# Hikal share price today (Hikal Ltd, NSE: HIKAL)

> Hikal share price today: ₹214.53 at the NSE close on 3 November 2026, down 10.0% in a year. Hikal (NSE: HIKAL) is worth ₹2,640 crore, trades at a P/E of 62.2 and has closed between ₹155.88 and ₹252.71 over the past 52 weeks. > Hikal Ltd's share price has risen faster than its earnings: −10.0% in a year, against −153.8% for earnings per share. HIKAL · Pharma - API & CRAMS · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/hikal-ltd

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## Key numbers

- Business trend: Getting worse, from the last 12 quarters
- Price: ₹214.53 (−10.0% in a year)
- P/E: 62.2× (higher than 87% of the last 11 years)
- Revenue (Jun 2026): ₹403 Cr (+5.9% on a year ago)
- Profit (Jun 2026): −₹7.4 Cr
- Operating margin: 9.2% (+2.6 points on a year ago)
- ROCE: 4%, FY26
- ROIC: 5.6%, against a 12.0% cost of capital: −6.4 points

The main question: the share price moved −10.0% in a year while yearly earnings per share moved −153.8%. The difference came from the market paying a higher multiple. ## What is the Hikal share price today? Hikal Ltd's share price was ₹214.53 at the close on 3 November 2026. It has been falling for 6 weeks. That is 2.5% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹156 and ₹253, and at that close it sat 61% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 2 weeks in a row. Over the last 11 years the share price moved +134% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Hikal this quarter? One change stood out: profit grew again in the June 2026 quarter. 1. Profit grew again in the June 2026 quarter Profit was ₹-7 crore, +67% on a year earlier (₹-22 crore), after 4 quarters of decline. Why: Profit improved because the company got a single gain from reversing money it had set aside for a labour code rule. Next results: check whether FDA remediation costs start falling and pending Pharma approvals come through, since management expects operating profit to improve substantially once those costs go away. From the earnings call on 6 Aug 2026. ## What are Hikal's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Hikal reported revenue of ₹403 crore, up 5.9% from ₹380 crore a year earlier, and a loss of ₹7.40 crore. ### Hikal results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹403 crore | ₹380 crore | +5.9% |
| Profit | loss of ₹7.40 crore | loss of ₹22.4 crore | n/a |
| Earnings per share | ₹−0.60 | ₹−1.82 | n/a |
| Operating margin | 9.2% | 6.6% | +2.6 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Hikal's management discussed these results on a call held on 6 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Hikal share price history? Hikal closed at ₹214.53 on 3 November 2026, down 10.0% from ₹238.35 a year earlier (31 October 2025) and down 60.0% over five years. Its highest weekly close since March 2016 was ₹696.40 on 13 August 2021. ### Hikal share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹193.65 | +10.8% |
| 1 month ago · 1 Oct 2026 | ₹218.14 | −1.7% |
| 6 months ago · 30 Apr 2026 | ₹189.25 | +13.4% |
| 1 year ago · 31 Oct 2025 | ₹238.35 | −10.0% |
| 3 years ago · 3 Nov 2023 | ₹280.50 | −23.5% |
| 5 years ago · 4 Nov 2021 | ₹536.50 | −60.0% |
| 10 years ago · 4 Nov 2016 | ₹144.60 | +48.4% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹91.63 | +134.1% |
| Highest weekly close since March 2016 · 13 Aug 2021 | ₹696.40 | −69.2% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹68.40 | +213.6% |
| 52-week high (weekly close) · 12 Dec 2025 | ₹252.71 | −15.1% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹155.88 | +37.6% |

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (562 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Hikal? 3 Nov 2026: Hikal closed at ₹214.53, up 10.8% on the week and down 1.7% on the month. 4 Sep 2026: ex-date for a dividend of ₹0.40 a share. ### Earlier

