Hikal Ltd
Hikal is a partner to companies in the Pharmaceuticals, Crop Protection, and Specialty Chemicals industry. The company is in the business of supplying research services, active ingredients and intermediates for its customers. Hikal's manufacturing facilities have been inspected and approved by leading multinational companies in the Crop protection and Pharmaceutical sectors. The Crop protection facilities are located at Taloja and Mahad {Maharashtra). The Pharmaceutical manufacturing facilities are situated in Jigani (Bengaluru) and Panoli (Gujarat). Hikal's R & D facilities are located in Pune.[1]
- Market Cap ₹ 4,589 Cr.
- Current Price ₹ 372
- High / Low ₹ 465 / 267
- Stock P/E 50.5
- Book Value ₹ 102
- Dividend Yield 0.32 %
- ROCE 9.88 %
- ROE 7.42 %
- Face Value ₹ 2.00
Pros
- Company has been maintaining a healthy dividend payout of 19.7%
Cons
- Stock is trading at 3.64 times its book value
- The company has delivered a poor sales growth of 4.29% over past five years.
- Company has a low return on equity of 6.83% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
829 | 872 | 926 | 1,014 | 1,296 | 1,590 | 1,507 | 1,720 | 1,943 | 2,023 | 1,785 | 1,860 | |
642 | 689 | 745 | 814 | 1,054 | 1,291 | 1,234 | 1,398 | 1,602 | 1,765 | 1,518 | 1,531 | |
Operating Profit | 187 | 182 | 181 | 200 | 242 | 298 | 273 | 323 | 341 | 258 | 267 | 328 |
OPM % | 23% | 21% | 20% | 20% | 19% | 19% | 18% | 19% | 18% | 13% | 15% | 18% |
34 | 2 | 2 | 1 | 4 | 2 | -12 | 5 | 5 | 5 | 2 | 5 | |
Interest | 68 | 60 | 62 | 48 | 49 | 58 | 52 | 36 | 31 | 48 | 56 | 75 |
Depreciation | 55 | 64 | 67 | 69 | 86 | 93 | 82 | 85 | 96 | 109 | 118 | 134 |
Profit before tax | 98 | 60 | 53 | 83 | 112 | 149 | 127 | 206 | 219 | 105 | 95 | 124 |
Tax % | 35% | 32% | 22% | 15% | 31% | 31% | 33% | 36% | 27% | 26% | 27% | 27% |
64 | 41 | 41 | 71 | 77 | 103 | 84 | 133 | 161 | 78 | 70 | 91 | |
EPS in Rs | 5.19 | 3.29 | 3.35 | 5.73 | 6.26 | 8.36 | 6.85 | 10.80 | 13.02 | 6.36 | 5.64 | 7.37 |
Dividend Payout % | 12% | 20% | 20% | 14% | 13% | 14% | 18% | 19% | 12% | 19% | 21% | 19% |
Compounded Sales Growth | |
---|---|
10 Years: | 8% |
5 Years: | 4% |
3 Years: | -1% |
TTM: | 4% |
Compounded Profit Growth | |
---|---|
10 Years: | 8% |
5 Years: | -1% |
3 Years: | -17% |
TTM: | 31% |
Stock Price CAGR | |
---|---|
10 Years: | 16% |
5 Years: | 25% |
3 Years: | 5% |
1 Year: | 31% |
Return on Equity | |
---|---|
10 Years: | 11% |
5 Years: | 10% |
3 Years: | 7% |
Last Year: | 7% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 16 | 16 | 16 | 16 | 16 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
Reserves | 489 | 517 | 548 | 589 | 653 | 732 | 792 | 909 | 1,043 | 1,109 | 1,163 | 1,238 |
546 | 547 | 505 | 598 | 635 | 661 | 646 | 610 | 675 | 748 | 818 | 765 | |
219 | 212 | 206 | 177 | 237 | 268 | 306 | 370 | 470 | 504 | 482 | 502 | |
Total Liabilities | 1,271 | 1,293 | 1,276 | 1,379 | 1,542 | 1,686 | 1,768 | 1,913 | 2,213 | 2,385 | 2,487 | 2,529 |
644 | 639 | 623 | 668 | 634 | 713 | 735 | 713 | 879 | 948 | 1,071 | 1,364 | |
CWIP | 61 | 62 | 66 | 63 | 118 | 79 | 161 | 254 | 295 | 412 | 414 | 121 |
Investments | 3 | 3 | 3 | 4 | 3 | 1 | 1 | 1 | 11 | 5 | 5 | 10 |
562 | 589 | 584 | 645 | 788 | 893 | 871 | 946 | 1,028 | 1,020 | 997 | 1,034 | |
Total Assets | 1,271 | 1,293 | 1,276 | 1,379 | 1,542 | 1,686 | 1,768 | 1,913 | 2,213 | 2,385 | 2,487 | 2,529 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
155 | 102 | 186 | 163 | 139 | 186 | 285 | 229 | 294 | 315 | 187 | 280 | |
-23 | -43 | -64 | -103 | -110 | -125 | -164 | -156 | -284 | -292 | -174 | -136 | |
-124 | -69 | -124 | -63 | -25 | -55 | -101 | -97 | -6 | -8 | -27 | -144 | |
