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Hikal Q2 FY27 results: net loss narrows to ₹6.10 crore, revenue up 36.3%
Hikal Limited reported consolidated revenue of ₹434.20 crore in Q2 FY27, up 36.3% from ₹318.50 crore in Q2 FY26, while EBITDA rose to ₹44.90 crore and the margin widened to 10.3%. The company reported a net loss of ₹6.10 crore, compared with ₹34.90 crore in the year-ago quarter, and standalone revenue was ₹434.20 crore with a net loss of ₹6.20 crore.
Key points
- Consolidated revenue rose 36.3% year on year to ₹434.20 crore and increased 7.8% from ₹402.80 crore in Q1 FY27.
- EBITDA was ₹44.90 crore, up from ₹7.20 crore in Q2 FY26, with the margin rising to 10.3% from 2.3%.
- The net loss narrowed to ₹6.10 crore from ₹34.90 crore in Q2 FY26; basic EPS was -0.49 compared with -2.83.
- H1 FY27 revenue was ₹837.00 crore, up 19.8% from ₹698.90 crore, while the net loss narrowed to ₹13.50 crore from ₹57.30 crore.
- Pharmaceuticals revenue was ₹277.80 crore, up 46.6% year on year, with EBIT of ₹12.80 crore against a loss of ₹17.50 crore.
How did Hikal perform in Q2 FY27?
Hikal’s consolidated Q2 FY27 revenue was ₹434.20 crore, up 36.3% from ₹318.50 crore in Q2 FY26 and 7.8% from ₹402.80 crore in Q1 FY27. EBITDA was ₹44.90 crore, compared with ₹7.20 crore a year earlier and ₹37 crore in the previous quarter. The EBITDA margin was 10.3%, up from 2.3% in Q2 FY26 and 9.2% in Q1 FY27.
The company reported a net loss of ₹6.10 crore in Q2 FY27, against a net loss of ₹34.90 crore in Q2 FY26 and ₹7.40 crore in Q1 FY27. Basic EPS was -0.49, compared with -2.83 in Q2 FY26 and -0.6 in Q1 FY27. On a standalone basis, revenue was ₹434.20 crore and the net loss was ₹6.20 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 434.20 | 402.80 | 318.50 | +36.3% | +7.8% |
| Other income | 1.70 | 1.80 | 1.90 | −10.5% | −5.6% |
| Total expenses | 444.40 | 423.40 | 367.40 | +21.0% | +5.0% |
| EBITDA | 44.90 | 37 | 7.20 | +523.6% | +21.4% |
| EBITDA margin | 10.3% | 9.2% | 2.3% | +8.0 pp | +1.1 pp |
| Profit before tax | −8.50 | −9.90 | −47 | ||
| Tax | −2.40 | −2.50 | −12.10 | ||
| Net profit | −6.10 | −7.40 | −34.90 | ||
| EPS (₹) | −0.49 | −0.60 | −2.83 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Hikal's costs and profit?
Total expenses were ₹444.40 crore in Q2 FY27, up ₹77 crore from ₹367.40 crore in Q2 FY26. Cost of materials rose ₹18.10 crore to ₹236.80 crore, employee cost fell ₹5.80 crore to ₹63.80 crore, finance costs fell ₹1.50 crore to ₹13.40 crore, depreciation rose ₹0.50 crore to ₹41.70 crore and other expenses fell ₹1.20 crore to ₹114.20 crore.
