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Company details

6M Return -10.49%
1Y Return -16.91%
Mkt Cap.(Cr) 3,599.16
Volume 91,889
Div Yield 0.41%
OI Chg %
Volume 91,889

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Sequential recovery but overall print still weak; focus on capex execution…
About The Stock

    Hikal is predominantly a B2B player that provides intermediates and active ingredients to global pharmaceutical, animal health, crop protection and specialty chemical companies.

    • Pharma and crop protection are 58% and 42% of operating revenues, respectively. The pharma business is currently divided in 50:50 ratio of APIs and CDMO. Animal health business accounts for 20-25% of CDMO business
    • In crop protection, 69% revenues are derived from CDMO while remaining is from proprietary products, specialty chemicals & specialty biocides
    • One of the largest suppliers of Gabapentin API (CNS) and in crop protection, one of the largest suppliers of Thiabendazole (TBZ)

    Muted quarter amid headwinds in pharma and crop protection.

    • Revenues declined 6% YoY to ₹ 502.4 crore
    • EBITDA was at ₹ 61 crore, down 44% YoY with margins at 12.1%
    • Consequent PAT was at ₹ 21 crore (down 59% YoY)

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Pharmaceuticals company Hikal announced Q1FY24 results:

  • Revenue stood at Rs 388 crore
  • EBITDA stood at Rs 50 crore, a 122% increase on a YoY basis
  • PAT stood at Rs 7 crore
  • Hikal’s long-term credit rating is maintained at A by ICRA

Commenting on the results, Jai Hiremath, Executive Chairman, Hikal said, “FY24 has started on a challenging note due to global macro-economic pressures and high channel inventories leading to lower demand across both our businesses. The chemical industry faced difficulties due to China's opening up and depressed market conditions specifically in the Crop Protection end-use markets.

For Q1FY24, we reported revenues of Rs 388 crore and EBITDA of Rs 50 crore. During the quarter we witnessed disruptive channel inventory correction across the supply chain in both businesses. We were able to navigate through the market headwinds on the back of improved cost control measures and softening of certain raw materials prices.

On July 22, 2023, the company received communication from Gujarat Pollution Control Board (GPCB) directing the company to seize operations within 15 days from the order date citing certain technical violations. The company has responded to the queries raised by the GPCB and the closure notice has been revoked. There has been no interruption in production and operations at the site, which continues to operate as normal. We are deeply committed to upholding the principles of responsible care and sustainable business practices.

For Q1FY24, our pharmaceutical business reported revenues of Rs 225 crore. In the pharmaceutical industry, we witnessed softening of raw material prices at the same time competitive pricing environment. On the Generics side, sales have stabilized, and the inventory is expected to normalize by the end of next quarter. We expect that the off-take will return to normalcy in the second half of this financial year. We have strengthened our sales network in geographies like Latin America, the Middle East, and Japan. On the CDMO front, we continue to have a strong future pipeline and are aggressively capitalizing on new opportunities. During the quarter, our API facility in Panoli, Gujarat, was audited by the US FDA, and the audit was concluded with ‘Zero’ 483 observations as a testament to our commitment to high standards of regulatory compliance.

Our crop protection business reported revenue of Rs 163 crore for Q1FY24. The global agrochemical industry has been going through a challenging phase over the last several quarters as end customers are destocking amid high channel inventories. The market is witnessing pricing pressure given the higher base of the previous year and very aggressive price competition from the Chinese companies. We are experiencing a decline in the prices of certain products due to the cost of inventory with channel partners. However, we anticipate a recovery in demand towards the end of Q3FY24. On the margins side, softening of raw material prices and deployment of cost improvement programs are expected to have a favorable impact.

In our animal health business, the progress on developing new products as part of a long-term contract with an innovative animal health company is progressing well. Our new multipurpose plant for animal health is on track at Panoli, Gujarat and commissioning is underway. We will be validating several products in the upcoming quarters.

We are well-positioned to benefit from the significant opportunities considering the current shift in the global supply chain and the diverse capability built over three decades. We are anticipating a better second half of the year with an up-trending revenue, realization from cost improvement programs, and raw material price stabilization. We are confident that the journey of longer-term sustainable growth and profitability is still very much intact.”

