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Last Updated: April 2, 2026, 3:02 am
Author: Getaka|Social: XLinkedIn

Hikal Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹455.36Undervalued by 184.60%vs CMP ₹160.00

P/E (78.9) × ROE (7.4%) × BV (₹96.90) × DY (0.88%)

₹163.24Fairly Valued by 2.03%vs CMP ₹160.00
MoS: +2% (Thin)Confidence: 43/100 (Low)Models: 3 Under, 1 Fair, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹264.6525%Under (+65.4%)
Graham NumberEarnings₹126.6818%Over (-20.8%)
DCFCash Flow₹17.4015%Over (-89.1%)
Net Asset ValueAssets₹96.968%Over (-39.4%)
EV/EBITDAEnterprise₹244.4610%Under (+52.8%)
Earnings YieldEarnings₹73.608%Over (-54%)
ROCE CapitalReturns₹245.1910%Under (+53.2%)
Revenue MultipleRevenue₹150.916%Fair (-5.7%)
Consensus (8 models)₹163.24100%Fairly Valued
Key Drivers: EPS CAGR -41.9% drags value — could be higher if earnings stabilize. | Wide model spread (₹17–₹265) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -41.9%

*Investments are subject to market risks

Investment Snapshot

44
Hikal Ltd scores 44/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health58/100 · Moderate
ROCE 9.9% AverageROE 7.4% AverageD/E 0.55 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -3.39% (6mo) SellingDII holding up 3.25% MF buyingPromoter holding at 68.9% Stable
Earnings Quality60/100 · Moderate
OPM stable around 17% SteadyWorking capital: 37 days (improving) Efficient
Quarterly Momentum15/100 · Weak
Revenue (4Q): -7% YoY DecliningProfit (4Q): -86% YoY DecliningOPM: 2.0% (down 15.0% YoY) Margin pressure
Industry Rank30/100 · Weak
P/E 78.9 vs industry 53.8 In-lineROCE 9.9% vs industry 16.4% AverageROE 7.4% vs industry 15.2% Below peers3Y sales CAGR: -1% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:02 am

Market Cap 1,972 Cr.
Current Price 160
Intrinsic Value₹163.24
High / Low 457/146
Stock P/E78.9
Book Value 96.9
Dividend Yield0.88 %
ROCE9.85 %
ROE7.38 %
Face Value 2.00
PEG Ratio-1.88

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Hikal Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Hikal Ltd 1,972 Cr. 160 457/14678.9 96.90.88 %9.85 %7.38 % 2.00
Panacea Biotec Ltd 1,992 Cr. 325 582/292 1350.00 %4.57 %4.92 % 1.00
Solara Active Pharma Sciences Ltd 2,023 Cr. 459 734/422 3470.00 %6.01 %0.05 % 10.0
Morepen Laboratories Ltd 2,038 Cr. 37.2 70.5/33.026.7 21.80.54 %15.1 %11.8 % 2.00
Unichem Laboratories Ltd 2,100 Cr. 298 712/27820.0 3460.00 %6.24 %5.59 % 2.00
Industry Average19,815.15 Cr1,053.8453.84201.200.39%16.35%15.16%6.10

All Competitor Stocks of Hikal Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 559540545388435448514407453448552380318
Expenses 489466457338377383420349378376429355311
Operating Profit 70758850586594587572123257
OPM % 12%14%16%13%13%14%18%14%17%16%22%7%2%
Other Income 1301100004012
Interest 11131314131415201919181715
Depreciation 27282728292932323233383941
Profit before tax 333649101722477252468-30-47
Tax % 24%26%26%29%25%25%28%26%26%28%26%-26%-26%
Net Profit 25263671316345181750-22-35
EPS in Rs 2.012.142.920.561.021.312.750.411.481.394.07-1.82-2.83

Last Updated: January 1, 2026, 11:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 9:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 8298729261,0141,2961,5901,5071,7201,9432,0231,7851,8601,746
Expenses 6426897458131,0541,2911,2341,3981,6021,7651,5181,5311,507
Operating Profit 187182181201242298273323341258267328238
OPM % 23%21%20%20%19%19%18%19%18%13%15%18%14%
Other Income 3422-342-1255525-32
Interest 68606248495852363148567565
Depreciation 556467698693828596109118134160
Profit before tax 9860538011214912720621910596124-18
Tax % 35%32%23%16%31%31%33%36%27%26%27%27%
Net Profit 644041687710384133160787091-13
EPS in Rs 5.173.283.345.496.268.366.8510.8013.026.365.647.36-1.06
Dividend Payout % 12%20%20%15%13%14%18%19%12%19%21%11%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-37.50%2.50%65.85%13.24%33.77%-18.45%58.33%20.30%-51.25%-10.26%30.00%
Change in YoY Net Profit Growth (%)0.00%40.00%63.35%-52.62%20.53%-52.21%76.78%-38.03%-71.55%40.99%40.26%

