Hikal Limited

NSE: HIKAL · Pharmaceuticals · sector

₹194.94NSE close 2026-10-26

Key numbers

Market cap₹2,408 cr

Price₹194.94

52w high / low₹261 / ₹146

P/E–Sector median 27.9x

P/B2.0xSector median 2.9x

Book value₹97.1

Dividend yield0.51%Sector median 0.48%

ROE-2.8%Sector median 11.7%

ROCE0.1%Sector median 12.3%

OPM9.0%Sector median 14.0%

Debt / equity0.57xSector median 0.16x

EV/EBITDA19.7xSector median 18.6x

Interest cover0.0x

Current ratio1.30x

Sales growth 3y-5.4%Sector median +9.6%

Profit growth 3y–Sector median +13.3%

PEG–

Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 185 companies in Pharmaceuticals (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

Cash ₹14 cr vs borrowings ₹681 cr (FY26): borrowings are higher by ₹667 cr.
Operating profit covered interest 0.0x in the last 12 months.
No promoter shares are pledged.
Operating cash flow was below net profit in 0 of the last 4 years.
Net loss in 4 of the last 8 quarters.
Revenue was higher than a year earlier in 2 of the last 4 quarters.
Debtor days went from 113 (FY24) to 94 (FY26).
Dividend paid in 5 of the last 5 financial years.
Price ₹194.94 on 2026-10-26: -25.3% from the 52-week high, +33.3% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹429.25 · low ₹156.53

Quarterly results

₹ cr	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	453	448	552	380	318	494	519	403
EBITDA	75	72	123	25	7	45	58	46
OPM %	16.5%	16.1%	22.3%	6.6%	2.3%	9.0%	11.2%	11.4%
Other income	0	4	0	1	2	3	7	2
Net profit	18	17	50	-22	-35	-6	14	-7
EPS (₹)	1.48	1.39	4.07	-1.82	-2.83	-0.48	1.17	-0.60
Revenue YoY					-29.7%	+10.4%	-6.0%	+5.9%
Profit YoY					-290.7%	-134.3%	-71.3%	–

Consolidated figures where filed. Latest quarter Jun 2026.

Profit & loss (yearly)

₹ cr	FY21	FY23	FY24	FY25	FY26	TTM
Revenue	1,720	2,023	1,785	1,860	1,713	1,735
EBITDA	323	257	267	328	135	156
Net profit	133	78	70	91	-49	-34
EPS (₹)	10.80	6.36	5.64	7.36	-3.96	-2.74
Revenue growth		+17.6%	-11.8%	+4.2%	-7.9%	-5.4%
Profit growth		-41.1%	-11.2%	+30.5%	-153.7%	-153.4%
Dividend / share (₹)	1.20	1.00	1.20	1.20	1.00

Compounded growth	3 years	5 years	Last 12 months
Sales	-5.4%	–	-5.4%
Net profit	–	–	-153.4%
EPS	–	–	–
Share price	–	-24.6% (2y)	-13.5%

Balance sheet

₹ cr	FY23	FY24	FY25	FY26
Shareholders' equity	1,133	1,188	1,262	1,199
Borrowings	748	815	762	681
Cash & equivalents	60	21	18	14
Total assets	2,385	2,487	2,529	2,365
Fixed assets	948	1,060	1,357	1,327
Capital work in progress	402	414	121	94
Investments	5	5	10	10
Receivables	442	550	522	442
Inventory	317	304	334	358
Payables	313	279	304	266

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY23	FY24	FY25	FY26
Cash from operations	315	187	280	302
Cash from investing	-292	-174	-136	-145
Cash from financing	-8	-27	-144	-160
Capex	303	204	137	148
Free cash flow	13	-17	143	154

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY23	FY24	FY25	FY26
ROE %	6.9%	5.9%	7.2%	-4.1%
ROCE %	8.2%	7.6%	9.8%	-0.9%
Debtor days	80	113	103	94
Inventory days	104	134	146	172
Payable days	103	124	133	128
Cash conversion cycle (days)	81	123	116	138
Working capital days	50	43	40	44

Shareholding

Holder	% (2026-09-30)
Promoters	68.85%
FIIs	1.27%
DIIs	5.32%
of which Mutual funds	5.09%
Government	0.00%
Public (non-institutions)	24.56%

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters %	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%

Promoter group	%
Kalyani Investment Company Limited	31.36%
Castilia Life Sciences LLP	24.52%
Sugandha J Hiremath	7.84%
BF Investment Limited	2.65%
JAI V Hiremath	1.09%
Pallavi Anish Swadi	0.46%
Sameer JAI Hiremath	0.32%
Sameer Trust	0.15%
Ashok Vishwanath Hiremath	0.08%
Nihal Trust	0.06%
Pooja Trust	0.06%
Anish Trust	0.06%
Rhea Trust	0.06%
Anika Trust	0.06%
Sumer Trust	0.06%

Public holders above 1%	%
Tata Mutual Fund - Tata Small CAP Fund	2.68%
ICICI Prudential Healthcare Fund	2.41%

74,784 shareholders. Pledged: 0.00% of promoter shares.

