MarketFriction

Hikal Ltd

NSE HIKAL · BSE 524735 · Pharmaceuticals
₹218.14 +0.11%
NSE close2026-10-01
52 week range146.25 - 261.00
Market cap₹2,682 Cr.
P/E63.2
Price band 20% Delivery 39.4%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales434.88447.50514.10406.80452.90447.70552.40380.40318.50494.30519.40402.80
Expenses377.36382.80419.70348.80378.00375.60429.00355.30311.30411.60414.00365.80
Operating Profit57.5264.7094.4058.0074.9072.10123.4025.107.2082.70105.4037.00
OPM %13.23%14.46%18.36%14.26%16.54%16.10%22.34%6.60%2.26%16.73%20.29%9.19%
Other Income0.990.100.500.500.403.600.501.001.90-35.20-40.5010.70
Interest13.0814.2015.3019.8018.8018.7017.9017.1014.9015.5014.6014.90
Depreciation28.5729.0032.3031.8031.7033.2037.7039.4041.2041.2042.0042.70
Profit before tax16.8621.6047.306.9024.8023.8068.30-30.40-47.00-9.208.30-9.90
Tax %25.44%25.46%28.33%26.09%26.21%27.73%26.50%-26.32%-25.74%-35.87%-73.49%-25.25%
Net Profit12.5716.1033.905.1018.3017.2050.20-22.40-34.90-5.9014.40-7.40
EPS in Rs1.021.312.750.411.481.394.07-1.82-2.83-0.481.17-0.60
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales9261,0141,2961,5901,5071,7201,9432,0231,7851,8601,7131,735
Expenses7458131,0541,2911,2341,3981,6021,7651,5181,5311,4921,503
Operating Profit181201242298273323341258267328220232
OPM %20%20%19%19%18%19%18%13%15%18%13%13%
Other Income2-342-1255525-73-63
Interest624849585236314856756260
Depreciation67698693828596109118134164167
Profit before tax538011214912720621910596124-78-58
Tax %23%16%31%31%33%36%27%26%27%27%-38%
Net Profit41687710384133160787091-49-34
EPS in Rs3.345.496.268.366.8510.8013.026.365.647.36-3.96-2.74
Dividend Payout %20%15%13%14%18%19%12%19%21%19%-15%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth6%0%-5%-5%
Compounded Profit Growth-4%-27%-30%-33%
Stock Price CAGR4%-18%-10%-13%
Return on Equity10%7%5%2%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital161616162525252525252525
Reserves5165475896537327929091,0431,1091,1631,2381,174
Borrowings547505598635661646610675748818765684
Other Liabilities212206177237268306370470504482502483
Total Liabilities1,2921,2751,3791,5421,6861,7681,9132,2132,3852,4872,5292,365
Fixed Assets6396236686347137357138799481,0711,3641,333
CWIP6266631187916125429541241412194
Investments334311111551010
Other Assets5885836457888938719461,0281,0209971,034928
Total Assets1,2921,2751,3791,5421,6861,7681,9132,2132,3852,4872,5292,365
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity102186163139186285229294315187280302
Cash from Investing Activity-43-64-102-110-125-164-156-284-292-174-136-145
Cash from Financing Activity-69-124-63-25-55-101-97-6-8-27-144-160
Net Cash Flow-10-2-24620-24415-140-3
Free Cash Flow54127583357127712113-17144154
CFO/OP63%110%91%68%73%113%85%107%134%81%94%144%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days544492818082103828011310394
Inventory Days268229189158156147107121104134146172
Days Payable117101938668959291103123133128
Cash Conversion Cycle20517318815316813511811281124116138
Working Capital Days-132943294528392639393741
ROCE %11%11%12%13%15%14%16%15%8%8%10%4%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters68.85%68.85%68.85%68.85%68.85%68.85%68.85%68.85%68.85%68.85%68.85%68.85%
FIIs4.81%6.14%6.55%6.66%6.78%6.06%5.70%5.35%4.23%2.31%1.44%0.98%
DIIs3.11%3.15%3.53%3.17%3.58%3.48%3.80%4.03%5.15%7.05%7.20%7.23%
Public23.22%21.85%21.06%21.32%20.79%21.61%21.65%21.76%21.75%21.78%22.51%22.92%
No. of Shareholders76,12674,65771,84070,97871,91271,80168,90771,39173,40474,11774,27073,527

Fundamentals

Market Cap₹ 2,682 Cr.
Current Price₹ 218
Stock P/E63.2
Book Value₹ 97.2
ROCE3.50 %
ROE2.21 %
Dividend Yield0.28 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)-5%
Compounded Profit Growth (TTM)-33%
Consolidated figures.
Valuation
Market capRs 2,690 Cr
Enterprise valueRs 3,360 Cr
Price to book2.24x
Price to sales1.55x
EV / EBITDA19.86x
EV / EBIT1599.85x
EV / sales1.94x
Price to cash flow8.91x
Earnings yield-1.26%
Dividend yield0.28%
P/E, 3-year average50.60x
P/B, 3-year average2.72x
P/E, 5-year average44.10x
P/B, 5-year average3.17x
Profitability
Operating margin (excl. other income)12.87%
Operating margin (incl. other income)8.62%
EBITDA margin9.75%
Pre-tax margin-3.33%
Net profit margin-1.95%
Net margin, latest quarter-1.84%
ROE-3.97%
ROCE-0.83%
ROA-1.99%
ROE, 3-year average3.15%
ROCE, 3-year average5.62%
ROA, 3-year average1.49%
ROE, 5-year average6.52%
ROCE, 5-year average8.10%
ROA, 5-year average3.13%
ROIC (approx.)0.07%
Tax rate37.68%
Other income / net worth-6.07%
Growth
Sales growth (latest year)-7.91%
Profit growth (latest year)-153.74%
Sales CAGR, 3 years-5.40%
Sales CAGR, 5 years-0.09%
Sales growth QoQ-22.45%
Profit growth QoQ-151.39%
Sales growth YoY (latest quarter)5.89%
Per share
EPS (TTM)Rs -2.74
EPS (latest year)Rs -3.96
EPS (latest quarter)Rs -0.60
EPS, 3-year averageRs 3.02
EPS, 5-year averageRs 5.68
Book value per shareRs 97.23
Sales per shareRs 140.71
Cash flow per shareRs 24.49
Free cash flow per shareRs 12.49
Dividend per share (latest year)Rs 0.60
Dividend per share, 3-year averageRs 1.07
Dividend per share, 5-year averageRs 1.20
Dividends
Dividend payout, 3-year average20.15%
Dividend payout, 5-year average17.87%
Efficiency
Asset turnover0.72x
Fixed asset turnover1.28x
Inventory turnover2.97x
Inventory days123 days
Debtor days94 days
Debtors turnover3.88x
Creditor days128 days
Cash conversion cycle138 days
Working capital days41 days
Leverage
Total debtRs 684 Cr
Cash and bankRs 14 Cr
Net debtRs 670 Cr
Debt to equity0.57x
Net debt / EBITDA3.96x
Interest coverage0.04x
Current ratio (filing 2026-03-31)1.30x
Quick ratio (filing 2026-03-31)0.77x
