Hikal is a partner to companies in the Pharmaceuticals, Crop Protection, and Specialty Chemicals industry. The company is in the business of supplying research services, active ingredients and intermediates for its customers. Hikal's manufacturing facilities have been inspected and approved by leading multinational companies in the Crop protection and Pharmaceutical sectors. The Crop protection facilities are located at Taloja and Mahad {Maharashtra). The Pharmaceutical manufacturing facilities are situated in Jigani (Bengaluru) and Panoli (Gujarat). Hikal's R & D facilities are located in Pune.[1]
Business Segments1. Pharmaceuticals[1]:Active pharmaceutical ingredients (APIs), intermediates and advanced intermediates.2. CDMO: ** Company has a pipeline of 13-14 products in various development stages, with 2 expected to be launched by FY26. The company focuses on NCEs and advanced intermediates, attracting growing interest from innovator companies.[2][3]3. Crop Protection:Active ingredients, advanced intermediates, intermediates. Custom Synthesis and Contract Manufacturing of Agrochemicals, Intermediates and Specialty Chemicals. (Personal care products, Battery chemicals, and home care)4. Research & Technology:Process development, new product development, contract and custom development. It caters to the following Industries: Pharmaceutical (Generics & Custom Manufacturing), Biotech, Animal Healthcare, Crop Protection, Specialty Chemicals and Biocides, and Food.[4][5]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Sun Pharma.Inds. | 1668.90 | 34.69 | 400460.33 | 0.96 | 3124.95 | 2.56 | 14478.31 | 8.93 | 20.21 | 54964.01 | 30.12 | 11543.96 | 3117.95 | 5.15 | 12.97 | 0.07 |
| 2. | Divi's Lab. | 6236.00 | 66.61 | 165513.66 | 0.48 | 689.00 | 35.10 | 2715.00 | 16.12 | 20.44 | 10029.00 | 32.37 | 2485.00 | 689.00 | 10.74 | 13.53 | 0.01 |
| 3. | Torrent Pharma. | 4018.20 | 62.75 | 135955.09 | 0.80 | 591.00 | 32.49 | 3302.00 | 14.30 | 27.05 | 12248.00 | 32.60 | 2166.53 | 600.17 | 16.10 | 13.26 | 0.33 |
| 4. | Cipla | 1397.50 | 20.75 | 112878.16 | 0.93 | 1353.37 | 3.73 | 7589.44 | 7.64 | 22.72 | 28349.57 | 25.40 | 5441.14 | 1351.17 | 3.43 | 14.72 | 0.01 |
| 5. | Lupin | 2177.90 | 23.01 | 99527.00 | 0.55 | 1484.83 | 73.34 | 7047.51 | 24.23 | 21.30 | 24750.69 | 27.25 | 4324.63 | 1477.92 | 5.07 | 12.41 | 0.32 |
| 6. | Dr Reddy's Labs | 1175.50 | 17.00 | 98114.93 | 0.68 | 1336.80 | 7.28 | 8828.30 | 9.83 | 22.69 | 34310.00 | 24.64 | 5772.20 | 1347.10 | 2.72 | 12.95 | 0.16 |
| 7. | Mankind Pharma | 2175.40 | 51.37 | 89821.63 | 0.05 | 520.18 | -22.00 | 3697.16 | 20.77 | 15.98 | 13545.67 | 24.12 | 1748.55 | 511.51 | 5.87 | 8.89 | 0.55 |
| 8. | Hikal | 209.67 | 254.07 | 2591.49 | 0.67 | -34.70 | -291.71 | 318.50 | -29.68 | 9.85 | 1699.00 | 13.41 | 10.20 | -34.70 | 2.17 | 3.61 | 0.57 |
| – | Median: 149 Co. | 392.6 | 30.0 | 1767.16 | 0.12 | 13.96 | 10.46 | 161.76 | 10.58 | 14.89 | 603.85 | 15.93 | 45.26 | 14.12 | 3.13 | 8.56 | 0.22 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 559 | 540 | 545 | 388 | 435 | 448 | 514 | 407 | 453 | 448 | 552 | 380 | 318 |
Expenses | 489 | 466 | 457 | 338 | 377 | 383 | 420 | 349 | 378 | 376 | 429 | 356 | 311 |
Operating Profit | 70 | 75 | 88 | 50 | 58 | 65 | 94 | 58 | 75 | 72 | 124 | 25 | 7 |
Other Income | 1 | 3 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 4 | 0 | 1 | 2 |
Profit before tax | 33 | 36 | 49 | 10 | 17 | 22 | 47 | 7 | 25 | 24 | 68 | -31 | -47 |
Tax % | 24% | 26% | 26% | 29% | 26% | 25% | 28% | 26% | 26% | 28% | 26% | -26% | -26% |
Net Profit | 25 | 26 | 36 | 7 | 12 | 16 | 34 | 5 | 18 | 17 | 50 | -23 | -35 |
EPS in Rs | 2.01 | 2.14 | 2.93 | 0.56 | 1.01 | 1.31 | 2.74 | 0.42 | 1.47 | 1.40 | 4.08 | -1.84 | -2.81 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 829 | 872 | 926 | 1,014 | 1,296 | 1,590 | 1,507 | 1,720 | 1,943 | 2,023 | 1,785 | 1,860 | 1,699 |
Expenses | 642 | 689 | 745 | 814 | 1,054 | 1,291 | 1,234 | 1,398 | 1,602 | 1,765 | 1,518 | 1,531 | 1,471 |