- 6 Aug 2026: Hikal held its results call for April to June 2026. Management guided: July to September 2026 revenue and operating profit expected to show substantial on a year earlier growth, with momentum accelerating in H2. - Results for April to June 2026: Revenue up 5.9% on a year earlier. - 17 Feb 2026: ex-date for an interim dividend of ₹0.20 a share. ## What dividend does Hikal pay? Hikal paid ₹0.60 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 0.28% at the ₹214.53 close on 3 November 2026. The last was a dividend of ₹0.40 a share, ex-date 4 September 2026. ### Hikal dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 4 Sep 2026 | ₹0.40 | Dividend | same day |
| 17 Feb 2026 | ₹0.20 | Interim | same day |
| 2 Sep 2025 | ₹0.80 | Dividend | same day |
| 7 Feb 2025 | ₹0.60 | Interim | 8 Feb 2025 |
| 4 Sep 2024 | ₹0.60 | Dividend | same day |
| 20 Feb 2024 | ₹0.60 | Interim | same day |
| 18 Sep 2023 | ₹0.60 | Dividend | n/a |
| 14 Feb 2023 | ₹0.60 | Interim | same day |
| 14 Sep 2022 | ₹0.40 | Dividend | 15 Sep 2022 |
| 23 Feb 2022 | ₹1.20 | Interim | 24 Feb 2022 |
| 25 Aug 2021 | ₹1 | Dividend | 26 Aug 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Not in its latest year. Hikal Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 12 of its last 13 reported years, so there is a history but no current dividend. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Hikal management say on the latest results call? On the call for April to June 2026, held on 6 August 2026, Hikal's management guided: July to September 2026 revenue and operating profit expected to show substantial on a year earlier growth, with momentum accelerating in H2. > “Once the FDA remediation goes away by end of this year, next year onwards the EBITDA will start improving even more substantially.”
> Sameer Hiremath, on the call for April to June 2026

### What management guided

- FY27 revenue growth 14-16% and operating profit growth 25-30%, led by strong Pharma and marginal Crop growth. - Crop Protection Q2 expected better than Q1 and Q3 further improved; longer-term growth framed as marginal to high-single-digit. - USFDA reinspection hoped toward end FY27, subject to closing open issues; FY28 operating profit expected to improve substantially as remediation costs fall away, with pending approvals and filings able to ramp Pharma revenue. - Company revenue yearly growth 15-16% and Pharma yearly growth 18-19% from FY28 onward; DMF filings planned at 6-7 annually. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/2765/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 6 August 2026.)

## What to watch in Hikal's next results? When Hikal reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: USFDA reinspection and closure of open issues - check timing, outcome and release of pending Pharma approvals. - What to check (from the call)
- USFDA reinspection and closure of open issues - check timing, outcome and release of pending Pharma approvals. - Q2 and H2 revenue/operating profit acceleration - check delivery against the full-year growth framework and remediation-cost reduction. - Crop Protection CDMO deferrals, pricing and input costs - check seasonal demand conversion into margin improvement. - Panoli Personal Care commercial ramp - check first revenue and customer/product approvals after line commissioning. ## Which stock lists is Hikal on? Hikal is on one of our India lists: Pharma stocks. [Pharma stocks Market value (₹ crore): 2721.9522639190845](https://www.sectoralpha.in/sectors/pharma-stocks-india)

