Hikal Ltd

- No explicit mention of any new fundraising through debt or equity in the call transcript. - Current debt levels are flat, but interest costs have increased due to higher working capital utilization. - Capex plans for FY '26 and '27 are around INR 200 crores each year, indicating planned investments are likely to be funded internally or from existing resources. - No reference to raising equity or additional debt to fund operations or expansions. - Focus appears to be on operational optimization and organic growth rather than new fundraising activities.

- Hikal Limited plans capex of approximately INR 200 crores each year for FY '26 and FY '27. - Investment is focused on capacity, talent, and technology to support scale readiness and enhance competitive edge. - A new high-potency chemistry laboratory (mini pilot plant) is being commissioned by Q3 FY '26 to enable participation in high-potency anticancer drug projects and early clinical trial material production. - Continued investments are being made in R&D, allocating 4-5% of revenue toward innovation. - Specialty Chemicals portfolio expansion utilizes existing Crop Protection assets to improve capacity utilization. - The company is actively engaging in several advanced CDMO projects expected to commercialize from FY '27 onwards.

- Pharma business expected to grow at approximately 12% to 15% revenue growth in FY '26, driven by increased CDMO inquiries and development projects. - Crop Protection business anticipated to remain flattish in FY '26 with growth resuming from FY '27 onwards as market stabilizes and new product launches ramp up. - Animal Health segment showing strong momentum with a healthy pipeline and increasing regulatory oversight, signaling future growth potential. - New high-potency chemistry laboratory coming online by Q3 FY '26, expected to increase participation in high-value RFQs and add to growth. - CDMO segment managing a robust pipeline of 12 to 15 new opportunities, supporting long-term growth and diversification. - Specialty Chemicals portfolio launching new products from second half of FY '26, improving capacity utilization and operational leverage. - Overall, strong growth outlook for FY '27 and beyond driven by innovation, expanded geographic footprint, and enhanced technology capabilities.

- Pharma business expected to grow 12% to 15% revenue in FY '26 with corresponding EBIT margin improvement (Page 4, 7, 12). - CDMO segment growth driven by promising early-stage projects and increased inquiries, especially in high-potent chemistry (Pages 4, 7, 12, 14). - Crop Protection business to remain flat/muted in FY '26, with growth resuming from FY '27 onwards (Pages 4, 7, 11). - ROE and ROCE may slightly decline or remain flat in FY '26 due to higher depreciation related to Crop business capex (Page 11). - Operating leverage and cost optimization expected to sustain margin improvements in Pharma; Crop Protection margins to improve to historical levels by FY '27 (Page 4, 11). - Capex of approx INR 200 crores planned for FY '26 and FY '27 to support growth, especially in new capabilities (Page 10). - Overall, earnings/profits expected to improve driven by Pharma and CDMO growth while Crop Protection stabilizes.

- The Crop Protection CDMO division is managing a robust pipeline of 8 active projects with existing and new strategic customers. - The Animal Health segment has received validation for 8 products and is working with multiple innovators. - The Pharma business has around 12 to 15 products in advanced stages of development and commercialization, up from 6 to 9 the previous year (more than 50% increase). - The new high-potent chemistry lab expected to be operational by Q3 FY '26 will increase participation in RFQs, potentially boosting project inflow by 30-40% or more. - Continued strong inflow of RFPs in both Pharma and Crop Protection businesses, with increasing trust from global innovators. - Overall, the orderbook and pending projects demonstrate healthy growth and diversified opportunities across all business verticals.