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Hikal Ltd

Q3 FY26Pharmaceuticals & Biotechnology

Hikal Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 earnings call: what management said on revenue, margins and capex.

Price₹216
Market cap₹2.7K Cr
P/E63.4
Updated23 Aug 2026
Read5 min read

The short version

Pharma volumes expected to return to double-digit growth next year after minor delays in FY '26 due to FDA impact. FY '27 is expected to mark the start of significant growth after a delayed recovery due to prior regulatory impacts; pharma segment growth will pick up strongly from early FY '27 onwards.

From Hikal Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Pharma volumes expected to return to double-digit growth next year after minor delays in FY '26 due to FDA impact.
  • Q3 FY '26 pharma volumes grew about 4%; strong recovery anticipated in H2 FY '26 and FY '27 onward.
  • Crop Protection business expected to remain flattish in FY '26; pricing pressures persist but stabilization expected.
  • New pharma products launching in FY '27 (second half) and Animal Health ramp-up by FY '28, driving growth.
  • Animal Health targeted to be INR 500 crores+ business in 4-5 years; volumes ramping up commercially over next 2 quarters.
  • Specialty Chemicals (Personal Care) segment to commercialize 3-4 products in FY '27, adding a new growth lever.

2 more points from Hikal Ltd's call on revenue

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Profitability & Margins

See what Hikal Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • FY '26 capex targeted at ~INR150 crores, down from initial guidance of INR200 crores, focused on debottlenecking, regulatory upgrades, and expanding CDMO capacities.
  • INR100 crores spent in first 9 months of FY '26; additional INR40-50 crores expected in Q4 FY '26.
  • Investment in a high-potency laboratory (Phase I) of about INR10-11 crores completed; commercial scale plant planned in FY '28.
  • Phased repurposing of crop protection plant over next 6-18 months based on customer contracts, involving limited capex mostly for reactors and pipelines.
  • Expansion of pilot scale capacity at Pune R&D centre underway for growing CDMO pipeline.
  • Future capex post FY '26 expected to be modest with focus on adding specific lines or plants as per customer demand; major new capex unlikely.

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

Guidance-ranked
1KRM Ayurveda
Rev 1Mar 1
2Accretion Pha.
Rev 1Mar 2
3
Rev 1Mar 3
4
Rev 1Mar 3
5
Rev 1Mar 3
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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 order pipeline in the pharmaceutical segment is robust and growing, with a significant number of Request for Proposals (RFPs), particularly from global innovators and emerging biotech firms.
  • Several key programs are advancing from lab to development and scale-up phases, improving medium-term revenue visibility.
  • The Crop Protection division is seeing a quick uptick in order inflow and inquiries due to recovery in end-customer volumes, despite competitive pricing.
  • Expansion into new geographical markets (Europe, Latin America, Middle East) is strengthening global presence and supporting order book growth.
  • New product commercializations in Personal Care and Animal Health segments are expected to add to order volume over the next 9 to 12 months.

2 more points from Hikal Ltd's call on order book

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Hikal Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

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.

Full financials →

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What Hikal's management said in earlier quarters

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  • Guj. Themis Bio. (Q3 FY26)

    43.37 crore, up 9.74% YoY from Rs. Key investor presentation takeaways from Gujarat Themis Biosyn Ltd's Q3 FY26 investor presentation — and how it ranks against

  • Balaxi Pharma (Q3 FY26)

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Frequently Asked Questions

What were Hikal Ltd Q3 FY26 results?

Pharma volumes expected to return to double-digit growth next year after minor delays in FY '26 due to FDA impact. FY '27 is expected to mark the start of significant growth after a delayed recovery due to prior regulatory impacts; pharma segment growth will pick up strongly from early FY '27 onwards.

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?

FY '26 capex targeted at ~INR150 crores, down from initial guidance of INR200 crores, focused on debottlenecking, regulatory upgrades, and expanding CDMO capacities.

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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.