## Is Hikal profitable? Hikal Ltd posted a net loss of ₹7.4 Cr in the Jun 2026 quarter. The full FY26 year was a loss of ₹49.0 Cr. That loss is 1.8% of the quarter's revenue. The same quarter a year earlier lost ₹22.4 Cr. 4 of the last 12 reported quarters were loss-making. For the full year, FY26 profit was −₹49.0 Cr (−153.8% on the year before). On average over the last four quarters, profit changed −165.4% and revenue −4.8%. Profit is growing slower than sales: rising costs are taking part of the growth. ## How much revenue does Hikal make, and is it growing? Hikal Ltd reported ₹403 Cr of revenue in the Jun 2026 quarter, +5.9% on the same quarter a year earlier. Over 10 years it has grown 6.3% a year on average. The last full year, FY26, came in at ₹1,713 Cr. The last four reported quarters add to ₹1,735 Cr. FY26 revenue was ₹1,713 Cr, −7.9% on the year before. Recent pace: the last four quarters grew −4.8% on average, against 6.3% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew −5.4%, against −1.9% a year over the last 8 quarters (rolling over). ## How much of every ₹100 of sales does Hikal keep? Hikal Ltd's operating margin was 9.2% in the Jun 2026 quarter, 2.6 percentage points higher than the same quarter a year ago. Across 13 years it has been between 13.0% and 23.0%. The latest quarter is below every full year in that period. Why the margin moved: operating margin changed +2.6 percentage points on the year while gross margin changed +3.8 points. So the gain came mostly from the gross margin, which means input costs and prices charged. ## Is Hikal's profit turning into cash? Over the last 3 years, 327% of Hikal Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹302 Cr of operating cash against −₹49.0 Cr of profit. After ₹106 Cr of spending on assets, ₹196 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 327% of profit came in as cash: the cash cycle got 20 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Hikal's cash go? Hikal Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 138 days in FY26, up from 118 days in FY21. It spent ₹483 Cr on assets over the last 3 years. Customers take 94 days to pay, and stock sits for 172 days on average. At FY26 sales of ₹1,713 Cr, each day of that cycle ties up about ₹4.7 Cr, so roughly ₹648 Cr is tied up in the business at any time. FY26: customers took 94 days to pay and stock sat for 172 days, about 5.7 months of sales sitting as stock, for a full cycle of 138 days, longer than FY21's 118. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 172 days. Customers pay about 94 days after that. Suppliers are paid at 128 days. Together that makes the 138-day cycle. Spending on assets: ₹483 Cr over the last 3 years, against ₹416 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹94.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Hikal's P/E ratio, and how does it compare with its own history? Hikal Ltd's P/E is 62.2×, near the high end of its own history: higher than 87% of past readings. Its usual P/E (the middle reading) is 37.5×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved −153.8% while the price moved −10.0%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved −16.8% a year; about −25.6% a year came from earnings growth and about +8.8 percentage points from the multiple (the market paying more); over 10 years the price moved +4.0% a year; about +0.3% a year came from earnings growth and about +3.7 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Hikal business getting better or worse? Hikal Ltd's business is getting worse. Revenue, profit and EPS growth are shrinking: revenue growth is −5.4% in the latest quarter, against +4.2% at its best in 12 quarters, with ROCE falling at 0.1%. This is based on 12 quarters of 4 measures. Why it matters: falling lines mean any ratio below that looks low should be read with that direction in mind. ## How much does Hikal earn on its capital? Hikal Ltd earned a ROCE of 4% in FY26. Its return on capital used (ROIC) is 6.4 