HIKAL
Hikal share price & financials
- Price
- ₹204.77
- Market cap
- ₹2.5k Cr
- Sector
- Healthcare
- Calls analysed
- 8
Hikal Limited Q1 FY27
What went well
- Achieved EcoVadis Gold Medal Rating, placing in top 5% globally for sustainable performance.
- Revenue of ₹403 crores with improving customer ordering patterns and product mix.
- Pharmaceutical business delivered year-on-year growth despite planned shutdown for FDA remediation.
What to watch
- PAT was negative at ₹(-7) crores for Q1 FY27.
- EBITDA margin of 9.2% impacted by FDA remediation costs and raw material price increases.
What Hikal Limited does
Hikal Limited is an Indian specialty chemicals manufacturer that makes active pharmaceutical ingredients (APIs), advanced intermediates and crop-protection actives, largely under long-term contract development and manufacturing (CDMO) arrangements with global pharmaceutical and agrochemical innovators. It runs cGMP, US FDA-approved plants at Jigani (Bengaluru, Karnataka) and Panoli (Gujarat) for pharmaceuticals, and separate facilities at Mahad, Taloja (Maharashtra) and Panoli for crop-protection chemicals, backed by a Research & Technology centre in Pune. Beyond its two core segments it is building out newer Animal Health, Specialty Chemicals and Personal Care ingredient lines for the same innovator-customer base.
Segments
- Pharmaceuticals
- Crop Protection
- Employees
- 3,000+
- Pharmaceuticals manufacturing facilities
- 5 (Jigani Unit 1 & 2, Bengaluru, Karnataka; Panoli, Gujarat)
- Crop Protection manufacturing facilities
- 3 (Mahad and Taloja, Maharashtra; Panoli, Gujarat)
- Active DMFs (Drug Master Files) filed
- 74
- Commercialised APIs
- 31
- Commercialised Crop Protection products
- 31
Guidance record · Q1 FY27
what the last two calls moved 26 tracked 4 delivered 5 missed 17 open- Crop Protection Revenue Growth delivered said Q4 FY25 Promised: Muted/Flattish in FY26 Q1 FY27: Promise pertains to FY26, which is complete. Verdict stands.
- Pharma Business Revenue Growth missed said Q4 FY25 Promised: 12-15% growth in FY26 Q1 FY27: Promise pertains to FY26, which is complete. Verdict stands.
- Completion of CAPA for US FDA OAI delayed said Q1 FY26 Promised: Remaining balance to be closed out before end of this quarter (Sept 2025) Q1 FY27: Timeline pushed further. Management now expects re-inspection 'towards the end of this financial year' (FY27), a delay from the previous 'end of 2026' guidance.
All 26 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 5.9%, net profit up 67.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 453 | 448 | 552 | 380 | 319 −30% | 494 +10% | 519 −6% | 403 +6% |
| EBITDA | 75 | 72 | 123 | 25 | 7 −90% | 83 +15% | 105 −15% | 37 +47% |
| Net profit | 18 | 17 | 50 | -22 | -35 −291% | -6 −134% | 14 −71% | -7 +67% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −13.4% 1Y
1Y: ₹259.85 on 10 Sept 2025 → ₹224.95. High ₹269.8 (17 Sept 2025), low ₹147.08 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −4.8%
- 6 Aug
- Q4 FY26
- +1.5%
- 27 May
- Q3 FY26
- +0.8%
- 11 Feb
- Q2 FY26
- +0.8%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 5.4% a year over 3 years, FY23 to FY26. Operating margin held at 12.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.0k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹1.7k Cr |
