Hikal Ltd(HIKAL)

NSE: HIKALBSE: 524735

₹ 193.6-4.56%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,387 crWebsite: www.hikal.comUpdated: 24 Oct 2026

About

Hikal Ltd is an Indian specialty chemical and pharmaceutical manufacturer producing APIs, advanced intermediates, crop protection actives, animal health APIs, and personal care ingredients across five manufacturing sites with total capacity of 4,100 m³. In FY26 the company reported consolidated revenue of Rs. 1,712.6 Cr, with Pharmaceuticals contributing 59.6% and Crop Protection 40.4% of segment revenue. Hikal operates as both a CDMO partner to global innovators and a supplier of own-product APIs, and is the only Indian member of the American Chemical Society's Green Chemistry Pharma Roundtable Institute.^[1][2][3]

Business segments

Pharmaceuticals: Rs. 1,021 Cr revenue, 59.6% of total in FY26; manufactures APIs, advanced intermediates and CDMO services for global innovators and generic customers.^[2]
Crop Protection: Rs. 691.6 Cr revenue, 40.4% of total in FY26; manufactures insecticides, fungicides, herbicides and biocides as actives and intermediates for CDMO and own-product supply.^[2]
CDMO mix in Pharmaceuticals rose to 59% in Q1 FY27 from 49% in Q1 FY26; Crop Protection CDMO was 65% of segment revenue in FY26.^[4][5]

Products and portfolio

Pharmaceutical division offers 31 commercialised APIs across 13 therapeutic areas including anti-diabetic, anti-thrombotic, anti-viral, anti-convulsant, anti-depressant and analgesic as of FY25.^[3]
Animal Health division has 10+ dedicated APIs for companion and farm animal segments, supported by 57 R&T staff across 4 dedicated labs as of FY25.^[3]
Personal Care ingredients launched under sub-brand HiZenn; Biocides marketed under HiFend, both introduced in FY25.^[3]
8-9 pharma molecules in advanced development pipeline as of Q1 FY27, targeting 2-3 new API launches annually.^[4]

Manufacturing and capacity

Five manufacturing sites and one R&T centre with 24 production blocks; total reactor capacity 4,100 m³ - pharmaceutical assets 1,600 m³, crop protection 2,500 m³ as of FY25.^[3]
Pharmaceutical division sold 2,850 MT of active ingredients and 440 MT of advanced intermediates in FY25; crop protection sold 4,350 MT and 760 MT respectively.^[3]
Pharma capacity utilisation was 55-60% in Q1 FY27.^[4]
New cGMP-compliant Personal Care facility at Panoli, Gujarat commenced commercial production on 22 September 2026, producing second-generation UV filters.^[6]
New cGMP pilot plant at Panoli is operational as of Q1 FY27, enabling de-risking from Bangalore and supporting dual-site US FDA filing strategy.^[4]
High-potency API laboratory at Pune R&D facility is operational, enabling participation in oncology, ADC and PROTAC development programmes.^[5]

Key operating numbers

Active DMFs: 86 as of Q1 FY27, up from 74 in FY26.^[4][5]
DMF filing rate increased to 6-7 per year in Q1 FY27 from a historical 2-3, enabled by the new Panoli pilot plant.^[4]
Animal Health annual turnover crossed Rs. 100 Cr in FY26.^[4]

Regulatory and USFDA status

Bangalore facility is under a USFDA Warning Letter (issued August 2025); remediation is in its penultimate stage with bi-monthly/quarterly FDA dialogue as of Q1 FY27. Re-inspection expected by end of FY27.^[4]
Over 86 customer audits passed at the Bangalore site in the 12 months to Q1 FY27; no customer contracts lost in that period.^[4]
Three major global regulatory bodies re-approved Hikal facilities during the remediation period as of Q1 FY27.^[4]
Hikal holds regulatory approvals from ANVISA GMP, US FDA (cGMP), TGA-GMP, KFDA (Korea), PMDA (Japan), AFMPS (Belgium), EDQM, EPA and COFEPRIS (Mexico) as of FY25.^[3]

Customers and distribution

CDMO customers include global innovators; Animal Health CDMO contracts signed with leading innovators with repeat NCE campaign orders as of Q1 FY27.^[4]
Overseas offices in Japan and the USA; representation in Europe; distributors onboarded in Europe, Latin America and the Middle East for crop protection as of FY25.^[3]
RFP conversion rate in pharma CDMO is 15-20% as of Q2 FY26.^[7]

Expansion and capex

Repurposement of a crop-protection plant at Panoli into a multi-purpose pharma and Animal Health CDMO facility is underway; Phase 1 targeted by August 2026, Phase 2 by August 2027.^[8]
HPAPI commercial-scale plant planned for FY28 at the same facility as the existing high-potency lab, to also serve ADC services.^[8]
Total capex over the four years to FY26 was approximately Rs. 900 Cr; FY26 full-year capex was approximately Rs. 150 Cr.^[4][8]

Recent developments

22 September 2026: Hikal commenced commercial production at a new cGMP Personal Care facility in Panoli, Gujarat, producing second-generation UV filters for global and domestic markets.^[6]
Q1 FY27: Net debt reduced to Rs. 685 Cr (FY26) from Rs. 815 Cr (FY24); debt-to-equity ratio improved to 0.53 from 0.56 at the March 2026 quarter.^[4]
Q4 FY26: Rs. 47 Cr exceptional impairment charge on a Panoli manufacturing asset; Rs. 38 Cr new labour-code charge in Q3 FY26 - combined FY26 exceptional items Rs. 85 Cr.^[5]
Q1 FY27: Crop Protection revenue was Rs. 170 Cr with EBIT of Rs. -6 Cr; raw material costs rose approximately Rs. 7-8 Cr due to geopolitical tensions.^[4]

Market Cap

₹2,387 Cr

High / Low

₹261 / 146

Stock P/E

-70.7

Price / Book

2.0

Book Value

₹97

EPS

₹-4.0

No. of Shares

12.33 Cr

ROCE

3.5%

ROE

-4.0%

OPM

4.0%

Debt / Equity

0.57

Sales

₹1,713 Cr

Net Profit

₹-49 Cr

Promoter holding

68.8%

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Hikal Ltd(HIKAL)

About

Business segments

Products and portfolio

Manufacturing and capacity

Key operating numbers

Regulatory and USFDA status

Customers and distribution

Expansion and capex

Recent developments

Signal history

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