Hikal Limited · NSE:HIKAL
Hikal — Q3 FY26 Earnings Presentation
29 slides from Hikal's earnings presentation, Feb 11, 2026
Slide 1: Cover letter to stock exchanges
Hh<IIL February 11, 2026 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 nine
Slide 2: Investor Presentation Q3 & 9M FY26
Investor Presentation Q3 & 9M FY26 February, 2026
Slide 3: Safe Harbor
Safe Harbor 1-lh<AL 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 securit
Slide 4: Leading with Vision
Leading Leading with with Vision V1s1on 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 Hiremat
Slide 5: Q3FY26: Performance at a Glance
Q3FY26: Performance at a Glance
Slide 6: Q3FY26: Consolidated Performance Summary
Q3FY26: Consolidated Performance Summary 1-lh<IIL 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%
Slide 7: Q3FY26: Pharmaceuticals Performance Summary
Q3FY26: Pharmaceuticals Performance Summary 1-lh<IIL 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 O
Slide 8: Q3FY26: Crop Protection Performance Summary
Q3FY26: Crop Protection Performance Summary 1-lh<IIL 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 Sa
Slide 9: Q3FY26: Consolidated P&L
> Q3FY26: Consolidated P&L 7VJ/JI-I 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
Slide 10: 9MFY26: Performance at a Glance
9MFY26: Performance at a Glance
Slide 11: 9MFY26: Performance Summary
> 9MFY26: Performance Summary 7VJ/JI-I 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 %
Slide 12: 9MFY26: Consolidated P&L
> 9MFY26: Consolidated P&L 7VJ/JI-I 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 Interes
Slide 13: Consolidated Balance Sheet
> Consolidated Balance Sheet 7VJ/JI-I 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
Slide 14: Consolidated Cash Flow Statement
> Consolidated Cash Flow Statement 7VJ/JI-I 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
Slide 15: Historical Performance Highlights
Historical Performance Highlights
Slide 16: Historical: Consolidated P&L Highlights
> Historical: Consolidated P&L Highlights 7VJ/JI-I Rs. In crores REVENUE EBITDA PAT 2,023 161 341 328 1,943 323 '--------J 133 257 267 1,860 L------,J 91 1,785 78 .___ 70 1,720 L--- FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 15
Slide 17: Historical: Segmental Highlights
Historical: Segmental Highlights 1-lh<IIL Rs. In crores REVENUE EBIT REVENUE SPLIT % 1,168 170 151 - - - - - r----- 1,130 137 1 I 1,115 41% 44% 41% 35% 42% 1,100 93 I PHARMA I I I 1,060 65 I_ _ _ _ _ ...JI 59% 56% 59% 65% 58% FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
Slide 18: Historical: Ratios
> Historical: Ratios 7VJ/JI-I 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 1
Slide 19: Corporate Snapshot
«Corporate Snapshot L
Slide 20: Our Vision & Mission
Our Vision & Mission 1-lh<IIL 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 cust
Slide 21: Key Milestones
Key Milestones 1-lh<IIL Years -■ •I IE 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
Slide 22: Domestic & Global Presence
Domestic & Global Presence J-tfKAL (...__We_ _ Service _ Clients _ _) Globally Through our Global Footprint I -- I I I I : ............................................. I :-, ~ Panoli !: '- I ~ Europe )o Taloja I Japan I USA Pune ~ .> : Navi ~ -~,f • : Mumbai ,!'.~~~ --• i I India Bengaluru \ I• .''
Slide 23: Manufacturing Capabilities
< Manufacturing Capabilities _ _ _ _ _ _ _) (_ _ _ _Pharmaceuticals Crop Protection 1-lh<IIL 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 • cG
Slide 24: Our state-of-the-art R&T facility
Our state-of-the-art R&T facility 1-lh<IIL 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
Slide 25: Key Operational Metrics
Key Operational Metrics 1-lh<IIL ~ Pharmaceuticals Crop Protection 5 ~ Manufacturing facilities ~ -, T ~ \_©j 31 ~ 74 Active DMFs t_(~◄ .-, ! 4 31 Commercialized Products liJ 4,350MT $60Mn Commercialized Active Ingredients Capex invested in new Assets APIs Sold in FY25 000 440MT l ~QJ Advanced Inter
Slide 26: Regulatory Approvals
Regulatory Approvals 1-lh<IIL U.S. 0OD & DR G AD INISTRATION Key Regulatory Approvals JAPAN -@L UlJ fl &EPA Unl'ed s•otcs Erv ronmental Prolec Agency r tambP. . . . b_r~ C fepris Dl:p u1mn1I uJ'Hc...tili r l i ~ /.Auin~ Jr.vi ru HALAL Jb ANVISA ~ Integrated Management ISO ~ Systems across all sites
Slide 27: Recognitions & Achievements
Recognitions & Achievements
Slide 28: Awards & Accolades
Awards & Accolades 1-lh<IIL 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 recogn
Slide 29: 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