Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹519.4 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹105 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hikal's Q4 FY26 revenue stood at 519 crores with EBITDA margins improving to 20.3%, driven by recovery in crop protection and pharma demand. Full-year revenue was 1,713 crores with EBITDA margin of 12.9%. Pharma division faced headwinds from USFDA warning letter at Bangalore site, slowing shipments and new CDMO growth. Crop protection saw volume recovery as inventory destocking ends. Management expects FY27 to be a transition year with growth returning, but refrained from specific guidance due to geopolitical uncertainty. Key risk: USFDA resolution timeline and raw material cost pass-through lag.
Colored figures show movement against the previous available record.
Guidance to track
- Targeting 5-6 DMF filings per year compared to historical 2-3, leveraging new Panoli facility.
- Reiterated target of building a 500+ crore animal health business over the next 4-5 years.
- Planned HPAPI manufacturing facility in Pune targeted over FY28.
Risks flagged
- USFDA warning letter at Bangalore site continues to impact CDMO growth and new customer onboarding. Management expects resolution by end of FY27 but timeline uncertain.
- Solvent prices have surged due to geopolitical tensions; pass-through mechanisms have a lag of one quarter, potentially impacting Q1 FY27 margins.
- Company took a ₹47 crore impairment on a multipurpose agrochemical plant being retooled for pharma, indicating past capex inefficiencies.
Key quotes
- We believe the industry has now largely moved beyond the worst phase of the cycle.
- The US FDA is looking at companies with a far tougher lens than what they were a year or two years ago.
- We have not lost any customers but batch releases and shipments have been slowed down in the last quarter and we'll recover in the next two quarters.
Research modules