Hikal Ltd
Hikal Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
Guidance rank: #45 of 84 in Pharmaceuticals & Biotechnology
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The short version
Expect strong recovery in H2 FY26 with ramp-up in deliveries post-US FDA remediation (Page 4, 13). Hikal expects a strong recovery in H2 FY26, with resumed deliveries and ramp-up in pharmaceutical business following resolution of US FDA warning letter issues.
From Hikal Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Expect strong recovery in H2 FY26 with ramp-up in deliveries post-US FDA remediation (Page 4, 13).
- Aim to hold full-year guidance of double-digit growth in pharma despite 1H challenges (Page 14).
- New molecules and product launches projected annually (2-3 new products) supporting medium-term growth (Page 6).
- Robust development pipelines with 8-9 molecules progressing well; peak food and nutraceutical output expected in 18-24 months (Page 6).
- Increasing CDMO early-stage RFPs and transitioning projects from development to pilot scale (Page 6).
- Crop protection volumes starting to recover; flat sales expected full year (Page 5).
- Animal health segment to ramp up commercial supplies over next 1-2 quarters with strong development pipeline (Pages 5, 21).
2 more points from Hikal Ltd's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Capital expenditure (CAPEX) in H1 FY 2026 stood at Rs. 65 crores, focused on debottlenecking, regulatory upgrades, and expanding CDMO capacity.
- Full-year CAPEX guidance is maintained at Rs. 200 crores, emphasizing disciplined allocation toward high ROI projects aligned with long-term growth strategy.
- Investments include repurposing a large plant from specialty chemicals to fully pharma assets, with Phase 1 completing by end FY 2026 and Phase 2 by end calendar year, enabling capacity for new molecules.
- New pilot-scale capacity is being set up at the Pune R&D center to support growth in food and nutraceutical ingredients.
- Investment in a High Potent Active Pharma Ingredient (HP API) lab to enter rapidly growing segments like Oncology APIs.
2 more points from Hikal Ltd's call on capex
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Top-ranked in Pharmaceuticals & Biotechnology
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- The company has seen several inquiries and RFPs from both mid-size and small-size companies, especially in the pharma CDMO segment.
- Approximately $4 to $5 million in development revenue is expected from these new customers in the current year, with potential for scaling up.
- The RFP conversion rate is typically between 15% to 20%, with plans to improve this to 20%-25% through enhanced BD efforts.
- In the animal health segment, pre-commercial quantities are being supplied with registrations progressing; growth is anticipated as registrations complete.
2 more points from Hikal Ltd's call on order book
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Hikal Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹519 Cr, net profit ₹14 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Hikal's management said in earlier quarters
Others in Pharmaceuticals & Biotechnology this season
- Bajaj Healthcare (Q2 FY26)
For HYE (Half Year Ending) Sept 2025, Total Income reported is ₹299.28 crore. Key investor presentation takeaways from Bajaj Healthcare Ltd's Q2 FY26 investor p
- Infinium Pharma (Q2 FY26)
Revenue from Operations for H1FY26: Rs 84.05 crore, a 1% YoY increase from Rs 82.98 crore in H1FY25 (Page 22). Key investor presentation takeaways from Infinium
- Wanbury (Q2 FY26)
Q2FY26 Revenue from Operations: ₹160.06 Crore . Key investor presentation takeaways from Wanbury Ltd's Q2 FY26 investor presentation — and how it ranks against
- Balaxi Pharma (Q2 FY26)
Revenue for Q2 FY26: ₹56.17 crore . Key investor presentation takeaways from Balaxi Pharma's Q2 FY26 investor presentation — and how it ranks against sector pee
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Hikal Ltd Q2 FY26 results?
Expect strong recovery in H2 FY26 with ramp-up in deliveries post-US FDA remediation (Page 4, 13). Hikal expects a strong recovery in H2 FY26, with resumed deliveries and ramp-up in pharmaceutical business following resolution of US FDA warning letter issues.
What is Hikal Ltd share price analysis?
Hikal Ltd currently shows a neutral. The stock trades at a P/E of 63.4 with a market cap of ₹2,688 Cr. Investors should review the full earnings analysis for detailed insights.
Is Hikal Ltd planning capital expenditure?
Capital expenditure (CAPEX) in H1 FY 2026 stood at Rs.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.