Hikal Limited · NSE:HIKAL
Hikal — Q2 FY27 Earnings Presentation
28 slides from Hikal's earnings presentation, Nov 3, 2026
Slide 1: Exchange filing cover letter for results presentation
November 03, 2026 BSE Limited, National Stock Exchange of India Limited, 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
Slide 2: Investor Presentation Q2 FY27
Investor Presentation Q2 FY27 November 2026
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 Vision “Q2 FY2027 reflected a recovery with improving performance in Pharmaceuticals and ongoing efforts to strengthen our Crop Protection business. Animal Health continues to grow and manufacturing in our Personal Care business has commenced. Mr. Sameer Hiremath, Chairman and Our Pharm
Slide 5: Q2FY27: Performance at a Glance
Q2FY27: Performance at a Glance
Slide 6: Q2FY27: Consolidated Performance Summary
Q2FY27: Consolidated Performance Summary CONSOLIDATED: FINANCIAL SUMMARY COMMENTARY Rs. In Crs Q1FY27 Q2FY26 Q2FY27 Quarterly Revenue grew 36%, supported by recovery in the established Revenue 403 319 434 API portfolio and continued CDMO execution across key global markets. EBITDA 37 7 45 EBITDA% 9.
Slide 7: Q2FY27: Pharmaceuticals Performance Summary
Q2FY27: Pharmaceuticals Performance Summary COMMENTARY PHARMACEUTICALS: FINANCIAL SUMMARY Pharma revenue grew by 47% YoY, to ₹278 Cr in Q2FY27, with Rs. In Crs Q1FY27 Q2FY26 Q2FY27 improvement in EBIT margins. Revenue 233 190 278 API volumes recovered, while CDMO programmes and the customer EBIT 8 (
Slide 8: Q2FY27: Crop Protection Performance Summary
Q2FY27: Crop Protection Performance Summary CROP PROTECTION: FINANCIAL SUMMARY COMMENTARY Rs. In Crs Q1FY27 Q2FY26 Q2FY27 Crop Revenues for the quarter stood at ₹156 crores growing 21% YoY. Revenue 170 129 156 Despite the operating challenges, Own Product sales grew 11% YoY. EBIT (6) (10) (2) Margin
Slide 9: Q2FY27: Consolidated P&L
Q2FY27: Consolidated P&L Particulars (Rs. In crores) Q2FY27 Q2FY26 YoY Q1FY27 QoQ Revenue 434 319 36% 403 8% Expenditure 389 311 366 EBITDA 45 8 524% 37 21% EBITDA Margin 10.3% 2.6% 808 bps 9.2% 116 bps Other Income 2 2 2 Depreciation 42 41 43 Interest 13 15 15 PBT before exceptional items (8) (47)
Slide 10: H1FY27: Performance at a Glance
H1FY27: Performance at a Glance
Slide 11: H1FY27: Performance Summary
H1FY27: Performance Summary FINANCIAL SUMMARY REVENUE SPLIT% Rs. In Crs H1FY26 H1FY27 In % H1FY26 H1FY27 Consolidated Revenue 699 837 Pharmaceuticals 56% 61% EBITDA 32 82 Crop-Protection 44% 39% EBITDA% 4.6% 9.8% PAT (57) (14) EPS (4.65) (1.09) Pharmaceuticals Rs. In Crs H1FY26 H1FY27 In % H1FY26 H1
Slide 12: H1FY27: Consolidated P&L
H1FY27: Consolidated P&L Particulars (Rs. In crores) H1FY27 H1FY26 YoY Revenue 837 699 20% Expenditure 755 667 EBITDA 82 32 154% EBITDA Margin 9.8% 4.6% 516 bps Other Income 4 3 Depreciation 84 81 Interest 28 32 PBT (27) (77) 65% Exceptional items* 9 0 PBT after exceptional items (18) (78) 76% Tax (
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (Rs. In Crore) Sep-26 Mar-26 Equities & Liabilities (Rs. In Crore) Sep-26 Mar-26 Total Non Current Assets 1,471 1,481 Shareholders Fund 1,181 1,199 Property, Plant and Equipment 1,253 1,264 Share Capital 25 25 Capital work in Progress 94 95 Other Equity 1,157 1,174
Slide 14: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. In Crore) Half Year ended 30-Sep-26 Half Year ended 30-Sep-25 Profit before tax (18) (77) Adjustments 117 111 Operating Profit Before Working Capital Changes 99 33 Change in operating assets and liabilities 74 170 Cash generated from operations 173 2
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 1,943 257 267 1,860 220 91 1,785 78 70 1,713 5 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 15
Slide 17: Historical: Segmental Highlights
Historical: Segmental Highlights Rs. In crores CDMO Own Products REVENUE EBIT REVENUE SPLIT % 1,168 151 137 1,130 1,115 1,100 93 44% 41% 35% 42% 52% PHARMA 1,021 65 33 65% 56% 59% 58% 48% FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 REVENUE EBIT REVENUE SPLIT % 908 813
Slide 18: Historical: Ratios
Historical: Ratios ROE% (excl. exceptional item) ROCE% 21.60% 15.00% 9.90% 12.60% 8.50% 8.20% 7.10% 6.10% 3.00% 0.00% FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 NET DEBT / EQUITY (X) NET DEBT / EBITDA (X) 0.7 2.90 0.6 0.6 0.6 2.60 0.6 2.30 1.80 1.80 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY2
Slide 19: Corporate Snapshot
Corporate Snapshot
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 ~6,000 MT $60Mn Commercialized Active Ingredients Capex invested in new Assets APIs Sold in FY26 ~ 1,500m3 Total Reactor Volume 1 Kilo lab (Scale up & Pilot) 3000+ Employee
Slide 26: Regulatory Approvals
Regulatory Approvals Key Regulatory Approvals Integrated Management Systems across all sites 25
Slide 27: CSR Update
CSR Update Focus on being a Responsible Company by funding initiatives for environment, education, healthcare, & national heritage Anahat Kaushalya & Suraksha Medha Rachana Environment & Ecology protection Healthcare and Safety Education & skill development Protection of Heritage, Art & Culture Supp
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. Ami Parekh Kuldeep_jain@hikal.com +91-99206 02034 / +91 80824 66052 jigar.kavaiya@sgapl.net/ ami.parekh@sga