Hikal Limited (HIKAL) · mywealthgrid

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About

Hikal Limited operates in pharmaceuticals within the healthcare sector. Mid-cap company, ₹2,687.82 Cr market cap. Recent results volatile: Mar 2026 delivered ₹14.6 Cr profit at 20.33% OPM; Sep 2025 recorded ₹34.7 Cr loss at 2.32% OPM.

Face value: ₹2

Market cap

₹2,690 Cr

P/E

—

P/B

2.2×

Dividend yield

0.3%

ROE

-4%

ROCE

Debt / equity

0.57

OPM

12.9%

EPS (TTM)

₹-2.7

Book value

₹97.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatile: Jun 2026 loss ₹7.5 Cr, Sep 2025 loss ₹34.7 Cr vs. Mar 2026 profit ₹14.6 Cr; negative ROE -3.97% shows capital destruction
OPM swung 20.33% (Mar 2026) to 2.32% (Sep 2025)—verify cause: capacity underutilization, pricing pressure, mix shift, or supply disruption
Stock down 25.54% YoY with PE n/a; market prices in sustained unprofitability or earnings unpredictability
Revenue range ₹318.5–₹519.4 Cr across recent quarters signals operational instability; verify root cause

Generated analysis · source review pending

Growth drivers

Mar 2026 margin 20.33% OPM at ₹519.4 Cr establishes profitable baseline; growth from pushing volume above this level
D/E 0.57 provides balance-sheet headroom for growth capex if operational stability returns
Recent dividends (Feb–Aug 2026) signal cash generation; verify if from retained earnings or sustainable from ongoing profitability
Revenue range ₹318.5–₹519.4 Cr in recent quarters; verify what market drivers (export growth, generic penetration, specialty mix) could sustain ₹500+ Cr run-rate

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹218.1+0%1Y

Quick read

rule-based

Pros

+High promoter holding of 68.9% with no pledge

Cons

−Low return on equity of 3.1% (3-yr avg)
−Revenue shrank over the last 5 years (-0.1% a year)
−Weak interest coverage of 1.1×

Research score

Structured signal from quality, growth, valuation and momentum.

39/100

Business quality: 20
Growth: 18
Valuation: 78

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,590	1,507	1,720	1,943	2,023	1,785	1,860	1,713
COGS	854	776	908	996	1,107	825	837	762
Gross profit	736	731	812	946	916	960	1,023	951
	438	458	489	606	659	693	694	731
	298	273	323	341	257	267	328	220
OPM %	18.8%	18.1%	18.8%	17.5%	12.7%	15%	17.7%	12.9%
Depreciation	93	82	85	96	109	118	134	164
Interest	58	52	36	31	48	56	75	62
	18	-12	5	5	5	2	5	-73
Profit before tax	—	127	206	219	105	96	124	-78
Tax	46	42	73	58	27	26	33	-30
Tax %	—	33.3%	35.5%	26.6%	25.6%	27.1%	26.7%	-37.7%
	103	84	133	161	78	70	91	-49
PAT margin %	6.5%	5.6%	7.7%	8.3%	3.9%	3.9%	4.9%	-2.9%
EPS (₹)	8.4	6.9	10.8	13	6.4	5.6	7.4	-4
EPS adjusted (₹)	8.4	6.9	10.8	13	6.4	5.6	7.4	-4
	14.4%	17.5%	18.5%	12.3%	18.9%	21.3%	19%	—
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	4	16	25	25	25	25	25	25	25	25
Reserves	665	653	732	792	909	1,043	1,109	1,163	1,238	1,174
	174	574	600	561	609	674	748	815	762	681
	699	299	330	391	370	471	504	485	504	486
Total equity & liabilities	1,542	1,542	1,686	1,768	1,913	2,213	2,385	2,487	2,529	2,365
	37	634	713	669	713	879	948	1,071	1,365	1,333
CWIP	16	116	73	152	245	285	402	414	121	95
Investments	0	3	1	1	1	11	5	5	10	10
	1,489	790	898	946	955	1,038	1,030	997	1,034	929
Total assets	1,542	1,542	1,686	1,768	1,913	2,213	2,385	2,487	2,529	2,365

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Pharmaceuticals	1,021	32.8	1,479.6	281.8	1,197.8	2.74
Crop Protection	691.6	51.4

