Pharmaceuticals company Hikal announced Q3FY26 results Revenue registered a YoY growth of 10% to Rs 494 crore. EBITDA registered a YoY growth of 15% to Rs 83 crore. EBITDA Margin improved by 70 bps on YoY basis to 16.8%. Exceptional Item of Rs. 38 crore relates to implementation of new Labour Code. PBT before exceptional item registered a YoY growth of 22% to Rs 29 crore. Board has approved an interim dividend of 10% of FV. Hikal’s long term credit rating is at A (Stable) by ICRA. Jai Hiremath, Executive Chairman, Hikal, said: "Q3FY26 marks a return to positive operational performance for our company. Following the regulatory cycle triggered in early 2025, we have transitioned from remediation to recovery and are now positioned for sustainable, higher-quality growth. Supply resumptions in our Pharmaceutical business progressed according to expectations during the quarter, supported by strengthened quality systems and collaboration with global remediation partners. As a result, Q3 witnessed a significate recovery, with sequential improvement in volumes and capacity utilization returning to optimal levels. Our remedial measures with regard to the US FDA audit have been majorly completed. We continue to focus on ensuring the highest standards of quality compliance. The Animal Health business has moved into commercial volumes in addition to a strong pipeline for new projects in the development stage. Consolidated revenue for Q3 stood at Rs 494 crore with an EBITDA of Rs 83 crore. For 9MFY26, revenue was Rs 1,193 crore with an EBITDA of Rs 115 crore. Performance reflects improving operating momentum and stabilization across key segments. The Pharmaceutical segment reported revenue of Rs 337 crore with an EBIT margin of 12.3%. Crop Protection delivered revenue of Rs 157 crore with an EBIT margin of 3%. Strategic investments made over the last 12 months are now operational, including our state-ofthe-art High Potency lab and new pilot plant. These capabilities enhance our positioning in highentry-barrier segments such as Oncology and strengthen our differentiated CDMO platform. The outsourcing trend continues to support a robust order pipeline, with several programs advancing into development and scale-up, improving medium-term revenue visibility. The crop protection industry continues to remain in a phase of normalization, impacted by pricing pressure and global overcapacity. In response, we have advanced portfolio diversification, with our Personal Care and Specialty Chemicals business which is now commercial and we expect commercial revenues to kick in in the next financial year. Disciplined cost management and stable raw material prices have supported margin resilience. Our balance sheet remains strong, with growth investments funded through a prudent mix of internal accruals and debt. As we enter Q4, visibility continues to strengthen. We emerge from this period with enhanced quality systems, improved governance, and a technologically advanced manufacturing base. The foundation for a stronger FY27 is firmly in place." Result PDF
Pharmaceuticals company Hikal announced Q2FY26 results Revenue: Rs 319 crore against Rs 453 crore during Q2FY25. EBITDA: Rs 8 crore against Rs 75 crore during Q2FY25. EBITDA Margin: 2.4% for Q2FY26. PAT: Rs -35 crore against Rs 18 crore during Q2FY25. EPS: Rs -2.82 for Q2FY26. Jai Hiremath, Executive Chairman, Hikal, said: "Across the global chemical and life sciences industry, persistent headwinds from pricing pressure, overcapacity, and regulatory complexity continue to shape the operating environment. Demand visibility is improving, and capacity utilization is rebounding across geographies. While evolving trade policies and US tariffs add volatility, our diversified base, global footprint, and long-standing partnerships provide resilience. Consolidated revenue for Q2 stood at Rs 319 crore, with EBITDA at Rs 8 crore. For H1FY26, revenue stood at Rs 699 crore, with EBITDA at Rs 32 crore. Lower than expected sales due to deferment during the quarter led to under absorption of fixed costs. Pharmaceutical business revenue stood at Rs 190 crore, with an EBIT margin of -9.2%. Following the US FDA audit in February 2025, we received an OAI and warning letter, leading to H1FY26 deferment of offtake across our generic and CDMO business, as customers are undertaking their own internal risk assessments before resuming supplies. The resumption of supplies is progressing well, and we expect H2 FY26 to bridge majority of the impact of H1FY26 deferments. To address the observations comprehensively, we have launched a robust remediation program, engaged two globally recognized remediation partners, and further strengthened our internal quality organization to ensure full alignment with global regulatory expectations. Our CAPA implementation status has been submitted to the agency in a timely and detailed manner, and we remain actively engaged to expedite a positive resolution. Our crop protection business reported revenue of Rs 129 crore, with an EBIT margin of -7.4%. While globally volumes continue to stabilise, the dynamic demand patterns and structural shifts among key innovator customers have led to a muted performance. Our Personal Care business is steadily progressing through its development and launch phase, backed by focused efforts to build a differentiated portfolio of specialty ingredients. This marks a strategic move to diversify beyond our Crop Protection base and enter a fast-growing, high-potential market. With strong momentum in new product development and multiple global RFPs underway, we are building a solid foundation for sustainable growth and long-term value creation. In the animal health segment, we continue to