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Hikal Limited
(HIKAL)
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Rating:56Neutral
Price Target:
₹250.00
▲(15.10% Upside)
Action:Reiterated
Date:09/08/26
The score is held back primarily by weak recent profitability (loss-making earnings and uneven revenue), partially offset by resilient cash generation and a balance sheet with improving debt levels. Technically, the stock is in an uptrend versus key moving averages, but valuation remains pressured by negative earnings and a low dividend yield.
Positive Factors
Diversified specialty-chemicals model
Hikal serves two important healthcare and agricultural value chains through APIs, intermediates, and custom manufacturing. This diversified, research-driven model can support repeat business and reduce reliance on a single end market while leveraging shared process chemistry capabilities.
Negative Factors
Recent profitability deterioration
The shift from historical profitability to a net loss materially weakens earnings quality and reduces confidence in near-term returns from the business. Margin compression or elevated operating costs could persist, limiting internally funded growth and potentially pressuring leverage if losses continue.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified specialty-chemicals model
Hikal serves two important healthcare and agricultural value chains through APIs, intermediates, and custom manufacturing. This diversified, research-driven model can support repeat business and reduce reliance on a single end market while leveraging shared process chemistry capabilities.
Read all positive factors
Hikal Limited (HIKAL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹27.73B
Dividend Yield0.27%
Average Volume (3M)113.94K
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth-5.37%
EPS Growth-153.40%
CountryIN
Employees3,595
SectorGeneral
Sector StrengthN/A
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)-2.74
Shares Outstanding123,300,750
10 Day Avg. Volume302,296
30 Day Avg. Volume113,936
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)1.51
Price to Sales (P/S)1.06
P/FCF Ratio20.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5.9
Revenue Forecast (FY)₹19.00B
Hikal Limited Business Overview & Revenue Model
Company Description
Hikal Limited, together with its subsidiaries, manufactures and sells various chemical intermediates, specialty chemicals, and active pharma ingredients to pharmaceutical, biotechnology, life sciences, animal health, crop protection, and specialty...
How the Company Makes Money
Hikal makes money primarily by supplying specialty chemical products and manufacturing services to customers in the pharmaceutical and agrochemical value chains. Its core revenue model is B2B and includes: (1) Sale of manufactured products: revenu...
Hikal Limited Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
64
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.33B | 17.13B | 18.60B | 17.69B | 20.05B | 19.26B |
| Gross Profit | 6.37B | 5.17B | 10.22B | 9.05B | 8.62B | 8.83B |
| EBITDA | 1.94B | 1.48B | 3.33B | 2.67B | 2.60B | 3.40B |
| Net Income | -338.00M | -488.00M | 908.00M | 696.02M | 783.82M | 1.60B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 23.65B | 25.29B | 24.87B | 23.85B | 22.13B |
| Cash, Cash Equivalents and Short-Term Investments | 138.00M | 136.00M | 178.00M | 181.93M | 267.30M | 217.09M |
| Total Debt | 0.00 | 6.84B | 7.65B | 8.18B | 7.48B | 6.75B |
| Total Liabilities | -11.99B | 11.67B | 12.67B | 12.99B | 12.52B | 11.45B |
| Stockholders Equity | 11.99B | 11.99B | 12.62B | 11.88B | 11.33B | 10.68B |
Cash Flow | ||||||
| Free Cash Flow | 1.28B | 892.00M | 1.43B | -174.80M | 126.89M | 204.19M |
| Operating Cash Flow | 2.72B | 2.37B | 2.80B | 1.87B | 3.15B | 2.94B |
| Investing Cash Flow | -1.46B | -1.46B | -1.36B | -1.74B | -2.92B | -2.84B |
| Financing Cash Flow | -1.29B | -943.00M | -1.44B | -270.00M | -76.80M | -55.58M |
Hikal Limited Technical Analysis
Positive
217.20
Price Trends
222.09
Positive
211.02
Positive
206.97
Positive
Market Momentum
4.65
Negative
51.64
Neutral
61.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HIKAL, the sentiment is Positive. The current price of 217.2 is below the 20-day moving average (MA) of 218.06, below the 50-day MA of 222.09, and above the 200-day MA of 206.97, indicating a bullish trend. The MACD of 4.65 indicates Negative momentum. The RSI at 51.64 is Neutral, neither overbought nor oversold. The STOCH value of 61.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:HIKAL.
Hikal Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹72.74B | 36.58 | ― | 0.11% | 28.14% | 11.38% | |
58 Neutral | ₹354.41B | 86.62 | ― | 1.27% | 18.37% | ― | |
57 Neutral | ₹24.78B | 16.39 | ― | 0.11% | 19.47% | 11.49% | |
56 Neutral | ₹27.73B | -82.10 | ― | 0.27% | -5.37% | -153.40% | |
56 Neutral | ₹26.23B | 38.45 | ― | 0.11% | -20.86% | -34.51% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹36.01B | -1,337.77 | ― | 0.45% | 15.49% | -112.78% |
* General Sector Average
IN:HIKAL
Hikal Limited
224.90
-33.47
-12.96%
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IN:SOLARA
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IN:SUPRIYA
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40.21%
IN:WOCKPHARMA
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2,181.15
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44.29%
Hikal Limited Corporate Events
Hikal Schedules Analyst and Investor Visit to Pune R&T Centre
Sep 2, 2026
Hikal Limited has scheduled an in-person group meeting for analysts and institutional investors at its Pune research and technology centre on September 4, 2026, starting at 12:00 p.m. IST. The visit will include interactions with company officials...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.