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a −2.9% net margin and 0.72× asset turnover (sales divided by assets). Why the return is what it is (FY26): a −2.9% net margin × 0.72× asset turnover × 1.97× leverage (assets divided by equity) ≈ −4.1% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 5.6% − 12.0% = −6.4 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 5.6% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 2.9%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Hikal have too much debt? Hikal Ltd has total debt of ₹684 Cr against shareholder equity of ₹1,199 Cr as of Jun 2026, so its debt is 0.57× its equity. Year by year, that ratio went from 0.63 in FY22 to 0.57 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Hikal shareholding pattern? Foreign institutions cut their stake in Hikal Ltd by 5.5 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 1.3% of the company. Domestic institutions moved +1.7 points over the same period, to 5.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −5.5 points over 8 quarters, to 1.3%; Domestic institutions: +1.7 points over 8 quarters, to 5.3%; Promoters: +0.0 points over 8 quarters, to 68.8%. Why the owners changed: foreign institutions moved −5.5 points and domestic institutions +1.7 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Hikal from balance-sheet trouble? For Hikal Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Hikal rank in its industry? 29.7 out of 100, rank 20 of 24 in Pharma - API & CRAMS, with 78% of the evidence available. Hikal Ltd scores 29.7 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 20. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 11.7 + 4.8 + 8.7 + 4.5 = 29.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Hikal compared with? Hikal ranks 20 of 24 Pharma - API & CRAMS companies on the 4-Factor Sector Score, with 29.7 out of 100. 1. [Neuland Laboratories Ltd](https://www.sectoralpha.in/stocks/neuland-laboratories-ltd) NEULANDLAB · leader · Most evidence points up · 96% evidence 76.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.3/35 · Revenue 78.3% · Profit 100% · Operating margin change 23 points · 88% evidence Capital efficiency 22.9/25 · ROCE 26.5% · Operating margin 35% · 100% evidence Valuation 14.1/20 · P/E 50.8× · PEG 1.04 · 100% evidence Relative strength 6.7/20 · Lead over its industry -7.8% · Lead over NIFTY 500 20.3% · 1 year 19.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 32.3 + 22.9 + 14.1 + 6.7 = 76 · What this means: Earnings are strong; relative strength in its sector is -7.8% and the one-year return is 19.6%. 2. [Acutaas Chemicals Ltd](https://www.sectoralpha.in/stocks/acutaas-chemicals-ltd) ACUTAAS · turning · Most evidence points up · 67% evidence 73.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.3/35 · Revenue 45.4% · Profit 95.5% · Operating margin change 9 points · 95% evidence Capital efficiency 20.3/25 · ROCE 31.6% · Operating margin 40% · 76% evidence Valuation 10.2/20 · P/E 74.6× · PEG n/a · 50% evidence Relative strength 12.1/20 · Lead over its industry n/a · Lead over NIFTY 500 59.6% · 1 year 131.7% · 25% evidence · 2 of 9 weeks ahead Exact sum: 31.3 + 20.3 + 10.2 + 12.1 = 73.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Laurus Labs Ltd](https://www.sectoralpha.in/stocks/laurus-labs-ltd) LAURUSLABS · leader · Most evidence points up · 93% evidence 71.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.9/35 · Revenue 23% · Profit 95.3% · Operating margin change 10 points · 100% evidence Capital efficiency 17.3/25 · ROCE 17.8% · Operating margin 34% · 100% evidence Valuation 5.8/20 · P/E 97× · PEG 2.98 · 65% evidence Relative strength 17.0/20 · Lead over its industry 42.3% · Lead over NIFTY 500 82.8% · 1 year 152.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 30.9 + 17.3 + 5.8 + 17 = 71 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 4. [Gland Pharma Ltd](https://www.sectoralpha.in/stocks/gland-pharma-ltd) GLAND · leader · Most evidence points up · 96% evidence 69.