Hikal Ltd.

BSE: HIKAL524735ISIN INE475B01022

Healthcare
Pharmaceuticals
BSE 1000

Share price

₹222.40+8.55 (+4.00%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹260.80
52W low: ₹145.95
Off 52W high: -14.72%
1M return: +3.71%
3M return: -4.20%
6M return: +5.10%
1Y return: -7.49%
20D avg volume: 27,961
50 DMA: ₹216.61
200 DMA: ₹204.27

Key ratios Consolidated

Market cap: ₹2,742 Cr
Current price: ₹222.40
52W high / low: ₹260.80 / ₹145.95
Face value: ₹2.00
P/E: -548.44
P/B: 2.32
EPS (TTM): ₹-0.41
Book value / share: ₹95.66
ROE: —
ROCE: -1.00%
Operating margin: —
Net margin: —
Debt / equity: 0.57
Net debt: ₹671.50 Cr
Interest cover: -0.26
Dividend yield: 0.27%
Dividend / share (TTM): ₹0.60
Payout: —
Cash conversion cycle: 113.6 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	434.20	402.80	519.40	494.30	318.50	380.40	552.40	447.70	452.90	406.80	514.10	447.57
	1.70	1.80	6.60	2.80	1.90	1.00	0.50	3.60	0.40	0.50	0.46	0.06
	435.90	404.60	526.00	497.10	320.40	381.40	552.90	451.30	453.30	407.30	514.56	447.63
	444.40	423.40	470.60	468.30	367.40	411.80	484.60	427.50	428.50	400.40	467.24	426.02
	236.80	194.00	210.30	187.60	218.70	182.00	210.70	212.80	224.30	234.80	183.17	192.61
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	63.80	74.40	67.20	70.60	69.60	62.90	63.40	64.50	62.10	57.10	63.78	61.31
	13.40	14.90	14.60	15.50	14.90	17.10	17.90	18.70	18.80	19.80	15.26	14.24
	41.70	42.70	42.00	41.20	41.20	39.40	37.70	33.20	31.70	31.80	32.34	28.97
	114.20	108.80	130.20	109.00	115.40	105.60	133.40	100.20	114.00	99.40	121.61	114.68
	-8.50	-18.80	55.40	28.80	-47.00	-30.40	68.30	23.80	24.80	6.90	47.32	21.61
	0.00	8.90	-47.10	-38.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	-8.50	-9.90	8.30	-9.20	-47.00	-30.40	68.30	23.80	24.80	6.90	47.32	21.61
	-2.40	2.50	-6.10	-3.30	-12.10	-8.00	18.10	6.60	6.50	1.80	13.35	5.47
	-6.10	-7.40	14.40	-5.90	-34.90	-22.40	50.20	17.20	18.30	5.10	33.97	16.14
	-0.49	-0.60	1.17	-0.48	-2.83	-1.82	4.07	1.39	1.48	0.41	2.76	1.31
Key metrics
	46.60	47.70	64.90	47.50	9.10	26.10	123.90	75.70	75.30	58.50	94.92	64.82
	10.70%	11.80%	12.50%	9.60%	2.90%	6.90%	22.40%	16.90%	16.60%	14.40%	18.50%	14.50%
	-1.40%	-1.80%	2.80%	-1.20%	-11.00%	-5.90%	9.10%	3.80%	4.00%	1.30%	6.60%	3.60%
	0.30%	—	1.40%	—	-2.00%	—	5.00%	—	—	—	—	—
	36.30%	5.90%	-6.00%	10.40%	-29.70%	-6.50%	7.40%	0.00%	—	—	—	—
