Hikal Q1 Revenue Rises 6.2% to ₹403 Crores

Hikal Limited announced its unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27).

Consolidated Financial Performance (₹ Crore)

| Metric | Q4FY26 | Q1FY26 | Q1FY27 |

| Revenue | 519 | 380 | 403 |

| EBITDA | 105 | 25 | 37 |

| EBITDA % | 20.3% | 6.6% | 9.2% |

| PAT | 14 | (22) | (7) |

| EPS | 1.2 | (1.8) | (0.6) |

Revenue Split by Business Segment

| Segment | Q4FY26 | Q1FY26 | Q1FY27 |

| Pharmaceuticals | 56% | 53% | 58% |

| Crop Protection | 44% | 47% | 42% |

Q1FY27 Performance Highlights

• Revenue grew 6.2% year-over-year to ₹403 crores despite geopolitical and macroeconomic headwinds
• Quarterly EBITDA reached ₹37 crores, representing 47.4% YoY growth
• EBITDA margin expanded by 260 basis points YoY to 9.2%
• Pharmaceutical business continued recovery with improving customer offtake
• Crop Protection business delivered volume-led growth in Own Products
• CDMO segment in Crop Protection remained impacted by customer inventory adjustments and higher input costs
• Over 100 customer audits passed at Bangalore facility
• Business momentum expected to strengthen progressively through FY27

Pharmaceuticals Business Performance

• Revenue of ₹233 crores in Q1FY27, representing 15.2% YoY growth
• Continued portfolio expansion across differentiated APIs and specialty therapies including Oncology, CNS, Gastroenterology and Anti-diabetics
• Strengthened presence across regulated and emerging markets with focus on Japan, LATAM, MENA and other strategic geographies
• DMF filing trajectory increased to 5-6 filings annually versus 2-3 historically
• Molecule mix continues shifting towards higher-value final APIs
• New cGMP pilot plant commissioned in Pune, enhancing pharmaceutical development and scale-up capabilities
• Continued engagement with US FDA, with reinspection expected during current FY
• Received EcoVadis Gold recognition, placing company in top 5% of companies globally

Crop Protection Business Performance

• Own Products delivered sequential growth driven by higher domestic volumes
• Global demand improved gradually despite continued pricing pressure
• CDMO demand remained subdued due to ongoing inventory adjustments at customer end
• Geopolitical developments led to significant rise across all input costs including raw materials, resulting in margin pressure
• 4 CDMO molecules in development
• Personal Care business commercialized in July 2026 with few products on track to contribute revenues in FY27

Management Commentary

Jai Hiremath, Executive Chairman, commented that Q1 FY27 was a slower start as the company transitions from regulatory-led disruption to growth. The pharmaceutical business is in the penultimate stage of the US FDA remediation plan, with significant time and resources invested to ensure highest compliance levels. The remediation plan has slowed down pharmaceutical sales due to additional plant shutdowns based on recommendations by global regulatory authorities and consultants. The company remains confident in capitalizing on CDMO pipeline and specialty APIs. Crop Protection witnessed improved domestic demand in Own Products but CDMO demand remained subdued with margin pressure from input costs. Animal Health business delivered resilient performance. Personal Care business achieved milestone with commissioning of dedicated Panoli manufacturing facility. The company received Gold rating from EcoVadis as part of sustainability commitment.

Forward Outlook

Company expects sequential improvement going forward and remains confident in stepwise recovery of revenues and profitability during the year. Business momentum is expected to strengthen progressively through FY27, supported by improving demand visibility, expanding CDMO opportunities and continued focus on operational excellence.