Hikal Ltd (HIKAL) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 524735 | NSE: HIKAL | Pharmaceuticals & Drugs | Small Cap

Hikal Share Price

242.65 -10.30 -4.07%
as on 05-Dec'25 15:24

Hikal Ltd (HIKAL) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 524735 | NSE: HIKAL | Pharmaceuticals & Drugs | Small Cap

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Based on:

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1. Quality


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2. Valuation


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3. Price Trend


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Hikal stock performance -

Key Ratios
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P/E Ratio (CD):
308.80
Market Cap:
3,118.9 Cr.
52-wk low:
217.4
52-wk high:
456.6

Is Hikal Ltd an attractive stock to invest in?


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10 Year X-Ray of Hikal: Login to view analysis.

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

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 11.9%11.9%12.8%15.3%12.4%16.2%15.2%8.5%7.8%9.9%-
Value Creation
Index
-0.2-0.2-0.10.1-0.10.20.1-0.4-0.4-0.3-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 9261,0141,2961,5901,5071,7201,9432,0231,7851,8601,676
Sales YoY Gr.-9.5%27.8%22.7%-5.2%14.1%12.9%4.1%-11.8%4.2%-
Adj EPS 3.55.96.58.77.710.712.96.25.67.10.8
YoY Gr.-70.3%9.6%33.5%-11.3%39.8%20.1%-51.8%-9.4%26.5%-
BVPS (₹) 37.249.154.361.366.275.786.691.996.3102.296.9
Adj Net
Profit
42.872.979.810794.513215976.569.387.710
Cash Flow from Ops. 186163139186285229294315187280-
Debt/CF from Ops. 2.73.74.63.62.32.72.32.44.42.7-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 8.1%4.3%-1.4%4.2%
Adj EPS 8.3%-1.5%-18%26.5%
BVPS11.9%9.1%5.7%6.1%
Share Price 8.3% 7.2% -11.4% -43.5%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
7.812.512.5151215.115.9767.20.8
Op. Profit
Mgn %
19.819.918.919.118.118.817.512.71517.713.6
Net Profit
Mgn %
4.67.26.26.76.37.78.23.83.94.70.6
Debt to
Equity
1.1110.90.80.70.60.70.70.60.3
Working Cap
Days
22921820620322620519818519825099
Cash Conv.
Cycle
1021061071051139490809310214

Recent Performance Summary

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Latest Financials - Hikal Ltd.

Standalone Consolidated
TTM EPS (₹) 0.8 0.8
TTM Sales (₹ Cr.) 1,676 1,676
BVPS (₹.) 96.8 96.9
Reserves (₹ Cr.) 1,169 1,170
P/BV 2.61 2.61
PE 305.77 308.80
From the Market
52 Week Low / High (₹) 217.35 / 456.60
All Time Low / High (₹) 0.89 / 742.00
Market Cap (₹ Cr.) 3,119
Equity (₹ Cr.) 24.7
Face Value (₹) 2
Industry PE 40.7

Management X-Ray of Hikal:

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 (%)

Valuation of Hikal - Consolidated Basis

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
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YTD 1Y 3Y 5Y 10Y Max
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Event Update

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Analyst's Notes

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Key Ratios of Hikal

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales9261,0141,2961,5901,5071,7201,9432,0231,7851,860
Operating Expenses 7458151,0541,2911,2341,3981,6021,7661,5181,531
Manufacturing Costs116124159216216233280298304309
Material Costs4655096998547769089961,107825837
Employee Cost 108117128136157164203222247247
Other Costs 556669868592123138143138
Operating Profit 181198242298273323341257267328
Operating Profit Margin (%) 19.5%19.6%18.7%18.8%18.1%18.8%17.5%12.7%15.0%17.7%
Other Income 2342455535
Interest 62484958523631485675
Depreciation 67698693828596109118134
Exceptional Items 0-400-1500000
Profit Before Tax 538011114912720621910596124
Tax 12133446427358272633
Profit After Tax 41687710384133160787091
PAT Margin (%) 4.5%6.7%6.0%6.5%5.6%7.7%8.3%3.9%3.9%4.9%
Adjusted EPS (₹)3.35.56.38.46.910.813.06.45.67.4
Dividend Payout Ratio (%)20%15%13%14%18%19%12%19%21%19%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 5646056697568179331,0681,1331,1881,262
Share Capital 16161625252525252525
Reserves 5475896537327929091,0431,1091,1631,238
Minority Interest0000000000
Debt469550574600561514559663712631
Long Term Debt297320297298303263287490423367
Short Term Debt172230277302258251273173289263
Trade Payables128130165160201230249313279304
Others Liabilities 138114190259301338452276586609
Total Liabilities 1,2981,3991,5971,7751,8792,0162,3282,3852,7642,806

Fixed Assets

Gross Block1,1477377889601,0651,1271,3881,5641,8022,225
Accumulated Depreciation52469155247330415508615732861
Net Fixed Assets 6236686347137357138799481,0711,365
CWIP 666311879161254295412414121
Investments 343111115510
Inventories291264303364312267329317304335
Trade Receivables112256287350340486438442550522
Cash Equivalents 19162732643749602118
Others Assets 183128226236266259327202398436
Total Assets 1,2981,3991,5971,7751,8792,0162,3282,3852,7642,806

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 186163139186285229294315187280
PBT 538011114914220621910596124
Adjustment 134127140159136127126163175215
Changes in Working Capital 11-24-87-9046-581976-53-29
Tax Paid -13-20-26-33-24-47-70-29-30-30
Cash Flow From Investing Activity -64-102-110-125-164-156-284-292-174-137
Capex -59-105-106-128-158-158-273-302-204-136
Net Investments 000000-10728-1
Others -53-44-61-1321
Cash Flow From Financing Activity -124-63-25-55-101-97-6-8-27-144
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 747-9-520-2746169-49-28
Interest Paid -61-53-50-58-52-49-45-64-78-75
Dividend Paid -8-13-11-14-20-15-27-12-15-15
Others -61-444422-49-620-100115-26
Net Cash Flow -2-24620-24415-140

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)9.3212.7412.1214.4610.7415.2216.047.1267.41
ROCE (%)11.9211.8712.8115.2512.4416.1515.218.477.829.88
Asset Turnover Ratio0.720.770.870.940.820.880.890.860.690.67
PAT to CFO Conversion(x)4.542.41.811.813.391.721.844.042.673.08
Working Capital Days
Receivable Days4765767384888779101105
Inventory Days118988077826156586363
Payable Days10493776985878893131127

Hikal Ltd Stock News

Hikal Ltd FAQs

The current trading price of Hikal on 05-Dec-2025 15:24 is ₹242.7.
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 04-Dec-2025 the market cap of Hikal stood at ₹3,118.9.
The latest P/E ratio of Hikal as of 04-Dec-2025 is 305.8.
The latest P/B ratio of Hikal as of 04-Dec-2025 is 2.61.
The 52-week high of Hikal is ₹456.6 and the 52-week low is ₹217.3.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hikal is ₹1,676 ( Cr.) .

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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