Hikal

NSE: HIKAL · Pharmaceuticals

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52W Range₹146 – ₹261

Snapshot

Unlock Hikal's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Hikal Limited is a diversified manufacturer of chemical intermediates, specialty chemicals, and active pharmaceutical ingredients (APIs). The company operates through two primary segments: Pharmaceuticals and Crop Protection, serving global clients in the life sciences and specialty chemical sectors.

Business Model

The company generates revenue through contract research, custom synthesis, and the manufacturing of proprietary chemical products. It leverages its technical expertise to provide bespoke solutions for pharmaceutical, animal healthcare, and crop protection industries.

Growth Outlook

Growth is driven by the expansion of custom manufacturing partnerships and the increasing demand for specialty biocides across diverse industrial applications. The company continues to focus on strengthening its R&D capabilities to support long-term client collaborations.

Key Risks

  • Regulatory Compliance. The company is subject to stringent global regulatory standards for pharmaceutical manufacturing, where non-compliance could lead to product recalls or facility bans.
  • Raw Material Price Volatility. Fluctuations in the cost of chemical feedstocks and intermediates can significantly impact operating margins.
  • Environmental and Safety Risks. As a chemical manufacturer, the company faces risks related to environmental regulations, waste management, and industrial safety protocols.
  • Client Concentration. Dependence on a limited number of large-scale contract manufacturing clients may create revenue volatility if key partnerships are terminated.

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Key Metrics

REVENUE

₹1,735 Cr

TTM · consolidated

-5.4%YoY

NET PROFIT

₹-34 Cr

TTM · consolidated

-153.4%YoY

EPS

₹-2.74

TTM · consolidated

-153.5%YoY

RETURN ON EQUITY

-2.7%

TTM · consolidated

-7.7 ppYoY

RETURN ON CAPITAL EMPLOYED

0.1%

TTM · consolidated

-9.0 ppYoY

P/E

-78.3×

Q1 FY27 · consolidated

-78.3 vs 21.1x5Y avg

EV/EBITDA

13.5x

Q1 FY27 · consolidated

13.5 vs 12.0x5Y avg

EBITDA MARGIN

14.1%

TTM · consolidated

-2.3 ppYoY

NET PROFIT MARGIN

-1.8%

Q1 FY27 · consolidated

+4.1 ppYoY

DEBT TO EQUITY

0.5%

Q1 FY27 · consolidated

-0.0 ppYoY

Peers · Pharmaceuticals

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
HikalHIKAL
₹2,645 Cr-78.3×13.52-5.4%14.1%-2.7%0.1%-12.0%
Solara Active Pharma Sciences LimitedSOLARA
₹3,027 Cr82.2×14.7827.3%15.7%2.7%8.1%-0.3%
Ind-Swift Laboratories LimitedINDSWFTLAB
₹2,989 Cr35.2×17.9466.4%19.8%6.0%7.4%+236.3%
Fredun Pharmaceuticals LimitedFREDUN
₹2,405 Cr17.5×23.24—14.9%20.9%39.1%-6.4%
Dishman Carbogen Amcis LimitedDCAL
₹2,369 Cr146.7×8.150.2%18.4%0.3%2.1%-48.3%
Sakar HealthcareSAKAR
₹2,102 Cr58.3×26.6743.8%29.7%11.8%15.6%+153.8%

As of Q1 FY27

Financials