	82.50%	67.00%	-71.30%	-134.30%	-290.70%	-539.20%	47.80%	6.60%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	1,851	1,713	1,860	1,785	2,023	1,943
	12.90	12.30	5.00	2.45	5.41	4.89
	1,864	1,725	1,865	1,787	2,028	1,948
	1,807	1,718	1,741	1,692	1,923	1,729
	828.70	798.60	882.60	805.15	1,122	1,032
	0.00	0.00	0.00	—	—	—
	276.00	270.30	247.10	246.53	222.44	203.38
	58.40	62.10	75.20	56.37	48.10	31.21
	167.60	163.80	134.40	117.61	109.01	95.67
	462.20	460.20	447.00	446.38	436.49	402.39
	56.90	6.80	123.80	95.50	105.37	218.57
	-76.20	-85.10	0.00	0.00	0.00	0.00
	-19.30	-78.30	123.80	95.50	105.37	218.57
	-9.30	-29.50	33.00	25.90	26.98	58.06
	-5.00	-48.80	90.80	69.60	78.39	160.51
	-0.40	-3.96	7.36	5.64	6.36	13.02
Key metrics
	206.70	147.60	333.40	269.48	262.48	345.45
	11.17%	8.60%	17.90%	15.10%	13.00%	17.80%
	-0.27%	-2.80%	4.90%	3.90%	3.90%	8.30%
	—	-1.00%	11.40%	—	—	—
	8.93%	-7.90%	4.20%	-11.80%	4.10%	—
	-149.50%	-153.70%	30.50%	-11.20%	-51.20%	—
	—	153.90	143.10	—	—	—
	—	-6.19	3.09	—	—	—
	—	0.57	0.60	—	—	—
	—	671.50	749.30	—	—	—
	—	113.6	108.4	—	—	—
Balance sheet
	—	2,365	2,529	—	—	—
	—	884.10	995.40	—	—	—
	—	9.60	13.00	—	—	—
	—	441.60	522.40	—	—	—
	—	358.10	334.50	—	—	—
	—	38.50	54.50	—	—	—
	—	1,327	1,357	—	—	—
	—	266.50	304.10	—	—	—
	—	678.90	789.50	—	—	—
	—	681.10	762.30	—	—	—
	—	308.00	395.10	—	—	—
	—	373.10	367.20	—	—	—
	—	1,199	1,262	—	—	—
Cash flow
	—	302.00	280.40	—	—	—
	—	-145.30	-136.50	—	—	—
	—	-160.10	-143.60	—	—	—
	—	148.10	137.30	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	434.20	402.80	519.40	494.30	318.50	380.40	552.40	447.70	452.90	406.80	514.10	447.57
	1.70	1.80	6.60	2.80	1.90	1.00	0.50	3.60	0.40	0.50	0.46	0.06
	435.90	404.60	526.00	497.10	320.40	381.40	552.90	451.30	453.30	407.30	514.56	447.63
	444.50	423.50	470.40	468.30	367.20	412.10	484.50	427.40	428.70	400.30	467.35	425.89
	236.80	194.00	210.30	187.60	218.70	182.00	210.70	212.80	224.30	234.80	183.17	192.61
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	61.20	73.30	66.90	69.30	68.10	61.70	61.70	63.20	61.00	56.40	63.24	60.74
	13.40	14.90	14.60	15.50	14.90	17.10	17.90	18.70	18.80	19.80	15.26	14.24
	41.70	42.70	42.00	41.20	41.20	39.40	37.70	33.20	31.70	31.80	32.34	28.97
	116.90	110.00	130.30	110.30	116.70	107.10	135.00	101.40	115.30	100.00	122.26	115.12