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	46.3%	48.5%	47.2%	48.7%	45.3%	53.8%	55%	55.5%
EBITDA margin %	18.8%	18.1%	18.8%	17.5%	12.7%	15%	17.7%	12.9%
EBIT margin %	12.9%	12.7%	13.8%	12.6%	7.3%	8.4%	10.4%	3.3%
PAT margin %	6.5%	5.6%	7.7%	8.3%	3.9%	3.9%	4.9%	-2.9%
Working capital
Receivable days	80	82	103	82	80	113	103	94
Inventory days	156	147	107	121	104	134	146	172
Payable days	—	—	92	91	103	124	133	128
NWC days	—	—	118	112	81	123	116	138
Leverage
Current ratio	1.38	1.3	1.34	1.25	1.42	1.28	1.26	1.3
Debt to EBITDA	2.01	2.05	1.89	1.98	2.91	3.05	2.32	3.09
Debt to equity	0.79	0.69	0.65	0.63	0.66	0.69	0.6	0.57
Interest coverage	3.6	3.7	6.7	8	3.2	2.7	2.6	1.1
Asset turnover	0.94	0.85	0.9	0.88	0.85	0.72	0.74	0.72
Return ratios
Return on assets %	6.1%	4.8%	7%	7.3%	3.3%	2.8%	3.6%	-2.1%
Return on capital employed %	19.2%	17.2%	20%	18.5%	9.7%	8.8%	11.5%	4%
Return on equity %	13.6%	10.3%	14.3%	15%	6.9%	5.9%	7.2%	-4.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%	68.85%
	4.81%	6.13%	6.55%	6.67%	6.78%	6.06%	5.69%	5.36%	4.23%	2.3%	1.43%	0.99%
	3.12%	3.15%	3.53%	3.17%	3.58%	3.48%	3.8%	4.02%	5.16%	7.05%	7.2%	7.24%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	23.22%	21.87%	21.07%	21.31%	20.79%	21.61%	21.66%	21.77%	21.76%	21.8%	22.52%	22.92%
No. of shareholders	—	—	—	—	—	—	—	—	73,404	74,117	74,270	73,527

Promoter holding up 0 percentage points since Sep 2023.

55 deals · 29 Jun 2022 – 7 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	19,05,095	₹246.06	₹46.88 Cr
7 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	19,05,095	₹245.94	₹46.85 Cr
7 Sept 2026	ALPHAGREP SECURITIES PRIVATE LIMITED	Bulk	NSE	Sell	14,17,450	₹245.65	₹34.82 Cr
7 Sept 2026	ALPHAGREP SECURITIES PRIVATE LIMITED	Bulk	NSE	Buy	14,17,450	₹245.62	₹34.82 Cr
7 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Sell	10,89,461	₹244.56	₹26.64 Cr
7 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Buy	10,79,302	₹244.74	₹26.41 Cr
7 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	10,00,807	₹245.47	₹24.57 Cr
7 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	10,00,807	₹245.60	₹24.58 Cr
7 Sept 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	7,68,884	₹244.80	₹18.82 Cr
7 Sept 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	7,60,751	₹244.86	₹18.63 Cr

1–10 of 55

1 / 6

Mr. Jai HiremathExecutive Director-Chairperson related to Promoter
Mrs. Sugandha HiremathNon-Executive - Non Independent Director
Mr. Amit KalyaniNon-Executive - Non Independent Director
Mrs. Shivani Bhasin SachdevaNon-Executive - Independent Director
Mr. Shrikrishna Kiran AdivarekarNon-Executive - Independent Director
Mr. Ramachandra Kaundinya VinnakotaNon-Executive - Independent Director
Mr. Ravi Brijmohan KapoorNon-Executive - Independent Director
Mrs. Ranjana Shivanand SalgaocarNon-Executive - Independent Director
Mr. Sandip ParikhNon-Executive - Independent Director
Mr. Sameer HiremathExecutive Director-MD
Mr. Sarangan SureshExecutive Director

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

5.63%

of the company's equity

All mutual funds

5.92%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

4 schemes · 3 fund houses

		Shares
Healthcare FundNEW	ICICI Prudential Mutual Fund	36.41 L	73.34	1.05%	2.953%	—
SMALL CAP FUND	Tata Mutual Fund	33 L	66.47	0.51%	2.676%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1,015	0.02	0.05%	0.001%	+2
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	110	0	0%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

