India's Most Valuable Companies 2021 edition · Source: Hurun India
Rank#455- Valuation
- ₹6,788 Cr
Market Cap
₹2,599 Cr
HIKAL · NSE
Share Price
₹203.18
-3.60% today
Revenue
₹1,713 Cr
FY 2025-26 · -7.9% YoY
EBITDA
₹135 Cr
Margin 7.9%
Net Profit
₹27.20 Cr
FY 2025-26 · -69.8% YoY
P/E (TTM)
63.2x
P/B 2.2x
ROE
2.2%
ROCE 3.4%
Debt / Equity
0.59
Interest cover -217.9x
About Hikal Limited
Data last updated:
Hikal Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the specialty chemicals segment of the chemicals and materials sector. It was incorporated on 08 July 1988 and has been in existence for over 38 years.
Its director Jai V Hiremath and family are #1,673 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L24200MH1988PTC048028. Its GSTIN is 27AAACH0383A1Z5 (Maharashtra). The company holds 5 GST registrations, of which 4 are active. Its shares are listed on BSE: 524735 and NSE: HIKAL.
The company has an authorised share capital of ₹75 Cr and a paid-up capital of ₹24.66 Cr. It was formerly known as Hikal Chemical Indusries Limited and Hikal Chemical Indusries Private Limited. It is led by directors including Sameer Jai Hiremath (Managing Director) and Jai Vishwanath Hiremath (Whole-Time Director).
Its last annual general meeting (AGM) was held on 23 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 717/718 Maker Chamber V Nariman Point, Mumbai, Maharashtra, India – 400021.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹1,712.6 Cr, a decline of 7.9% compared to the previous year. For the same year it recorded a net profit of ₹27.2 Cr (net margin 1.6%) and EBITDA of ₹135.3 Cr (EBITDA margin 7.9%). The net worth stands at ₹1,198.8 Cr (down 5% YoY). Total assets are valued at ₹1,990.2 Cr (down 5.3% YoY).
The company has about 2,192 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
As per MCA filings, the company has open charges of ₹1,654.06 Cr and satisfied charges of ₹1,606.36 Cr on record. Court records list 72 cases involving the company, including 40 filed by the company and 32 filed against it; 18 cases are pending.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website hikal.com.
Company details
CIN L24200MH1988PTC048028
Registration Number 048028
Incorporation Date 08 July 1988
ROC Mumbai
Listing Status Listed (BSE: 524735, NSE: HIKAL)
Company Status Active
Date of Last AGM 23 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
Name history
Hikal has undergone 4 name changes throughout its history. The current legal name is Hikal Limited.
| Company Name | Status |
|---|---|
| Hikal Limited | Current |
| Hikal Chemical Indusries Limited | Previous |
| Hikal Chemical Indusries Private Limited | Previous |
| Hikal Chemical Industries Limited | Previous |
| Hikal Chemical Industries Private Limited | Previous |
CIN history
Hikal has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L24200MH1988PTC048028, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L24200MH1988PTC048028 | Current |
| U24200MH1988PTC048028 | Previous |
| U24200MH1988PLC048028 | Previous |
Key People
Sameer Jai Hiremath Managing Director Jai Vishwanath Hiremath Whole-Time Director Suresh Sarangan Whole-Time Director Recognitions & Rankings of Hikal
India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,673 Jai V Hiremath & family ₹1,100 Cr
Contact details
Hikal Limited's registered office is in Mumbai, Maharashtra. Its website is hikal.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address717/718 Maker Chamber V Nariman Point, Mumbai, Maharashtra, India – 400021
- IndustryChemicals and Materials, Specialty Chemicals
To see the full contact details of Hikal Limited, buy the company report.
Comprehensive company report
Hikal Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Secure checkout · GST invoice included
Business activity
The main business activity of Hikal is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products and other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products | |
| C | Manufacturing | C13 | Other manufacturing including jewellery, musical instruments, medical instruments, sports goods, etc. activities |
To see the full business activity and turnover split of Hikal Limited, buy the company report.
