Hikal Limited (HIKAL) Financial Results — Revenue ₹519 Cr

Investor Takeaways

Reported consolidated revenue of ₹519 crore and PAT of ₹14 crore for Q4 FY26

PAT improved from ₹55 crore (pre-exceptional) to ₹14 crore (reported) after exceptional item

EBITDA margin expanded to 20.3% in Q4 FY26

Crop Protection revenue grew 45% QoQ

Forward guidance cites commercialization of new products in Specialty Chemicals and Personal Care from FY27 onwards

Improved profitability and margin recovery signal sustainable growth post-turnaround

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹519 Cr	N/A
Net Profit	₹14 Cr	N/A
EBITDA	₹105 Cr	N/A
EPS	₹1.39	N/A
OPM	20.3%	N/A

What Changed

Hikal Limited reported consolidated revenue of ₹519 crore and PAT of ₹14 crore for Q4 FY26. The PAT figure reflects improvement from ₹55 crore (pre-exceptional) to ₹14 crore (reported) after accounting for an exceptional ₹47 crore impairment charge. EBITDA reached ₹105 crore with a 20.3% margin, indicating margin expansion. Crop Protection revenue grew 45% quarter-on-quarter, contributing to sequential improvements in both margins and volume growth. The company highlighted recovery across Pharmaceuticals and Crop Protection segments. Forward guidance points to commercialization of new products in Specialty Chemicals and Personal Care expected from FY27 onwards. The Q4 results show a turnaround pattern with improved operational efficiency and margin recovery compared to previous quarters.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Hikal Limited	33.35	Not available	Not available	2,484.02
Sun Pharmaceutical Industries Limited	41.28	15.11%	20.34%	4,50,643.09
Divi's Laboratories Limited	72.41	16.56%	22.09%	1,79,470.03
Torrent Pharmaceuticals Limited	80.06	N/A	N/A	1,49,108.91

Hikal trades at a lower P/E multiple compared to Sun Pharmaceutical and Divi's Laboratories, suggesting potential relative valuation advantage. The company's market capitalization is significantly lower than its peers, reflecting its smaller scale. Peer companies show higher ROE and ROCE metrics, indicating stronger returns on equity and capital. Hikal's financial ratios do not currently match the efficiency levels observed in the larger pharmaceutical peers.