HIKALHealthcare

Hikal Limited

Pharmaceuticals · ISIN INE475B01022 · BSE 524735 · NSE EQ · FV ₹2
Last price
₹225
+0.41%today
What this company does

Hikal Limited operates in Pharmaceuticals, part of the Healthcare sector. It booked ₹403 cr of revenue in its latest quarter (Q1 FY27) and kept -1.8% of sales as profit.

Project Pinnacle 2.0 Winning Approach We have launched Pinnacle 2.0 with a sharper focus on front-end excellence and process optimisation to enhance customer experience and drive performance.
In the report:
44out of 100
Equitytale Health Score
Strained

Healthier than 44% of companies in Healthcare, on all six measures of filed financials. Each measure is ranked against the 105–150 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
52

At close. Not part of the score.

Profitability & returns7

How much profit it earns on the money it employs

Balance sheet12

How much it owes, and whether earnings cover the interest

Cash quality81

Whether reported profit actually arrives as cash

Growth & consistency34

Whether sales and profit have grown, and how steadily

Valuation80

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Some things to watch
Strengths
Sales up 6% vs last year
Promoters hold 69%
No promoter shares pledged
Watch-outs
! Currently loss-making
! Thin -1.8% net margin
! Low -2.5% return on equity

What if I invest in HIKAL?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 15% a year, it would become
₹26.30 lakh

The slider starts at 15%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹225 +0.41%
latest close · 2026-09-17
1-year return
-64.3%
52-wk low ₹19552-wk high ₹729
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/B ratio2.32Moderate
Below bookModerateHigh
EV / EBITDA18.1High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity-2.5%Loss
WeakFairStrong ▸15%
Return on capital1.2%Weak
WeakFairStrong
Net margin-1.8%Loss
ThinDecentStrong
EBITDA margin11.8%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.57Moderate
LowModerateHigh ▸1
Interest cover0.3×Risky
RiskyOkayStrong ▸5×
Current ratio1.30Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹2,782 cr
Book value
₹97
EPS
₹-0.60
latest quarter
Net debt
₹672 cr
owes more than its cash
Enterprise value
₹3,454 cr
EBITDA
₹191 cr
annualised
EBIT
₹20 cr
annualised
Operating margin
1.2%
Return on assets
-1.3%
Earnings yield
P/S
1.73
Sales / share
₹130.5
Tax rate
Face value
₹2
Shares
12.4 cr
Working capital
₹205 cr
Current assets
₹884 cr
Current liabilities
₹679 cr
Delivery %
33.5%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
The company's latest annual profit was negative, so we won't call it cheap off older profits.
Models span ₹126₹231, midpoint ₹178

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹403 cr
Other Income₹2 cr
Total Income₹405 cr
Cost of Materials₹194 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹-11 cr
Employee Benefit Expense₹74 cr
Finance Costs₹15 cr
Depreciation & Amortisation₹43 cr
Other Expenses₹109 cr
Total Expenses₹423 cr
Exceptional Items₹9 cr
Profit before Tax₹-10 cr
Tax Expense₹-3 cr
Net Profit₹-7 cr
Net margin on total income-1.8%
Where the money goes · Q1 FY27
% of total spend
Materials + stock-in-trade₹183 cr43.1%
Employee benefit expense₹74 cr17.6%
Finance costs₹15 cr3.5%
Depreciation & amortisation₹43 cr10.1%
Other expenses₹109 cr25.7%
Total income ₹405 cr

The company made a net loss of ₹7 cr this quarter — income covered only 96 of every ₹100 it spent on costs and tax.

Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue494 cr519 cr403 cr
Total income497 cr526 cr405 cr
Expenses468 cr471 cr423 cr
Profit before tax-9 cr8 cr-10 cr
Tax-3 cr-6 cr-3 cr
Net profit (owners' share)-6 cr14 cr-7 cr
Net margin (owners' share, on revenue)-1.2%2.8%-1.8%
EPS (₹)-0.481.17-0.60
YoY (latest quarter): total income +6.1% · net profit
Balance sheet & cash flow · as of Mar 2026
Moderate debt
Total assets
₹2,365 cr
Shareholder equity
₹1,199 cr
parent shareholders
Total debt
₹681 cr
Cash
₹10 cr
Cash flow · H1 FY26
Operating
₹193 cr
Investing
₹-65 cr
Financing
₹-127 cr
Peer comparison
Pharmaceuticals · by market value
CompanyPriceMarket capP/E
Sun Pharmaceutical Industries Limited₹1,867₹4.48 L cr38.6
Divi's Laboratories Limited₹9,323₹2.47 L cr68.7
Torrent Pharmaceuticals Limited₹4,875₹1.65 L cr82.0
Zydus Lifesciences Limited₹1,135₹1.13 L cr30.4
Cipla Limited₹1,376₹1.11 L cr35.2
Laurus Labs Limited₹1,948₹1.05 L cr71.5
Dr. Reddy's Laboratories Limited₹1,175₹98,113 cr55.1
Aurobindo Pharma Limited₹1,690₹97,243 cr23.7
Lupin Limited₹2,098₹95,936 cr16.9
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.27%
trailing 12 months
Dividend / share (TTM)
₹0.6
Last dividend
₹0.4
ex 4 Sep 2026
ActionDetailEx-date
Dividend₹0.4 / share4 Sep 2026
Dividend₹0.2 / share17 Feb 2026
Dividend₹0.8 / share2 Sep 2025
Dividend₹0.6 / share7 Feb 2025
Dividend₹0.6 / share4 Sep 2024
Dividend₹0.6 / share20 Feb 2024
Who owns it · 2026-06-30
No pledge
Promoter
68.8%
FII / Foreign
1.0%
DII / Domestic
7.2%
Retail / others
22.9%
Smart-money activity
Insider trades
BoughtCastilia Life Sciences LLP · Promoter Group3.02 cr · ₹6.0 cr17 Feb 26
BoughtCastilia Life Sciences Private Limited · Promoter Group3.02 cr · ₹6.0 cr3 Dec 25
SoldShri Rameshwara Investment Private Limited (RIPL) · Promoter Group1.03 cr · ₹2.1 cr3 Dec 25
Bulk / block deals
SoldQE SECURITIES LLP · NSE10.89 L @ ₹244.567 Sep 26
BoughtQE SECURITIES LLP · NSE10.79 L @ ₹244.747 Sep 26
BoughtNK SECURITIES RESEARCH PRIVATE LIMITED · NSE10.01 L @ ₹245.477 Sep 26
Stake changes
BoughtCastilia Life Sciences LLP · promoter→ 24.52% · 3.02 cr17 Feb 26
BoughtCastilia Life Sciences Private Limited · promoter→ 24.52% · 3.02 cr3 Dec 25
BoughtCastilia Life Sciences Private Limited · promoter→ 24.52% · 3.02 cr3 Dec 25
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 23 Sep 2025
See the official result
1
To consider and adopt the audited standalone and consolidated Financial Statements of the Company for the year ended 31 March 2025 together with the Reports of the Board of Directors and Auditors thereon
Backed by 95% of shareholders other than promotersneeded 50%
1.04 cr votes for, 4.99 L against · 0% of mutual funds and other big investors said no
2
To confirm the interim dividend of ₹ 0.60/- per equity share of ₹ 2/- each and to declare a final dividend of ₹ 0.80/- per equity share of ₹ 2/- each, aggregating to a total dividend of ₹ 1.40/- per equity share of ₹ 2/- each, for the Financial Year 2024-25.
Backed by 99% of shareholders other than promotersneeded 50%
1.09 cr votes for, 1.18 L against · 0% of mutual funds and other big investors said no
3
To appoint a Director in place of Mr. Amit Kalyani (DIN: 00089430), Non-Executive, Non-Independent Director, who retires by rotation and being eligible, offers himself for re-appointmentt.
Promoters had a personal stake in this
Backed by 97% of shareholders other than promotersneeded 50%
1.07 cr votes for, 2.91 L against · 0% of mutual funds and other big investors said no
4
Appointment of Secretarial Auditors of the Company and to fix their remuneration.
Backed by 95% of shareholders other than promotersneeded 50%
1.05 cr votes for, 4.99 L against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 18 named members
owning 68.8% between them · as of 2026-06-30
KALYANI INVESTMENT COMPANY LIMITED31.36%
CASTILIA LIFE SCIENCES LLP24.52%
SUGANDHA J HIREMATH7.84%
BF INVESTMENT LIMITED2.65%
JAI V HIREMATH1.09%
PALLAVI ANISH SWADI0.46%
SAMEER JAI HIREMATH0.32%
SAMEER TRUST0.15%
Business done with them
FY2025 · 5 of the group
The company paid ₹12 cr to companies in the promoter group last year — about 0.7% of its ₹1,860 cr revenue.
KALYANI INVESTMENT COMPANY LIMITED
Other payments to them · Dividend
also owns 31.36% of the company
₹5 cr
company paid
Anish Dilip Swadi
Other payments to them · Salary
also owns 0.01% of the company
₹4 cr
company paid
SHRI BADRINATH INVESTMENT PRIVATE LIMITED
Other payments to them · Dividend
₹2 cr
company paid
SHRI RAMESHWARA INVESTMENT PRIVATE LIMITED
Other payments to them · Dividend
₹1 cr
company paid
BF Investment Limited
Other payments to them · Dividend
also owns 2.65% of the company
₹40 L
company paid

The company also transacted with 15 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.