Financials of Hikal Limited
FY 2025-26 filings availableHikal Limited reported revenue of ₹1,712.6 Cr (down 7.9% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹1,713 Cr
-7.9% YoY
EBITDA
₹135 Cr
-58.8% YoY
Profit After Tax
₹27.20 Cr
-69.8% YoY
Net Worth
₹1,199 Cr
-5.0% YoY
Total Assets
₹1,990 Cr
-5.3% YoY
Total Debt
₹684 Cr
-10.6% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,713 | 1,860 | 1,785 | 2,023 | 1,943 | 1,720 | 1,507 |
| Revenue growth | -7.9% | +4.2% | -11.8% | +4.1% | +12.9% | +14.1% | - |
| EBITDA | 135 | 328 | 267 | 257 | 341 | 323 | 258 |
| EBITDA margin | +7.9% | +17.7% | +15.0% | +12.7% | +17.5% | +18.8% | +17.1% |
| Profit before tax | (78.30) | 124 | 95.50 | 105 | 219 | 206 | 127 |
| Net profit | 27.20 | 90.17 | 69.23 | 77.92 | 160 | 133 | 94.79 |
| Net profit margin | +1.6% | +4.9% | +3.9% | +3.9% | +8.3% | +7.7% | +6.3% |
| EPS (₹) | (3.95) | 7.35 | 5.64 | 6.36 | 13.02 | 10.80 | 6.85 |
| Balance sheet | |||||||
| Total assets | 1,990 | 2,102 | 2,093 | 1,950 | 1,796 | 1,566 | 1,481 |
| Net worth | 1,199 | 1,262 | 1,188 | 1,133 | 1,068 | 933 | 816 |
| Total debt | 684 | 765 | 818 | 748 | 675 | 610 | 646 |
| Cash & bank | 13.80 | 18.00 | 20.88 | 59.55 | 49.09 | 36.81 | 63.57 |
| Net working capital | 513 | 601 | 602 | 536 | 573 | 569 | 520 |
| Cash flow | |||||||
| Cash from operations | 302 | 280 | 187 | 315 | 294 | 229 | 285 |
| Cash from investing | (145) | (136) | (174) | (292) | (284) | (156) | (164) |
| Cash from financing | (160) | (144) | (27.00) | (7.68) | (5.56) | (96.87) | (101) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 403 | 519 | 494 | 318 | 380 | 552 | 448 | 453 |
| Revenue growth (YoY) | +5.9% | -6.0% | +10.4% | -29.7% | -6.5% | - | - | - |
| Other income | 10.70 | 6.60 | 2.80 | 1.90 | 1.00 | 0.50 | 3.60 | 0.40 |
| EBITDA | 37.00 | 58.30 | 44.70 | 7.20 | 25.10 | 123 | 72.10 | 74.90 |
| EBITDA margin | +9.3% | +11.3% | +9.1% | +2.3% | +6.8% | +22.4% | +16.4% | +16.6% |
| Depreciation | 42.70 | 42.00 | 41.20 | 41.20 | 39.40 | 37.70 | 33.20 | 31.70 |
| Interest | 14.90 | 14.60 | 15.50 | 14.90 | 17.10 | 17.90 | 18.70 | 18.80 |
| Profit before tax | (9.90) | 8.30 | (9.20) | (47.00) | (30.40) | 68.30 | 23.80 | 24.80 |
| Tax | (2.50) | (6.10) | (3.30) | (12.10) | (8.00) | 18.10 | 6.60 | 6.50 |
| Net profit | (7.40) | 14.40 | (5.90) | (34.90) | (22.40) | 50.20 | 17.20 | 18.30 |
| EPS (₹) | (0.60) | 1.17 | (0.48) | (2.83) | (1.82) | 4.07 | 1.39 | 1.48 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,713 | 1,860 | 1,785 | 2,023 | 1,943 | 1,720 | 1,507 |
| Revenue growth | -7.9% | +4.2% | -11.8% | +4.1% | +12.9% | +14.1% | - |
| EBITDA | 135 | 328 | 267 | 257 | 341 | 323 | 258 |
| EBITDA margin | +7.9% | +17.7% | +15.0% | +12.7% | +17.5% | +18.8% | +17.1% |
| Profit before tax | (78.20) | 124 | 95.40 | 105 | 219 | 206 | 127 |
| Net profit | 27.30 | 90.27 | 69.08 | 77.92 | 160 | 133 | 94.80 |
| Net profit margin | +1.6% | +4.9% | +3.9% | +3.9% | +8.3% | +7.7% | +6.3% |
| EPS (₹) | (3.94) | 7.36 | 5.63 | 6.36 | 13.02 | 10.80 | 6.85 |
| Balance sheet | |||||||
| Total assets | 1,990 | 2,102 | 2,092 | 1,950 | 1,796 | 1,566 | 1,481 |
| Net worth | 1,199 | 1,262 | 1,188 | 1,133 | 1,068 | 933 | 817 |
| Total debt | 684 | 765 | 818 | 748 | 675 | 610 | 646 |
| Cash & bank | 13.80 | 17.90 | 20.80 | 59.53 | 49.09 | 36.81 | 63.57 |
| Net working capital | 513 | 602 | 602 | 536 | 573 | 569 | 520 |
| Cash flow | |||||||
| Cash from operations | 302 | 280 | 187 | 315 | 294 | 229 | 285 |