	-8.60	-18.90	55.60	28.80	-46.80	-30.70	68.40	23.90	24.60	7.00	47.21	21.74
	0.00	8.90	-47.10	-38.00	0.00	0.00	0.00	—	—	—	—	—
	-8.60	-10.00	8.50	-9.20	-46.80	-30.70	68.40	23.90	24.60	7.00	47.21	21.74
	-2.40	2.50	-6.10	-3.30	-12.10	8.00	18.10	6.60	6.50	1.80	13.35	5.47
	-6.20	-7.50	14.60	-5.90	-34.70	-22.70	50.30	17.30	18.10	5.20	33.86	16.27
	-0.50	-0.61	1.18	-0.48	-2.81	-1.84	4.08	1.40	1.47	0.42	2.75	1.32
Key metrics
	46.50	47.60	65.10	47.50	9.30	25.80	124.00	75.80	75.10	58.60	94.81	64.95
	10.70%	11.80%	12.50%	9.60%	2.90%	6.80%	22.40%	16.90%	16.60%	14.40%	18.40%	14.50%
	-1.40%	-1.90%	2.80%	-1.20%	-10.90%	-6.00%	9.10%	3.90%	4.00%	1.30%	6.60%	3.60%
	0.30%	—	1.40%	—	-2.00%	—	5.00%	—	—	—	—	—
	36.30%	5.90%	-6.00%	10.40%	-29.70%	-6.50%	7.40%	0.00%	—	—	—	—
	82.10%	67.00%	-71.00%	-134.10%	-291.70%	-536.50%	48.60%	6.30%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	1,851	1,713	1,860	1,785	2,023	1,943
	12.90	12.30	5.00	2.45	5.41	4.89
	1,864	1,725	1,865	1,787	2,028	1,948
	1,807	1,718	1,741	1,692	1,923	1,729
	828.70	798.60	882.60	805.15	1,122	1,032
	0.00	0.00	0.00	—	—	—
	270.70	266.00	242.30	243.98	220.40	201.35
	58.40	62.10	75.20	56.37	48.10	31.21
	167.60	163.80	134.40	117.61	109.01	95.67
	467.50	464.40	451.70	449.02	438.54	404.42
	56.90	6.90	123.90	95.41	105.36	218.57
	-76.20	-85.10	0.00	—	—	—
	-19.30	-78.20	123.90	95.41	105.36	218.57
	-9.30	-29.50	33.00	25.90	26.98	58.06
	-5.00	-48.70	90.90	69.51	78.38	160.51
	-0.41	-3.95	7.37	5.64	6.36	13.02
Key metrics
	206.70	147.70	333.50	269.39	262.47	345.45
	11.17%	8.60%	17.90%	15.10%	13.00%	17.80%
	-0.27%	-2.80%	4.90%	3.90%	3.90%	8.30%
	—	-1.00%	11.40%	—	—	—
	8.93%	-7.90%	4.20%	-11.80%	4.10%	—
	-149.02%	-153.60%	30.80%	-11.30%	-51.20%	—
	—	154.00	143.10	—	—	—
	—	-6.20	3.08	—	—	—
	—	0.57	0.60	—	—	—
	—	671.50	749.40	—	—	—
	—	113.6	108.4	—	—	—
Balance sheet
	—	2,365	2,529	—	—	—
	—	884.10	996.90	—	—	—
	—	9.60	12.90	—	—	—
	—	441.60	522.40	—	—	—
	—	358.10	334.50	—	—	—
	—	38.50	56.10	—	—	—
	—	1,327	1,357	—	—	—
	—	266.30	304.20	—	—	—
	—	678.70	789.80	—	—	—
	—	681.10	762.30	—	—	—
	—	308.00	395.10	—	—	—
	—	373.10	367.20	—	—	—
	—	1,199	1,262	—	—	—
Cash flow
	—	302.10	280.40	—	—	—
	—	-145.30	-136.50	—	—	—
	—	-160.10	-143.60	—	—	—
	—	148.10	137.30	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: -5.40%
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +8.93%
Profit YoY (TTM): -149.02%

