Hikal

NSE: HIKAL · Pharmaceuticals

52W Range₹146 ₹337

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.

Price

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Key Metrics

REVENUE

₹1,713 Cr

TTM · consolidated

-7.9%YoY

NET PROFIT

₹-49 Cr

TTM · consolidated

-153.7%YoY

EPS

₹-1.13

TTM · consolidated

-115.4%YoY

RETURN ON EQUITY

-3.9%

TTM · consolidated

-11.4 ppYoY

RETURN ON CAPITAL EMPLOYED

-0.9%

TTM · consolidated

-12.4 ppYoY

P/E

-207.4x

Q4 FY26 · consolidated

-207.4 vs 27.5x5Y avg

EV/EBITDA

15.3x

Q4 FY26 · consolidated

15.3 vs 12.7x5Y avg

EBITDA MARGIN

13.6%

TTM · consolidated

-4.3 ppYoY

NET PROFIT MARGIN

2.8%

Q4 FY26 · consolidated

-6.3 ppYoY

DEBT TO EQUITY

0.6%

Q4 FY26 · consolidated

-0.0 ppYoY

Peers · Pharmaceuticals

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
HikalHIKAL
1,988-207.4315.31-7.9%13.6%-3.9%-0.9%-32.4%
Bliss GVS PharmaBLISSGVS
2,19341.2922.4114.5%25.6%12.4%17.4%+219.3%
Unichem Laboratories LimitedUNICHEMLAB
2,11116.8418.178.5%11.1%10.0%12.2%-6.3%
Panacea BiotecPANACEABIO
2,027-640.85279.4614.4%1.9%-0.9%-0.1%+30.3%
Morepen Labs.MOREPENLAB
2,01135.1623.79-0.3%8.1%8.0%10.3%-3.9%
Solara ActiveSOLARA
1,953-344.0817.886.6%14.1%-0.7%6.6%-16.5%

As of Q4 FY26

Financials