Hikal Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:8%
5 Years:4%
3 Years:-1%
TTM:2%
Compounded Profit Growth
10 Years:8%
5 Years:-1%
3 Years:-17%
TTM:-6%
Stock Price CAGR
10 Years:14%
5 Years:10%
3 Years:-8%
1 Year:-26%
Return on Equity
10 Years:11%
5 Years:10%
3 Years:7%
Last Year:7%

Last Updated: September 5, 2025, 6:05 am

Balance Sheet

Last Updated: December 10, 2025, 2:47 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 16161616162525252525252525
Reserves 4885165475896537327929091,0431,1091,1631,2381,170
Borrowings 546547505598635661646610675748818765683
Other Liabilities 219212206177237268306370470504482502472
Total Liabilities 1,2701,2921,2751,3791,5421,6861,7681,9132,2132,3852,4872,5292,349
Fixed Assets 6446396236686347137357138799481,0711,3641,340
CWIP 6162666311879161254295412414121134
Investments 3334311111551010
Other Assets 5625885836457888938719461,0281,0209971,034865
Total Assets 1,2701,2921,2751,3791,5421,6861,7681,9132,2132,3852,4872,5292,349

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 154102186163139186285229294315187280
Cash from Investing Activity + -23-43-64-102-110-125-164-156-284-292-174-136
Cash from Financing Activity + -124-69-124-63-25-55-101-97-6-8-27-144
Net Cash Flow 7-10-2-24620-24415-140
Free Cash Flow 10354127583357127712113-17144
CFO/OP 93%63%110%91%68%73%113%85%107%134%81%94%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-359.00-365.00-324.00-397.00-393.00-363.00-373.00-287.00-334.00-490.00-551.00-437.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 395444928180821038280113103
Inventory Days 302268229189158156147107121104134146
Days Payable 127117101938668959291103123133
Cash Conversion Cycle 21420517318815316813511811281124116
Working Capital Days 0-1329432945283926393937
ROCE %16%11%11%12%13%15%14%16%15%8%8%10%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 68.85%68.85%68.85%68.85%68.85%68.85%68.85%68.85%68.85%68.85%68.85%68.85%
FIIs 4.56%4.57%4.81%6.14%6.55%6.66%6.78%6.06%5.70%5.35%4.23%2.31%
DIIs 2.18%2.78%3.11%3.15%3.53%3.17%3.58%3.48%3.80%4.03%5.15%7.05%
Public 24.40%23.79%23.22%21.85%21.06%21.32%20.79%21.61%21.65%21.76%21.75%21.78%
No. of Shareholders 75,16775,11076,12674,65771,84070,97871,91271,80168,90771,39173,40474,117