| Cash from investing | (145) | (136) | (174) | (292) | (284) | (156) | (164) |
| Cash from financing | (160) | (144) | (27.00) | (7.68) | (5.56) | (96.87) | (101) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 403 | 519 | 494 | 318 | 380 | 552 | 448 | 453 |
| Revenue growth (YoY) | +5.9% | -6.0% | +10.4% | -29.7% | -6.5% | - | - | - |
| Other income | 10.70 | 6.60 | 2.80 | 1.90 | 1.00 | 0.50 | 3.60 | 0.40 |
| Total expenses | 366 | 461 | 450 | 311 | 356 | 429 | 376 | 378 |
| EBITDA | 36.90 | 58.50 | 44.70 | 7.40 | 24.80 | 124 | 72.20 | 74.70 |
| EBITDA margin | +9.2% | +11.3% | +9.1% | +2.3% | +6.7% | +22.5% | +16.5% | +16.6% |
| Depreciation | 42.70 | 42.00 | 41.20 | 41.20 | 39.40 | 37.70 | 33.20 | 31.70 |
| Interest | 14.90 | 14.60 | 15.50 | 14.90 | 17.10 | 17.90 | 18.70 | 18.80 |
| Profit before tax | (10.00) | 8.50 | (9.20) | (46.80) | (30.70) | 68.40 | 23.90 | 24.60 |
| Tax | (2.50) | (6.10) | (3.30) | (12.10) | (8.00) | 18.10 | 6.60 | 6.50 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 403 | 519 | 494 | 318 | 380 | 552 | 448 | 453 |
| Revenue growth (YoY) | +5.9% | -6.0% | +10.4% | -29.7% | -6.5% | - | - | - |
| Other income | 10.70 | 6.60 | 2.80 | 1.90 | 1.00 | 0.50 | 3.60 | 0.40 |
| EBITDA | 37.00 | 58.30 | 44.70 | 7.20 | 25.10 | 123 | 72.10 | 74.90 |
| EBITDA margin | +9.3% | +11.3% | +9.1% | +2.3% | +6.8% | +22.4% | +16.4% | +16.6% |
| Depreciation | 42.70 | 42.00 | 41.20 | 41.20 | 39.40 | 37.70 | 33.20 | 31.70 |
| Interest | 14.90 | 14.60 | 15.50 | 14.90 | 17.10 | 17.90 | 18.70 | 18.80 |
| Profit before tax | (9.90) | 8.30 | (9.20) | (47.00) | (30.40) | 68.30 | 23.80 | 24.80 |
| Tax | (2.50) | (6.10) | (3.30) | (12.10) | (8.00) | 18.10 | 6.60 | 6.50 |
| Net profit | (7.40) | 14.40 | (5.90) | (34.90) | (22.40) | 50.20 | 17.20 | 18.30 |
| EPS (₹) | (0.60) | 1.17 | (0.48) | (2.83) | (1.82) | 4.07 | 1.39 | 1.48 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,713 | 1,860 | 1,785 | 2,023 | 1,943 | 1,720 | 1,507 |
| Revenue growth | -7.9% | +4.2% | -11.8% | +4.1% | +12.9% | +14.1% | - |
| Other income | 12.30 | 5.00 | 2.45 | 5.41 | 4.89 | 4.98 | 3.70 |
| Total expenses | 1,577 | 1,531 | 1,518 | 1,766 | 1,602 | 1,398 | 1,250 |
| Employee cost | 270 | 247 | 247 | 222 | 203 | 164 | 157 |
| EBITDA | 135 | 328 | 267 | 257 | 341 | 323 | 258 |
| EBITDA margin | +7.9% | +17.7% | +15.0% | +12.7% | +17.5% | +18.8% | +17.1% |
| Depreciation | 164 | 134 | 118 | 109 | 95.67 | 85.25 | 82.46 |
| Interest | 62.10 | 75.20 | 56.37 | 48.10 | 31.22 | 36.20 | 52.42 |
| Profit before tax | (78.30) | 124 | 95.50 | 105 | 219 | 206 | 127 |
| Tax | (29.50) | 33.00 | 25.90 | 26.99 | 58.06 | 73.28 | 42.14 |
| Net profit | 27.20 | 90.17 | 69.23 | 77.92 | 160 | 133 | 94.79 |
| Net profit margin | +1.6% | +4.9% | +3.9% | +3.9% | +8.3% | +7.7% | +6.3% |
| EPS (₹) | (3.95) | 7.35 | 5.64 | 6.36 | 13.02 | 10.80 | 6.85 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 24.70 | 24.70 | 24.66 | 24.66 | 24.66 | 24.66 | 24.66 |
| Reserves & surplus | 1,174 | 1,238 | 1,163 | 1,109 | 1,043 | 909 | 792 |
| Shareholders' funds (net worth) | 1,199 | 1,262 | 1,188 | 1,133 | 1,068 | 933 | 816 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 552 | 630 | 711 | 663 | 559 | 514 | 551 |
| Unsecured loans | 132 | 134 | 106 | 84.99 | 116 | 95.94 | 94.92 |
| Total debt | 684 | 765 | 818 | 748 | 675 | 610 | 646 |
| Total liabilities | 1,990 | 2,102 | 2,093 | 1,950 | 1,796 | 1,566 | 1,481 |
