About Hikal Limited

Hikal Limited is a life sciences company founded by the Kalyani Group and the Hiremath family, providing research services, active ingredients, and intermediates to global pharmaceuticals, crop protection, animal health, and specialty chemicals customers across regulated and emerging markets. The Company reported consolidated revenue of Rs 1,859.80 crore, EBITDA of Rs 333.50 crore (17.9% margin), and EPS of Rs 7.37 for the year ended March 31, 2025, reflecting steady execution and operational improvement.

Hikal operates integrated manufacturing and R&D facilities in Bangalore, Taloja, Panoli, and a research centre in Pune, delivering APIs, intermediates, biocides, personal care ingredients, and custom development and manufacturing (CDMO) solutions to innovator clients. It strengthened global offices in North America, Europe, and Japan to deepen customer service and market access during FY 2024–25.

The Company’s pharmaceuticals division delivered revenue of Rs 1,168.10 crore and segment EBIT of Rs 137.40 crore, supported by better capacity utilisation, an improved product mix, and 8 Drug Master File (DMF) filings with registrations in the EU, Japan, and Australia. The crop protection division posted revenue of Rs 691.70 crore and EBIT of Rs 79.20 crore amid industry pricing headwinds, aided by process optimisation and portfolio management.

Hikal sustained R&D investment at approximately 4–5% of revenue, progressed two key starting material projects for NCEs now in Phase III, and announced a high‑potency chemistry lab to support complex APIs. As of March 31, 2025, the Company reported net debt to equity of 0.59x and operating cash flow of Rs 280.40 crore.

Subsidiaries and footprint: Hikal has two wholly owned subsidiaries—Acoris Research Limited (India) and Hikal LLC (USA)—to support research services and North American market engagement. Operations span India and international markets including USA and Canada, Europe, South East Asia, and other regions.

Key milestones in FY 2024–25 included validation of 8 products under a long‑term innovator partnership, launch of HiZenn (Personal Care) and HiFend (Biocides) sub‑brands, and expansion of CDMO opportunities (12–15 new development leads).

Hikal Limited Business Segment

• Revenue mix by product line:
  • Pharmaceuticals — Rs 1,168.10 crore (62.8%)

  • Crop Protection — Rs 691.70 crore (37.2%)

• Geographic revenue split (secondary segment):
  • India — Rs 704.10 crore (37.9%)

  • USA and Canada — Rs 250.60 crore (13.5%)

  • Europe — Rs 530.00 crore (28.5%)

  • South East Asia — Rs 299.00 crore (16.1%)

  • Others — Rs 76.10 crore (4.1%)

• Domestic vs. international:
  • India — Rs 696.40 crore (37.5%)

  • International — Rs 1,191.50 crore (64.0%)

  • USA within international — Rs 250.60 crore (13.5%)

Hikal Limited Key Management

• Jai Hiremath — Executive Chairman

• Sameer Hiremath — Vice Chairman and Managing Director

• Kuldeep Jain — Chief Financial Officer

• Rajasekhar Reddy — Company Secretary

• Amit Kalyani — Non‑Executive Director

• Shivani Bhasin Sachdeva — Non‑Executive Director

• Shrikrishna Adivadekar — Non‑Executive Director

• Berjis Desai — Non‑Executive Director

• Ramachandra Kaundinya Vinnakota — Non‑Executive Director

• Ravi Kapoor — Non‑Executive Director

• Ranjana Salgaocar — Non‑Executive Director

• Sarangan Suresh — Non‑Executive Director

Latest Updates on Hikal Limited

• Strengthened global offices in North America, Europe, and Japan to scale market coverage and customer proximity.

• Launched two sub‑category brands: HiZenn (Personal Care) and HiFend (Biocides) to sharpen portfolio identity.

• Announced set‑up of a high‑potency chemistry lab to support complex and niche API development.

• Completed validation of 8 products under a long‑term partnership with a leading global innovator.

• Expanded CDMO pipeline: two key starting material projects for NCEs progressed to Phase III; 12–15 new opportunities underway.

• Conducted a comprehensive Safety Diagnostic Study with a global consultant to reinforce operational excellence.

Introduced Specialty Chemicals portfolio to enhance asset productivity and diversify into high‑value segments.