Hikal Limited — Investor Meet, 19-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Hikal reported Q2 FY26 consolidated revenue of 319 Cr and EBITDA of 8 Cr (2.6% margin). Financials were impacted by a temporary deferral of 80 Cr pharma sales to October, following customer risk assessments after a US FDA warning letter at the Bangalore facility. All orders remain intact, with deliveries resuming. Management anticipates a strong H2 FY26 recovery to cover the H1 gap. Strategic focus includes ramping up new products, expanding into personal care, commissioning a High-Potency lab for oncology, and dual-site API filings from Panoli. The company projects FY27 as a transition year, with substantial growth anticipated from FY28, driven by compliance, innovation, and diversified offerings.