Shareholding Pattern Chart

No. of Shareholders

Hikal Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Pharma Healthcare & Diagnostics (P.H.D) Fund 3,961,031 1.15 76.283,216,2412026-02-23 00:14:5923.16%
Tata Small Cap Fund 3,300,000 0.59 63.55N/AN/AN/A
Tata India Pharma & HealthCare Fund 393,821 0.61 7.58N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 7.365.646.3613.0210.80
Diluted EPS (Rs.) 7.365.646.3613.0210.80
Cash EPS (Rs.) 18.2315.1815.2020.7817.71
Book Value[Excl.RevalReserv]/Share (Rs.) 102.2196.3291.9386.6275.70
Book Value[Incl.RevalReserv]/Share (Rs.) 102.2196.3291.9386.6275.70
Revenue From Operations / Share (Rs.) 150.59144.74164.07157.56139.53
PBDIT / Share (Rs.) 27.0021.8621.2928.0226.59
PBIT / Share (Rs.) 16.1112.3212.4520.2619.68
PBT / Share (Rs.) 10.027.758.5517.7316.74
Net Profit / Share (Rs.) 7.355.646.3613.0210.80
NP After MI And SOA / Share (Rs.) 7.355.646.3613.0210.80
PBDIT Margin (%) 17.9215.1012.9717.7819.05
PBIT Margin (%) 10.708.517.5812.8514.10
PBT Margin (%) 6.655.355.2011.2511.99
Net Profit Margin (%) 4.883.903.878.267.73
NP After MI And SOA Margin (%) 4.883.903.878.267.73
Return on Networth / Equity (%) 7.195.866.9115.0214.26
Return on Capital Employeed (%) 11.448.778.9017.2919.31
Return On Assets (%) 3.592.793.287.256.95
Long Term Debt / Equity (X) 0.290.350.430.260.28
Total Debt / Equity (X) 0.600.680.650.630.55
Asset Turnover Ratio (%) 0.740.730.870.940.93
Current Ratio (X) 1.261.281.421.251.34
Quick Ratio (X) 0.830.870.940.820.93
Inventory Turnover Ratio (X) 5.832.603.473.473.13
Dividend Payout Ratio (NP) (%) 0.0021.2515.7316.9011.11
Dividend Payout Ratio (CP) (%) 0.007.906.5710.586.77
Earning Retention Ratio (%) 0.0078.7584.2783.1088.89
Cash Earning Retention Ratio (%) 0.0092.1093.4389.4293.23
Interest Coverage Ratio (X) 4.434.785.4611.079.06
Interest Coverage Ratio (Post Tax) (X) 2.212.232.636.144.68
Enterprise Value (Cr.) 5685.344058.844164.235587.562246.86
EV / Net Operating Revenue (X) 3.062.272.062.881.31
EV / EBITDA (X) 17.0515.0615.8716.176.85
MarketCap / Net Operating Revenue (X) 2.661.831.722.551.03
Retention Ratios (%) 0.0078.7484.2683.0988.88
Price / BV (X) 3.912.753.074.651.90
Price / Net Operating Revenue (X) 2.661.831.722.551.03
EarningsYield 0.010.020.020.030.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Hikal Ltd. is a Public Limited Listed company incorporated on 08/07/1988 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L24200MH1988PTC048028 and registration number is 048028. Currently Company is involved in the business activities of Manufacture of medicinal substances used in the manufacture of pharmaceuticals: antibiotics, endocrine products, basic vitamins; opium derivatives; sulpha drugs; serums and plasmas; salicylic acid, its salts and esters; glycosides and vegetable alkaloids; chemically pure suger etc.. Company's Total Operating Revenue is Rs. 1859.80 Cr. and Equity Capital is Rs. 24.70 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Pharmaceuticals717/718, Maker Chambers V, Mumbai Maharashtra 400021Contact not found
Management
NamePosition Held
Mr. Jai HiremathExecutive Chairman
Mr. Sameer HiremathVice Chairman & Mng.Director
Mr. Sarangan SureshWhole Time Director
Ms. Sugandha HiremathNon Executive Director
Mr. Amit KalyaniNon Executive Director
Mrs. Shivani Bhasin SachdevaInd. Non-Executive Director
Mr. Shrikrishna AdivarekarInd. Non-Executive Director
Mr. Ramachandra KaundinyaInd. Non-Executive Director
Mr. Berjis DesaiInd. Non-Executive Director
Mr. Ravi KapoorInd. Non-Executive Director
Mr. Ranjana S SalgaocarInd. Non-Executive Director

FAQ

What is the intrinsic value of Hikal Ltd and is it undervalued?

As of 18 April 2026, Hikal Ltd's intrinsic value is ₹163.24, which is 2.03% higher than the current market price of ₹160.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (7.38 %), book value (₹96.9), dividend yield (0.88 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Hikal Ltd?

Hikal Ltd is trading at ₹160.00 as of 18 April 2026, with a FY2026-2027 high of ₹457 and low of ₹146. The stock is currently near its 52-week low. Market cap stands at ₹1,972 Cr..

How does Hikal Ltd's P/E ratio compare to its industry?

Hikal Ltd has a P/E ratio of 78.9, which is above the industry average of 53.84. The premium over industry average may reflect growth expectations or speculative interest.

Is Hikal Ltd financially healthy?

Key indicators for Hikal Ltd: ROCE of 9.85 % is on the lower side compared to the industry average of 16.35%; ROE of 7.38 % is below ideal levels (industry average: 15.16%). Dividend yield is 0.88 %.

Is Hikal Ltd profitable and how is the profit trend?

Hikal Ltd reported a net profit of ₹91 Cr in Mar 2025 on revenue of ₹1,860 Cr. Compared to ₹160 Cr in Mar 2022, the net profit shows a declining trend.

Does Hikal Ltd pay dividends?

Hikal Ltd has a dividend yield of 0.88 % at the current price of ₹160.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Hikal Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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