| ₹ crore | Q1 FY27 | Q1 FY26 | Change |
|---|---|---|---|
| Revenue | 403 | 380 | +5.9% |
| EBITDA | 37.0 | 25.1 | +47.4% |
| EBITDA margin | 9.2% | 6.6% | +2.6 pts |
| Profit before tax | −9.9 | −30.4 | — |
| Net profit | −7.4 | −22.4 | — |
| EPS | −₹0.60 | −₹1.82 | — |
Amounts on the left scale in ₹ crore; per cent on the right, dashed. L = lakh crore, K = thousand crore. Touch the chart to read any period.
| Tap a line for its trend | Currentlast 12M | FY26Mar 2026 | FY25Mar 2025 | FY24Mar 2024 | FY23Mar 2023 | FY22 and earlierAlpha Plus |
|---|
| 2,496 | — | — | — | — | FY22 and earlierEvery year the company has filed comes with Alpha Plus. | |
| 9.6 | 9.6 | 13.0 | 12.7 | 26.7 | ||
| 681 | 681 | 762 | 815 | 748 | ||
| 3,167 | — | — | — | — | ||
| 1,735 | 1,713 | 1,860 | 1,785 | 2,023 | ||
| — | −7.9% | +4.2% | −11.8% | — | ||
| 232 | 220 | 328 | 267 | 257 | ||
| 13.4% | 12.9% | 17.7% | 15.0% | 12.7% | ||
| 65.2 | 56.6 | 194 | 149 | 148 | ||
| −33.8 | −48.8 | 90.8 | 69.6 | 78.4 | ||
| −1.9% | −2.9% | 4.9% | 3.9% | 3.9% | ||
| −₹2.74 | −₹3.95 | ₹7.35 | ₹5.64 | ₹6.35 | ||
| — | −153.7% | +30.5% | −11.2% | — | ||
| — | 302 | 280 | 187 | 315 | ||
| — | −148 | −137 | −204 | −303 | ||
| 154 | 154 | 143 | −17.5 | 12.7 | ||
From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.
In ₹ Crore except Per Share 12 Months Ending | FY23 31/03/2023 | FY24 31/03/2024 | FY25 31/03/2025 | FY26 31/03/2026 | Current/LTM TTM · last close | |
|---|---|---|---|---|---|---|
| Market Capitalization | — | — | — | — | 2,495.9 | |
| - Cash, Equiv & ST Investments | 26.7 | 12.7 | 13.0 | 9.6 | 9.6 | |
| + Total Debt | 748.0 | 814.7 | 762.3 | 681.1 | 681.1 | |
| Enterprise Value | — | — | — | — | 3,167.4 | |
| Revenue | 2,023.0 | 1,784.6 | 1,859.8 | 1,712.6 | 1,735.0 | |
| Growth %, YoY | — | -11.8 | +4.2 | -7.9 | — | |
| EBITDA | 257.1 | 267.0 | 328.4 | 220.4 | 232.3 | |
| Margin % | 12.71 | 14.96 | 17.66 | 12.87 | 13.39 | |
| EBIT | 148.1 | 149.4 | 194.0 | 56.6 | 65.2 | |
| Net Income | 78.4 | 69.6 | 90.8 | -48.8 | -33.8 | |
| Margin % | 3.87 | 3.90 | 4.88 | -2.85 | -1.95 | |
| EPS, Adj (current shares) | 6.35 | 5.64 | 7.35 | -3.95 | -2.74 | |
| Growth %, YoY | — | -11.2 | +30.5 | -153.7 | — | |
| Cash from Operations | 315.3 | 186.7 | 280.4 | 302.0 | — | |
| Capital Expenditures | -302.6 | -204.2 | -137.3 | -148.1 | — | |
| Free Cash Flow | 12.7 | -17.5 | 143.1 | 153.9 | 153.9 | |
Prices at the 29 October 2026 close · figures from the company's filings with NSE
Hikal (NSE: HIKAL) had a market capitalisation of ₹2,524 crore at the 29 October 2026 close (₹204.40 a share) and a price-to-book ratio of 2.11. In FY26 its consolidated net loss was ₹48.8 crore on revenue of ₹1,713 crore; in Q1 FY27 (April–June 2026) it was a loss of ₹7.4 crore. Its debt-to-equity ratio was 0.57 on 31 March 2026. Promoters held 68.85% of the shares on 30 September 2026.
Hikal's PE ratio is not meaningful at the 29 October 2026 close: its consolidated net profit over the last four quarters (Q2 FY26 to Q1 FY27) was a loss of ₹33.8 crore, and a price-to-earnings ratio needs positive earnings. Its market capitalisation was ₹2,524 crore at ₹204.40 a share.