Peers in Pharmaceuticals

Company	Market cap	P/E	P/B	ROE	ROCE	OPM	Sales 3y	Div yield
SUNPHARMA	₹4,17,478 cr	34.5x	5.0x	15.5%	18.7%	28.6%	+10.0%	0.94%
DIVISLAB	₹2,39,825 cr	82.1x	14.3x	18.4%	23.0%	34.7%	+10.8%	0.34%
TORNTPHARM	₹1,53,999 cr	72.7x	18.4x	27.3%	15.1%	32.3%	+13.3%	0.84%
ZYDUSLIFE	₹1,15,808 cr	25.9x	4.3x	17.7%	16.8%	27.2%	+16.4%	0.95%
LAURUSLABS	₹1,11,232 cr	101.6x	21.0x	22.4%	20.8%	28.0%	+4.1%	0.08%
CIPLA	₹1,09,464 cr	32.5x	3.2x	10.3%	13.2%	17.7%	+7.4%	1.18%
DRREDDY	₹1,09,460 cr	33.9x	2.9x	9.0%	10.1%	15.5%	+11.0%	0.61%
MANKIND	₹95,486 cr	46.7x	5.9x	13.4%	13.8%	25.1%	+17.7%	0.04%
AUROPHARMA	₹91,489 cr	24.9x	2.4x	10.5%	12.8%	20.0%	+10.6%	0.26%
HIKAL	₹2,408 cr	–	2.0x	-2.8%	0.1%	9.0%	-5.4%	0.51%

All 185 companies in Pharmaceuticals →

Business segments (FY26)

Segment	Revenue	Share	EBIT	Margin
Pharmaceuticals	₹1,021 cr	59.6%	₹33 cr	3.2%
Crop Protection	₹692 cr	40.4%	₹51 cr	7.4%
Unallocable	₹0 cr	–	₹0 cr	–
Exceptional Item - Employee Benefit Expense	₹0 cr	–	₹-38 cr	–
Exceptional Item - Impairement Charge	₹0 cr	–	₹-47 cr	–

Dividends & corporate actions

Ex-date	Action	Detail
2026-09-04	Dividend	Dividend - Re 0.40 Per Share
2026-02-17	Dividend	Interim Dividend - Re 0.20 Per Share
2025-09-02	Dividend	Dividend - Rs 0.80 Per Share
2025-02-07	Dividend	Interim Dividend - Re 0.60 Per Share
2024-09-10	Other	Annual General Meeting
2024-09-04	Dividend	Dividend - Re 0.60 Per Share
2024-02-20	Dividend	Interim Dividend - Rs 0.60 Per Sh
2023-09-18	Dividend	Annual General Meeting/Dividend - Rs 0.60 Per Share
2023-02-14	Dividend	Interim Dividend - Re 0.60 Per Share
2022-09-14	Dividend	Dividend - Re 0.40 Per Share
2022-09-14	Other	Annual General Meeting
2022-02-23	Dividend	Interim Dividend - Rs 1.20 Per Share
2021-08-25	Dividend	Dividend - Re 1 Per Share
2021-02-15	Dividend	Interim Dividend - Re 1 Per Share
2020-09-07	Dividend	Annual General Meeting/Dividend - Rs 0.20 Per Share
2020-02-17	Dividend	Interim Dividend - Re 1 Per Share
2019-07-23	Dividend	Annual General Meeting/Dividend - Re 0.60 Per Share
2019-02-13	Dividend	Interim Dividend - Re 0.60 Per Share
2018-07-31	Dividend	Annual General Meeting/Dividend- Re 0.50 Per Share
2018-06-22	Bonus	Bonus 1:2

Documents

Links go to the original files on the exchange website.

About the company

Manufacturing: Manufacturing of pharmaceuticals, animal health, crop, protection and specialty chemicals


Sector	Healthcare
Industry	Pharmaceuticals
Sub-industry	Pharmaceuticals
Symbol	HIKAL
BSE code	524735
ISIN	INE475B01022
Face value	₹2.0
Incorporated	1988-07-08
Website	www.hikal.com
Plants (India / abroad)	6 / 0

From the company's filings (BRSR FY26).

Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.