Hikal Limited · NSE:HIKAL
Hikal — Q3 FY26 Earnings Presentation
28 slides from Hikal's earnings presentation, February 2026
Slide 1: Investor Presentation Q3 & 9M FY26
Investor Presentation Q3 & 9M FY26 February, 2026
Slide 2: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Hikal Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and
Slide 3: Leading with Vision
Leading with Vision Q3 FY26 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. Mr. Jai Hiremath, Supply resumption
Slide 4: Q3FY26: Performance at a Glance
Q3FY26: Performance at a Glance
Slide 5: Q3FY26: Consolidated Performance Summary
Q3FY26: Consolidated Performance Summary CONSOLIDATED: FINANCIAL SUMMARY COMMENTARY Rs. In Crs Q2FY26 Q3FY25 Q3FY26 Sales rebounded in Q3, offsetting the impact of pharmaceutical Revenue 319 448 494 sales deferrals seen in H1 due to regulatory developments. EBITDA 8 72 83 EBITDA% 2.4% 16.1% 16.8% Ex
Slide 6: Q3FY26: Pharmaceuticals Performance Summary
Q3FY26: Pharmaceuticals Performance Summary PHARMACEUTICALS: FINANCIAL SUMMARY COMMENTARY Rs. In Crs Q2FY26 Q3FY25 Q3FY26 Pharmaceutical business witnessed a recovery in Sales in Revenue 190 293 337 Q3, mitigating the impact of sales deferrals seen in H1 due EBIT -18 33 41 to following OAI status an
Slide 7: Q3FY26: Crop Protection Performance Summary
Q3FY26: Crop Protection Performance Summary CROP PROTECTION: FINANCIAL SUMMARY COMMENTARY Rs. In Crs Q2FY26 Q3FY25 Q3FY26 The Crop Protection industry is undergoing strategic Revenue 129 154 157 realignments leading to near term challenges as well as long EBIT -10 14 5 term opportunities Sales at th
Slide 8: Q3FY26: Consolidated P&L
Q3FY26: Consolidated P&L Q3FY26 w/o Q3FY26 incl Particulars (Rs. In crores) Q3FY25 YoY Q2FY26 QoQ exceptional item exceptional item Revenue 494 494 448 10% 319 55% Expenditure 411 411 375 311 EBITDA 83 83 72 15% 8 1006% EBITDA Margin 16.8% 16.8% 16.1% 0.7% 2.4% 14.4% Other Income 3 3 4 2 Depreciatio
Slide 9: 9MFY26: Performance at a Glance
9MFY26: Performance at a Glance
Slide 10: 9MFY26: Performance Summary
9MFY26: Performance Summary FINANCIAL SUMMARY REVENUE SPLIT% Rs. In Crs 9MFY25 9MFY26 In % 9MFY25 9MFY26 Consolidated Revenue 1307 1193 Pharmaceuticals 62% 61% EBITDA 205 115 Crop-Protection 38% 39% EBITDA% 15.7% 9.6% PAT 41 -63 EPS 3.29 -5.12 Pharmaceuticals Rs. In Crs 9MFY25 9MFY26 In % 9MFY25 9MF
Slide 11: 9MFY26: Consolidated P&L
9MFY26: Consolidated P&L 9M FY26 w/o 9M FY26 incl Particulars (Rs. In crores) 9M FY25 YoY exceptional item exceptional item Revenue 1193 1193 1307 -9% Expenditure 1079 1079 1102 EBITDA 115 115 205 -44% EBITDA Margin 9.6% 9.6% 15.7% -6.06% Other Income 6 6 4 Depreciation 122 122 97 Interest 48 48 57
Slide 12: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. In Crore) Dec-25 Mar-25 Equities & Liabilities (Rs. In Crore) Dec-25 Mar-25 Total Non Current Assets 1,537 1,534 Shareholders Fund 1,188 1,262 Property, Plant and Equipment 1,310 1,293 Share Capital 25 25 Capital work in Progress 96 121 Other Equity 1164 1238 R
Slide 13: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement 9 month 9 month Particulars (Rs. In Crore) ended ended 31-Dec-25 31-Dec-24 Profit before tax -87 55 Adjustments 171 144 Operating Profit Before Working Capital Changes 85 199 Change in operating assets and liabilities 196 88 Cash generated from operations 281 287 Inc
Slide 14: Historical Performance Highlights
Historical Performance Highlights
Slide 15: Historical: Consolidated P&L Highlights
Historical: Consolidated P&L Highlights Rs. In crores REVENUE EBITDA PAT 2,023 161 341 328 1,943 323 133 257 267 1,860 91 1,785 78 70 1,720 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 15