35

Final dividend4 Sept 2026 · ex-date₹0.4
Interim dividend17 Feb 2026 · ex-date₹0.2
Final dividend2 Sept 2025 · ex-date₹0.8
Interim dividend7 Feb 2025 · ex-date₹0.6
Final dividend4 Sept 2024 · ex-date₹0.6
Interim dividend20 Feb 2024 · ex-date₹0.6
Final dividend18 Sept 2023 · ex-date₹0.6
Interim dividend14 Feb 2023 · ex-date₹0.6
Final dividend14 Sept 2022 · ex-date₹0.4
Interim dividend23 Feb 2022 · ex-date₹1.2
Final dividend25 Aug 2021 · ex-date₹1
Interim dividend15 Feb 2021 · ex-date₹1
Final dividend7 Sept 2020 · ex-date₹0.2
Interim dividend17 Feb 2020 · ex-date₹1
Final dividend23 Jul 2019 · ex-date₹0.6
Interim dividend13 Feb 2019 · ex-date₹0.6
Final dividend31 Jul 2018 · ex-date₹0.5
Interim dividend21 Feb 2018 · ex-date₹0.7
Dividend dividend2 Aug 2017 · ex-date₹0.6
Interim dividend13 Feb 2017 · ex-date₹0.6
Final dividend2 Aug 2016 · ex-date₹0.5
Interim dividend17 May 2016 · ex-date₹0.5
Final dividend4 Aug 2015 · ex-date₹0.5
Interim dividend18 May 2015 · ex-date₹0.5
Dividend dividend14 Aug 2014 · ex-date₹2.5
Interim dividend18 Feb 2014 · ex-date₹2
Dividend dividend13 Aug 2013 · ex-date₹2.5
Dividend dividend14 Aug 2012 · ex-date₹6
Final dividend9 Aug 2011 · ex-date₹3
Interim dividend24 May 2011 · ex-date₹3
Dividend dividend9 Aug 2010 · ex-date₹4
Interim dividend11 May 2010 · ex-date₹4
Dividend dividend11 Aug 2008 · ex-date₹4
Interim dividend31 Jan 2008 · ex-date₹3
Final dividend13 Aug 2007 · ex-date₹3.5

1

Board meeting to consider results6 Aug 2026

1

Face value ₹10 → ₹227 Feb 2015 · ex-date

1–3 of 4

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

25 announcementsExport CSV

1 Oct 2026, 1:41 pmCompany Update

Announcement under Regulation 30 (LODR)-Resignation of Director

Resignation of Director PDF

1 Oct 2026, 1:38 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

1 Oct 2026, 1:31 pmOthers

Board Meeting Outcome for Pursuant To Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015- Outcome Of Board Meeting

Outcome without intimation PDF

29 Sept 2026, 4:15 pmCompany Update

Disclosure Under Regulation 30 Of SEBI (LODR), 2015 - ESG Rating

General PDF

28 Sept 2026, 2:40 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

22 Sept 2026, 1:38 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

2 Sept 2026, 10:24 amCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

1 Sept 2026, 1:50 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
1 Oct 2026, 1:41 pm	Company Update Resignation of Director	Announcement under Regulation 30 (LODR)-Resignation of Director	PDF
1 Oct 2026, 1:38 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	46.3%	48.5%	47.2%	48.7%	45.3%	53.8%	55%	55.5%
EBITDA margin %	18.8%	18.1%	18.8%	17.5%	12.7%	15%	17.7%	12.9%
EBIT margin %	12.9%	12.7%	13.8%	12.6%	7.3%	8.4%	10.4%	3.3%
PAT margin %	6.5%	5.6%	7.7%	8.3%	3.9%	3.9%	4.9%	-2.9%
Working capital
Receivable days	80	82	103	82	80	113	103	94
Inventory days	156	147	107	121	104	134	146	172
Payable days	—	—	92	91	103	124	133	128
NWC days	—	—	118	112	81	123	116	138
Leverage
Current ratio	1.38	1.3	1.34	1.25	1.42	1.28	1.26	1.3
Debt to EBITDA	2.01	2.05	1.89	1.98	2.91	3.05	2.32	3.09
Debt to equity	0.79	0.69	0.65	0.63	0.66	0.69	0.6	0.57
Interest coverage	3.6	3.7	6.7	8	3.2	2.7	2.6	1.1
Asset turnover	0.94	0.85	0.9	0.88	0.85	0.72	0.74	0.72
Return ratios
Return on assets %	6.1%	4.8%	7%	7.3%	3.3%	2.8%	3.6%	-2.1%
Return on capital employed %	19.2%	17.2%	20%	18.5%	9.7%	8.8%	11.5%	4%
Return on equity %	13.6%	10.3%	14.3%	15%	6.9%	5.9%	7.2%	-4.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	186	285	229	294	315	187	280	302
	-125	-164	-156	-284	-292	-174	-137	-145
	-55	-101	-97	-6	-8	-27	-144	-160
Net cash flow	—	—	-24	4	15	-14	0	-3
Free cash flow	—	—	229	20	13	-17	143	154
CFO / Operating profit %	62.3%	104.3%	70.9%	86.3%	122.7%	69.9%	85.4%	137%

Hikal Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

35

1

1

Announcements

35

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Return on equity

Crop Protection · revenue

Hikal Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends35

Board meetings1

Stock splits1

Announcements

Dividends35

Board meetings1

Stock splits1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Return on equity

Crop Protection · revenue

35

1

1

35

1

1