOING CONCERN STATUS AND COMPANY’S OPERATIONS IN
FUTURE:

During the year under review there has been no such
significant and material orders passed by the regulators or
courts or tribunals impacting the going concern status and
company's operations in future.

37. DETAILS OF APPLICATION MADE OR ANY PROCEEDING
PENDING UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016 (31 OF 2016) DURING THE YEAR ALONG WITH
THEIR STATUS AS AT THE END -OF THE FINANCIAL YEAR:

During the year under review, neither there is any application
made, nor any proceedings are pending under the Insolvency
and Bankruptcy Code, 2016 (31 of 2016).

38. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE
VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT
AND THE VALUATION DONE WHILE TAKING LOAN FROM
THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE
REASONSTHEREOF:

During the year under review, no such exercise has
happened.

39. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND
PROTECTION FUND

The Company was not required to transfer any amounts to
Investor Education and Protection Fund (IEPF).

40. CREDIT RATING:

During the year under review the Company has not obtained
any credit rating.

41. GENERAL DISCLOSURES:

Your directors state that no disclosure or reporting is
required in respect of the following items as there were no
transactions on these items during the financial year under
review:

• There were no material changes in commitments affecting the financial position of your Company between the end of financial
year (March 31, 2025) and the date of the report.

• During the period under review, none of the Auditors of the Company have reported any fraud as specified under the second
proviso of Section 143 (12) of the Companies Act, 2013 (including any statutory modification(s) or re-enactment(s) thereof for
the time being in force);

• The Company is not required to maintain cost records and cost audit not applicable as your company does not fall under the
purview of Section 148 of Companies Act, 2013.

APPRECIATIONS & ACKNOWLEDGMENT:

Your directors wish to place on record their gratitude to Shareholders for the confidence reposed by them and thank all the
Clients, Dealers and other business associates for their contribution to your Company's growth. The Directors also wish to
place on record their appreciation of the valuable services rendered by the executive, staff and workers of the Company.

Your Board expresses its gratitude for the assistance and co-operation extended by SEBI, NSE, NSDL, CDSL, MCA, ROC, Central
Government and Government of various States and other Regulatory Authorities including Local Governing Bodies.

Your Board appreciates the precious support provided by the Auditors, Lawyers and Consultants. We place on record our
appreciation for the contribution made by our employees at all levels. Our consistent growth was made possible by their
hard work, solidarity, cooperation and support.

The Management is deeply grateful for the confidence and faith that all the stakeholders have reposed in them. Your directors look
forward for their continued support in the future for the consistent growth of the Company.

By Orders of the Board of Directors
For, Hvax Technologies Limited

Sd/-

Prayagdatt Vijaykumar Mishra

Managing Director
DIN: 03306298

Date: 2^nd September, 2025
Place: Ahmedabad
Registered Office:

CIN: L74999MH2010PLC210329

601, Lodha Supremus, I-Think Techno Campus,

Kanjurmarg (East), Mumbai City, Mumbai,

Maharashtra, India, 400042