| Operating profit | ₹256 Cr | ₹267 Cr | ₹328 Cr | ₹220 Cr |
| Operating margin | 12.6% | 15.0% | 17.7% | 12.9% |
| Interest | ₹48 Cr | ₹56 Cr | ₹75 Cr | ₹62 Cr |
| Depreciation | ₹108 Cr | ₹118 Cr | ₹134 Cr | ₹164 Cr |
| Net profit | ₹78 Cr | ₹69 Cr | ₹91 Cr | ₹-49 Cr |
| Net margin | 3.9% | 3.9% | 4.9% | -2.8% |
| Cash from operations | ₹315 Cr | ₹187 Cr | ₹280 Cr | ₹302 Cr |
| Free cash flow | ₹13 Cr | ₹-17 Cr | ₹144 Cr | ₹154 Cr |
| ROCE | 8.0% | 8.0% | 10.0% | 4.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr |
| Reserves | ₹909 Cr | ₹1.0k Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr |
| Borrowings | ₹610 Cr | ₹675 Cr | ₹748 Cr | ₹818 Cr | ₹683 Cr | ₹684 Cr |
| Other liabilities | ₹370 Cr | ₹470 Cr | ₹504 Cr | ₹482 Cr | ₹472 Cr | ₹483 Cr |
| Total liabilities | ₹1.9k Cr | ₹2.2k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹2.3k Cr | ₹2.4k Cr |
| Fixed assets | ₹713 Cr | ₹879 Cr | ₹948 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Capital work in progress | ₹254 Cr | ₹295 Cr | ₹412 Cr | ₹414 Cr | ₹134 Cr | ₹94 Cr |
| Investments | ₹1 Cr | ₹11 Cr | ₹5 Cr | ₹5 Cr | ₹10 Cr | ₹10 Cr |
| Other assets | ₹946 Cr | ₹1.0k Cr | ₹1.0k Cr | ₹997 Cr | ₹865 Cr | ₹928 Cr |
| Total assets | ₹1.9k Cr | ₹2.2k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹2.3k Cr | ₹2.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −4.37 pp while DIIs added +3.20 pp. The shareholder count grew 3% to 73,527.
- Promoters
- 68.8%
- FIIs
- 1.0%
- DIIs
- 7.2%
- Public
- 22.9%
Since Jun 2025
- FIIs −4.37 pp
- DIIs +3.20 pp
- Public +1.16 pp
How it drifted, 12 quarters
Over this window DIIs went from 3.1% to 7.2% — +4.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 68.8%, FIIs 4.8%, DIIs 3.1%, Public 23.2%.Dec '23: Promoters 68.8%, FIIs 6.1%, DIIs 3.1%, Public 21.9%.Mar '24: Promoters 68.8%, FIIs 6.5%, DIIs 3.5%, Public 21.1%.Jun '24: Promoters 68.8%, FIIs 6.7%, DIIs 3.2%, Public 21.3%.Sep '24: Promoters 68.8%, FIIs 6.8%, DIIs 3.6%, Public 20.8%.Dec '24: Promoters 68.8%, FIIs 6.1%, DIIs 3.5%, Public 21.6%.Mar '25: Promoters 68.8%, FIIs 5.7%, DIIs 3.8%, Public 21.6%.Jun '25: Promoters 68.8%, FIIs 5.3%, DIIs 4.0%, Public 21.8%.Sep '25: Promoters 68.8%, FIIs 4.2%, DIIs 5.2%, Public 21.8%.Dec '25: Promoters 68.8%, FIIs 2.3%, DIIs 7.0%, Public 21.8%.Mar '26: Promoters 68.8%, FIIs 1.4%, DIIs 7.2%, Public 22.5%.Jun '26: Promoters 68.8%, FIIs 1.0%, DIIs 7.2%, Public 22.9%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Hikal Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kalyani Investment Company Limited | 31.36% | unchanged |
| Castilia Life Sciences Llp | 24.52% | unchanged |
| Sugandha J Hiremath | 7.84% | unchanged |
| ICICI Prudential Pharma Healthcare And Diaganostics (P.H.D) Fund Mutual fund | 3.24% | unchanged |
| Tata Mutual Fund- Tata Small Cap Fund Mutual fund | 2.68% | unchanged |
| Bf Investment Limited | 2.65% | unchanged |
| Jai V Hiremath | 1.09% | unchanged |
| Pallavi Anish Swadi | 0.46% | unchanged |
| Sameer Jai Hiremath | 0.32% | unchanged |
| Sameer Trust | 0.15% | unchanged |
| Ashok Vishwanath Hiremath | 0.08% | unchanged |
| Nihal Trust | 0.06% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse Hikal Limited
Guides on how to read this kind of business and the numbers that matter.