Hikal Ltd
Hikal is a partner to companies in the Pharmaceuticals, Crop Protection, and Specialty Chemicals industry. The company is in the business of supplying research services, active ingredients and intermediates for its customers. Hikal's manufacturing facilities have been inspected and approved by leading multinational companies in the Crop protection and Pharmaceutical sectors. The Crop protection facilities are located at Taloja and Mahad {Maharashtra). The Pharmaceutical manufacturing facilities are situated in Jigani (Bengaluru) and Panoli (Gujarat). Hikal's R & D facilities are located in Pune.[1]
Strengths
- +Company has been maintaining a healthy dividend payout of 17.0%
Weaknesses
- −Company has low interest coverage ratio.
- −The company has delivered a poor sales growth of 4.29% over past five years.
- −Company has a low return on equity of 6.81% over last 3 years.
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 68.85% | 68.85% | 68.85% | 68.85% | 68.85% | 68.85% | 68.85% | 68.85% |
| FIIs | 6.66% | 6.78%▲0.1 | 6.06%▼0.7 | 5.7%▼0.4 | 5.35%▼0.4 | 4.23%▼1.1 | 2.31%▼1.9 | 1.44%▼0.9 |
| DIIs | 3.17% | 3.58%▲0.4 | 3.48%▼0.1 | 3.8%▲0.3 | 4.03%▲0.2 | 5.15%▲1.1 | 7.05%▲1.9 | 7.2%▲0.2 |
| Public | 21.32% | 20.79%▼0.5 | 21.61%▲0.8 | 21.65%▲0.0 | 21.76%▲0.1 | 21.75%▼0.0 | 21.78%▲0.0 | 22.51%▲0.7 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 434.9 | 447.5 | 514.1 | 406.8 | 452.9 | 447.7 | 552.4 | 380.4 | 318.5 | 494.3 |
| Expenses | 377.4 | 382.7 | 419.8 | 348.7 | 378.2 | 375.5 | 428.9 | 355.6 | 311.1 | 411.6 |
| Operating Profit | 57.5 | 64.8 | 94.3 | 58.1 | 74.7 | 72.2 | 123.5 | 24.8 | 7.4 | 82.7 |
| OPM % | 13.22% | 14.48% | 18.34% | 14.28% | 16.49% | 16.13% | 22.36% | 6.52% | 2.32% | 16.73% |
| Net Profit | 12.5 | 16.2 | 33.8 | 5.2 | 18.1 | 17.3 | 50.3 | -22.7 | -34.7 | -5.9 |
| EPS ₹ | 1.01 | 1.31 | 2.74 | 0.42 | 1.47 | 1.4 | 4.08 | -1.84 | -2.81 | -0.48 |
AI Insights
TTM revenue at ₹1,746Cr, down 6.1% YoY. OPM at 14%.
Borrowings at ₹683Cr. Debt-to-equity ratio: 0.58x. Moderate leverage.
CWIP at ₹134Cr (10% of fixed assets). Moderate ongoing capital expenditure.
DIIs: 7.2% (+4.42pp change). FIIs: 1.44% (-3.13pp change). Promoters hold 68.85%.
ROCE declining from 16% (Mar 2014) to 10% (Mar 2025). Working capital days: 37.
PE 97.4x with 9.85% ROCE. Price is 105% above book value of ₹96.8. Dividend yield: 0.68%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Retirement 14 Apr - President-Crop Protection Mr. Vimaldeep Kulshrestha superannuates on April 14, 2026.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Apr - Newspaper Publication on Special Window and Second 100-Day Campaign- Saksham Niveshak.
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 7 Apr - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026.
- Closure of Trading Window 25 Mar
- Intimation Under Regulation 7 (2) Of SEBI Prohibition Of Insider Trading Regulations, 2015 18 Feb - Castilia Life Sciences converted to LLP; 3,02,31,914 HIKAL shares (24.52%) vested; MCA certificate dated 17-Feb-2026.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse