MoneyWorks4Me

Hikal Ltd (HIKAL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524735 NSE: HIKAL Pharmaceuticals & Drugs | Small Cap | Hikal Share Price

₹217.95 3.75 (1.75%)

As on 25-Sep'26 16:59

Hikal Ltd (HIKAL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524735 NSE: HIKAL Pharmaceuticals & Drugs | Small Cap | Hikal Share Price

₹217.95 3.75 (1.75%)

As on 25-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,687 Cr.
Current Price
₹218
52-Week Low / High
₹146 / 261
TTM EPS
₹-2.7
TTM Sales
₹1,724 Cr.
Book Value per Share
₹96.6
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
54.9
Price to Book (P/B)
2.26
Lower than its 5-year historical median
Price to Sales (P/S)
1.56
Lower than its 5-year historical median
EV/EBITDA
13.67
Lower than its 5-year historical median
Dividend Yield
0.28%
Profitability Efficiency
Return on Equity (ROE)
-3.97%
Underperforms industry median
Return on Capital Employed (ROCE)
-0.83%
Underperforms industry median
Return on Assets (ROA)
-1.89%
Operating Profit Margin
12.9%
Net Profit Margin
-2.85%
Gross Profit Margin
10%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-7.91%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-32.89%
Net Profit Growth (1 Year)
-
-153.74%
Asset Quality
Promoter Holding
68.85%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,167 Cr.
Equity
₹24.7 Cr.
Face Value
₹2
All Time Low / High
₹0.89 / 742.00

Hikal stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Undervalued

Price Trend

Semi Strong
Q.1 Is Hikal Ltd a good quality company?
Hikal Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Hikal Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Hikal Ltd vs industry peers?
Hikal Ltd revenue CAGR is -0.09%, compared to the industry median CAGR of 0%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Hikal Ltd?
Promoters hold 68.85% of the Hikal Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Hikal Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 4.6% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Hikal Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ12.1%12.8%15.3%12.4%16.2%15.2%8.5%7.8%9.9%-0.8%-
Value Creation
Index ⓘ
-0.1-0.10.1-0.10.20.1-0.4-0.4-0.3-1.1-

Growth Parameters ⓘ

Sales ⓘ1,0141,2961,5901,5071,7201,9432,0231,7851,8601,7131,724
Sales YoY Gr.-27.8%22.7%-5.2%14.1%12.9%4.1%-11.8%4.2%-7.9%-
Adj EPS ⓘ5.96.58.77.710.712.96.25.67.10.3-2.7
YoY Gr.-9.6%33.5%-11.3%39.8%20.2%-51.9%-9.7%27.1%-96.5%-
BVPS (₹) ⓘ49.154.361.366.275.786.691.996.2102.297.196.6
Adj Net
Profit ⓘ
72.979.810794.513215976.569.187.83.1-34
Cash Flow from Ops. ⓘ163139186285229294315187280302-
Debt/CF from Ops. ⓘ3.74.63.62.32.72.32.44.42.72.3-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ6%-0.1%-5.4%-7.9%
Adj EPS ⓘ-29.6%-52.8%-65.7%-96.5%
BVPSⓘ7.9%5.1%1.8%-5%
Share Price 4.6% -18.7% -10.1% -14.5%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
12.512.5151215.115.9767.20.3-2.8
Op. Profit
Mgn % ⓘ
19.818.919.118.118.817.512.71517.712.913.5
Net Profit
Mgn % ⓘ
7.26.26.76.37.78.23.83.94.70.2-2
Debt to
Equity ⓘ
110.90.80.70.60.70.70.60.6-
Working Cap
Days ⓘ
21820620322620519818522625023597
Cash Conv.
Cycle ⓘ
1061071051139490809310211114

Valuation of Hikal - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,0141,2961,5901,5071,7201,9432,0231,7851,8601,713
Operating Expenses ⓘ + 8151,0541,2911,2341,3981,6021,7661,5181,5311,492
Manufacturing Costs124159216216233280298304309302
Material Costs5096998547769089961,107825837762
Employee Cost 117128136157164203222247247270
Other Costs ⓘ 6669868592123138143138158
Operating Profit ⓘ 198242298273323341257267328220
Operating Profit Margin (%) 19.6%18.7%18.8%18.1%18.8%17.5%12.7%15.0%17.7%12.9%
Other Income ⓘ + 34245553512
Exceptional Items ⓘ -400-1500000-85
Interest ⓘ 48495852363148567562
Depreciation ⓘ 698693828596109118134164
Profit Before Tax ⓘ 8011114912720621910596124-78
Tax ⓘ 133446427358272633-30
Profit After Tax 687710384133160787091-49
PAT Margin (%) 6.7%6.0%6.5%5.6%7.7%8.3%3.9%3.9%4.9%-2.9%
Adjusted EPS (₹)5.56.38.46.910.813.06.45.67.4-4.0
Dividend Payout Ratio (%)14.60%12.80%14.40%17.50%18.50%12.30%18.90%21.30%19%-15.20%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 6056697568179331,0681,1331,1881,2621,199
Share Capital ⓘ 16.4416.4424.6624.6624.6624.6624.6624.7024.7024.70
Reserves ⓘ 5896537327929091,0431,1091,1631,2381,174
Debt +550574600561514559663712631552
Long Term Debt320297298303263287490423367373
Short Term Debt230277302258251273173289263179
Minority Interest0000000000
Trade Payables130165160201230249313279304267
Others Liabilities ⓘ 114190259301338452276586609349
Total Liabilities ⓘ 1,3991,5971,7751,8792,0162,3282,3852,7642,8062,365

Fixed Assets

Net Fixed Assets ⓘ +6686347137357138799481,0711,3651,380
Gross Block7377889601,0651,1271,3881,5641,8022,2252,404
Accumulated Depreciation691552473304155086157328611,024
CWIP ⓘ 631187916125429541241412195
Investments ⓘ 4311111551010
Inventories264303364312267329317304335358
Trade Receivables256287350340486438442550522442
Cash Equivalents 16273264374960211814
Others Assets ⓘ 12822623626625932720239843668
Total Assets ⓘ 1,3991,5971,7751,8792,0162,3282,3852,7642,8062,365
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 163139186285229294315187280302
PBT ⓘ 8011114914220621910596124-78
Adjustment ⓘ 127140159136127126163175215278
Changes in Working Capital ⓘ -24-87-9046-581976-53-29117
Tax Paid ⓘ -20-26-33-24-47-70-29-30-30-14
Cash Flow From Investing Activity ⓘ + -102-110-125-164-156-284-292-174-137-145
Capex -105-106-128-158-158-273-302-204-136-148
Net Investments 00000-10728-12
Others ⓘ 3-44-61-13211
Cash Flow From Financing Activity ⓘ + -63-25-55-101-97-6-8-27-144-160
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 47-9-520-2746169-49-284
Interest Paid ⓘ -53-50-58-52-49-45-64-78-75-66
Dividend Paid ⓘ -13-11-14-20-15-27-12-15-15-12
Others ⓘ -444422-49-620-100115-26-86
Net Cash Flow ⓘ -24620-24415-140-3
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)12.7412.1214.4610.7415.2216.047.1267.41-3.97
ROCE (%)11.8712.8115.2512.4416.1515.218.477.829.88-0.83
Asset Turnover Ratio0.770.870.940.820.880.890.860.690.670.66
PAT to CFO Conversion(x)2.41.811.813.391.721.844.042.673.08N/A
Working Capital Days
Receivable Days65.1076.3073.1083.6087.6086.7079.30101.50105.30102.70
Inventory Days97.9079.5076.6081.9061.405658.3063.5062.6073.80
Payable Days92.607769.4084.9086.6087.7092.70131127.10136.70

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Announcements

Hikal Ltd FAQs

The current trading price of Hikal on 25-Sep-2026 16:59 is ₹217.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Sep-2026 the market cap of Hikal stood at ₹2,687.3 Cr

The latest P/E ratio of Hikal as of 24-Sep-2026 is 0.00.

The latest P/B ratio of Hikal as of 24-Sep-2026 is 2.26.

The 52-week high of Hikal is ₹260.8 and the 52-week low is ₹145.9.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hikal is ₹1,724 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Hikal Ltd is a average quality company.

The key valuation ratios of Hikal Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Hikal Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Hikal Ltd

Established in 1988 Hikal is a reliable partner to companies in the Pharmaceuticals, Biotech, Agrochemicals and Specialty Chemicals industries. They provide world-class Active Ingredients, Intermediates and R&D services and solutions in a safe, secure and confidential manner. Their advanced infrastructure has been inspected and approved by globally recognized bodies such as the USFDA.

Hikal is a company built on enduring relationships. They are committed to delivering value as a complementary partner. By delivering on this commitment, they have earned the respect and recognition of leading companies from around the world.

Hikal is engaged in R&D, manufacturing and marketing of fine chemicals for the Pharmaceutical and Agrochemical industries. It collaborates with innovator companies and offer solutions in Contract Research, Custom Synthesis and Custom Manufacturing. Its people have extensive expertise in multi-disciplinary project management.

  • Discovery Research Support It supplies molecules for discovery research on a contract basis. It is the preferred partner of leading multinational companies in different phases of new drug discovery and development. Backed by state-of-the-art instrumentation and an experienced team of scientists, we focus on research on new molecules.
  • Process Development It has a successful track record in developing non-infringing processes and scaling them up from laboratory to kilo scale to commercial scale production. Its engineering expertise enables it to successfully set up chemical plants, manage and develop a wide range of processes that conform to stringent quality and safety guidelines.
  • Analytical Method Development It undertakes method validation of new substances. The activities include in-process analysis, identification and quantification of impurities.
  • Custom Manufacturing It also undertakes custom manufacturing of key intermediates and active substances for pharmaceutical and agrochemical companies worldwide. Its intermediates are being used in new candidate drugs in Phase 1, Phase 2 and Phase 3 stage of clinical trials as well as in commercialized drugs.

Products of the company include:

  • Pharmaceuticals Products: Gabapentin  ,Bupropion Hydrochloride ,Gemfibrozil, Pentoxifylline, Ondansetron Hydrochloride , Ondansetron Base, Triprolidine Hydrochloride ,Acebutolol Hydrochloride, Cinnarizine ,Flunarizine Hydrochloride and Levetiracetam
  • Agrochemicals Products: Diuron ,Ethion ,Isoproturon  ,Metoxuron  ,Quinalphos and Thiabendazole 

Different divisions of the company are:

Pharmaceuticals Division

Hikal is a partner of choice to the global pharmaceutical industry. They support the pharmaceutical industry from the early lead generation stage till the launch of new chemical entities. Hikal's specialization spans the entire spectrum from conventional synthesis to complex chiral chemistry and is backed by state-of-the-art analytical facilities.

Agrochemicals Division

They are the preferred choice of leading Crop Protection companies in the world. Multinational companies leverage their expertise in developing non-infringing processes for molecules and analytical development.

R&D Division:

R&D is a core competency of Hikal. They assign top most priority to investments in world-class scientists and laboratory instrumentation. Their R&D team is mentored by a Scientific Advisory Board of eminent scientists.

They have an impressive R&D record. Their scientists have published several publications and received patents. They have developed several innovative and cost effective processes for several well known APIs.

Hikal has a global footprint. Its presence in strategic markets enables it to serve the customers better. Hikal has a majority stake in Marsing & Co A/S, a key player in the marketing of Active Pharmaceutical Ingredients (APIs) and raw materials for pharma majors and the chemical industry. Based in Denmark, the company has a distribution network in 100 countries across Europe, Latin America, Africa and the Middle East.

Awards & Achievements:

The companies facilities are ISO 17025, ISO 9000-2000, ISO 14001 and OHSAS 18001 certified.

Recent developments

The domestic credit rating agency, ICRA has assigned LBBB+ to Rs 1,017.4 million and $ 33.1 million long term loans of HIKAL. ICRA has assigned LBBB+ rating outstanding on the Rs. 650 million fund-based bank limits of HIKAL. ICRA also has assigned A2 rating outstanding on the Rs 1,210 million fund based and Rs 480 million non-fund based bank limits.

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