Hikal reported Q4 FY26 revenue of INR519 Cr (EBITDA 20.3%) and full-year revenue of INR1,713 Cr (EBITDA 12.9%). Q4 PAT was INR14.4 Cr after a INR47 Cr plant impairment.
Pharma saw H2 recovery with 80-85% utilization, though FDA compliance measures slowed Q4 shipments. Crop Protection demonstrated a Q4 rebound, with the industry cycle's worst phase considered over. Animal Health shows sustained CDMO momentum.
Management is confident in FY27 growth, targeting FDA issue resolution by year-end (expecting 18-24 months total). Long-term growth plans, though delayed by 2-3 years, remain focused on CDMO, Animal Health, and Specialty Chemicals to improve ROCE. Management expresses cautiously optimistic sentiment.