Other income was ₹1.70 crore, down ₹0.20 crore from ₹1.90 crore in Q2 FY26, and there was no exceptional item. Tax expense was ₹2.40 crore, against ₹12.10 crore in the year-ago quarter. The company attributed lower profitability in the earnings call partly to higher raw-material prices, especially in Crop Protection.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 236.80 | 218.70 | +18.10 | +8.3% |
| Employee cost | 63.80 | 69.60 | −5.80 | −8.3% |
| Finance costs | 13.40 | 14.90 | −1.50 | −10.1% |
| Depreciation | 41.70 | 41.20 | +0.50 | +1.2% |
| Other expenses | 114.20 | 115.40 | −1.20 | −1.0% |
| Total expenses | 444.40 | 367.40 | +77 | +21.0% |
| Other income | 1.70 | 1.90 | −0.20 | −10.5% |
| Tax | −2.40 | −12.10 | +9.70 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹837.00 crore, up 19.8% from ₹698.90 crore in H1 FY26, while total income was ₹840.50 crore against ₹701.80 crore. PBT improved to a loss of ₹18.40 crore from a loss of ₹77.40 crore, and the net loss narrowed to ₹13.50 crore from ₹57.30 crore. Basic EPS was -1.09 compared with -4.65 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 837 | 698.90 | +19.8% |
| Profit before tax | −18.40 | −77.40 | |
| Net profit | −13.50 | −57.30 | |
| EPS (₹) | −1.09 | −4.65 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2341.40 crore, compared with ₹2365.40 crore at 31 March 2026. Total equity was ₹1181.40 crore against ₹1198.80 crore, borrowings were ₹636.30 crore against ₹681.10 crore, and cash was ₹18.70 crore against ₹9.60 crore. Inventories rose to ₹423.90 crore from ₹358.10 crore, trade receivables fell to ₹350.60 crore from ₹441.60 crore, and trade payables rose to ₹324.30 crore from ₹266.50 crore.
H1 FY27 operating cash flow was ₹166.90 crore, against ₹192.70 crore in H1 FY26. Investing cash flow was -₹80.90 crore compared with -₹65.20 crore, financing cash flow was -₹76.90 crore against -₹127.10 crore, and capital expenditure was ₹81.50 crore against ₹64.60 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,341 | 2,365 |
| Total equity | 1,181 | 1,199 |
| Borrowings | 636.30 | 681.10 |
| Cash and equivalents | 18.70 | 9.60 |
| Inventories | 423.90 | 358.10 |
| Trade receivables | 350.60 | 441.60 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 166.90 | 192.70 |
| Cash from investing | −80.90 | −65.20 |
| Cash from financing | −76.90 | −127.10 |
| Capital expenditure | 81.50 | 64.60 |
Source: Company's results filing (XBRL).
How has Hikal done over the last 8 quarters?
Revenue rose in each of the last two quarters on a year-on-year basis. In the quarterly series, revenue peaked at ₹552.40 crore in Q4 FY25 and was lowest at ₹318.50 crore in Q2 FY26; the latest quarter was ₹434.20 crore. The EBITDA margin peaked at 22.3% in Q4 FY25 and fell to 2.3% in Q2 FY26 before recovering to 10.3%.
Profit moved from a net loss of ₹34.90 crore in Q2 FY26 to a net loss of ₹5.90 crore in Q3 FY26 and a net profit of ₹14.40 crore in Q4 FY26. It then moved back to a net loss of ₹7.40 crore in Q1 FY27 and ₹6.10 crore in Q2 FY27. Revenue declined from ₹519.40 crore in Q4 FY26 to ₹402.80 crore in Q1 FY27 before rising to ₹434.20 crore in the latest quarter.
Which businesses drove the quarter?
Pharmaceuticals revenue was ₹277.80 crore in Q2 FY27, up 46.6% from ₹189.50 crore in Q2 FY26. Segment EBIT was ₹12.80 crore, compared with a loss of ₹17.50 crore in the year-ago quarter, and the EBIT margin was 4.6%. The presentation attributed the recovery to the established API portfolio and continued CDMO execution.
Crop Protection and speciality ingredients revenue was ₹156.40 crore. Segment EBIT was a loss of ₹2.30 crore, with an EBIT margin of -1.5%. The presentation said crop revenue grew 21% year on year, while margins were affected by elevated raw-material and energy prices, deferred demand and pricing pressure from Chinese competition.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Pharmaceuticals | 277.80 | +46.6% | 12.80 | 4.6% |
| Crop Protection and speciality ingridents | 156.40 | −2.30 | -1.5% | |
| Unallocable | 0 | 0 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
Hikal’s board approved the standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2026 on 3 November 2026. The same-day filing included the results presentation, cash flow statement, statement of assets and liabilities and a limited review report from the statutory auditors. The trading window for designated persons was scheduled to reopen on 6 November 2026, while the special closure for directors, key managerial personnel and specified senior management personnel continued until informed otherwise. The same-day filings reported no dividend, fund raise or appointment.
