| Margins | EBITDA margin at 9.2%; expected sequential improvement. |
|---|---|
| Demand visibility | Subdued CDMO demand; improving domestic demand in Crop segment. |
| Management confidence | Confident in stepwise recovery of revenue and profitability. |
Growth
Pharma grew 15.2% YoY to ₹233 Cr; Crop Protection revenue declined 4.5% YoY to ₹170 Cr.
Outlook
Expect stepwise recovery in revenues and profitability. Commissioned Panoli facility; US FDA reinspection expected in FY27.
Risks
Regulatory remediation slows Pharma; geopolitical costs and inventory adjustments impact Crop Protection margins.
Last quarter's promises, checked
Delivered
- Guided sequential recovery from H1 soft phase → Q4 EBITDA margin 20.3% vs 12.9% FY avg (= BEAT)
- Guided debt reduction → Debt-to-equity ratio reduced from 0.59 to 0.56 (= BEAT)
- Guided Panoli pilot plant operationalization → Plant operational and supporting complex chemistries (= BEAT)
Partly delivered
- Guided 5-6 DMF filings annually → Increased depth but Bangalore site slowdown impacted timelines (= PARTIAL)
- Guided US FDA remediation completion → CAPAs nearing completion but reinspection pending (= PARTIAL)
Missed
- Guided 10% Pharma growth for FY26 → FY26 Pharma revenue ₹1,021 Cr vs ₹1,080 Cr FY25 (= MISS)
- Guided flat Crop revenue for FY26 → FY26 Crop revenue ₹692 Cr vs ₹732 Cr FY25 (= MISS)
Investor Presentation filed with BSE, NSE: HIKAL. Summary written with AI assistance from the document.
Hikal Ltd: key numbers
- Share price
- ₹217.58
- Market cap
- ₹2,683 Cr
- Revenue (annual)
- ₹1,713 Cr
- Net profit (annual)
- ₹-48.80 Cr
- P/E (TTM)
- -79.4×Sector 50.4×
- Promoter holding
- 68.85%+0.00% QoQ
- FII holding
- 0.98%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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- Key figure
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