Consolidated

Sales CAGR 3Y: -5.40%
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +8.93%
Profit YoY (TTM): -149.50%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 68.85%

Quarter	30 Sep 2026	September 2026	June 2026
Promoter %	68.85%	68.85%	68.85%

Holder	Type	Holding	Previous	Change
KALYANI INVESTMENT COMPANY LIMITED	Promoter Group	31.36%	31.36%	0.00%
CASTILIA LIFE SCIENCES LLP	Promoter Group	24.52%	24.52%	0.00%
SUGANDHA J HIREMATH	Promoter	7.84%	7.84%	0.00%
TATA MUTUAL FUND - TATA SMALL CAP FUND	Public	2.68%	2.68%	0.00%
BF INVESTMENT LIMITED	Promoter Group	2.65%	2.65%	0.00%
ICICI PRUDENTIAL HEALTHCARE FUND	Public	2.41%	2.41%	0.00%
JAI V HIREMATH	Promoter	1.09%	1.09%	0.00%
PALLAVI ANISH SWADI	Promoter	0.46%	0.46%	0.00%
SAMEER JAI HIREMATH	Promoter	0.32%	0.32%	0.00%
SAMEER TRUST	Promoter Group	0.15%	0.15%	0.00%
ASHOK VISHWANATH HIREMATH	Promoter Group	0.08%	0.08%	0.00%
ANIKA TRUST	Promoter Group	0.06%	0.06%	0.00%
POOJA TRUST	Promoter Group	0.06%	0.06%	0.00%
RHEA TRUST	Promoter Group	0.06%	0.06%	0.00%
ANISH TRUST	Promoter Group	0.06%	0.06%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Sun Pharmaceutical Industries Ltd.	4,26,112	1,776.00	38.78	17.90%	+12.13% TTM	+4.79% TTM	+4.92%
Divi's Laboratories Ltd.	2,66,424	10,036.00	91.09	19.00%	+16.35% TTM	+26.84% TTM	+47.61%
Torrent Pharmaceuticals Ltd.	1,79,908	4,730.00	85.71	9.10%	+42.06% TTM	-1.92% TTM	+32.24%
Laurus Labs Limited	1,24,601	2,306.10	93.53	19.70%	+23.03% TTM	+95.38% TTM	+134.59%
Zydus Lifesciences Limited	1,18,703	1,190.00	25.85	19.20%	+21.11% TTM	-2.51% TTM	+22.32%
Dr. Reddy's Laboratories Ltd.	1,14,513	1,372.00	41.50	13.90%	-3.53% TTM	-51.90% TTM	+14.26%
Cipla Ltd.	1,13,110	1,400.10	39.63	14.90%	-0.74% TTM	-47.48% TTM	-6.88%
Mankind Pharma Limited	1,04,631	2,533.15	46.22	13.70%	+13.27% TTM	+27.60% TTM	+6.91%
Aurobindo Pharma Ltd.	97,878	1,701.10	26.38	13.60%	+9.09% TTM	+9.48% TTM	+47.79%
Lupin Ltd	92,145	2,015.00	17.65	28.40%	+24.22% TTM	+20.10% TTM	+0.84%
Glenmark Pharmaceuticals ltd	70,608	2,501.85	39.27	16.20%	+32.94% TTM	+138.48% TTM	+35.48%
Alkem Laboratories Limited	62,054	5,190.00	28.15	18.80%	+13.36% TTM	-5.52% TTM	-8.38%
Abbott India Ltd. S	57,685	27,146.85	35.73	41.90%	+6.29% TTM	+11.18% TTM	-7.56%
Biocon Ltd.	56,061	344.00	134.63	2.90%	+5.70% TTM	-55.37% TTM	-9.53%
Gland Pharma Limited	52,105	3,157.70	46.16	13.70%	+17.57% TTM	+46.55% TTM	+65.09%
Ipca Laboratories Ltd.	50,051	1,973.15	36.40	16.40%	+10.59% TTM	+67.91% TTM	+52.33%
GlaxoSmithkline Pharmaceuticals Ltd.	42,904	2,532.60	37.42	55.40%	+12.12% TTM	+20.03% TTM	-4.84%
Ajanta Pharma Ltd.	41,406	3,313.55	32.79	29.40%	+25.01% TTM	+29.70% TTM	+26.89%
Emcure Pharmaceuticals Limited	41,254	2,174.55	37.75	25.10%	+21.12% TTM	+33.34% TTM	+64.07%
J.B. Chemicals & Pharmaceuticals Lt	38,731	2,412.25	47.77	21.90%	+5.87% TTM	+7.56% TTM	+45.79%
Sai Life Sciences Limited	32,855	1,546.30	90.80	18.10%	—	—	+67.49%
PIRAMAL PHARMA LIMITED	31,659	237.80	-151.21	0.80%	+9.43% TTM	-781.93% TTM	+18.60%
ACUTAAS CHEMICALS LIMITED	30,928	3,777.65	70.51	27.70%	+45.18% TTM	+95.78% TTM	+106.30%
Wockhardt Ltd	30,869	1,899.80	76.22	6.40%	+25.70% TTM	+894.12% TTM	+39.18%
RUBICON RESEARCH LIMITED	28,416	1,716.55	98.59	24.30%	—	—	+164.06%
Hikal Ltd.	2,742	222.40	-548.44	-1.00%	+8.93% TTM	-149.50% TTM	-7.49%

