Hikal Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,518 Cr
- P/E
- 59.40
- ROE
- 2.21%
- PEG
- -2.02
- Price to sales
- 1.45
- Debt to equity
- 0.57
- 52W high / low
- ₹256 / ₹147
- Sales growth (5Y)
- -0.09%
- EBITDA margin
- 13.39%
- Net profit margin
- 1.59%
- Promoter holding
- 68.85%
- Sales (last year)
- ₹1,735 Cr
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]
Guidance scorecard · Q1 FY27 call
What Hikal Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology
Pharmaceuticals & Biotechnology
RevenueQ1 FY27 call
10–20%- FY27 full-year growth expected to be approximately 14% to 16%, driven by strong pharma growth and marginal crop growth.
- Pharma business projected to grow at 18% to 19% CAGR going forward, potentially faster with pending approvals and NCE filings.
- Animal Health business targeted to reach Rs. 400 crores revenue by FY30, with sustained strong customer demand and portfolio expansion.
- Personal Care segment is a new growth driver, expected to cross Rs. 200 crores revenue in the next three years, with EBITDA margins over 20%.
- Crop Protection business anticipates marginal, mid to high single-digit growth due to subdued pricing and demand pressures.
2 more points from Hikal Ltd's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what Hikal Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Rs. 45 crores capex in Q1 FY27: focused on de-bottlenecking, regulatory upgrades, and building new capacities.
- Over last 4 years, approx. Rs. 900 crores invested in capex: Rs. 300 crores for maintenance CAPEX (~Rs. 75 crores/year across 6 sites).
- New cGMP pilot plants commissioned improving R&D capabilities.
- Commissioned dedicated multi-purpose manufacturing line at Panoli for Personal Care segment.
2 more points from Hikal Ltd's call on capex
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FundraisingQ1 FY27 call
None plannedSee what Hikal Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company has several contracts in process, with 2-3 new contracts expected post U.S. FDA clearance.
- Customer confidence remains strong; no contracts or customers have been lost in the last year despite FDA issues.
- Multiple NCE (New Chemical Entity) campaigns and molecule programs are underway, reflecting a healthy order pipeline.
- Animal Health business has long-term contracts with global innovators and repeat campaign orders.
- Pharma CDMO business is building momentum with expanding customer engagement across North America, Europe, Japan, and emerging markets.
- Discussions on strategic partnerships with Japanese companies are progressing well.
- Pipeline includes around 8-9 molecules at various development stages toward commercialization.
2 more points from Hikal Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
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.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹556 Cr | 22.1 | |
| 2 | 40%+ | Up 0–2% | ₹215 Cr | 22.2 | |
| 3 | 40%+ | Flat | ₹16,144 Cr | — | |
| 4 | 40%+ | Flat | ₹6,072 Cr | 48.0 | |
| 5 | 40%+ | Flat | ₹40 Cr | — | |
| 6 | 20–40% | Up 2%+ | ₹50,220 Cr | 43.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingHikal Ltd announcements
All announcements →- Capex / expansionNotableHikal Limited launches new cGMP Panoli facility for Personal Care production
Financials of Hikal Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Hikal Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 545 | 388 | 435 | 448 | 514 | 407 | 453 | 448 | 552 | 380 | 318 | 494 | 519 |
| Expenses + | 457 | 338 | 377 | 383 | 420 | 349 | 378 | 376 | 429 | 355 | 311 | 412 | 414 |
| Operating Profit | 88 | 50 | 58 | 65 | 94 | 58 | 75 | 72 | 123 | 25 | 7 | 83 | 105 |
| OPM % | 16% | 13% | 13% | 14% | 18% | 14% | 17% | 16% | 22% | 7% | 2% | 17% | 20% |
| Other Income + | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 4 | 0 | 1 | 2 | -35 | -40 |
| Interest | 13 | 14 | 13 | 14 | 15 | 20 | 19 | 19 | 18 | 17 | 15 | 16 | 15 |
| Depreciation | 27 | 28 | 29 | 29 | 32 | 32 | 32 | 33 | 38 | 39 | 41 | 41 | 42 |
| Profit before tax | 49 | 10 | 17 | 22 | 47 | 7 | 25 | 24 | 68 | -30 | -47 | -9 | 8 |
| Tax % | 26% | 29% | 25% | 25% | 28% | 26% | 26% | 28% | 26% | -26% | -26% | -36% | -73% |