Net Cash Flow | 7 | -10 | -2 | -2 | 4 | 6 | 20 | -24 | 4 | 15 | -14 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 39 | 54 | 44 | 92 | 81 | 80 | 82 | 103 | 82 | 80 | 113 | 103 |
Inventory Days | 302 | 268 | 229 | 189 | 158 | 156 | 147 | 107 | 121 | 104 | 134 | 146 |
Days Payable | 127 | 117 | 101 | 93 | 86 | 68 | 95 | 92 | 91 | 103 | 123 | 133 |
Cash Conversion Cycle | 214 | 205 | 173 | 188 | 153 | 168 | 135 | 118 | 112 | 81 | 124 | 116 |
Working Capital Days | 95 | 84 | 97 | 126 | 107 | 114 | 90 | 113 | 98 | 86 | 119 | 115 |
ROCE % | 16% | 11% | 11% | 12% | 13% | 15% | 14% | 16% | 15% | 8% | 8% | 10% |
Documents
Announcements
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Compliances-Reg.24(A)-Annual Secretarial Compliance
1d - Annual Secretarial Compliance Report filed for FY ended March 31, 2025.
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Disclosure Under Regulation 30 Of SEBI Listing Regulations
2d - Promoter shares of Hikal Ltd reallocated among five promoter companies, total holding unchanged at 24.52%.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
28 May - Listing Regulations - Reminder letters to the shareholders regarding transfer of shares to IEPF and subsequent newspaper advertisement
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
23 May - Scheduled analyst/investor meetings on 30 May 2025; no unpublished info to be discussed.
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Disclosure Under Regulation 30 SEBI Listing Regulation
23 May - US FDA inspection at Jigani unit resulted in 'Official Action Indicated' classification.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024TranscriptPPT
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Nov 2024Transcript PPT REC
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Jun 2023Transcript PPT REC
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May 2021Transcript PPT
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Aug 2020Transcript PPT
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Oct 2019TranscriptPPT
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Aug 2019TranscriptNotesPPT
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Mar 2019TranscriptNotesPPT
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Nov 2018Transcript PPT
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May 2018TranscriptPPT
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Mar 2018TranscriptNotesPPT
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Nov 2017TranscriptNotesPPT
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Jun 2017TranscriptNotesPPT
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Feb 2016TranscriptNotesPPT
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Feb 2016TranscriptNotesPPT
Business Segments
1. Pharmaceuticals [1]: Active pharmaceutical ingredients (APIs), intermediates and advanced intermediates.
2. CDMO: ** Company has a pipeline of 13-14 products in various development stages, with 2 expected to be launched by FY26. The company focuses on NCEs and advanced intermediates, attracting growing interest from innovator companies.[2][3]
3. Crop Protection: Active ingredients, advanced intermediates, intermediates. Custom Synthesis and Contract Manufacturing of Agrochemicals, Intermediates and Specialty Chemicals. (Personal care products, Battery chemicals, and home care)
4. Research & Technology: Process development, new product development, contract and custom development. It caters to the following Industries: Pharmaceutical (Generics & Custom Manufacturing), Biotech, Animal Healthcare, Crop Protection, Specialty Chemicals and Biocides, and Food. [4] [5]