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Investment recommendation
Sequential recovery but overall print still weak; focus on capex execution…
Call Date
03 Feb 2023
Entry Price 335.00
Target Price 375.00
12-18 Month


Operating Profit
Profit after Tax
Reserves and Surplus
Operating Profit
Profit after Tax

Hikal Ltd Stocks COMPARISION


Equity Capital: 1,133.47 Cr FV: 2.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 22,319.79 38,897.14
LAST 3M 58,940.93 18,939.17
LAST 6M 99,888.55 92,817.65
LAST 12M 166,337.04 136,189.06

Hikal Ltd Information

Stock PE (TTM)
Promoter Holding
Book Value
  • Hikal Limited is an Indian company that deals in pharmaceuticals, animal health, crop protection, Biotech, and special chemical products. It has a market capitalisation of Rs. 5369.76 crore as of April 7, 2022. It was incorporated on July 8, 1988 as a manufacturer and marketer of chemicals, dyes, pharmaceuticals, and pesticides. The quarterly revenue for the period of September to December 2021 for Hikal Limited was Rs. 515 crore. The company is listed on the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE) under the number 524735 and scrip code HIKAL.

    Hikal has five manufacturing units in India at Taloja and Mahad in Maharashtra, Panoli in Gujarat, and Jigani in Bengaluru. It also has a world-class research and technology institute in Pune. The company operates primarily in the pharmaceutical space (animal health, biotech, and specialty chemicals) and crop protection (pesticides and herbicides). The best-selling products of Hikal Limited include Gabapentin, Thiabendazole, Metoxuron, MCA, PC, MNCB, and wheat herbicide. It also offers solutions to process development, route scouting, analytical method development, technology development, process engineering, and small-scale synthesis.

    The company’s products were earlier marketed by the Japanese company Sumitomo Corporation, which also had an equity stake in Hikal Limited. The company has been granted Export House status by the Indian Government. The company’s manufacturing units in Maharashtra have been certified by the Merck and Co, Inc USA standard. The company has also received the “5-star safety award” from the British Safety Council, UK, for its Taloja site. Hikal has also acquired several chemical manufacturing sites, including an agrochemical manufacturing site from Novartis India Limited in Gujarat and a drug manufacturing facility from Wintac Limited in Bengaluru. In 2001, the company’s export house status was turned into that of a trading house. In 2005, Hikal signed an agreement with the Chinese company Sinochem Corporation, which acquired a 10% stake in the company. The production capacity of the company stood at 4436 MTn for crop protection products and 180 MT for pharmaceutical products.

    As of April 7, 2022, the Hikal Limited share price is Rs. 435.50 at the BSE. Hikal Limited’s price NSE is Rs. 435.95. Hikal shares have given one-year returns of Rs. 168.33% with a dividend yield of 0.46%. The 52-week high of Hikal share price is Rs. 742.00.

    Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. Name of the Compliance officer (broking): Mr. Anoop Goyal, Contact number: 022-40701000, E-mail address: complianceofficer@icicisecurities.com. Investment in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose.

Registered Address

717/718 Maker Chamber V, 7th Floor Nariman Point, Mumbai, Maharashtra, 400021

Tel : 91-022-3926 7100/62770477
Email : secretarial:hikal.com/info:hikal.com
Website : http://www.hikal.com

Universal Capital Sec. Pvt Ltd

AGM Date (Month) : Sep
Face Value Equity Shares : 2
Market Lot Equity Shares : 1
BSE Code : 524735
Book Closure Date (Month) : Sep
BSE Group : A
ISIN : INE475B01022

FAQ’s on Hikal Ltd Shares

You can buy Hikal Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Hikal Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of Dec 07, 2023 12:09 PM the closing price of Hikal Ltd was ₹ 291.90.

Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Dec 07, 2023 12:09 PM, the market cap of Hikal Ltd stood at ₹ 3,599.16.

The latest PE ratio of Hikal Ltd as of Dec 07, 2023 12:09 PM is 43.61

The latest PB ratio of Hikal Ltd as of Dec 07, 2023 12:09 PM is 0.32

The 52-week high of Hikal Ltd is ₹ 427.80 while the 52-week low is ₹ 250.10

According to analyst recommendations, Hikal Ltd has a “Buy” rating for the long term.

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