Hikal Limited announced its unaudited financial results for the quarter ended September 30, 2026 (Q2 FY27).

Consolidated Financial Performance (₹ Crore)

| Metric | Q1FY27 | Q2FY26 | Q2FY27 |

| Revenue | 403 | 319 | 434 |

| EBITDA | 37 | 7 | 45 |

| EBITDA % | 9.2% | 2.3% | 10.3% |

| PBT before exceptional item | - | - | (8) |

| PAT | (7) | (35) | (6) |

| EPS (₹) | (0.60) | (2.83) | (0.49) |

Segment Performance

Revenue Split (₹ Crore):

| Segment | Q1FY27 | Q2FY26 | Q2FY27 |

| Pharmaceuticals | 233 | 190 | 278 |

| Crop-Protection | 170 | 129 | 156 |

Revenue Split (%):

| Segment | Q1FY27 | Q2FY26 | Q2FY27 |

| Pharmaceuticals | 58% | 59% | 64% |

| Crop-Protection | 42% | 41% | 36% |

Key Business Developments

  • Pharmaceuticals Business: Revenue grew 47% YoY to ₹278 crore in Q2FY27. The business showed improvement in EBIT margins with API volume recovery and expanded CDMO programs across US, Europe, and Japan. One API secured GMP approval for Japan. 4 DMFs are on track and 28 customer audits were successfully completed.
  • Crop-Protection Business: Revenue stood at ₹156 crore, growing 21% YoY. Own product sales grew 11% YoY despite operating challenges including elevated raw material prices, Chinese competition, and deferred demand. Customer engagement in Japan increased with opportunities for alternate-supplier arrangements.
  • Strategic Contracts: Signed a multi-year CDMO contract with a Europe-based global agrochemical company for manufacture and supply of a specialized product to international markets.
  • Regulatory Approvals: Swissmedic inspection successfully concluded with regulatory approval. The Bengaluru API facility received GMP certification from Swissmedic authorities.
  • New Facilities: Personal Care commercial production commenced at the new multipurpose facility at Panoli, Gujarat, strengthening the UV filter portfolio.
  • Animal Health Business: Delivered year-on-year growth with improved contribution margins compared to the previous quarter.

Management Commentary

Sameer Hiremath, Chairman & MD, commented that Q2 FY2027 reflected a recovery with improving performance in Pharmaceuticals and ongoing efforts to strengthen the Crop Protection business. He noted that the remediation program is well underway with successful regulatory inspections.

Guidance

Management reiterated full-year guidance of mid-teens growth in Revenue and a substantial improvement in profitability for FY27. The business is expected to improve in H2, supported by API recovery, CDMO pipeline conversion, and improved agrochemical CDMO demand.

Additional Information

Hikal is a reliable long-term partner to companies in Pharmaceuticals, Crop Protection, and Specialty Chemicals industries with manufacturing facilities at Taloja, Mahad (Maharashtra), Panoli (Gujarat), Jigani (Bengaluru), and R&T facilities at Pune.