Trade payables (filing 2026-03-31)Rs 266 Cr
Owners' fund to total sources50.68%
Debt to assets28.91%
Cash flow
Cash from Operating Activity (latest year)Rs 302 Cr
Cash from Investing Activity (latest year)Rs -145 Cr
Cash from Financing Activity (latest year)Rs -160 Cr
Net Cash Flow (latest year)Rs -3 Cr
Free cash flow (latest year)Rs 154 Cr
FCFE (approx.: FCF + change in debt)Rs 73 Cr
Cash from ops / profit, 5 years3.94x
Sales to cash flow5.67x
Statement figures
Net sales (TTM)Rs 1,735 Cr
Net sales (latest year)Rs 1,713 Cr
Sales (latest quarter)Rs 403 Cr
Operating profit excl. other income (latest year)Rs 220 Cr
Operating profit (latest quarter)Rs 37 Cr
Other income (TTM)Rs -63 Cr
EBITDA (TTM)Rs 169 Cr
PBDT (TTM)Rs 109 Cr
Profit before tax (TTM)Rs -58 Cr
Tax (latest year)Rs -30 Cr
Net profit (TTM)Rs -34 Cr
Net profit (latest year)Rs -49 Cr
Net profit (latest quarter)Rs -7 Cr
Depreciation (TTM)Rs 167 Cr
Depreciation (latest quarter)Rs 43 Cr
Interest (TTM)Rs 60 Cr
Cost of goods sold (latest year)Rs 1,064 Cr
Total expenditure (latest year)Rs 1,492 Cr
Total income (latest year)Rs 1,640 Cr
Share capitalRs 25 Cr
ReservesRs 1,174 Cr
Shareholders' fundsRs 1,199 Cr
Total assetsRs 2,365 Cr
Net blockRs 1,333 Cr
Capital work in progressRs 94 Cr
InvestmentsRs 10 Cr
ReceivablesRs 442 Cr
InventoryRs 358 Cr
Other liabilitiesRs 483 Cr
Shares outstanding (crore)12.33
Ownership
Promoter holding68.85% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 2.24 is at the 16th percentile (median 3.05).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHIKALNifty 50Difference
1 week+1.9%-2.8% +4.6 pts
1 month+9.9%-6.8% +16.7 pts
3 months-1.8%-7.6% +5.8 pts
6 months+48.3%+0.4% +47.9 pts
1 year-15.6%-9.9% -5.7 pts
2 years-42.6%-13.6% -29.1 pts
3 years-26.2%+14.2% -40.3 pts
5 years-62.2%+27.9% -90.1 pts
4 mutual fund schemes hold about ₹140 Cr. Over three months 0 bought more and 3 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
ICICI Pru Healthcare Fund-1.05%73 -20%
Tata Small Cap Fund0.51%66 -11%
Bandhan BSE Healthcare Index Fund0.05%0 -12%
Motilal Oswal BSE 1000 Index Fund0.00%0