| Net Profit + | 36 | 7 | 13 | 16 | 34 | 5 | 18 | 17 | 50 | -22 | -35 | -6 | 14 |
| EPS in Rs | 2.92 | 0.56 | 1.02 | 1.31 | 2.75 | 0.41 | 1.48 | 1.39 | 4.07 | -1.82 | -2.83 | -0.48 | 1.17 |
Financials of Hikal Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 872 | 926 | 1,014 | 1,296 | 1,590 | 1,507 | 1,720 | 1,943 | 2,023 | 1,785 | 1,860 | 1,713 |
| Expenses + | 689 | 745 | 813 | 1,054 | 1,291 | 1,234 | 1,398 | 1,602 | 1,765 | 1,518 | 1,531 | 1,492 |
| Operating Profit | 182 | 181 | 201 | 242 | 298 | 273 | 323 | 341 | 258 | 267 | 328 | 220 |
| OPM % | 21% | 20% | 20% | 19% | 19% | 18% | 19% | 18% | 13% | 15% | 18% | 13% |
| Other Income + | 2 | 2 | -3 | 4 | 2 | -12 | 5 | 5 | 5 | 2 | 5 | -73 |
| Interest | 60 | 62 | 48 | 49 | 58 | 52 | 36 | 31 | 48 | 56 | 75 | 62 |
| Depreciation | 64 | 67 | 69 | 86 | 93 | 82 | 85 | 96 | 109 | 118 | 134 | 164 |
| Profit before tax | 60 | 53 | 80 | 112 | 149 | 127 | 206 | 219 | 105 | 96 | 124 | -78 |
| Tax % | 32% | 23% | 16% | 31% | 31% | 33% | 36% | 27% | 26% | 27% | 27% | -38% |
| Net Profit + | 40 | 41 | 68 | 77 | 103 | 84 | 133 | 160 | 78 | 70 | 91 | -49 |
| EPS in Rs | 3.28 | 3.34 | 5.49 | 6.26 | 8.36 | 6.85 | 10.80 | 13.02 | 6.36 | 5.64 | 7.36 | -3.96 |
| Dividend Payout % | 20% | 20% | 15% | 13% | 14% | 18% | 19% | 12% | 19% | 21% | 11% | -15% |
Financials of Hikal Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Reserves | 516 | 547 | 589 | 653 | 732 | 792 | 909 | 1,043 | 1,109 | 1,163 | 1,238 | 1,174 |
| Borrowings + | 547 | 505 | 598 | 635 | 661 | 646 | 610 | 675 | 748 | 818 | 765 | 684 |
| Other Liabilities + | 212 | 206 | 177 | 237 | 268 | 306 | 370 | 470 | 504 | 482 | 502 | 483 |
| Total Liabilities | 1,292 | 1,275 | 1,379 | 1,542 | 1,686 | 1,768 | 1,913 | 2,213 | 2,385 | 2,487 | 2,529 | 2,365 |
| Fixed Assets + | 639 | 623 | 668 | 634 | 713 | 735 | 713 | 879 | 948 | 1,071 | 1,364 | 1,333 |
| CWIP | 62 | 66 | 63 | 118 | 79 | 161 | 254 | 295 | 412 | 414 | 121 | 94 |
| Investments | 3 | 3 | 4 | 3 | 1 | 1 | 1 | 11 | 5 | 5 | 10 | 10 |
| Other Assets + | 588 | 583 | 645 | 788 | 893 | 871 | 946 | 1,028 | 1,020 | 997 | 1,034 | 928 |
| Total Assets | 1,292 | 1,275 | 1,379 | 1,542 | 1,686 | 1,768 | 1,913 | 2,213 | 2,385 | 2,487 | 2,529 | 2,365 |
Financials of Hikal Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 102 | 186 | 163 | 139 | 186 | 285 | 229 | 294 | 315 | 187 | 280 | |
| Cash from Investing Activity + | -43 | -64 | -102 | -110 | -125 | -164 | -156 | -284 | -292 | -174 | -136 | |
| Cash from Financing Activity + | -69 | -124 | -63 | -25 | -55 | -101 | -97 | -6 | -8 | -27 | -144 | |
| Net Cash Flow | -10 | -2 | -2 | 4 | 6 | 20 | -24 | 4 | 15 | -14 | 0 | |
| Free Cash Flow | 54 | 127 | 58 | 33 | 57 | 127 | 71 | 21 | 13 | -17 | 144 | |
| CFO/OP | 63% | 110% | 91% | 68% | 73% | 113% | 85% | 107% | 134% | 81% | 94% |
Financials of Hikal Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 54 | 44 | 92 | 81 | 80 | 82 | 103 | 82 | 80 | 113 | 103 | 94 |
| Inventory Days | 268 | 229 | 189 | 158 | 156 | 147 | 107 | 121 | 104 | 134 | 146 | 172 |
| Days Payable | 117 | 101 | 93 | 86 | 68 | 95 | 92 | 91 | 103 | 123 | 133 | 128 |
| Cash Conversion Cycle | 205 | 173 | 188 | 153 | 168 | 135 | 118 | 112 | 81 | 124 | 116 | 138 |
| Working Capital Days | -13 | 29 | 43 | 29 | 45 | 28 | 39 | 26 | 39 | 39 | 37 | 41 |
| ROCE % | 11% | 11% | 12% | 13% | 15% | 14% | 16% | 15% | 8% | 8% | 10% | 4% |
Guidance history
How Hikal Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 2%+ | Planned | None planned | — |
| Q4 FY26 call → | 0–10% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Up 2%+ | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
27 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −15.4% | 42% |
| Last 6 months | +8.0% | 65% |
| Last 3 months | −5.8% | 51% |
The price is 70.7% below its all-time high of ₹696.75 (13 Aug 2021). Stocks more than 20% below their peak have their score halved, so 53 became 27.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Hikal Ltd: 0.4 × 42 + 0.4 × 65 + 0.2 × 51 = 53, halved to 27 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Hikal Ltd's management said in earlier quarters
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