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Hikal Ltd share Price

Company details

6M Return -17.57%
1Y Return -27.72%
Mkt Cap.(Cr) 3,643.54
Volume 20,780
Div Yield 0.53%
OI Chg %
Volume 20,780

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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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Hikal Ltd.

Q3FY23 Quarterly Result Announced for Hikal Ltd.

Pharmaceuticals firm Hikal announced Q3FY23 results:

  • Q3FY23:
    • Revenue of Rs 540 crore YoY growth of 5%
    • EBITDA of Rs 75 crore QoQ growth of 7%
    • PAT stood at Rs 26 crore.
    • Hikal’s long-term credit rating is maintained at A by ICRA.
    • Interim Dividend of Rs 0.60 per share (30% of Face Value).

Commenting on the results, Jai Hiremath, Executive Chairman, of Hikal Ltd. said, “Hikal has recorded an improved performance in this quarter in line with earlier guidance of a sequential recovery. We had an improvement in EBITDA margins on the back of several cost-improvement initiatives. We are witnessing softening of key raw material prices and we expect the trend to stabilize in the upcoming quarter.

The revenue for the Crop Protection business stood at Rs 248 crore in Q3FY22. We are focusing on the optimal product mix to improve revenues and margins going forward. We are in the process of commissioning our new multipurpose facility at Panoli for the launch of our new products.

Our Pharmaceuticals business has registered a YoY revenue growth of 9% and revenue stood at Rs 292 crore for the quarter based on increased volumes of CDMO products. We have a strong pipeline of products in various stages of development. We are focusing on cost-improvement initiatives to improve margins for existing APIs and improve penetration of new products across different geographies. Our new Animal Health Multipurpose facility is on track and expected to be commissioned in Q2FY24.

The board has approved an interim dividend of Rs 0.60 per share which translates to 30% of the Face Value.

Hikal has partnered with a leading global ESG consultant to build the sustainability strategy for the reduction of carbon footprint across the value chain of Hikal to better understand the needs of all our stakeholders, colleagues, partners and communities in which we operate.

As part of our commitment to doing business in a responsible way, we are taking several initiatives to ensure clean energy, reduction of carbon footprint, and reduction of waste generation across all our sites. We have further increased renewable power by signing long-term agreements for our Panoli, Taloja and Mahad sites.

Pinnacle, our business transformation initiative, is on track to create a robust roadmap across business verticals to drive profitable and sustainable growth over the next five years through a focused strategic direction.

We continue to monitor the macro-economic environment, rising interest rates, the impact of China opening, rising energy costs and the ongoing geopolitical unrest. Both of our businesses have a strong growth outlook. We aspire to deliver sustainable and profitable volume-led growth over the medium term.”

Result PDF

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Investment recommendation

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

Call Date

03 Feb 2023

Entry Price


Target Price



12-18 Month



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Hikal Ltd Stocks COMPARISION


Equity Capital: 1,067.98 Cr FV: 2.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 9,527.59 8,951.45
LAST 3M 42,879.72 -6,827.62
LAST 6M 73,041.22 5,930.79
LAST 12M 156,258.18 -36,235.71

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 Mar 20, 2023 04:01 PM the closing price of Hikal Ltd was ₹ 295.50.

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 Mar 20, 2023 04:01 PM, the market cap of Hikal Ltd stood at ₹ 3,643.54.

The latest PE ratio of Hikal Ltd as of Mar 20, 2023 04:01 PM is 59.44

The latest PB ratio of Hikal Ltd as of Mar 20, 2023 04:01 PM is 0.29

The 52-week high of Hikal Ltd is ₹ 456.20 while the 52-week low is ₹ 215.65

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

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