HIKAL

Hikal Limited

Pharmaceutical APIs and CDMO, crop protection and animal health chemicals manufacturer

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

hikal.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹215.64
Market cap
2,660 Cr
Stock P/E
Loss (TTM EPS ₹-2.74)
P/B
2.21
Dividend yield
0.5%
ROE (FY26)
-4.1%
ROCE (FY26)
-0.9%
Operating margin (FY26)
3.3%
Debt / equity (FY26)
0.57
OCF / EBITDA (FY26)
137.0%
OCF / EBITDA (3Y)
94.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Hikal makes pharmaceutical ingredients and animal health products, and crop protection chemicals, for global drug and agrochemical companies, mostly as a contract development and manufacturing partner (CDMO) alongside some products of its own.

Company snapshot

71stBy market cap

Ranked among 119 companies in Pharmaceuticals.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 62.5% of revenue

SegmentRevenue shareRevenuePBTAssets
Crop Protction
37.5%
491 Cr43 Cr—
Pharmaceuticals
62.5%
817 Cr82 Cr—
Unallocable—0 Cr0 Cr—

What we see

Positives
  • ✓94% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales435 Cr448 Cr514 Cr407 Cr453 Cr448 Cr552 Cr380 Cr319 Cr494 Cr519 Cr403 Cr
Operating expenses (approx.)377 Cr383 Cr420 Cr349 Cr378 Cr376 Cr429 Cr355 Cr311 Cr412 Cr414 Cr366 Cr
EBITDA58 Cr65 Cr94 Cr58 Cr75 Cr72 Cr123 Cr25 Cr7 Cr83 Cr105 Cr37 Cr
OPM %13.2%14.5%18.4%14.3%16.5%16.1%22.3%6.6%2.3%16.7%20.3%9.2%
Other income0.99 Cr0.06 Cr0.46 Cr0.50 Cr0.40 Cr4 Cr0.50 Cr1 Cr2 Cr3 Cr7 Cr2 Cr
Interest13 Cr14 Cr15 Cr20 Cr19 Cr19 Cr18 Cr17 Cr15 Cr16 Cr15 Cr15 Cr
Depreciation29 Cr29 Cr32 Cr32 Cr32 Cr33 Cr38 Cr39 Cr41 Cr41 Cr42 Cr43 Cr
Profit before tax17 Cr22 Cr47 Cr7 Cr25 Cr24 Cr68 Cr-30 Cr-47 Cr-9 Cr8 Cr-10 Cr
Tax %25.4%25.3%28.2%26.1%26.2%27.7%26.5%26.3%25.7%35.9%-73.5%25.3%
Net profit13 Cr16 Cr34 Cr5 Cr18 Cr17 Cr50 Cr-22 Cr-35 Cr-6 Cr14 Cr-7 Cr
EPS (₹)₹1.02₹1.31₹2.76₹0.41₹1.48₹1.39₹4.07₹-1.82₹-2.83₹-0.48₹1.17₹-0.60

