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Revenue
₹494.3 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹83 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hikal's Q3 FY26 consolidated revenue of ₹494 crore and EBITDA of ₹83 crore (margin 16.8%) mark a turning point after regulatory headwinds. Pharma revenue of ₹337 crore with 12.3% EBITDA margin shows recovery from US FDA-related disruptions, while crop protection revenue of ₹157 crore remains under pricing pressure. Management confirmed the worst is behind, with remediation substantially complete and a strong H2 recovery visible. Forward guidance points to double-digit pharma growth in FY27, animal health scaling to ₹500 crore in 4-5 years, and personal care commercialization in FY27. Key risks include delayed US FDA reinspection outcome and persistent crop pricing pressure from Chinese overcapacity.
Colored figures show movement against the previous available record.
Guidance to track
- Pharma double-digit growth originally guided for FY26 is now expected in FY27 due to US FDA impact delaying recovery by a quarter.
- Crop protection business expected to remain flat year-on-year for FY26, unchanged from earlier guidance.
- Full-year capex guided at ₹150 crore, down from initial ₹200 crore, with ₹40-50 crore spent in Q4.
- Three to four personal care products to be commercialized in FY27, with two products already commercialized in Q3.
Risks flagged
- The warning letter period ends in two weeks; reinspection timing and outcome are unknown, posing a risk to pharma recovery.
- Chinese overcapacity continues to pressure crop protection pricing and margins, with no near-term relief expected.
- An ₹80 crore revenue reversal from Q2 was adjusted in Q3; ongoing system review could imply further adjustments, though management denies this.
- Animal health commercial volumes are still ramping; full utilization may not be reached until FY28, delaying revenue contribution.
Key quotes
- The worst is definitely behind us.
- We have successfully shifted from a phase of intensive remediation to one of proactive recovery.
- Our budgets are currently being finalized as we speak this month. So, it's not appropriate for me to give any forward guidance.
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