Financial Performance Summary

Consolidated Financial Results (in ₹ Crore):

| Metric | Q3FY26 | Q4FY25 | Q4FY26 |

| Revenue | 494 | 552 | 519 |

| EBITDA | 83 | 123 | 105 |

| EBITDA% | 17% | 22% | 20% |

| PAT | (6) | 50 | 14 |

| EPS | (0.47) | 4.10 | 1.17 |

Key Financial Highlights:

  • Q4 FY26 Revenue: ₹519 crore
  • Q4 FY26 EBITDA: ₹105 crore with margin of 20.3%
  • Q4 FY26 PAT: ₹14 crore
  • Exceptional Item: ₹47 crore relating to impairment of manufacturing asset at Panoli
  • PBT before exceptional item: ₹55 crore
  • Full Year FY26 Revenue: ₹1,713 crore
  • Full Year FY26 EBITDA margin: 12.9%
  • Long term credit rating: A (Stable) by ICRA

Business Segment Performance

Revenue Split by Segment:

| Segment | Q3FY26 | Q4FY25 | Q4FY26 |

| Pharmaceuticals | 68% | 64% | 56% |

| Crop Protection | 32% | 36% | 44% |

Pharmaceuticals Business:

  • Witnessed sequential improvement in EBIT margins due to better product mix
  • H2 FY26 Pharma Revenue grew by 60% to ₹629 crores over H1 FY26
  • DMF filing trajectory increasing to 5–6 filings annually versus 2–3 historically
  • Robust CDMO pipeline supported by increasing China+1 outsourcing opportunities
  • Strategic investments in HPAPI and ADC-related chemistries
  • Expanded Pune kilo lab strengthens integrated end-to-end CDMO capabilities
  • Remediation-related US FDA CAPAs nearing completion

Crop Protection Business:

  • Q4 FY26 Crop Revenues grew 45% QoQ and 13% YoY to ₹228 crores
  • H2 FY26 Crop Revenue grew 25% to ₹385 crores from H1 FY26 at ₹307 crores
  • Industry undergoing strategic realignments with near-term challenges
  • Demand volume recovery translating into improved order inflows
  • Pricing environment remains competitive due to structural overcapacity and Chinese competition
  • Focus on operational efficiency and product mix optimization

Strategic Initiatives and Diversification

  • Personal Care and Specialty Chemicals business on track for commercialization in subsequent quarters
  • Portfolio diversification strategy showing traction
  • Animal Health business strengthening steadily with expanding CDMO pipeline
  • Hikal Business Excellence framework delivering through focused procurement, backward integration, yield improvements, and solvent recovery programs
  • Strategic investments now fully operational with customer engagements expanding

Dividend Declaration

  • Board approved final dividend of 20% of face value
  • Total dividend for the year is 30% including final dividend

Management Commentary

Jai Hiremath, Executive Chairman, stated that Q4 FY26 marks an improvement in Hikal's operating performance with the company moving from remediation and normalization to sustainable growth. He highlighted meaningful step-up in performance validating work done over past several quarters to strengthen quality systems, tighten compliance, sharpen operational discipline, and invest in future-ready capabilities. He noted that strategic investments made over past 12–15 months in high-potency laboratory at R&D facility in Pune and pilot plant at Panoli are now fully operational. Priorities remain improving product mix, expanding CDMO pipeline, and diversifying into higher-value Specialty Chemicals and Personal Care segments, with commercialization expected to contribute meaningfully from FY27 onwards.