Hikal's price-to-book (PB) ratio is 2.11 at the 29 October 2026 close: a market capitalisation of ₹2,524 crore divided by shareholders' equity (book value) of ₹1,199 crore on 31 March 2026. That is a book value of ₹97.07 per share against a share price of ₹204.40.
Hikal's net worth — shareholders' equity in its consolidated balance sheet — was ₹1,199 crore on 31 March 2026, down 5.0% from ₹1,262 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹2,524 crore at the 29 October 2026 close.
Hikal's market capitalisation was ₹2,524 crore at the 29 October 2026 close: 12.35 crore shares at ₹204.40 each.
Hikal's debt-to-equity ratio was 0.57 on 31 March 2026: borrowings of ₹681 crore against total equity of ₹1,199 crore. A year earlier, on 31 March 2025, it was 0.60.
Hikal's basic earnings per share (EPS) were −₹3.96 in FY26. Over the last four quarters (Q2 FY26 to Q1 FY27) they add up to −₹2.74.
No. Hikal had borrowings of ₹681 crore on 31 March 2026 (consolidated balance sheet), a debt-to-equity ratio of 0.57. Its cash and current investments were ₹13.8 crore, so its net debt was ₹667 crore.
In 2026, Hikal has declared two dividends totalling ₹0.60 a share: ₹0.20 (interim) with record date 17 February 2026 and ₹0.40 with record date 4 September 2026.
Promoters held 68.85% of Hikal on 30 September 2026, unchanged from both the previous quarter and a year earlier, according to the shareholding pattern filed with NSE.
In FY26, Hikal's return on equity (ROE) was −4.0% and its return on capital employed (ROCE) was 3.3%. ROE is net profit divided by average shareholders' equity (the start and end of the year); ROCE is operating profit (EBIT) divided by average capital employed (total assets less current liabilities). In FY25, ROE was 7.4% and ROCE 11.2%.
On 30 September 2026, Hikal's shares were held by promoters 68.85%, foreign portfolio investors (FII/FPI) 1.27%, domestic institutions (DII) 5.32% (including mutual funds at 5.09%) and retail and other non-institutional investors 24.56%. Over the year, FII holding was down 2.96 percentage points from 4.23% and DII holding was up 0.16 percentage points from 5.16%.
On FY26 consolidated figures, against Panacea Biotec, Dishman Carbogen Amcis and Sai Parenterals: Hikal's operating margin of 3.3% is the third highest of the four (Panacea Biotec −5.9%, Dishman Carbogen Amcis 7.7%, Sai Parenterals 5.7%; peer average 2.5%); its return on equity of −4.0% is the lowest of the four (Panacea Biotec −0.6%, Dishman Carbogen Amcis 1.6%, Sai Parenterals 2.9%; peer average 1.3%).
Hikal's book value per share was ₹97.07 on 31 March 2026: shareholders' equity of ₹1,199 crore divided by the 12.35 crore shares in issue, down 5.0% from ₹102.21 a year earlier. The share price at the 29 October 2026 close was ₹204.40.
Hikal's dividend yield is 0.29% at the 29 October 2026 close: dividends of ₹0.60 a share that went ex-dividend in the 12 months before that day, divided by the share price of ₹204.40. They were ₹0.40 on 4 September 2026 and ₹0.20 on 17 February 2026 (interim).
Hikal's latest results are for Q1 FY27 (April–June 2026), filed on 6 August 2026: consolidated net loss ₹7.4 crore, narrower than the loss of ₹22.4 crore in Q1 FY26; revenue from operations ₹403 crore, up 5.9% year on year.
In FY26, Hikal generated ₹302 crore of cash from operations and spent ₹148 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of ₹154 crore. In FY25 it was ₹143 crore.
In FY26 (April 2025–March 2026), Hikal's consolidated net loss was ₹48.8 crore, against a profit of ₹90.8 crore in FY25, on revenue from operations of ₹1,713 crore (down 7.9%).
Hikal will announce its Q2 FY27 results (July–September 2026) on Tuesday, 3 November 2026, the date of the board meeting it has notified to the exchanges.
In FY26, Hikal earned net profit of ₹48.8 crore on revenue of ₹1,713 crore, against ₹5.4 crore on ₹640 crore for Panacea Biotec. Hikal's operating margin was 3.3% (Panacea Biotec −5.9%) and its return on equity −4.0% (Panacea Biotec −0.6%). At the 29 October 2026 close, Hikal's market capitalisation was ₹2,524 crore against ₹1,998 crore for Panacea Biotec.
From Hikal's own consolidated results, balance sheets and shareholding patterns filed with NSE, and NSE prices (the latest used here: the 29 October 2026 close). Ratios are calculated by Alphave from those filings as each answer describes.
Consolidated figures from the company's filings with NSE; prices are NSE closing prices.