Operating Profit | 187 | 182 | 181 | 200 | 242 | 298 | 273 | 323 | 341 | 258 | 267 | 328 | 228 |
Other Income | 34 | 2 | 2 | 1 | 4 | 2 | -12 | 5 | 5 | 5 | 2 | 5 | 7 |
Interest | 68 | 60 | 62 | 48 | 49 | 58 | 52 | 36 | 31 | 48 | 56 | 75 | 69 |
Depreciation | 55 | 64 | 67 | 69 | 86 | 93 | 82 | 85 | 96 | 109 | 118 | 134 | 152 |
Profit before tax | 98 | 60 | 53 | 83 | 112 | 149 | 127 | 206 | 219 | 105 | 95 | 124 | 15 |
Net Profit | 64 | 41 | 41 | 71 | 77 | 103 | 84 | 133 | 161 | 78 | 70 | 91 | 10 |
EPS in Rs | 5.19 | 3.29 | 3.35 | 5.73 | 6.26 | 8.36 | 6.85 | 10.80 | 13.02 | 6.36 | 5.64 | 7.37 | 0.83 |
Dividend Payout % | 12% | 20% | 20% | 14% | 13% | 14% | 18% | 19% | 12% | 19% | 21% | 11% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 16 | 16 | 16 | 16 | 16 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
Reserves | 489 | 517 | 548 | 589 | 653 | 732 | 792 | 909 | 1,043 | 1,109 | 1,163 | 1,238 | 1,169 |
Borrowings | 546 | 547 | 505 | 598 | 635 | 661 | 646 | 610 | 675 | 748 | 818 | 765 | 683 |
Other Liabilities | 219 | 212 | 206 | 177 | 237 | 268 | 306 | 370 | 470 | 504 | 482 | 502 | 472 |
Total Liabilities | 1,271 | 1,293 | 1,276 | 1,379 | 1,542 | 1,686 | 1,768 | 1,913 | 2,213 | 2,385 | 2,487 | 2,529 | 2,349 |
Fixed Assets | 644 | 639 | 623 | 668 | 634 | 713 | 735 | 713 | 879 | 948 | 1,071 | 1,364 | 1,340 |
Gross Block | 1,032.04 | 1,096.04 | 1,147.15 | 737.47 | 788.33 | 960.28 | 1,064.92 | 1,127.50 | 1,387.80 | 1,563.59 | 1,802.40 | 2,225.20 | – |
Accumulated Depreciation | 387.90 | 456.69 | 523.97 | 69.14 | 154.73 | 247.32 | 329.70 | 414.94 | 508.33 | 615.27 | 731.80 | 860.70 | – |
CWIP | 61 | 62 | 66 | 63 | 118 | 79 | 161 | 254 | 295 | 412 | 414 | 121 | 134 |
Investments | 3 | 3 | 3 | 4 | 3 | 1 | 1 | 1 | 11 | 5 | 5 | 10 | 10 |
Other Assets | 562 | 589 | 584 | 645 | 788 | 893 | 871 | 946 | 1,028 | 1,020 | 997 | 1,034 | 865 |
Total Assets | 1,271 | 1,293 | 1,276 | 1,379 | 1,542 | 1,686 | 1,768 | 1,913 | 2,213 | 2,385 | 2,487 | 2,529 | 2,349 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 155 | 102 | 186 | 163 | 139 | 186 | 285 | 229 | 294 | 315 | 187 | 280 |
Cash from Investing Activity | -23 | -43 | -64 | -103 | -110 | -125 | -164 | -156 | -284 | -292 | -174 | -136 |
Cash from Financing Activity | -124 | -69 | -124 | -63 | -25 | -55 | -101 | -97 | -6 | -8 | -27 | -144 |
Net Cash Flow | 7 | -10 | -2 | -2 | 4 | 6 | 20 | -24 | 4 | 15 | -14 | 0 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 39 | 54 | 44 | 92 | 81 | 80 | 82 | 103 | 82 | 80 | 113 | 103 |
Inventory Days | 302 | 268 | 229 | 189 | 158 | 156 | 147 | 107 | 121 | 104 | 134 | 146 |
Days Payable | 127 | 117 | 101 | 93 | 86 | 68 | 95 | 92 | 91 | 103 | 123 | 133 |
Cash Conversion Cycle | 214 | 205 | 173 | 188 | 153 | 168 | 135 | 118 | 112 | 81 | 124 | 116 |
Working Capital Days | 0 | -13 | 29 | 43 | 29 | 45 | 28 | 39 | 26 | 39 | 39 | 37 |
ROCE % | 16% | 11% | 11% | 12% | 13% | 15% | 14% | 16% | 15% | 8% | 8% | 10% |
Direct from BSE filings, auto-summarised
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Stock Analysis
Hikal Ltd. is a diversified company operating in the pharmaceuticals, crop protection, and specialty chemicals sectors, providing intermediates and active ingredients.
Management is focused on navigating regulatory challenges, pursuing new product introductions in specialty chemicals, expanding CDMO services, and exploring opportunities in the animal health sector. Strengthening compliance is a key operational focus.
Currently no data available for Order Book.
The US FDA warning letter for the Jigani facility has led to pharmaceutical offtake deferrals and a credit rating downgrade. Suspected employee misconduct has resulted in revenue recognition irregularities. The company reported a net loss and significantly lower EBITDA in Q2 FY26.
Future US FDA inspections, remediation progress, and Q3 FY26 financial results.
Corporate Announcements
