| Margins | EBITDA margin at 9.2%; expected sequential improvement. |
|---|---|
| Demand visibility | Subdued CDMO demand; improving domestic demand in Crop segment. |
| Management confidence | Confident in stepwise recovery of revenue and profitability. |
Growth
Pharma grew 15.2% YoY to ₹233 Cr; Crop Protection revenue declined 4.5% YoY to ₹170 Cr.
Outlook
Expect stepwise recovery in revenues and profitability. Commissioned Panoli facility; US FDA reinspection expected in FY27.
Risks
Regulatory remediation slows Pharma; geopolitical costs and inventory adjustments impact Crop Protection margins.
Last quarter's promises, checked
Delivered
- Guided sequential recovery from H1 soft phase → Q4 EBITDA margin 20.3% vs 12.9% FY avg (= BEAT)
- Guided debt reduction → Debt-to-equity ratio reduced from 0.59 to 0.56 (= BEAT)
- Guided Panoli pilot plant operationalization → Plant operational and supporting complex chemistries (= BEAT)
Partly delivered
- Guided 5-6 DMF filings annually → Increased depth but Bangalore site slowdown impacted timelines (= PARTIAL)
- Guided US FDA remediation completion → CAPAs nearing completion but reinspection pending (= PARTIAL)
Missed
- Guided 10% Pharma growth for FY26 → FY26 Pharma revenue ₹1,021 Cr vs ₹1,080 Cr FY25 (= MISS)
- Guided flat Crop revenue for FY26 → FY26 Crop revenue ₹692 Cr vs ₹732 Cr FY25 (= MISS)
Investor Presentation filed with BSE, NSE: HIKAL. Summary written with AI assistance from the document.
Hikal Ltd: key numbers
- Share price
- ₹224.24
- Market cap
- ₹2,765 Cr
- Revenue (annual)
- ₹1,713 Cr
- Net profit (annual)
- ₹-48.80 Cr
- P/E (TTM)
- -81.8×Sector 47.4×
- Promoter holding
- 68.85%+0.00% QoQ
- FII holding
- 0.98%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Hikal Ltd
All →Hikal Annual General Meeting
Hikal Ltd held its 38th AGM on September 23, 2026, approving financial statements, director appointments, remuneration revisions, and declaring a total dividend of ₹0.60 per share.
Hikal Production Started
Hikal has begun commercial production at its new cGMP Panoli facility, entering Personal Care manufacturing. First batches of UV filters and skincare ingredients are now being supplied to global customers.
Hikal Other Announcement
Hikal Ltd has filed its Business Responsibility and Sustainability Report for FY 2025-26, fulfilling regulatory compliance requirements under SEBI (LODR) Regulations, 2015.
Hikal Annual Report
Hikal Limited has submitted its Annual Report for FY 2025-26 and the Notice of its 38th Annual General Meeting to the stock exchanges.
Hikal Annual General Meeting
Hikal Ltd has scheduled its 38th Annual General Meeting for September 23, 2026. The company fixed September 04, 2026, as the record date for final dividend eligibility.
Hikal Management Change
Hikal Limited has appointed Mr. Sameer Hiremath as Chairman and Managing Director for five years. The appointment is effective from October 1, 2026, subject to shareholder approval.
- Execution
- 5 years