Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Oct - Newspaper Publication regarding Special Window for Transfer and Dematerialization of physical securities
Source: Bse
Hikal Limited (HIKAL)
Small CapPharma stocks · Small cap · NSE
Hikal Limited operates in CRAMS/CDMO, within the Pharma sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 10:45 am ISTDetails
Quote21 Oct, 10:45 am IST
Base fundamentals06 Oct 2026 · screener
Latest result06 Aug, 08:20 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
70BullishMACD − · sector +4.2pp vs Nifty 500 (3M)
Stock trend: 51
Sector RS: 99
Sector 3M: -0.8% vs Nifty 500 -5.1%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
HIKALD candles · FIT view+13.2%TODAY · PROVISIONALLatest price ₹212.54 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.3%
RSI
46
MACD hist
-0.36
52W pos
58%
2026-10-21O ₹215.31H ₹216.84L ₹212.44C ₹212.54Vol 64,517 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HIKALNifty PharmaNifty 500
- HIKAL
- -4.4%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +1.2 pp
Chart stats
19 Oct 2026- From 52W high
- -16.8%
- 52W range position
- 62%
- ATR (14)
- 4.5%
- Volume vs 20D
- 0.81x
- Avg traded value
- ₹12.3 Cr
- 20D price channel
- ₹207.2 - ₹240.9
₹261
₹146.3 - ₹261
₹9.7
Latest completed session
20-session average
50.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED30
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad25
Revenue +5.9% · PAT NDF YoY
Technical
Bullish70
Price trend and sector-relative-strength timing.
Valuation
Legacy model-3366.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence63
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 25/100Rev +6% YoY · margin expansion
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹402.8 Cr | +5.9% | -22.4% |
| EBITDA | ₹37 Cr | +47.4% | -64.9% |
| Operating margin | 9.2% | +259 bps | -1110 bps |
| PAT | ₹-7.4 Cr | NDF | -151.4% |
| PAT margin | -1.8% | +405 bps | -461 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 62.40
- P/B
- 2.20
- EV/EBITDA
- 8.34
- Market Cap
- 2644.00Cr
Profitability
- ROE
- 2.21%
- ROCE
- 3.50%
- ROA
- -1.44%
- Dividend Y
- 0.28%
Growth (CAGR)
- Revenue 5Y
- 7.12%
- EPS 5Y
- -27.00%
- Revenue 3Y
- -5.00%
- EPS 3Y
- -30.00%
Balance Sheet
- Debt/Equity
- 0.57
- Interest Coverage
- 3.87×
- Altman Z
- 3.30
- Book Value
- 97.20
Cash Flow
- FCF Yield
- 5.94%
- FCF Positive Y
- 12/5
- OCF
- 302.00 Cr
- EPS TTM
- -2.74
Shareholding
- Promoter Hold
- 68.85%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 59%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,735+1.3% vs prev
Net Profit
₹ CrLatest: 91.0+30.0% vs prev
Return on Equity
%Latest: 7.2+22.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 46.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.2% over last month) — short-term momentum negative.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 19% off 52W high · 45% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
62
RS percentile
Stage 2 UptrendEstablished S2
1M return
-3.9%
3M return
-4.4%
6M return
+14.8%
1Y return
-9.4%
RS 1D
+4
RS 20D
+2
Sector rank
#1
Industry rank
#11
Stage evidence
- Price is 5.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.2%.
50-DMA
price below
200-DMA
price above
S2 entered
03 Sept 2026
S2 age
31 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 89.49+1.80%
RS vs Nifty 50089
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation4/30
Growth4/25
Quality0/20
Balance Sheet9/15
Cash Flow8/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
30
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
30/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 5.9%.
- Piotroski is strong at 7/9.
- Cash flow contributes 8/10 to the score.
Main drags
- Fair-value margin of safety is negative at -3366.7%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
62.4
PB
2.2
EV/EBITDA
8.3
ROE
2.2%
ROCE
3.5%
FCF Yield
5.9%
Debt/Equity
0.6
MoS
-3366.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
30
Previous: 30
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-3366.7%
Previous: -3366.7%
Score history
12 stored score snapshots. Latest stored move: +1 points.
21 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
29
29
29
29
29
29
30
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
1.8
Growth-justified Value
—
-3366.7% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DCAL
Small
Dishman Carbogen Amcis Limited
Pharmaceuticals
match 166
41
131.0
1.6%
-215%
WATCHLIST
SYNGENE
Small
Syngene International Limited
Pharmaceuticals
match 150
29
52.7
7.8%
-1179%
OVERVALUED
COHANCE
Small
Cohance Lifesciences Limited
Pharmaceuticals
match 149
23
165.0
4.9%
-4672%
OVERVALUED
AARTIPHARM
Micro
Aarti Pharmalabs Limited
Pharmaceuticals
match 144
31
37.3
8.6%
+21%
OVERVALUED
AKUMS
Large
Akums Drugs and Pharmaceuticals Limited
Pharmaceuticals
match 143
42
37.8
8.4%
+15%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Hikal Limited operates in CRAMS/CDMO, within the Pharma sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
63Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 27th percentile within Pharma. Main check: results consistency is weak at 17/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
110 docs text-extracted · 42 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
38th percentile
overall median 67 · Pharma: 27th pctile, median 70 · Small: 43rd pctile, median 66
Evidence depth
Financial-only
110 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
30
weak · capital discipline
Results
17
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 68.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.7%.
- ▸12 years of positive FCF.
Trust risks
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 3.5%.
- ▸ROE is low at 2.2%.
- ▸ROCE trend is -3.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Hikal Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Resignation of Director 1 Oct - Founder Jai Hiremath ceases as Executive Chairman; Sugandha Hiremath resigns; Anish Swadi appointed CEO, Animal Health and Specialty Ingredients.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 22 Sep - Hikal's cGMP Panoli facility began commercial production, marking entry into personal care manufacturing.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep - Intimation of Analyst and Investor meet pursuant to regulations 30 of SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep - Newspaper Publication informing about 38th Annual General Meeting and information on e-Voting.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Aug - Newspaper Publication regarding Special Window for Transfer and Dematerialization of physical securities
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug - Newspaper publication for Financial Results of Q1''FY27
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Jun - Newspaper Publication regarding Special Window for Transfer and Dematerialisation of Physical Securities
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Jun - Intimation of Newspaper Publication of Postal Ballot Notice and remote e- Voting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 May - Intimation of copy of reminder letters sent to Shareholders regarding Unclaimed Final Dividend 2018-19 and subsequent Newspaper Publication.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 May
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 27 May - Hikal reported FY26 revenue of ₹1,713 crore, PAT ₹14 crore in Q4, and declared 20% final dividend.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.