Hikal Q2 FY27 Results: Consolidated Net Loss ₹6.10 Crore on Total Income of ₹436 Crore
- Earnings
- Pharmaceuticals and crop protection chemicals
Reviewed byRachit TripathiBlacklitt Research
Hikal reported total income of ₹436 crore and a net loss of ₹6 crore for the quarter ended 30 Sep 2026 on a consolidated basis, with standalone total income also at ₹436 crore and a net loss of ₹6 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹436 crore, up 36.0% YoY and 7.7% QoQ
- Net profit and EPS: Net loss of ₹6 crore; basic EPS of -₹0.49, against -₹2.83 a year earlier
- Finance costs: ₹13 crore, down 10.1% YoY, 3.0% of total income
- Exceptional items: None in the quarter; ₹89 million gratuity reduction disclosed in Q1 FY27
Standalone
The company on its own, without its subsidiaries
- Total income: ₹436 crore, up 36.0% YoY and 7.7% QoQ
- Net profit and EPS: Net loss of ₹6 crore; basic EPS of -₹0.50, against -₹2.81 a year earlier
- Finance costs: ₹13 crore, down 10.1% YoY, 3.0% of total income
- Tax expense: Credit of ₹2 crore, against ₹12 crore a year earlier
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 436 | 320 | +36.0% | 405 | +7.7% | |
| Revenue from operations | 434 | 319 | +36.3% | 403 | +7.8% |
| Other income | 2 | 2 | -10.5% | 2 | -5.6% |
| -6 | -35 | +82.5% | -7 | +17.6% | |
| Profit before tax | -9 | -47 | +81.9% | -10 | +14.1% |
| Finance costs | 13 | 15 | -10.1% | 15 | -10.1% |
| Depreciation | 42 | 41 | +1.2% | 43 | -2.3% |
| Tax expense | -2 | -12 | +80.2% | -3 | +4.0% |
| Net profit margin | -1.40% | -10.89% | +9.49 pp | -1.83% | +0.43 pp |
| EPS, basic (₹) | -0.49 | -2.83 | +82.7% | -0.60 | +18.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit improved faster than income. Total income rose 36.0% to ₹436 crore and the net loss narrowed from ₹35 crore to ₹6 crore, a fall of 82.5%. Revenue from operations rose 36.3%, while other income fell 10.5% to ₹2 crore, which is 0.5% of total income.
Finance costs fell 10.1% to ₹13 crore, or 3.0% of total income, and depreciation was broadly flat at ₹42 crore. The tax line is a credit of ₹2 crore, against ₹12 crore a year earlier, so the loss before tax of ₹9 crore is the larger part of the narrowing.
The filing notes an impairment charge of ₹47.1 crore recorded as an exceptional item in the year ended 31 Mar 2026, and a current tax reversal of ₹10.7 crore for that year after a CIT(Appeals) order.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 436 | 320 | +36.0% | 405 | +7.7% | |
| Revenue from operations | 434 | 319 | +36.3% | 403 | +7.8% |
| Other income | 2 | 2 | -10.5% | 2 | -5.6% |
| -6 | -35 | +82.1% | -8 | +17.3% | |
| Profit before tax | -9 | -47 | +81.6% | -10 | +14.0% |
| Finance costs | 13 | 15 | -10.1% | 15 | -10.1% |
| Depreciation | 42 | 41 | +1.2% | 43 | -2.3% |
| Tax expense | -2 | -12 | +80.2% | -3 | +4.0% |
| Net profit margin | -1.42% | -10.83% | +9.41 pp | -1.85% | +0.43 pp |
| EPS, basic (₹) | -0.50 | -2.81 | +82.2% | -0.61 | +18.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
The standalone figures track the consolidated ones closely.
Against the immediately preceding quarter, standalone net loss narrowed by 17.3%, slightly less than the consolidated 17.6%, with total income up 7.7%. The filing reports that USFDA's August 2025 warning letter on the Jigani facility affected Pharma Segment sales in the periods presented.
The auditors issued an unmodified review conclusion on both sets of results and drew attention to note 3, which covers pending Supreme Court proceedings over alleged environmental non-compliance. The company says it has a good case on merits and that no provision is required at this stage. The Supreme Court has stayed an order for recovery of compensation of ₹17.45 crore.
In the quarter, revision of pension and gratuity assumptions reduced employee benefit obligations by ₹7.9 crore. The filing does not say how the Supreme Court matter will be resolved or when, and it does not say what the USFDA warning letter will mean for future sales.
Inference
The filing reports paid-up equity share capital of ₹24.7 crore at a face value of ₹2 a share, standalone total equity of ₹1,181.4 crore and borrowings of ₹635.8 crore at 30 Sep 2026 on the standalone balance sheet. Trading window re-opens on 6 Nov 2026 for designated persons, while it stays closed for Directors, KMPs and specified senior management until informed otherwise.
Filed with BSE on . Reference: Original filing (PDF)
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.