| Assets | |||||||
| Gross block | 2,404 | 2,225 | 1,802 | 1,564 | 1,388 | 1,128 | 1,065 |
| Net block | 1,333 | 1,364 | 1,071 | 948 | 879 | 713 | 735 |
| Capital work in progress | 94.50 | 121 | 414 | 412 | 295 | 254 | 161 |
| Investments | 9.50 | 9.50 | 5.35 | 5.30 | 10.91 | 0.61 | 0.68 |
| Inventories | 358 | 334 | 304 | 317 | 329 | 267 | 312 |
| Sundry debtors | 442 | 522 | 550 | 442 | 438 | 486 | 340 |
| Cash & bank balances | 13.80 | 18.00 | 20.88 | 59.55 | 49.09 | 36.81 | 63.57 |
| Loans & advances | 70.60 | 120 | 91.67 | 121 | 138 | 89.56 | 58.29 |
| Total current assets | 884 | 995 | 967 | 939 | 954 | 879 | 775 |
| Total current liabilities | 371 | 394 | 365 | 403 | 381 | 310 | 255 |
| Net working capital | 513 | 601 | 602 | 536 | 573 | 569 | 520 |
| Total assets | 1,990 | 2,102 | 2,093 | 1,950 | 1,796 | 1,566 | 1,481 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 13.00 | 12.70 | 26.73 | 11.44 | 7.64 | 31.68 | 11.41 |
| Net cash from operating activities | 302 | 280 | 187 | 315 | 294 | 229 | 285 |
| Net cash from investing activities | (145) | (136) | (174) | (292) | (284) | (156) | (164) |
| Net cash from financing activities | (160) | (144) | (27.00) | (7.68) | (5.56) | (96.87) | (101) |
| Net change in cash | (3.40) | 0.30 | (14.03) | 15.29 | 3.80 | (24.05) | 20.27 |
| Closing cash | 13.80 | 18.00 | 20.88 | 59.55 | 49.09 | 36.81 | 63.57 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -7.9% | +4.2% | -11.8% | +4.1% | +12.9% | +14.1% | - |
| EBITDA growth | -58.8% | +23.0% | +3.9% | -24.5% | +5.5% | +25.3% | - |
| PBT growth | - | +29.6% | -9.4% | -51.8% | +5.9% | +63.1% | -15.1% |
| Net income growth | -69.8% | +30.3% | -11.2% | -51.4% | +20.5% | +40.4% | - |
| Revenue CAGR (3Y) | -5.4% | -1.4% | +1.2% | +10.3% | +6.9% | +9.9% | +14.1% |
| EBITDA CAGR (3Y) | -19.3% | -1.2% | -6.1% | -0.1% | +4.5% | +10.1% | +9.9% |
| Profitability & leverage | |||||||
| Net income margin | -2.9% | +4.9% | +3.9% | +3.9% | +8.3% | +7.7% | +5.6% |
| Return on capital employed | +3.4% | +9.5% | +7.5% | +8.2% | +14.9% | +15.9% | +13.4% |
| Return on net worth | +2.2% | +7.4% | +6.0% | +7.1% | +16.0% | +15.2% | +12.1% |
| Debt / equity | 0.59 | 0.65 | 0.67 | 0.65 | 0.64 | 0.72 | 0.83 |
| Long-term debt / equity | 0.30 | 0.32 | 0.39 | 0.35 | 0.27 | 0.32 | 0.38 |
| Interest cover | -217.89 | 38.76 | 37.73 | 32.49 | 12.75 | 15.23 | 29.90 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.74 | 0.92 | 1.06 | 1.37 | 1.54 | 1.57 | 1.49 |
| Inventory turnover | 4.95 | 5.83 | 5.75 | 6.27 | 6.52 | 5.94 | 4.45 |
| Debtors turnover | 3.55 | 3.47 | 3.60 | 4.60 | 4.21 | 4.17 | 4.37 |
| EPS (₹) | (3.95) | 7.35 | 5.64 | 6.36 | 13.02 | 10.80 | 6.85 |
| Dividend per share (₹) | 0.60 | 1.40 | 1.20 | 1.20 | 1.60 | 2.00 | 1.20 |
| Book value per share (₹) | 97.07 | 102.21 | 96.32 | 91.93 | 86.62 | 75.70 | 66.22 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 403 | 519 | 494 | 318 | 380 | 552 | 448 | 453 |
| Revenue growth (YoY) | +5.9% | -6.0% | +10.4% | -29.7% | -6.5% | - | - | - |
| Other income | 10.70 | 6.60 | 2.80 | 1.90 | 1.00 | 0.50 | 3.60 | 0.40 |
| Total expenses | 366 | 461 | 450 | 311 | 356 | 429 | 376 | 378 |
| EBITDA | 36.90 | 58.50 | 44.70 | 7.40 | 24.80 | 124 | 72.20 | 74.70 |
| EBITDA margin | +9.2% | +11.3% | +9.1% | +2.3% | +6.7% | +22.5% | +16.5% | +16.6% |
| Depreciation | 42.70 | 42.00 | 41.20 | 41.20 | 39.40 | 37.70 | 33.20 | 31.70 |
| Interest | 14.90 | 14.60 | 15.50 | 14.90 | 17.10 | 17.90 | 18.70 | 18.80 |