Slide 16: Historical: Segmental Highlights
Historical: Segmental Highlights Rs. In crores REVENUE EBIT REVENUE SPLIT % 1,168 170 151 1,130 137 1,115 41% 44% 41% 35% 42% 1,100 93 PHARMA 65 1,060 59% 56% 59% 65% 58% FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 REVENUE EBIT REVENUE SPLIT % 908 813 115 684 692 103 1
Slide 17: Historical: Ratios
Historical: Ratios ROE% ROCE% 21.60% 16.10% 15.00% 15.30% 9.90% 8.50% 8.20% 7.10% 6.10% 7.30% FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 NET DEBT / EQUITY (X) NET DEBT / EBITDA (X) 0.70 2.60 2.30 2.10 1.80 1.80 0.60 0.60 0.60 0.60 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 17
Slide 18: Corporate Snapshot
«Corporate Snapshot L
Slide 19: Our Vision & Mission
Our Vision & Mission VISION To be the leading global fine chemical company to the Pharmaceutical, Crop Protection, and Specialty Chemical Industries 01 02 MISSION To create value through superior, chemical products and operate as a responsible company. Building trust and respect of our customers, sh
Slide 20: Key Milestones
Key Milestones Years 1988 1991 1995 1997 2000 2001 2009 2014 2021 2024 Founded Listed on Acquired the New R&T Signed 10- by Jai Bombay Stock manufacturing Centre year multi Hiremath Exchange & site from established & product Key Event as a National Stock Novartis in Tokyo office to contract with che
Slide 21: Domestic & Global Presence
Domestic & Global Presence We Service Clients Globally Through our Global Footprint Panoli Europe Taloja Japan USA Pune Navi Mumbai India Bengaluru Mahad Corporate HQ R&T center, Integrated Mini Plant Manufacturing Site We serve markets across Americas, Europe, ME & We have offices across USA, Europ
Slide 22: Manufacturing Capabilities
Manufacturing Capabilities Pharmaceuticals Crop Protection Jigani Unit 1, Karnataka Mahad, Maharashtra • US FDA Approved API and Advanced Intermediates • First Manufacturing Facility of Hikal Manufacturing Site • Specialty Chemicals, Fungicides, Herbicides, and • cGMP Multipurpose API Facilities. In
Slide 23: Our state-of-the-art R&T facility
Our state-of-the-art R&T facility 15 4 Synthetic Instrumentation Laboratories Labs 1 1 Process Effluent Safety Treatability Lab Lab 1 1 Innovation Simulation 1 1 Lab Lab Kilo Lab Solid State (Scale up & Pilot) Chemistry Lab 1 6 Process High Development 1 1 Pressure Lab Lab Validation HPAPI Lab Lab >
Slide 24: Key Operational Metrics
Key Operational Metrics Pharmaceuticals Crop Protection 5 Manufacturing facilities 31 74 Commercialized Active DMFs Products 31 4,350MT $60Mn Commercialized Active Ingredients Capex invested in new Assets APIs Sold in FY25 440MT Advanced Intermediates 1 Kilo lab Sold in FY25 (Scale up & Pilot) 3000+
Slide 25: Regulatory Approvals
Regulatory Approvals Key Regulatory Approvals Integrated Management Systems across all sites 25
Slide 26: Recognitions & Achievements
Recognitions & Achievements
Slide 27: Awards & Accolades
Awards & Accolades The Great Managers Award 2025 ET NOW Best Organizations to Work TISS Leapvault CLO Awards 2025 Ranked among the Top 50 Companies The ET Now Best Organizations to Work Gold Award for Best Skill Development with Great Managers by People Business 2025 is a prestigious recognition Ini
Slide 28: Thank You
Thank You Company: Investor Relations Advisors : Hikal Limited Strategic Growth Advisors Pvt. Ltd CIN: L24200MH1988PTC048028 CIN: U74140MH2010PTC204285 Mr. Kuldeep Jain Mr. Jigar Kavaiya / Ms. Prachi Sharma Kuldeep_jain@hikal.com +91-9920602034 / +91-8881786789 jigar.kavaiya@sgapl.net/ prachi.sharma