make steady progress. Validated molecules are now being supplied at pre-commercial volumes which will ramp up further as we receive regulatory approvals across geographies. We have built a strong pipeline of new products which are currently in the development phase. These initiatives position us well for subsequent validations, global regulatory submissions and eventual commercialization through FY27 and beyond. As part of our innovation and technology strategy, during the quarter we inaugurated a state-of-the-art High Potency API (HPAPI) lab, enhancing our capabilities and entering into a niche segment. We also commissioned a new kilo lab at one of our facilities, further strengthening our early-stage development and scale-up infrastructure. Despite the challenges faced in the first half of FY26, we expect a strong recovery in Q3 and Q4, supported by improved demand visibility, higher capacity utilization, and the commercialization of new products." Result PDF
Pharmaceuticals company Hikal announced Q1FY26 results Revenue recorded at Rs 380 crore, compared to Rs 407 crore during Q1FY25. EBITDA stood at Rs 25 crore, compared to Rs 58 crore during Q1FY25. EBITDA Margin: 6.5% for Q1FY26. PAT stood at Rs -23 crore, compared to Rs 5 crore during Q1FY25. ikal’s long term credit rating is maintained at A+ by ICRA. Jai Hiremath, Executive Chairman, Hikal, said: “The global chemical and life sciences industry continues to face mitigated headwinds, marked by a gradual pickup in demand and capacity utilization, though pricing remains under pressure in some segments. Escalating tariff uncertainties and ongoing trade realignments have added a layer of volatility to global supply chains and procurement cycles. For Q1FY26, our consolidated revenue stood at Rs 380 crore, with EBITDA at Rs 25 crore, reflecting a lower-than-forecasted start to the financial year. Our pharmaceutical segment delivered revenue of Rs 203 crore, with an EBIT margin of -12.9%. After the US FDA audit conducted in February 2025, we received an Official Action Indicated (OAI) communication on 22nd May. This led to temporary deferment of offtake in our pharmaceutical division across both the generic and more profitable CDMO business during the quarter, as customers conducted their own risk assessment audits as part of their own internal protocol before resuming supplies typically. This resulted in a short-term quarterly impact on revenue and profitability. We expect these supplies to resume partly in Q2 and through the rest of the year and confirm our overall guidance for full financial year for the pharmaceutical division. As part of our risk mitigation strategy on the FDA observations, we have taken several proactive measures, including onboarding a seasoned remediation partner to address regulatory observations and the engagement with the regulatory authorities to resolve the matter expeditiously. We have submitted timely comprehensive responses, outlining our CAPA plan along with our implementation progress, and remain actively engaged with the agency to ensure full alignment with regulatory expectations. I would like to reaffirm our unwavering and continued commitment to compliance and quality excellence We did have some positive news during the quarter. GMP audits at our Bangalore API facility by two global regulatory agencies - ANVISA, Brazil and PMDA Japan were successfully concluded. This reinforces our regulatory credentials and positions us well for future growth in Japan and key LATAM markets. Our crop protection business reported revenue of Rs 178 crore with an EBIT margin of 9.7%. The business remained largely flat on a YoY basis, reflecting persistent global overcapacity, and continued pricing pressure, particularly from lower priced Chinese competition. Despite these headwinds, our focus on product mix and cost discipline helped maintain operational efficiency. We expect gradual volume recovery and a more stable pricing environment in the second half of the year, aligned with the seasonal demand uptick. In our animal health business, we continue to make steady progress as several molecules have completed development and validation, and additional ones are moving through the pipeline. These initiatives position us well for global regulatory submissions and eventual commercialization in FY27 and beyond. Despite the challenging start to the year in Q1 we remain confident of delivering on our guidance for FY26. We expect a more meaningful recovery in Q3 and Q4FY26, supported by increased demand visibility, improved capacity utilization, and new product commercialization.” Result PDF
Pharmaceuticals company Hikal announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Board has recommended a final dividend of 40% of FV Revenue recorded at Rs 552 crore EBITDA stood at Rs 123 crore PAT stood at Rs 50 crore Hikal’s long term credit rating is maintained at A+ by ICRA FY25 Financial Highlights: Revenue recorded at Rs 1864 crore for FY25 compared to Rs 1,787 crore for FY24 PAT stood at Rs 90 crore for FY25 compared to Rs 69 crore for FY24 Commenting on the results, Jai Hiremath, Executive Chairman, Hikal. said, “For the financial year 2025, we achieved revenue of Rs 1860 crore, and EBITDA stood at Rs 328 crore with EBITDA margin of 17.7%. In FY25, we delivered positive financial performance. Our results reflect a clear alignment to positive global trends — particularly the shift toward innovation driven outsourcing, regulatory compliance, and demand for sustainable, niche solutions. By maintaining a sharp focus on operational excellence, expanding our global presence, and investing in differentiated capabilities, we have positioned ourselves to capitalize on emerging