| Profit before tax | (10.00) | 8.50 | (9.20) | (46.80) | (30.70) | 68.40 | 23.90 | 24.60 |
| Tax | (2.50) | (6.10) | (3.30) | (12.10) | (8.00) | 18.10 | 6.60 | 6.50 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,713 | 1,860 | 1,785 | 2,023 | 1,943 | 1,720 | 1,507 |
| Revenue growth | -7.9% | +4.2% | -11.8% | +4.1% | +12.9% | +14.1% | - |
| Other income | 12.30 | 5.00 | 2.50 | 5.41 | 4.89 | 4.98 | 3.70 |
| Total expenses | 1,577 | 1,531 | 1,518 | 1,766 | 1,602 | 1,398 | 1,250 |
| Employee cost | 266 | 242 | 244 | 220 | 201 | 164 | 157 |
| EBITDA | 135 | 328 | 267 | 257 | 341 | 323 | 258 |
| EBITDA margin | +7.9% | +17.7% | +15.0% | +12.7% | +17.5% | +18.8% | +17.1% |
| Depreciation | 164 | 134 | 118 | 109 | 95.67 | 85.25 | 82.46 |
| Interest | 62.10 | 75.20 | 56.40 | 48.10 | 31.22 | 36.20 | 52.42 |
| Profit before tax | (78.20) | 124 | 95.40 | 105 | 219 | 206 | 127 |
| Tax | (29.50) | 33.00 | 25.90 | 26.99 | 58.06 | 73.28 | 42.14 |
| Net profit | 27.30 | 90.27 | 69.08 | 77.92 | 160 | 133 | 94.80 |
| Net profit margin | +1.6% | +4.9% | +3.9% | +3.9% | +8.3% | +7.7% | +6.3% |
| EPS (₹) | (3.94) | 7.36 | 5.63 | 6.36 | 13.02 | 10.80 | 6.85 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 24.70 | 24.70 | 24.70 | 24.66 | 24.66 | 24.66 | 24.66 |
| Reserves & surplus | 1,174 | 1,238 | 1,163 | 1,109 | 1,043 | 909 | 792 |
| Shareholders' funds (net worth) | 1,199 | 1,262 | 1,188 | 1,133 | 1,068 | 933 | 817 |
| Secured loans | 552 | 630 | 712 | 663 | 559 | 514 | 551 |
| Unsecured loans | 132 | 134 | 106 | 84.99 | 116 | 95.94 | 94.92 |
| Total debt | 684 | 765 | 818 | 748 | 675 | 610 | 646 |
| Total liabilities | 1,990 | 2,102 | 2,092 | 1,950 | 1,796 | 1,566 | 1,481 |
| Assets | |||||||
| Gross block | 2,404 | 2,225 | 1,802 | 1,564 | 1,388 | 1,128 | 1,065 |
| Net block | 1,333 | 1,364 | 1,071 | 948 | 879 | 713 | 735 |
| Capital work in progress | 94.50 | 121 | 414 | 412 | 295 | 254 | 161 |
| Investments | 9.50 | 9.50 | 5.40 | 5.31 | 10.92 | 0.62 | 0.69 |
| Inventories | 358 | 334 | 304 | 317 | 329 | 267 | 312 |
| Sundry debtors | 442 | 522 | 550 | 442 | 438 | 486 | 340 |
| Cash & bank balances | 13.80 | 17.90 | 20.80 | 59.53 | 49.09 | 36.81 | 63.57 |
| Loans & advances | 70.60 | 122 | 91.70 | 121 | 138 | 89.56 | 58.29 |
| Total current assets | 884 | 997 | 966 | 939 | 954 | 879 | 775 |
| Total current liabilities | 371 | 395 | 364 | 403 | 381 | 310 | 255 |
| Net working capital | 513 | 602 | 602 | 536 | 573 | 569 | 520 |
| Total assets | 1,990 | 2,102 | 2,092 | 1,950 | 1,796 | 1,566 | 1,481 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 12.90 | 12.60 | 26.70 | 11.44 | 7.64 | 31.68 | 11.41 |
| Net cash from operating activities | 302 | 280 | 187 | 315 | 294 | 229 | 285 |
| Net cash from investing activities | (145) | (136) | (174) | (292) | (284) | (156) | (164) |
| Net cash from financing activities | (160) | (144) | (27.00) | (7.68) | (5.56) | (96.87) | (101) |
| Net change in cash | (3.30) | 0.30 | (14.10) | 15.27 | 3.80 | (24.05) | 20.27 |
| Closing cash | 13.80 | 17.90 | 20.80 | 59.53 | 49.09 | 36.81 | 63.57 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -7.9% | +4.2% | -11.8% | +4.1% | +12.9% | +14.1% | - |
| EBITDA growth | -58.8% | +23.1% | +3.8% | -24.5% | +5.5% | +25.3% | - |
| PBT growth | - | +29.9% | -9.5% | -51.8% | +5.9% | +63.1% | -15.1% |
| Net income growth | -69.8% | +30.7% | -11.3% | -51.4% | +20.5% | +40.4% | - |
| Revenue CAGR (3Y) | -5.4% | -1.4% | +1.2% | +10.3% | +6.9% | +9.9% | +14.1% |
| EBITDA CAGR (3Y) | -19.2% | -1.2% | -6.2% | -0.1% | +4.5% | +10.1% | +9.3% |
| Profitability & leverage | |||||||
| Net income margin | -2.8% | +4.9% | +3.9% | +3.9% | +8.3% | +7.7% | +5.6% |
| Return on capital employed | +3.4% | +9.5% | +7.5% | +8.2% | +14.9% | +15.9% | +13.4% |
| Return on net worth | +2.2% | +7.4% | +6.0% | +7.1% | +16.0% | +15.2% | +12.1% |
| Debt / equity | 0.59 | 0.65 | 0.67 | 0.65 | 0.64 | 0.72 | 0.83 |
| Long-term debt / equity | 0.30 | 0.32 | 0.39 | 0.35 | 0.27 | 0.32 | 0.38 |
| Interest cover | -218.66 | 38.74 | 37.78 | 32.49 | 12.75 | 15.23 | 29.90 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.74 | 0.92 | 1.06 | 1.37 | 1.54 | 1.57 | 1.49 |
| Inventory turnover | 4.95 | 5.83 | 5.75 | 6.27 | 6.52 | 5.94 | 4.45 |
| Debtors turnover | 3.55 | 3.47 | 3.60 | 4.60 | 4.21 | 4.17 | 4.37 |
| EPS (₹) | (3.94) | 7.36 | 5.63 | 6.36 | 13.02 | 10.80 | 6.85 |
| Dividend per share (₹) | 0.60 | 1.40 | 1.20 | 1.20 | 1.60 | 2.00 | 1.20 |
| Book value per share (₹) | 97.09 | 102.20 | 96.16 | 91.93 | 86.62 | 75.70 | 66.22 |
To see the full year-wise statements and ratios of Hikal Limited, buy the company report.
Board of directors of Hikal Limited
Hikal has 11 current directors and 12 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Shivani Bhasin Sachdeva Also directs: Gynoveda Femtech Private Limited, Brinton Pharmaceuticals Limited, Brinton Healthcare Limited and 3 more | Director | 01 Aug 2019 | 7 Years 2 Months | Current |
| Jai Vishwanath Hiremath Also directs: Castilia Life Sciences LLP, Rushabh Capital Services Private Limited, Zirad Art and Heritage Foundation and 2 more | Whole-Time Director | 01 Jul 2008 | 18 Years 3 Months | Current |
| Sameer Jai Hiremath Also directs: Marigold Investment Pvt Ltd, Zirad Art and Heritage Foundation, Acoris Research Limited and 1 more | Managing Director | 26 May 1999 | 27 Years 4 Months | Current |
| Sugandha Jaidev Hiremath Also directs: Castilia Life Sciences LLP, Marigold Investment Pvt Ltd, Rushabh Capital Services Private Limited and 1 more | Director | 05 Feb 1992 | 34 Years 8 Months | Current |
| Amit Babasaheb Kalyani | Director | 09 Feb 2012 | 14 Years 8 Months | Current |
| Shrikrishna Kiran Adivarekar | Director | 22 Dec 2021 | 4 Years 10 Months | Current |
Showing 6 of 11 current directors. View all directors
Peer comparison
Hikal Limited is compared with the 7 companies closest to it by revenue in the Chemicals industry (API Manufacturers, Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Kutch Chemical Industries Limited | ₹1,985.16 Cr (FY 2024) | -33.0% | New Delhi, Delhi, India | |||
| Pfizer Healthcare India Private Limited | ₹1,981.45 Cr (FY 2025) | 4.0% | Chennai, Tamil Nadu, India | |||
| MSN Life Sciences Private Limited | ₹1,961.87 Cr (FY 2024) | 54.0% | Hyderabad, Telangana, India | |||
| Aarti Pharmalabs Limited | ₹1,857.5 Cr (FY 2024) | -5.0% | Vapi, Gujarat, India | |||
| Morepen Laboratories Limited | ₹1,829.94 Cr (FY 2025) | 7.0% | Himachal Pradesh, India | |||
| TGV Sraac Limited | ₹1,763.22 Cr (FY 2025) | 13.0% | Kurnool, Andhra Pradesh, India | |||
| MSN Pharmachem Private Limited | ₹1,716.51 Cr (FY 2024) | 40.0% | Hyderabad, Telangana, India | |||
| Hikal Limitedthis company | ₹1,712.6 Cr (FY 2026) | ₹27.2 Cr | 1.6% | -7.9% | 2,192 | Mumbai, Maharashtra, India |
To see the full peer comparison of Hikal Limited, buy the company report.
Auditor
Hikal Limited is audited by S R B C & CO LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| S R B C & CO LLP | FY 2023 | 324982E/E300003 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 68.80%, foreign institutional investors hold 1.00%, domestic institutional investors hold 7.20% and retail and other public shareholders hold 23.00%.
Sep 2026
QUARTER
68.80% Promoters
7.20% DII (Domestic Institutional)
1.00% FII (Foreign Institutional)
23.00% Retail & Others
Promoter holding - history
Now 68.80% · Sep 2026High 68.80% · Dec 2025Low 68.80% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 68.80% | 68.80% | 68.80% | 68.80% |
| Public | 31.20% | 31.20% | 31.20% | 31.20% |
Charges & borrowings
Open charges
₹1,654.06 Cr
Satisfied charges
₹1,606.36 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 09 Feb 2026 | 101243236 | Others | ₹100 Cr | Open | |
| 12 Feb 2025 | 101056549 | Others | ₹50 Cr | Open | |
| 01 Aug 2023 | 100802259 | Others | ₹375 Cr | Open | |
| 08 Nov 2022 | 100645612 | Others | ₹100 Cr | Open | |
| 21 Jul 2020 | 100355371 | Others | ₹250 Cr | Open |
To see the full charge records of Hikal Limited, buy the company report.
Total charge records: 74 View all charges
Legal cases
Hikal Limited has 72 court cases on record: 40 filed by Hikal, 32 filed against it. 18 cases are pending and 54 are disposed.
Total cases
72
Filed by the company
40
Filed against the company
32
Pending
18
Disposed
54
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 35 | 19 | 13 |
| District courts | 34 | 12 | 5 |
| Supreme Court | 3 | 1 | 0 |
Cases on record (5 of 72)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, GUJARAT | Court case (SCR.A) | Filed against the company by Chemstar Organics India Limited and 3 others | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Court case (Summary Case) | Filed by the company against Com Biotech Private Limited and 4 others | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Commercial matter | Filed by the company against Paxchem Limited | Pending |
| High Court, MAHARASHTRA | Interim or miscellaneous application | Filed against the company by Paxchem Limited | Pending |
| High Court, MAHARASHTRA | Court case (SJ) | Filed by the company against Paxchem Limited | Pending |
To see the full case history of Hikal Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Hikal Limited was last rated by Icra on 20 Jun 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 20 Jun 2022 |
To see the full credit ratings and regulatory alerts of Hikal Limited, buy the company report.
MSME payment delays
Hikal Limited has 21 MSME Form 1 returns on record between 2019 and 2024, listing 7,638 overdue payments to 704 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 704)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| Surabhi Transport Private Limited | |||
| Krishna Mech Seal Engineering | |||
| Activaa Technocontrols Private Limited | |||
| an individual supplier |
To see the full MSME payment records of Hikal Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Hikal has 1 subsidiary company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
1
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Acoris Research Limited | U72100MH2000PLC127909 |
To see the full group structure of Hikal Limited, buy the company report.
Employees & EPFO
Hikal Limited has a workforce of 2,192 employees on its EPFO records as of Apr 01, 2024, across 7 active EPFO establishments.
Employee count
2,192
Active EPFO establishments
7
Employee growth
6.51%
GST
Hikal has 5 GST registrations: 4 active and 1 cancelled or inactive.
Total GSTINs
5
Active
4
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACH0383A1Z5 | Maharashtra | Active | 01 Jul 2017 |
| 27AAACH0383A3Z3 | Maharashtra | Active | 14 Dec 2017 |
| 24AAACH0383A1ZB | Gujarat | Active | 01 Jul 2017 |
| 29AAACH0383A1Z1 | Karnataka | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Hikal Limited, buy the company report.
Recent activity
Hikal Limited has 35 board changes on record since 1992: 23 appointments and 12 cessations. The latest: Sandip Ashwinbhai Parikh was appointed as Additional Director on 27 May 2026.
Appointed
Sandip Ashwinbhai Parikh was appointed as Additional Director.
Charges
A charge with Others amounted to Rs. 100.00 Cr with Charge ID 101243236 was registered on 09 Feb 2026.
Charges
A charge with Others of Rs. 375.00 Cr registered on 01 Aug 2023 with Charge ID 100802259 was modified on 11 Dec 2025.
Charges
A charge with Others of Rs. 100.00 Cr registered on 08 Nov 2022 with Charge ID 100645612 was modified on 11 Dec 2025.
Ceased
Berjis Minoo Desai ceased to be Director.
AGM
Hikal Limited last Annual general meeting of members was held on 23 Sep 2025 as per latest MCA records.
Filing
Hikal Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai I.
Charges
A charge with Others amounted to Rs. 50.00 Cr with Charge ID 101056549 was registered on 12 Feb 2025.
Appointed
Suresh Sarangan was appointed as Whole-Time Director.
Ceased
Prakash Vasantlal Mehta ceased to be Director.
Ceased
Unni Kadankote Kannan ceased to be Director.
Appointed
Ranjana Shivanand Salgaocar was appointed as Director.
194 earlier events are in the company report.
News
HIKAL: Company Shareholders Approve Sameer Hiremath As Chairman & Managing Director For Five Years Starting October 1.
HIKAL: Starts Production At New CGMP Plant In Panoli For Personal Care Items, Entering The Global Beauty Sector; Initial Focus Is On Skin Care With Advanced UV Filters And Customers Are Happy.
Frequently asked questions
Hikal is an active company based in Mumbai, Maharashtra, India. The company works in specialty chemicals, within the chemicals and materials industry. It was incorporated on 08 July 1988 (38+ years old) and is registered under CIN L24200MH1988PTC048028. Listed on BSE: 524735 and NSE: HIKAL.
Hikal reported revenue of ₹1,712.6 Cr for FY 2025-26 (down 7.9% YoY) based on consolidated financials.
Hikal has 11 current directors:
- Sameer Jai Hiremath - Managing Director
- Jai Vishwanath Hiremath - Whole-Time Director
- Suresh Sarangan - Whole-Time Director
- Shivani Bhasin Sachdeva - Director
- Sugandha Jaidev Hiremath - Director
- Amit Babasaheb Kalyani - Director
- Shrikrishna Kiran Adivarekar - Director
- Ravi Brijmohan Kapoor - Director
- Ranjana Shivanand Salgaocar - Director
- Ramachandra Kaundinya Vinnakota - Director
- Sandip Ashwinbhai Parikh - Additional Director
The latest financial statements of Hikal on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 23 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Hikal is 27AAACH0383A1Z5, registered in Maharashtra. The company has 5 GST registrations in all, of which 4 are active and 1 is cancelled or inactive. Other active GSTINs include 27AAACH0383A3Z3 (Maharashtra), 24AAACH0383A1ZB (Gujarat), 29AAACH0383A1Z1 (Karnataka).
The CIN (Corporate Identification Number) of Hikal is L24200MH1988PTC048028. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Hikal is listed on both BSE (code: 524735) and NSE (symbol: HIKAL).
Hikal has 72 court cases on record: 40 filed by the company and 32 filed against it. 18 are pending. Most are in the high courts.
Hikal was incorporated on 08 July 1988, making it 38+ years old. It is registered with the Registrar of Companies, Mumbai.
The peers of Hikal by revenue are Kutch Chemical Industries Limited, Pfizer Healthcare India Private Limited, MSN Life Sciences Private Limited, Aarti Pharmalabs Limited, Morepen Laboratories Limited and 2 more, all in the Chemicals industry (API Manufacturers, Specialty Chemicals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Sandip Ashwinbhai Parikh was appointed as Additional Director on 27 May 2026. Berjis Minoo Desai ceased to be Director on 01 Oct 2025. Suresh Sarangan was appointed as Whole-Time Director on 01 Apr 2024. Hikal has 35 board changes on record in total.
Hikal has 21 MSME Form 1 returns on record between 2019 and 2024, listing 7,638 overdue payments to 704 micro and small suppliers. The latest return was filed on 26 Apr 2024.