Filings & corporate actions

Recent announcements

Pursuant to Regulation 30 and 47 of the SEBI LODR Regulations- Intimation of Newspaper Publication of Financial Results Q2 FY 274 Nov 2026 · Company Update / Newspaper Publication
Audio Recording of Group Conference call for the quarter and half year ended September 30, 2026.3 Nov 2026 · Company Update / Analyst / Investor Meet
Result presentation for the quarter and half year ended September 30, 20263 Nov 2026 · Company Update / Investor Presentation
Announcement under Regulation 30 of SEBI LODR 2015- Press Release on the results of the Company for the quarter and half year ended September 30, 2026.3 Nov 2026 · Company Update / Press Release / Media Release
Pursuant to Regulation 30(5) of the SEBI LODR Regulations- List of KMP authorized to determine materiality and make disclosures.3 Nov 2026 · Company Update / General
Unaudited Financial Results for the quarter and half year ended September 30, 20263 Nov 2026 · Board Meeting / Outcome of Board Meeting
Unaudited Financial Results for the quarter and half year ended September 30, 20263 Nov 2026 · Result / Financial Results
Press Release on Hikal signs Multi-Year Global CDMO contract with leading Agrochemical Company2 Nov 2026 · Company Update / Press Release / Media Release
Press Release on Hikal''s Bengaluru API facility earns Swissmedic GMP Certification30 Oct 2026 · Company Update / Press Release / Media Release
Intimation for Earning Group Conference Call26 Oct 2026 · Company Update / Analyst / Investor Meet
Hikal Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 03/11/2026 ,inter alia, to consider and approve Standalone and Consolidated Unaudited ....26 Oct 2026 · Board Meeting / Board Meeting
Newspaper Publication regarding Special Window for Transfer and Dematerialization of physical securities13 Oct 2026 · Company Update / Newspaper Publication
Certificate under Regulation 74(5) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 20267 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Resignation of Mrs. Sugandha Hiremath as Non-Executive Director of the Company.1 Oct 2026 · Company Update / Resignation of Director
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015- Change in Management1 Oct 2026 · Company Update / Change in Management
Outcome of Board Meeting held today i.e. October 01, 20261 Oct 2026 · Others / Outcome without intimation
Intimation of Disclosure under Regulation 30 of The Securities Exchange Board of India ( Listing Obligations and Disclosure Requirements) Regulations, 2015 - ESG Rating29 Sep 2026 · Company Update / General
Intimation for Closure of Trading Window28 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Please find enclosed Press Release on Sameer Hiremath''s appointment as Chairman and Managing Director.23 Sep 2026 · Company Update / Press Release / Media Release
Please find enclosed the Voting Results of the 38th AGM of the Company.23 Sep 2026 · AGM/EGM / AGM
Please find enclosed Scrutinizers Report of the 38th AGM held on 23rd September 2026.23 Sep 2026 · AGM/EGM / AGM
Please find enclosed Summary of proceedings, Voting results and Scrutinizers report of the 38th AGM held on 23rd September 2026.23 Sep 2026 · AGM/EGM / AGM
Press Release- Hikal ventures into Personal Care: New cGMP Panoli facility begins Commercial Production.22 Sep 2026 · Company Update / Press Release / Media Release
Intimation of Analyst and Investor meet pursuant to regulations 30 of SEBI (LODR) Regulations, 20152 Sep 2026 · Company Update / Analyst / Investor Meet
Newspaper Publication informing about 38th Annual General Meeting and information on e-Voting.1 Sep 2026 · Company Update / Newspaper Publication
Pursuant to Regulation 36(1)(b) of SEBI (LODR) Regulations, 2015-Letter to members providing weblink to access the Annual Report for FY 2025-2631 Aug 2026 · Company Update / General
Business Responsibility and Sustainability Report for the Financial Year 2025-2631 Aug 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Annual Report for the financial year 2025-2631 Aug 2026 · Others / Reg. 34 (1) Annual Report
Notice of the 38th Annual General Meeting of the Company31 Aug 2026 · AGM/EGM / AGM
Kindly find communication shared with shareholders.27 Aug 2026 · Company Update / General
Submission of Newspaper Publication regarding information about 38th Annual General Meeting of the Company and other related information.27 Aug 2026 · Company Update / Newspaper Publication
The Board of Directors of the Company at its meeting held today, inter alia, has decided to hold the AGM of the Company on September 23, 2026. Please find attached intimation in this regard.26 Aug 2026 · Company Update / General
Please find attached intimation on appointment of Chairman and Managing Director of the Company, subject to approval of shareholders at ensuing AGM of the Company.26 Aug 2026 · Company Update / Change in Management
Please find attached intimation of fixing of record date for payment of final dividend for FY 2025-26 if declared by the Shareholders at ensuing AGM of the Company.26 Aug 2026 · Corp. Action / Record Date
The Board of Directors of the Company at its meeting held today, inter alia, considered and approved the appointment of Mr. Sameer Hiremath as Chairman and Managing Director of the Company ....26 Aug 2026 · Others / Outcome without intimation
Newspaper Publication regarding Special Window for Transfer and Dematerialization of physical securities12 Aug 2026 · Company Update / Newspaper Publication
Transcript of Earnings Conference Call for the quarter ended June 30, 202612 Aug 2026 · Company Update / Earnings Call Transcript
Newspaper publication for Financial Results of Q1''FY277 Aug 2026 · Company Update / Newspaper Publication
Audio Recording of Earnings Group Conference Call for the Quarter ended June 30, 2026.6 Aug 2026 · Company Update / Analyst / Investor Meet
Press Release on Q1FY27 Results6 Aug 2026 · Company Update / Press Release / Media Release

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 0.4000	4 Sep 2026	4 Sep 2026	—
Interim Dividend - Rs. - 0.2000	17 Feb 2026	17 Feb 2026	—
Final Dividend - Rs. - 0.8000	2 Sep 2025	2 Sep 2025	—
Interim Dividend - Rs. - 0.6000	7 Feb 2025	8 Feb 2025	—
Final Dividend - Rs. - 0.6000	4 Sep 2024	4 Sep 2024	—

Board meetings

3 Nov 2026 Board Meeting - Financial Results
6 Aug 2026 Board Meeting - Financial Results