Overview

Detailed Summary

Hikal Limited is an Indian fine chemicals and CDMO company supplying APIs, advanced intermediates, crop protection actives, animal health APIs and specialty chemicals globally, operating five manufacturing sites and an R&T centre with a focus on contract development and manufacturing services for global innovators and customers across Americas, Europe, Japan, LATAM and RoW.
Q3 FY26 marked a clear operational recovery for Hikal Limited after regulatory remediation: consolidated revenue recovered to INR494 crore and EBITDA expanded to INR83 crore, driven by resumed pharmaceutical supplies, improved capacity utilization and remediation largely completed at the inspected facility, restoring near‑term commercial momentum.
Strategic investments made over the past 12–18 months — including a High‑Potency API (HPAPI) laboratory, a new pilot plant and two multipurpose facilities — are now operational, materially enhancing Hikal Limited’s differentiated CDMO positioning for oncology and other high‑barrier small molecules and improving medium‑term revenue visibility.
The Crop Protection division faces structural pricing pressure from China and global overcapacity, prompting Hikal Limited to accelerate portfolio diversification into Personal Care and Specialty Chemicals (HiZenn, HiFend) with commercialisation expected to meaningfully contribute to revenues in FY27 and beyond.
Balance sheet and cash flows show improving discipline: 9M FY26 operating cash generation remained robust despite a temporary P&L impact from a one‑time labour code exceptional item, with targeted, contract‑led capex and a management commitment to reduce net debt as operating leverage returns.

Sector: Pharmaceuticals & Biotechnology
Industry: Pharmaceuticals
Market Cap: 2,336 Cr
Volatility: Moderate Risk
P/E Ratio: -172.7
Industry P/E: 32.3
PEG Ratio: —
P/B Ratio: 2.0
52W High: 456.60
52W Low: 145.95

Sales CAGR

1Y: 4.21%
3Y: -1.44%
5Y: 4.29%
10Y: 7.93%

Profit CAGR

1Y: 30.46%
3Y: -17.27%
5Y: 1.49%
10Y: 9.16%

ROE

TTM: 0.85%
3Y: 6.66%
5Y: 9.53%
10Y: 10.07%

ROCE

TTM: 4.28%
3Y: 9.71%
5Y: 12.63%
10Y: 13.78%

Technicals

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Peers

Healthcare Healthcare Pharmaceuticals

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
UNICHEMLAB		346.00	2,606 Cr	8.28	1.07	0.00	5.98	6.30	8.29
NOVARTIND		994.40	2,433 Cr	25.24	3.14	2.54	13.75	17.93	10.43
MOREPENLAB		37.98	2,356 Cr	21.10	1.97	0.47	6.31	8.14	5.77
HIKAL		183.10	2,336 Cr	-172.74	1.96	0.42	0.85	4.28	-0.55
PANACEABIO		358.30	2,226 Cr	-298.58	2.69	0.00	-5.71	-5.58	-0.65
SAIPARENT		469.95	2,150 Cr	86.55	4.58	0.00	0.00	0.00	0.00
INDOCO		196.45	1,982 Cr	-15.59	2.02	0.09	-11.28	-2.11	-4.64
Median: 7 Co.	—	346.00	2,336 Cr	8.28	2.02	0.09	0.85	4.28	0.00

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	435	448	514	407	453	448	552	380	319	494
Expenses	377	383	420	349	378	376	429	355	311	412
Operating Profit	58	65	94	58	75	72	123	25	7.20	83
OPM %	13.23	14.47	18.36	14.26	16.54	16.10	22.34	6.60	2.26	16.73
Other Income	0.99	0.06	0.50	0.50	0.40	3.60	0.50	1.00	1.90	-35
Interest	13	14	15	20	19	19	18	17	15	16
Depreciation	29	29	32	32	32	33	38	39	41	41
Profit Before Tax	17	22	47	6.90	25	24	68	-30	-47	-9.20
Tax %	25.44	25.31	28.33	26.09	26.21	27.73	26.50	26.32	25.74	35.87
Net Profit	13	16	34	5.10	18	17	50	-22	-35	-5.90
EPS in Rs	1.02	1.31	2.76	0.41	1.48	1.39	4.07	-1.82	-2.83	-0.48

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,034	1,300	1,590	1,507	1,720	1,943	2,023	1,785	1,860	1,833
Expenses	815	1,054	1,291	1,234	1,398	1,602	1,766	1,518	1,531	1,538
Operating Profit	218	246	298	273	323	341	257	267	328	295
OPM %	21.13	18.90	18.75	18.12	18.77	17.53	12.71	14.96	17.66	16.12
Other Income	-0.77	4.46	2.26	-12	4.98	4.89	5.41	2.45	5.00	5.50
Interest	48	49	58	52	36	31	48	56	75	73
Depreciation	69	86	93	82	85	96	109	118	134	142
Profit Before Tax	80	111	149	127	206	219	105	96	124	87
Tax %	15.63	30.73	30.86	33.29	35.50	26.56	25.61	27.12	26.66	26.82
Net Profit	68	77	103	84	133	160	78	70	91	63
EPS in Rs	—	—	8.35	6.85	10.81	13.02	6.35	5.65	7.35	-1.06
Dividend Payout %	14.56	12.77	14.35	17.52	18.52	12.29	18.87	21.28	10.87	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	16	16	25	25	25	25	25	25	25
Reserves	547	589	653	732	792	909	1,043	1,109	1,163	1,238
Borrowings	469	550	574	600	562	610	675	748	818	765
Other Liabilities	243	224	299	330	389	370	470	504	482	502
Total Liabilities	1,275	1,379	1,542	1,685	1,768	1,913	2,213	2,385	2,487	2,529
Fixed Assets	623	668	634	713	735	713	879	948	1,071	1,365
CWIP	66	63	118	79	161	254	295	412	414	121
Investments	3.12	3.62	2.60	1.02	0.68	0.61	11	5.30	5.35	9.50
Other Assets	583	645	788	893	871	946	1,028	1,020	997	1,034
Total Assets	1,275	1,379	1,542	1,685	1,768	1,913	2,213	2,385	2,487	2,529

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	186	163	139	186	285	229	294	315	187	280
Cash from Investing Activity	-64	-102	-110	-125	-164	-156	-284	-292	-174	-137
Cash from Financing Activity	-124	-63	-25	-55	-101	-97	-5.56	-7.68	-27	-144
Net Cash Flow	-1.93	-1.96	3.90	5.59	20	-24	3.80	15	-14	0.30

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%
FIIs	4.56%	4.81%	6.13%	6.55%	6.67%	6.78%	6.06%	5.69%	5.36%	4.23%	2.30%	1.43%
DIIs	2.78%	3.12%	3.15%	3.53%	3.17%	3.58%	3.48%	3.80%	4.03%	5.16%	7.05%	7.20%
Public	23.80%	23.22%	21.86%	21.07%	21.32%	20.79%	21.61%	21.66%	21.77%	21.76%	21.79%	22.52%
Total Shareholders	75,110	76,126	74,657	71,840	70,978	71,912	71,801	68,907	71,391	73,404	74,117	74,270

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Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan