Hikal Limited

NSE: HIKAL · Unclassified

₹219.52-0.62%06 Nov 2026

Ask the data

Instant answers about Hikal Limited — computed from its filings, no language model

Market cap₹2,711 cr

Current price₹219.52

High / Low₹256 / ₹147

P/E1129.6

P/B2.29

Book value₹95.7

ROE0.2%

ROCE2.2%

Debt / equity0.54

Dividend yield0.45%

EPS (TTM)₹0.19

Face value₹2

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

	FY20	FY21	FY23	FY24	FY25	FY26
Revenue	1,507	1,720	2,023	1,785	1,860	1,713
EBITDA	273	323	257	267	328	220
Operating margin	18.1%	18.8%	12.7%	15.0%	17.7%	12.9%
Interest	52	36	48	56	75	62
Depreciation	82	85	109	118	134	164
Profit before tax	127	206	105	96	124	-78
Tax	42	73	27	26	33	-30
Net profit	84	0	78	0	0	-49
EPS ₹	6.85	10.80	6.36	5.64	7.36	-3.96
Operating cash flow	—	—	315	187	280	302
Capex	—	—	303	204	137	148
Dividend paid	—	—	12	15	15	12
Total assets	—	—	2,385	2,487	2,529	2,365
Equity	—	—	1,133	1,188	1,262	1,199

Quarterly performance

last 29 quarters · ₹ crore

showing latest 8 of 29 periods

	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	403	321	404	379	353	366	463	532	457	469	515	379	559	540	545	388	435	448	514	407	453	448	552	380	318	494	519	403	434
Operating profit	69	58	76	71	53	64	91	109	96	91	93	23	70	75	88	50	58	65	94	58	75	72	123	25	7	83	105	37	45
Operating margin	17.0%	18.2%	18.7%	18.6%	14.9%	17.5%	19.7%	20.5%	21.0%	19.4%	18.1%	6.0%	12.5%	13.8%	16.1%	13.0%	13.2%	14.5%	18.4%	14.3%	16.5%	16.1%	22.3%	6.6%	2.3%	16.7%	20.3%	9.2%	10.3%
Other income	1	1	0	2	1	7	1	3	3	1	1	3	1	3	0	1	1	0	0	0	0	4	0	1	2	3	7	2	2
Interest	12	14	13	14	10	8	8	10	8	8	7	11	11	13	13	14	13	14	15	20	19	19	18	17	15	16	15	15	13
Depreciation	20	21	21	21	21	21	22	22	23	24	25	26	27	28	27	28	29	29	32	32	32	33	38	39	41	41	42	43	42
Profit before tax	37	10	42	38	23	41	62	81	68	60	62	-12	33	36	49	10	17	22	47	7	25	24	68	-30	-47	-9	8	-10	-8
Tax	12	3	14	13	8	14	22	30	18	16	16	-3	8	9	13	3	4	5	13	2	6	7	18	-8	-12	-3	-6	-2	-2
Net profit	0	0	28	24	0	27	40	0	51	0	0	0	0	0	36	0	0	0	0	5	0	0	0	0	-35	-6	14	0	-6
EPS ₹	2.05	0.52	2.30	1.98	1.22	2.18	3.27	4.13	4.10	3.57	3.67	-0.72	2.01	2.14	2.92	0.56	1.02	1.31	2.76	0.41	1.48	1.39	4.07	-1.82	-2.83	-0.48	1.17	-0.60	-0.49
Revenue YoY	—	—	—	—	-12.5%	14.1%	14.7%	40.5%	29.5%	28.0%	11.1%	-17.1%	19.1%	5.0%	—	2.4%	-22.2%	-17.1%	-5.7%	4.8%	4.1%	0.0%	7.4%	-6.5%	-29.7%	10.4%	-6.0%	5.9%	36.3%
Profit YoY	—	—	—	—	—	—	42.0%	-100.0%	—	-100.0%	-100.0%	-100.0%	—	—	—	—	—	—	-100.0%	—	—	—	—	-100.0%	—	—	—	—	—

Earlier results (standalone, Sep '07 – Mar '19)

₹ crore · from BSE, before the NSE XBRL filings begin

Hikal Limited reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 11 periods

	FY09†	FY10†	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†	FY19†
Revenue	478	536	494	694	660	829	872	926	1,014	1,300	1,590
Operating profit	128	177	125	167	177	192	182	181	197	242	298
Operating margin	26.7%	33.1%	25.4%	24.1%	26.8%	23.2%	20.9%	19.5%	19.5%	18.6%	18.8%
Other income	1	2	3	5	6	—	2	2	3	4	2
Interest	25	35	41	48	52	55	60	62	49	49	58
Depreciation	21	33	38	42	49	55	64	67	69	86	93
Profit before tax	62	56	46	60	33	98	60	53	83	112	149
Tax	3	-4	1	6	8	34	19	12	16	34	46
Net profit	59	60	44	54	26	64	41	41	67	77	103

Quarters

showing latest 8 of 47 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†	MAR '19†
Revenue	78	86	84	92	107	131	148	127	125	120	164	133	108	101	152	143	145	185	221	165	153	153	190	182	203	216	228	190	243	225	214	191	204	240	290	221	232	251	310	267	292	351	390	326	395	412	458
Operating profit	19	22	20	20	29	38	41	43	48	42	44	32	33	26	35	33	37	45	52	45	38	44	49	42	48	50	51	36	54	48	45	36	39	46	60	44	47	49	57	50	54	67	71	61	75	78	84
Operating margin	23.9%	25.1%	23.6%	21.3%	26.7%	29.2%	27.9%	33.6%	38.6%	34.8%	27.1%	24.0%	30.2%	25.6%	23.1%	23.2%	25.6%	24.3%	23.4%	27.3%	25.2%	28.7%	26.0%	23.2%	23.7%	23.1%	22.6%	19.1%	22.1%	21.1%	21.1%	19.0%	19.2%	19.1%	20.6%	20.1%	20.3%	19.5%	18.4%	18.6%	18.4%	19.1%	18.3%	18.6%	19.0%	19.0%	18.4%
Other income	5	2	1	0	0	0	0	0	0	0	1	1	1	1	1	1	1	1	2	0	5	0	1	33	1	—	0	1	0	0	0	0	0	1	0	1	1	0	1	2	0	1	2	1	0	1	0
Interest	4	3	4	4	6	7	8	9	10	8	8	9	9	12	12	11	12	12	13	13	13	13	14	15	14	13	13	14	18	19	9	18	17	14	13	14	12	14	9	12	13	12	12	16	16	13	13
Depreciation	5	4	4	4	5	5	7	7	8	9	9	9	9	9	10	10	11	11	11	12	12	12	13	13	14	14	14	15	15	16	18	16	17	17	17	18	17	17	17	21	21	21	21	23	24	24	23
Profit before tax	15	16	12	11	19	16	16	12	11	14	20	15	11	5	15	15	13	13	20	6	2	13	13	47	19	15	17	8	21	13	18	3	6	16	29	14	19	18	32	18	20	34	39	23	36	42	48
Tax	1	1	1	0	2	0	1	-1	-1	-1	-0	0	0	-0	1	0	2	-0	5	0	0	4	4	10	5	5	14	2	6	4	8	1	1	3	7	3	4	5	4	5	4	11	14	7	11	13	15
Net profit	14	15	12	11	17	16	15	13	13	14	20	15	10	5	14	14	11	13	15	5	2	9	9	37	14	10	3	6	15	9	10	2	5	12	22	11	15	13	27	13	15	23	25	16	24	29	33
EPS ₹	9.62	9.79	7.67	7.08	11.36	9.71	9.18	8.10	7.61	8.73	12.16	8.96	6.27	3.14	8.56	8.82	6.96	7.93	9.19	3.10	1.29	5.49	5.63	22.27	8.59	6.25	1.87	3.47	9.28	5.70	1.24	0.22	0.59	1.51	2.71	1.33	1.85	1.61	3.34	1.60	1.85	2.81	3.13	1.29	1.98	2.38	2.70
Revenue YoY	—	—	—	—	37.6%	52.6%	76.0%	38.5%	16.4%	-8.5%	10.9%	4.7%	-13.7%	-15.9%	-7.5%	7.2%	33.9%	84.0%	46.1%	15.7%	5.5%	-17.6%	-14.3%	10.4%	32.9%	41.5%	20.0%	4.3%	19.8%	4.0%	-6.2%	0.6%	-16.0%	6.8%	35.7%	15.5%	13.9%	4.3%	6.8%	20.6%	25.8%	39.8%	26.1%	22.1%	35.1%	17.4%	17.2%
Profit YoY	—	—	—	—	18.3%	7.8%	30.2%	24.7%	-27.1%	-10.1%	32.4%	10.7%	-17.6%	-64.0%	-29.6%	-1.6%	11.0%	152.2%	7.4%	-64.8%	-81.5%	-30.8%	-38.8%	618.0%	566.0%	13.8%	-66.8%	-84.4%	8.0%	-8.9%	231.9%	-67.9%	-68.4%	32.4%	118.3%	498.9%	216.2%	6.4%	23.4%	21.5%	0.6%	76.1%	-7.7%	19.6%	59.4%	26.4%	31.6%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 23 periods

	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
ROE	—	—	—	—	—	—	—	—	3.2%	3.2%	3.1%	3.1%	0.0%	0.4%	0.4%	0.4%	0.4%	0.0%	-2.9%	-3.4%	-2.2%	-2.2%	0.2%
ROCE	—	—	—	—	—	—	—	—	8.2%	9.4%	8.5%	7.9%	7.6%	7.7%	8.5%	8.9%	9.8%	7.9%	4.4%	2.5%	-0.9%	0.1%	2.2%
Net margin	3.5%	3.6%	5.3%	5.9%	3.9%	6.5%	4.7%	2.6%	1.8%	1.8%	1.9%	2.0%	0.0%	0.3%	0.3%	0.3%	0.3%	0.0%	-2.1%	-2.3%	-1.5%	-1.5%	0.1%
EBITDA margin	18.1%	17.7%	17.5%	17.8%	18.5%	19.8%	20.2%	19.7%	12.6%	13.9%	14.2%	14.4%	15.0%	15.2%	16.0%	16.4%	17.7%	16.1%	13.4%	13.7%	12.9%	13.4%	14.6%
Debt / equity	—	—	—	—	—	—	—	—	0.66	0.66	0.68	0.68	0.69	0.69	0.64	0.64	0.60	0.60	0.57	0.57	0.57	0.57	0.54
Interest coverage	3.41	3.25	4.20	5.10	6.70	8.30	8.97	9.16	3.19	3.51	3.10	2.79	2.69	2.49	2.48	2.42	2.65	2.19	1.21	0.72	-0.26	0.04	0.67
Asset turnover	—	—	—	—	—	—	—	—	0.85	0.85	0.80	0.76	0.72	0.73	0.74	0.74	0.74	0.72	0.72	0.74	0.72	0.73	0.79

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 9 periods

	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26	SEP '26
Share capital	25	25	25	25	25	25	25	25	25
Other equity / reserves	1,055	1,109	1,121	1,163	1,179	1,238	1,170	1,174	1,157
Total equity	1,080	1,133	1,145	1,188	1,203	1,262	1,194	1,199	1,181
Borrowings	776	748	773	815	773	762	680	681	636
Current liabilities	812	662	699	757	703	790	748	679	737
Non-current liabilities	427	590	546	543	554	477	406	488	423
Total assets	2,319	2,385	2,391	2,487	2,460	2,529	2,349	2,365	2,341
Property, plant & equipment	941	948	918	1,060	1,029	1,357	1,334	1,327	1,315
Capital work-in-progress	306	402	506	414	438	121	134	94	94
Investments	1	5	5	5	17	10	10	10	10
Inventories	334	317	368	304	338	334	415	358	424
Receivables	489	442	394	550	459	522	282	442	351
Cash & equivalents	15	27	11	13	20	13	13	10	19

Cash flow

annual · ₹ crore · line = free cash flow

	FY23	FY24	FY25	FY26
Cash from operations	315	187	280	302
Cash from investing	-292	-174	-136	-145
Cash from financing	-8	-27	-144	-160
Capex	303	204	137	148
Free cash flow	13	-17	143	154
Dividends paid	12	15	15	12

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹1,315 cr56%

CWIP

₹94 cr4%

Investments

₹10 cr0%

Inventories

₹424 cr18%

Receivables

₹351 cr15%

Cash & equivalents

₹19 cr1%

Other assets

₹130 cr6%

Peer comparison

largest in Unclassified · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Avantel Limited	36,86,04,549	138.69	—	1059360.68	0.0%
Ducol Organics And Colours Limited	19,55,275	120.00	—	20089.13	0.0%
Jio Platforms Limited	12,57,181	1,406.40	—	3.57	—
SBI Funds Management Limited	1,01,750	499.55	—	—	—
Tamilnadu Telecommunication Limited	91,314	9.93	—	—	—
Manipal Health Enterprises Limited	76,294	646.70	—	—	—
INDO-MIM Limited	59,042	1,219.50	—	—	—
AvenuesAI Limited	45,138	129.25	153.6	9.51	6.2%
Dhoot Transmission Limited	32,761	1,601.60	—	8.11	—
3M India Limited	31,071	27,570.00	53.8	17.57	32.7%
Hikal Limited	2,711	219.52	1129.6	2.29	0.2%

StoxGud checklist: Neutral setup · 6/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-2.5%

6 months+3.1%

1 year-9.1%

3Y CAGR-7.8%

5Y CAGR-15.9%

10Y CAGR+3.4%

50-day avg₹216.94

200-day avg₹204.30

RSI (14)53

FAQs

What is the share price of Hikal Limited?

Hikal Limited (HIKAL) closed at ₹219.52 on NSE on 06 Nov 2026.

What is the market cap of Hikal Limited?

₹2,711 crore at the latest close.

What is the P/E ratio of Hikal Limited?

1129.6, on trailing-twelve-month earnings from its filings.

How fast is Hikal Limited growing?

Hikal Limited: revenue has compounded at -5.4% a year over three years. Latest-quarter revenue is up 36.3% year on year.

How profitable is Hikal Limited?

On a trailing-twelve-month basis return on equity is 0.2%, return on capital employed 2.2%, operating margin 14.6%, net margin 0.1%.

How much debt does Hikal Limited have?

Hikal Limited is moderately geared: debt to equity is 0.54 with borrowings of ₹636 cr against cash of ₹19 cr (balance sheet of 2026-09-30). Operating profit covers interest 0.7 times.

Financials parsed from Hikal Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from JUN '19, annual from FY20, balance sheet from Sep '22. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.