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,034 Cr1,300 Cr1,590 Cr1,507 Cr1,720 Cr1,943 Cr2,023 Cr1,785 Cr1,860 Cr1,713 CrSign in free for the trailing twelve months
Operating expenses (approx.)836 Cr1,058 Cr1,291 Cr1,234 Cr1,398 Cr1,602 Cr1,766 Cr1,518 Cr1,531 Cr1,492 CrSign in free for the trailing twelve months
EBITDA198 Cr242 Cr298 Cr273 Cr323 Cr341 Cr257 Cr267 Cr328 Cr220 CrSign in free for the trailing twelve months
OPM %19.2%18.6%18.8%18.1%18.8%17.5%12.7%15.0%17.7%12.9%Sign in free for the trailing twelve months
Other income3 Cr4 Cr2 Cr4 Cr5 Cr5 Cr5 Cr2 Cr5 Cr12 CrSign in free for the trailing twelve months
Interest48 Cr49 Cr58 Cr52 Cr36 Cr31 Cr48 Cr56 Cr75 Cr62 CrSign in free for the trailing twelve months
Depreciation69 Cr86 Cr93 Cr82 Cr85 Cr96 Cr109 Cr118 Cr134 Cr164 CrSign in free for the trailing twelve months
Profit before tax80 Cr112 Cr149 Cr127 Cr206 Cr219 Cr105 Cr96 Cr124 Cr-78 CrSign in free for the trailing twelve months
Tax %15.6%30.7%30.9%33.3%35.5%26.6%25.6%27.1%26.7%37.7%Sign in free for the trailing twelve months
Net profit68 Cr77 Cr103 Cr84 Cr133 Cr161 Cr78 Cr70 Cr91 Cr-49 CrSign in free for the trailing twelve months
EPS (₹)₹8.19₹9.40₹8.36₹6.85₹10.80₹13.02₹6.36₹5.64₹7.36₹-3.96Sign in free for the trailing twelve months
Dividend payout %————11.1%16.9%15.7%21.3%16.3%—Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital16 Cr16 Cr25 Cr25 Cr25 Cr25 Cr25 Cr25 Cr25 Cr25 Cr
Reserves589 Cr653 Cr732 Cr792 Cr909 Cr1,043 Cr1,109 Cr1,163 Cr1,238 Cr1,174 Cr
Borrowings550 Cr574 Cr600 Cr561 Cr515 Cr674 Cr748 Cr815 Cr762 Cr681 Cr
Other liabilities224 Cr299 Cr330 Cr390 Cr465 Cr471 Cr504 Cr485 Cr504 Cr485 Cr
Total liabilities1,379 Cr1,542 Cr1,686 Cr1,768 Cr1,913 Cr2,213 Cr2,385 Cr2,487 Cr2,529 Cr2,365 Cr
Fixed assets (net)668 Cr630 Cr710 Cr733 Cr711 Cr815 Cr948 Cr1,060 Cr1,357 Cr1,327 Cr
CWIP62 Cr116 Cr73 Cr152 Cr245 Cr285 Cr402 Cr414 Cr121 Cr95 Cr
Investments4 Cr3 Cr1 Cr0.68 Cr0.61 Cr11 Cr5 Cr5 Cr10 Cr10 Cr
Loans & advances——0.50 Cr0.36 Cr0.23 Cr0.31 Cr0.24 Cr0.53 Cr0.50 Cr0.30 Cr
Inventories264 Cr303 Cr364 Cr312 Cr267 Cr329 Cr317 Cr304 Cr335 Cr358 Cr
Trade receivables256 Cr287 Cr350 Cr340 Cr486 Cr438 Cr442 Cr550 Cr522 Cr442 Cr
Cash & bank2 Cr6 Cr11 Cr32 Cr8 Cr11 Cr27 Cr13 Cr13 Cr10 Cr
Other assets124 Cr197 Cr175 Cr197 Cr196 Cr324 Cr244 Cr140 Cr171 Cr125 Cr
Total assets1,379 Cr1,542 Cr1,686 Cr1,768 Cr1,913 Cr2,213 Cr2,385 Cr2,487 Cr2,529 Cr2,365 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity163 Cr139 Cr186 Cr285 Cr229 Cr294 Cr315 Cr187 Cr280 Cr302 Cr
Cash from investing-102 Cr-110 Cr-125 Cr-164 Cr-156 Cr-284 Cr-292 Cr-174 Cr-136 Cr-145 Cr
Cash from financing-63 Cr-25 Cr-55 Cr-101 Cr-97 Cr-6 Cr-8 Cr-27 Cr-144 Cr-160 Cr
Net cash flow-2 Cr4 Cr6 Cr20 Cr-24 Cr4 Cr15 Cr-14 Cr0.30 Cr-3 Cr
Free cash flow (OCF − Capex)41 Cr33 Cr57 Cr127 Cr229 Cr20 Cr13 Cr-17 Cr143 Cr154 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %11.1%12.9%15.3%13.0%16.7%14.3%8.2%7.6%9.8%-0.9%
ROE %11.2%11.5%13.6%10.3%14.3%15.0%6.9%5.9%7.2%-4.1%
Debtor days90808082103827911310294
Inventory days194154153146107116103138138163
Days payable968467949288102127125121
Cash conversion cycle18815116513411811081124115136
OCF / EBITDA %82.4%57.4%62.3%104.3%70.9%86.2%122.7%69.9%85.4%137.0%
OCF / EBITDA % (3 years)——66.1%74.9%78.2%86.2%91.0%92.0%91.8%94.3%
Debt / equity0.910.860.790.690.550.630.660.690.600.57
Current ratio1.311.231.381.301.341.251.421.281.261.30
Net debt / EBITDA2.76—1.971.941.571.952.813.002.283.05