Hikal Limited · NSE:HIKAL
Hikal — Q2 FY26 Earnings Presentation
33 slides from Hikal's earnings presentation, Nov 13, 2025
Slide 1: Cover letter to BSE and NSE on results presentation
November 13, 2025 BSE Ltd., National Stock Exchange of India Ltd., P J Towers, Exchange Plaza, Dalal Street, Bandra-Kurla Complex, Bandra, Mumbai - 400 001. Mumbai - 400 051. Scrip Code: 524735 Symbol: HIKAL Dear Sir/Madam, Subject: Results Presentation of the Company for the quarter and half year e
Slide 2: Investor Presentation Q2 & H1 FY26
Investor Presentation Q2 & H1 FY26 November, 2025
Slide 3: 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 4: Leading with Vision
Leading with “Across the global chemical and life sciences industry, persistent headwinds from pricing pressure, overcapacity, and regulatory complexity continue to shape the operating environment. Demand visibility is improving, and capacity utilization is rebounding across geographies. While Visio
Slide 5: Q2FY26: Performance at a Glance
Q2FY26: Performance at a Glance
Slide 6: Q2FY26: Consolidated Performance Summary
Q2FY26: Consolidated Performance Summary CONSOLIDATED: FINANCIAL SUMMARY COMMENTARY Rs. In Crs Q1FY26 Q2FY25 Q2FY26 Sales of certain orders executed in Q2 were booked in October Revenue 380 453 319 2025. This resulted in under absorption of fixed costs during the quarter EBITDA 25 75 8 EBITDA% 6.5%
Slide 7: Q2FY26: Pharmaceuticals Performance Summary
Q2FY26: Pharmaceuticals Performance Summary PHARMACEUTICALS: FINANCIAL SUMMARY COMMENTARY Rs. In Crs Q1FY26 Q2FY25 Q2FY26 Revenue declined due to a deferment in customer offtake Revenue 203 294 190 following OAI status and subsequent warning letter EBIT (26) 40 (17) The resumption of supplies is pro
Slide 8: Q2FY26: Crop Protection Performance Summary
Q2FY26: Crop Protection Performance Summary CROP PROTECTION: FINANCIAL SUMMARY COMMENTARY Rs. In Crs Q1FY26 Q2FY25 Q2FY26 The Crop Protection industry is undergoing strategic Revenue 178 159 129 realignments leading to near term challenges as well as long EBIT 17 8 (10) term opportunities Developmen
Slide 9: Q2FY26: Consolidated P&L
Q2FY26: Consolidated P&L Particulars (Rs. In crores) Q2FY26 Q2FY25 YoY Q1FY26 QoQ Revenue 319 453 (29)% 380 (16)% Expenditure 311 378 355 EBITDA 8 75 (89)% 25 (67)% EBITDA Margin 2.6% 16.5% (1390) bps 6.5% (359) bps Other Income 2 0 1 Depreciation 41 32 39 Interest 15 19 17 PBT (47) 25 (290)% (31) (
Slide 10: H1FY26: Performance at a Glance
H1FY26: Performance at a Glance
Slide 11: H1FY26: Performance Summary
H1FY26: Performance Summary FINANCIAL SUMMARY REVENUE SPLIT% Rs. In Crs H1FY25 H1FY26 In % H1FY25 H1FY26 Consolidated Revenue 860 699 Pharmaceuticals 61% 56% EBITDA 133 32 Crop-Protection 39% 44% EBITDA% 15.4% 4.6% PAT 23 (57) EPS 1.89 (4.66) Pharmaceuticals Rs. In Crs H1FY25 H1FY26 In % H1FY25 H1FY
Slide 12: H1FY26: Consolidated P&L
H1FY26: Consolidated P&L Particulars (Rs. In crores) H1FY26 H1FY25 YoY Revenue 699 860 (19)% Expenditure 667 727 EBITDA 32 133 (76)% EBITDA Margin 4.6% 15.5% (1,085) bps Other Income 3 1 Depreciation 81 64 Interest 32 39 PBT (78) 32 (345)% Tax (20) 8 Net Profit (57) 23 (347)% 11
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. In Crore) Sep-25 Mar-25 Equities & Liabilities (Rs. In Crore) Sep-25 Mar-25 Total Non Current Assets 1,529 1,533 Shareholders Fund 1,194 1,263 Property, Plant and Equipment 1,271 1,293 Share Capital 25 25 Capital work in Progress 134 121 Other Equity 1,169 1,23
Slide 14: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. In Crore) Half Year ended 30-Sep-25 Half Year ended 30-Sep-24 Profit before tax (78) 32 Adjustments 113 101 Operating Profit Before Working Capital Changes 35 133 Change in operating assets and liabilities 168 48 Cash generated from operations 203 18
Slide 15: Historical Performance Highlights
Historical Performance Highlights
Slide 16: 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 17: 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 18: 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 19: Corporate Snapshot
«Corporate Snapshot L
Slide 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: Our Commitment to Society
Our Commitment to Society 25
Slide 27: ESG Strategy
ESG Strategy E nvironment S ocial G overnance Decarbonization Health and safety Fair sourcing Employee Customers Community relations Governance & Material circularity corruption Diversity & inclusion Transparency & risk Water management management 26
Slide 28: ESG – Key Initiatives
ESG – Key Initiatives Our efforts have been recognized by leaders in sustainability assessment • Baselining for GHG1&2 • Material Topics Identification PHASE 1 • GHG Reduction Targets (SBTIs) Initiation Program (Completed) • Deployment of ESG Platform • Evaluation of ESG readiness and performance vs
Slide 29: Regulatory Approvals
Regulatory Approvals Key Regulatory Approvals Integrated Management Systems across all sites 28
Slide 30: Recognitions & Achievements
Recognitions & Achievements
Slide 31: Awards & Accolades
Awards & Accolades Employer of the Year Award TISS Leapvault CLO Awards 2024 The Great Managers Award 2024 Received at the India HR Summit & (November 2024) Ranked among the Top 50 Companies Awards (December 2024) for • Gold Award: Skill Development Initiative with Great Managers by People Business
Slide 32: Awards & Accolades
Awards & Accolades ET NOW Best Organizations for Women WOW Workplace Award 2025 The 5th Edition of ET NOW Best Organizations for Hikal has been recognized as one of the WOW Women celebrates organizations in India that excel in Workplaces of 2025 in the Manufacturing & Allied empowering women and adv
Slide 33: 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