What did Hikal's management say?
Management reiterated FY27 guidance for mid-teens revenue growth and substantial improvement in profitability, and said H2 FY27 revenue and EBITDA margins were expected to be significantly higher than H1. Management also said post-remediation Pharmaceuticals margins could return toward 12–13% EBIT and 18–19% EBITDA. The company expected H2 improvement to be supported by API recovery, CDMO pipeline conversion and improved agrochemical CDMO demand.
Management said the new European crop CDMO contract could generate annual revenue of INR50–75 crore at peak around CY29–early 2030, with commercial launch by end-FY27. It also said U.S. FDA clearance could unlock about INR150 crore of annualised Pharmaceuticals revenue within 12 months, while acknowledging that the timing was uncertain. Management identified elevated raw-material and energy costs, Chinese crop-protection price competition, the unresolved U.S. FDA warning letter, uncertain Bangalore reinspection timing and weather-related demand as risks.
How did Hikal shares react?
The stock initially moved within the trading session after the filing, rising 0.2% after 5 minutes, falling 1.8% after 15 minutes and falling 1.0% after 30 minutes. On the reaction day, it fell 3.8% from its pre-results close. By the next day's close, the stock was up 0.4% from its pre-results close. The Pharmaceuticals industry median rose 0.1% on the reaction day and 1.1% by the next day's close, while Hikal was 3.9 percentage points below the sector on the reaction day and 0.7 percentage points below it by the next day's close.
Earlier reaction-day moves were mixed: Hikal fell 7.4% on 6 August 2026 and 12.2% on 27 May 2026, rose 10.8% on 11 February 2026, and fell 2.1% on 5 November 2025. The stock also fell 4.9% on 7 August 2025 and 3.6% on 4 February 2025.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | +0.2% | |
| 15 minutes | −1.8% | |
| 30 minutes | −1.0% | |
| Reaction day | −3.8% | +0.1% |
| Next day | +0.4% | +1.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 6 August 2026 | −7.4% |
| 27 May 2026 | −12.2% |
| 11 February 2026 | +10.8% |
| 5 November 2025 | −2.1% |
| 7 August 2025 | −4.9% |
| 14 May 2025 | +3.0% |
| 4 February 2025 | −3.6% |
| 12 November 2024 | +3.7% |
Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Among 77 Pharmaceuticals companies compared for the quarter, the median revenue growth was 18.9%. Hikal’s revenue growth was faster than that of 59 peers and slower than that of 17 peers. Profit was higher for 49 peers, with profit compared for 73 peers, as of 6 November 2026.
| Hikal revenue growth (YoY) | +36.3% |
|---|---|
| Median of 77 other Pharmaceuticals companies | +18.9% |
| Companies with slower revenue growth than Hikal | 59 of 77 |
| Companies with faster revenue growth than Hikal | 17 of 77 |
| Companies whose net profit rose | 49 of 73 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Hikal's revenue in Q2 FY27?
Revenue from operations was ₹434.20 crore, up 36.3% from ₹318.50 crore in Q2 FY26 (consolidated).
Did Hikal make a profit in Q2 FY27?
No. It reported a net loss of ₹6.10 crore, against a net loss of ₹34.90 crore in Q2 FY26.
What was Hikal's EPS in Q2 FY27?
Basic loss per share was ₹0.49, against a loss of ₹2.83 in Q2 FY26.
How did Hikal shares react to the Q2 FY27 results?
On the reaction day the stock moved −3.8% from the previous close; the median Pharmaceuticals stock moved +0.1%.
When did Hikal announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Taking On Record The Standalone And Consolidated Unaudited Financial Results Of The Company. (BSE, 26 October 2026) · PDF
- Results- Financial Results For September 30, 2026 (BSE, 3 November 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 3 November 2026) · PDF
- The earnings call (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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