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.0/35 · Revenue 17.6% · Profit 46.4% · Operating margin change 3 points · 88% evidence Capital efficiency 16.0/25 · ROCE 15.1% · Operating margin 27% · 100% evidence Valuation 12.1/20 · P/E 44.6× · PEG 1.45 · 100% evidence Relative strength 16.8/20 · Lead over its industry 15.1% · Lead over NIFTY 500 49.3% · 1 year 60.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 25 + 16 + 12.1 + 16.8 = 69.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [IOL Chemicals & Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/iol-chemicals-pharmaceuticals-ltd) IOLCP · leader · Most evidence points up · 100% evidence 69.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 26.7% · Profit 75% · Operating margin change 4 points · 100% evidence Capital efficiency 12.8/25 · ROCE 11.3% · Operating margin 14% · 100% evidence Valuation 13.9/20 · P/E 24.6× · PEG 0.66 · 100% evidence Relative strength 13.9/20 · Lead over its industry 21.6% · Lead over NIFTY 500 53.8% · 1 year 92.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.1 + 12.8 + 13.9 + 13.9 = 69.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Shilpa Medicare Ltd](https://www.sectoralpha.in/stocks/shilpa-medicare-ltd) SHILPAMED · leader · Most evidence points up · 89% evidence 67.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.4/35 · Revenue 28% · Profit 100% · Operating margin change 1 points · 88% evidence Capital efficiency 10.8/25 · ROCE 10.9% · Operating margin 29% · 100% evidence Valuation 9.9/20 · P/E 65.7× · PEG 1.73 · 65% evidence Relative strength 19.9/20 · Lead over its industry 47.2% · Lead over NIFTY 500 84.2% · 1 year 170.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 26.4 + 10.8 + 9.9 + 19.9 = 67 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Morepen Laboratories Ltd](https://www.sectoralpha.in/stocks/morepen-laboratories-ltd) MOREPENLAB · leader · Evidence leans up · 85% evidence 62.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.8/35 · Revenue 30.1% · Profit 90.9% · Operating margin change 9 points · 100% evidence Capital efficiency 9.3/25 · ROCE 8.1% · Operating margin 16% · 100% evidence Valuation 8.5/20 · P/E 32.9× · PEG 2.14 · 100% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 94.5% · 1 year 139% · 25% evidence · 12 of 12 weeks ahead Exact sum: 31.8 + 9.3 + 8.5 + 12.5 = 62.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Divis Laboratories Ltd](https://www.sectoralpha.in/stocks/divis-laboratories-ltd) DIVISLAB · leader · Evidence leans up · 96% evidence 61.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.7/35 · Revenue 16.4% · Profit 26.8% · Operating margin change 11 points · 88% evidence Capital efficiency 18.6/25 · ROCE 22% · Operating margin 41% · 100% evidence Valuation 2.6/20 · P/E 87.1× · PEG 3.45 · 100% evidence Relative strength 15.5/20 · Lead over its industry 9.2% · Lead over NIFTY 500 43.1% · 1 year 45.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.7 + 18.6 + 2.6 + 15.5 = 61.4 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 9. [Granules India Ltd](https://www.sectoralpha.in/stocks/granules-india-ltd) GRANULES · turning · Evidence leans up · 96% evidence 57.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.3/35 · Revenue 24.8% · Profit 38.1% · Operating margin change 3 points · 88% evidence Capital efficiency 16.2/25 · ROCE 15.5% · Operating margin 23% · 100% evidence Valuation 10.2/20 · P/E 35.2× · PEG 1.29 · 100% evidence Relative strength 6.7/20 · Lead over its industry -5.2% · Lead over NIFTY 500 24.2% · 1 year 48.5% · 100% evidence · 7 of 12 weeks ahead Exact sum: 24.3 + 16.2 + 10.2 + 6.7 = 57.4 · What this means: Earnings are strong; relative strength in its sector is -5.2% and the one-year return is 48.5%. 10. [Sai Life Sciences Ltd](https://www.sectoralpha.in/stocks/sai-life-sciences-ltd) SAILIFE · leader · Evidence leans up · 89% evidence 57.