Red flags

F-score 4 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹403 Cr +5.9% vs Jun 2025. Net loss ₹7 Cr.
Against our estimate for Jun 2026: sales +3.6%, profit +46.3% in line. Our estimate for Sep 2026: sales Rs 318 Cr, profit Rs -5 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-04Dividend - Re 0.40 Per Share
2026-02-17Interim Dividend - Re 0.20 Per Share
2025-09-02Dividend - Rs 0.80 Per Share
2025-02-07Interim Dividend - Re 0.60 Per Share
2024-09-10Annual General Meeting
2024-09-04Dividend - Re 0.60 Per Share
2024-02-20Interim Dividend - Rs 0.60 Per Sh
2023-09-18Annual General Meeting/Dividend - Rs 0.60 Per Share
2023-02-14Interim Dividend - Re 0.60 Per Share
2022-09-14Dividend - Re 0.40 Per Share
2022-09-14Annual General Meeting
2022-02-23Interim Dividend - Rs 1.20 Per Share
2021-08-25 Dividend - Re 1 Per Share
2021-02-15 Interim Dividend - Re 1 Per Share
2020-09-07 Annual General Meeting/Dividend - Rs 0.20 Per Share
2020-02-17 Interim Dividend - Re 1 Per Share
2019-07-23 Annual General Meeting/Dividend - Re 0.60 Per Share
2019-02-13 Interim Dividend - Re 0.60 Per Share
2018-07-31 Annual General Meeting/Dividend- Re 0.50 Per Share
2018-06-22 Bonus 1:20.6667
2018-02-21 Interim Dividend Re 0.70 Per Share
2017-08-02 Annual General Meeting/Dividend - Re 0.60 Per Share
2017-02-13 Interim Dividend Re 0.60 Per Share
2016-08-02 Annual General Meeting/ Dividend -Re 0.50 Per Share
2016-05-17 Interim Dividend -Re 0.50/- Per Share
2015-08-04Annual General Meeting/ Dividend - Re 0.50/- Per Share
2015-05-18Interim Dividend - Re 0.50/- Per Share
2015-02-27Face Value Split (Sub-Division): From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2014-08-14Annual General Meeting / Final Dividend - Rs 2.50/- Per Share
2014-02-18Interim Dividend Rs 2/- Per Share
2013-08-13Annual General Meeting And Dividend Rs.2.50 Per Share
2011-08-09Annual General Meeting And Dividend Rs.3/- Per Share
2011-05-24Interim Dividend-Rs.3/- Per Share
2010-08-09Annual General Meeting And Final Dividend Rs.4/- Per Share
2010-05-11Interim Dividend Rs 4/- Per Share
2009-08-17Annual General Meeting
2008-08-11Agm/Dividend - 40%
2008-01-31Interim Dividend - 30%
2007-08-13Agm/Fin Div-Rs3.50 Per Sh
2007-02-14Interim Dividend-30%
2006-08-11Agm/Div-Rs.3.50/- Per Sh
DateTypeWhat it says
2026-10-01ResignationResignation of Director/KMP/SMP
2026-10-01Board meeting outcomeOutcome of Board Meeting held on October 01, 2026.
2026-09-29General UpdatesGeneral Updates
2026-09-23Press ReleaseA press release dated September 23, 2026, titled "Press Release on Sameer Hiremaths appointment as Chairman and Managing Director".
2026-09-23Shareholder meetingProceedings of Annual General Meeting held on September 23, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along w...
2026-09-22Press ReleaseA press release dated September 22, 2026, titled "Press Release- Hikal ventures into Personal Care : New cGMP Panoli facility begins Commercial Produc...
2026-09-02Concall / analyst meetSchedule of meet
2026-08-31General UpdatesGeneral Updates
2026-08-31General UpdatesGeneral Updates
2026-08-31Shareholder meetingNotice of Annual General Meeting to be held on September 23, 2026
2026-08-27UpdatesCommunication to Shareholders-Intimation of Tax Deduction on Dividend.
2026-08-26General UpdatesGeneral Updates
2026-08-26Record DateRecord date for the purpose of Dividend is 04-Sep-2026.
2026-08-26Board meeting outcomeOutcome of Board Meeting held on August 26, 2026.
2026-08-12Concall / analyst meetTranscript
2026-08-06Concall / analyst meetLink of Recording
2026-08-06Press ReleaseA press release dated August 06, 2026, titled "Q1 FY27 Results Execution Led Performance".
2026-08-06Concall / analyst meetPresentation
2026-08-06Board meeting outcomeHikal Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-30Concall / analyst meetSchedule of meet
2026-07-29Press ReleaseA press release dated July 29, 2026, titled "Hikal awarded EcoVadis Gold Medal for Sustainability Excellence".
2026-07-06Shareholder meetingVoting results.
2026-06-04Shareholder meetingNotice of Postal Ballot
2026-06-03Concall / analyst meetTranscript
2026-06-02Disclosure under SEBI TakeovB.N. Kalyani has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acqu...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
EPS in the scrip is zero (4 trailing quarters)

Quick answers

What is the market cap of Hikal Ltd?

Hikal Ltd (HIKAL) has a market capitalisation of Rs 2,682 Cr. at the 2026-10-01 close.

What is the P/E ratio of Hikal Ltd?

Hikal Ltd trades at a P/E of 63.2 on trailing twelve-month profit, at the 2026-10-01 close.

What were Hikal Ltd's latest quarterly results?

In the Jun 2026 quarter, Hikal Ltd sales was Rs 403 Cr (+5.9% vs Jun 2025) with a net loss of Rs 7 Cr.

What is the 52-week high and low of Hikal Ltd?

The 52-week high is Rs 261.00 and the 52-week low is Rs 146.25.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03