opportunities across both businesses. Our Board of Directors has recommended a final dividend of Rs 0.80 per share (40%). Along with an interim dividend of Rs. 0.60 per share (30%) declared in February 2025, the total dividend for FY25 stands at Rs 1.40 per share (70% of FV). The company’s balance sheet has further strengthened. Our Net Debt/Equity has improved from 0.67 in Mar 24 to 0.59 in Mar 25 and we have improved cash flow from operations and managed capital expenditure largely from internal accruals. In Q4 FY25, at an overall company level, our revenue stood at Rs 552 crore. with an EBITDA margin of 22.4%. In Q4 FY25, our pharmaceutical business reported revenue growth of 20% to Rs 351 crore and EBIT growth of 65% to Rs 55 crore, on QoQ basis. In the API segment, we are seeing strong traction driven by wider geographic reach and a growing customer base. In our CDMO, momentum remains robust with a healthy pipeline of projects from global innovators and emerging pharma. We see a trend of customers looking for integrated, specialized solutions which positions us well to capitalize on the rising demand for outsourced development and manufacturing. In Q4FY25, our crop protection business reported revenue growth of 30% to Rs 201 crore on QoQ basis and EBIT growth of 160% to Rs 36 crore. While global pricing for active ingredients remains under pressure due to heightened competition, volumes are gradually improving. Across the industry, leading innovators are undergoing strategic realignments — focused on portfolio rebalancing, product innovation, and strengthening stakeholder partnerships. We view this evolving landscape as a mid to long term opportunity to align closely with global customers. Our animal health segment continues to gain momentum, with our key innovator partnership progressing seamlessly. Our transition is on track to move from the validation and regulatory filing phase to commercialization over next few quarters—a critical milestone that underscores both execution strength and strategic focus. We continue to attract new customers in the animal health segment which will be future pillar for our growth. This year has been marked by heightened macroeconomic uncertainty and geopolitical tensions, with trade disruptions—such as retaliatory tariffs in key markets such as the U.S. and EU— exerting pressure on global supply chains and input costs. Amid this volatility, we are actively reshaping our business by diversifying our product portfolio, forging deeper customer partnerships, and building end-to-end supply chain resilience. In the crop protection business, where margin pressures are rising, we are focusing on capacity utilization and operational efficiency whilst aggressively building the future pipeline. Long term prospects for our company are positive. Our pharmaceutical business has a healthy pipeline of projects from innovators and emerging pharma. Our generics API business will continue to expand globally. We see some short term challenges in our crop protection business on account of the macro-economic backdrop; however, the long-term trajectory of the crop protection business remains positive.” Result PDF
Pharmaceuticals company Hikal announced Q3FY25 results Revenue: Rs 448 crore compared to Rs 448 crore during Q3FY24. EBITDA: Rs 72 crore compared to Rs 65 crore during Q3FY24. EBITDA margin: 16.1% for Q3FY25. PAT: Rs 17 crore compared to Rs 16 crore during Q3FY24. Jai Hiremath, Executive Chairman, Hikal, said: “In the global pharmaceutical industry, we are witnessing positive momentum led by CDMO opportunities while the crop protection industry is showing signs of stabilization. In Q3FY25, our revenue amounted to Rs 448 crore, with an EBITDA of Rs 72 crore, a 11% EBITDA growth on YoY basis. For the 9MFY25, revenue stood at Rs 1307 crore, with an EBITDA of Rs 205 crore, a growth of 3% and 19% respectively. The stable raw materials prices, focused cost improvement initiatives and intensified customer acquisitions helped us to improve our margin profile. Our focused business initiatives have resulted in increased operating cash flows of Rs 102 crore YoY on 9 months basis. Our Board of Directors has recommended an interim dividend of Rs 0.60 per share (30%). In Q3FY25, our pharmaceutical revenue stood at Rs 293 crore with EBIT margin of 11.4%, an increase of 449 bps, on a YoY basis. Our CDMO business continues to see an increasing flow of new enquiries as a result of the China+1 strategy by global pharmaceutical companies. We are confident to deliver profitable growth based on a healthy pipeline of projects in various phases of the life cycle. Our API segment continues to gain traction driven by improved geographical penetration and an increased customer base. In Q3FY25, our crop protection revenue stood at Rs 154 crore, with an EBIT margin of 9%. The sector has started to exhibit signs of stabilization, predominantly driven by domestic markets. We are seeing a marginal recovery in volumes, although global market prices for actives continue to remain low. In our animal health segment, the project under our long-term agreement with an innovator customer is progressing well and we will conclude the validation over the next two quarters. Our products are undergoing registration and ultimately launching these products in global markets. Under our strategic transformation initiative - Pinnacle, we continue to make substantial strides toward achieving sustainable growth across our businesses. We are witnessing early signs of success in development of new capabilities and differentiated technology platform as well as customers base expansion. We have successfully integrated sustainable practices into our ESG initiatives.” Result PDF