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.7/35 · Revenue 17.6% · Profit 48% · Operating margin change 3 points · 88% evidence Capital efficiency 17.0/25 · ROCE 19.6% · Operating margin 27% · 100% evidence Valuation 4.8/20 · P/E 90× · PEG 3.63 · 65% evidence Relative strength 13.8/20 · Lead over its industry 9.9% · Lead over NIFTY 500 42.9% · 1 year 69.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21.7 + 17 + 4.8 + 13.8 = 57.3 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 11. [SMS Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/sms-pharmaceuticals-ltd) SMSPHARMA · breaking out · Evidence leans up · 96% evidence 55.8 out of 100 Growth Capital Valuation Relative
12. [Blue Jet Healthcare Ltd](https://www.sectoralpha.in/stocks/blue-jet-healthcare-ltd) BLUEJET · quiet · Evidence leans up · 81% evidence 52.7 out of 100 Growth Capital Valuation Relative
13. [Solara Active Pharma Sciences Ltd](https://www.sectoralpha.in/stocks/solara-active-pharma-sciences-ltd) SOLARA · breaking out · Evidence leans down · 74% evidence 49.5 out of 100 Growth Capital Valuation Relative
14. [Windlas Biotech Ltd](https://www.sectoralpha.in/stocks/windlas-biotech-ltd) WINDLAS · leader · Evidence leans down · 81% evidence 47.6 out of 100 Growth Capital Valuation Relative
15. [Anthem Biosciences Ltd](https://www.sectoralpha.in/stocks/anthem-biosciences-ltd) ANTHEM · leader · Evidence leans down · 89% evidence 46.7 out of 100 Growth Capital Valuation Relative
16. [Piramal Pharma Ltd](https://www.sectoralpha.in/stocks/piramal-pharma-ltd) PPLPHARMA · leader · Evidence leans down · 71% evidence 44.6 out of 100 Growth Capital Valuation Relative
17. [Supriya Lifescience Ltd](https://www.sectoralpha.in/stocks/supriya-lifescience-ltd) SUPRIYA · breaking out · Evidence leans down · 96% evidence 43.7 out of 100 Growth Capital Valuation Relative
18. [Concord Biotech Ltd](https://www.sectoralpha.in/stocks/concord-biotech-ltd) CONCORDBIO · quiet · Evidence leans down · 85% evidence 40.8 out of 100 Growth Capital Valuation Relative
19. [Jubilant Pharmova Ltd](https://www.sectoralpha.in/stocks/jubilant-pharmova-ltd) JUBLPHARMA · turning · Most evidence points down · 86% evidence 30.3 out of 100 Growth Capital Valuation Relative
20. Hikal Ltd this page HIKAL · turning · Most evidence points down · 78% evidence 29.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.7/35 · Revenue -5.4% · Profit -80% · Operating margin change 2.6 points · 65% evidence Capital efficiency 4.8/25 · ROCE 3.5% · Operating margin 9.2% · 100% evidence Valuation 8.7/20 · P/E 61.5× · PEG n/a · 50% evidence Relative strength 4.5/20 · Lead over its industry -20.2% · Lead over NIFTY 500 6.6% · 1 year -11.2% · 100% evidence · 4 of 12 weeks ahead Exact sum: 11.7 + 4.8 + 8.7 + 4.5 = 29.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 21. [OneSource Specialty Pharma Ltd](https://www.sectoralpha.in/stocks/onesource-specialty-pharma-ltd) ONESOURCE · turning · Most evidence points down · 83% evidence 29.2 out of 100 Growth Capital Valuation Relative
22. [Syngene International Ltd](https://www.sectoralpha.in/stocks/syngene-international-ltd) SYNGENE · turning · Most evidence points down · 100% evidence 27.8 out of 100 Growth Capital Valuation Relative
23. [Cohance Lifesciences Ltd](https://www.sectoralpha.in/stocks/cohance-lifesciences-ltd) COHANCE · breaking out · Most evidence points down · 78% evidence 27.1 out of 100 Growth Capital Valuation Relative
24. [Dishman Carbogen Amcis Ltd](https://www.sectoralpha.in/stocks/dishman-carbogen-amcis-ltd) DCAL · basing · Most evidence points down · 64% evidence 27.0 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Pharma - API & CRAMS](https://www.sectoralpha.in/sectors/pharma-api-crams), all 24 compared on one page. ## Which companies are close to Hikal in size? Hikal is the 22nd largest of 24 Pharma - API & CRAMS companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Morepen Laboratories, IOL Chemicals & Pharmaceuticals, SMS Pharmaceuticals and Solara Active Pharma Sciences. Just below it: Dishman Carbogen Amcis and Windlas Biotech. ### Pharma - API & CRAMS companies close in size

