Hikal Q2 FY27: revenue up 36.3% to ₹434 Cr, net loss ₹6 Cr

Results · Finvezto · 3 Nov 2026 · Hikal (HIKAL)

Results Q2 FY27, ₹ Cr

Q2 FY27 results with change on the quarter and on the year
Q2 FY27	₹ Cr	QoQ	YoY
Revenue	434	+7.8%	+36.3%
Operating profit	45	+21.4%	+523.6%
Net profit	-6	+17.6%	+82.5%
Operating margin	10.3%	+1.2 pp	+8.1 pp
Net margin	-1.4%	-	-

YoY is the company's own figure. QoQ shows where our quarterly series matches the filing.

Hikal Ltd. reported consolidated revenue of Rs 434 crore for Q2 FY27, up 36% from Rs 319 crore in Q2 FY26, with EBITDA rising to Rs 45 crore from Rs 7 crore and net loss narrowing to Rs 6 crore from Rs 35 crore. NSE filing
Growth was supported by a 47% recovery in pharmaceuticals revenue to Rs 278 crore, while the company signed a multi-year agrochemical CDMO contract and secured Swissmedic regulatory approval. NSE filing
In Q2 FY27, revenue stood at INR 434 crores with EBITDA of INR 45 crores and PAT at negative INR 6 crores, while H1 FY27 revenue reached INR 837 crores with EBITDA of INR 82 crores. Earnings call
Elevated raw material prices, with key solvents and commodities rising over 100%, and US FDA remediation expenses impacted profitability and margins during the period. Earnings call

Management on full year guidance: We reiterate our full year guidance given in the last quarter for a mid-teens growth in revenue and a substantial improvement in profitability.
Management on h2 performance outlook: To conclude, we are confident that our H2 performance will be significantly better than H1.
Operating margin over the last 4 quarters (Dec 25, Mar 26, Jun 26, Sep 26): 16.7%, 20.3%, 9.2%, 10.3%.
Net profit over the last 4 quarters (Dec 25, Mar 26, Jun 26, Sep 26), ₹ Cr: -6, 14, -7, -6.

Anand Ganapathy K | SEBI Registered Research Analyst | INH000016630.