1. [Morepen Laboratories Ltd](https://www.sectoralpha.in/stocks/morepen-laboratories-ltd) ₹6,211 crore
2. [IOL Chemicals & Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/iol-chemicals-pharmaceuticals-ltd) ₹5,215 crore
3. [SMS Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/sms-pharmaceuticals-ltd) ₹4,789 crore
4. [Solara Active Pharma Sciences Ltd](https://www.sectoralpha.in/stocks/solara-active-pharma-sciences-ltd) ₹3,070 crore
5. Hikal Ltd ₹2,609 crore
6. [Dishman Carbogen Amcis Ltd](https://www.sectoralpha.in/stocks/dishman-carbogen-amcis-ltd) ₹2,274 crore
7. [Windlas Biotech Ltd](https://www.sectoralpha.in/stocks/windlas-biotech-ltd) ₹1,808 crore

[All 24 Pharma - API & CRAMS companies, largest first](https://www.sectoralpha.in/sectors/pharma-api-crams#all-companies)

### Companies close in size in other industries

1. [Hubtown Ltd](https://www.sectoralpha.in/stocks/hubtown-ltd) ₹2,613 crore · Realty - Construction & Contracting
2. [Ajmera Realty & Infra India Ltd](https://www.sectoralpha.in/stocks/ajmera-realty-infra-india-ltd) ₹2,609 crore · Realty - Construction & Contracting
3. Hikal Ltd ₹2,609 crore
4. [Sasken Technologies Ltd](https://www.sectoralpha.in/stocks/sasken-technologies-ltd) ₹2,606 crore · IT - Software
5. [Arvind SmartSpaces Ltd](https://www.sectoralpha.in/stocks/arvind-smartspaces-ltd) ₹2,589 crore · Realty - Construction & Contracting

## What else do people ask about Hikal? ### What is Hikal's share price today? Hikal Ltd's share price is ₹214.53, −10.0% over the past year. The whole company is worth ₹2,640 Cr on the market. In the last 52 weeks it traded between ₹156 to ₹253; today it is 61% of the way up from the low, 2.5% below its 200-day average (as of 3 November 2026). ### What were Hikal's latest quarterly results? Hikal Ltd reported revenue of ₹403 Cr and a net loss of ₹7.4 Cr for the Jun 2026 quarter. Earnings per share were −₹0.60. The operating margin was 9.2%, 2.6 percentage points higher than a year earlier (as of 3 November 2026). ### What is Hikal's market cap? Hikal Ltd's market capitalisation is ₹2,640 Cr at a share price of ₹214.53. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Hikal performing? Hikal Ltd's share price has been falling for 6 weeks. Over the past 13 weeks it has done better than the NIFTY 500, for 2 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will Hikal's share price go up? This page does not forecast Hikal Ltd's share price. What it shows instead: the share price is ₹214.53, and it has been falling for 6 weeks. Its P/E of 62.2× is higher than 87% of its own last 11 years (as of 3 November 2026). ### Who owns Hikal? Promoters own 68.8% of Hikal Ltd, foreign institutions 1.3%, domestic institutions 5.3% and the public 24.6% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 5.5 percentage points over 8 quarters (as of 3 November 2026). ### Is Hikal's profit real cash? Yes, over the last 3 years, 327% of Hikal Ltd's reported profit came in as cash from operations. The latest year was lower at -616%, so the trend is worth watching. In FY26, operating cash was ₹302 Cr against reported profit of −₹49.0 Cr. Most of that cash then goes into a mix of the daily operating cycle and new capacity. These are yearly figures (as of 3 November 2026). ### Where is Hikal in its business cycle? Hikal Ltd's FY26 operating margin was 13.0%, against a 13-year range of 13.0% to 23.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 9.2%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Hikal story? The main question: the share price moved −10.0% in a year while yearly earnings per share moved −153.8%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Hikal a stock worth studying right now? What the numbers show: Hikal Ltd's share price has risen faster than its earnings: −10.0% in a year, against −153.8% for earnings per share. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Hikal share price forecast for 2026? What management itself guided: July to September 2026 revenue and operating profit expected to show substantial on a year earlier growth, with momentum accelerating in H2. ## Lists

- Pharma stocks: https://www.sectoralpha.in/sectors/pharma-stocks-india

This is research, not advice. We’re not SEBI-registered.