Annual Report 2025-26

Annual Report 2025-26

Innovating
What Matters

Sustaining
What’s Next

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Innovation creates value only when it solves meaningful challenges. At Hikal, we combine scientific expertise, customer-centric innovation and responsible business practices to address the evolving needs of the global life sciences industry. Every solution is designed to deliver lasting value for our customers, society and the environment.

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Who we are

Engineering Solutions
Across Life Sciences

We provide integrated, science-led solutions across the life sciences value chain, supported by strong capabilities in complex chemistry, manufacturing excellence and regulatory compliance. Our services include CDMO, CMO and R&D, complemented by high-quality active ingredients and intermediates.

FiveManufacturing facilities
3,000+Employees
24Production blocks
Read more Where we operate

Vision

To be the leading global fine chemical company to the Pharmaceutical, Crop Protection, and Specialty Chemical Industries.

Mission

To create value through superior, chemical products and operate as a responsible company. Building trust and respect of our customers, shareholders and employees using science, technology and sustainable processes in harmony with the environment.

CORE VALUES
  • Customer
    Oriented
  • Transparency
  • Safety
  • Quality Focus
  • Integrity
  • Innovative
CULTURE PILLARS
  • Sustainability
  • Ownership
  • Flexible
  • Reliable
  • Teamwork

Project Pinnacle

Strategic Transformation Initiative

Pinnacle is our flagship transformation initiative, built on strategic pillars. It aims to build future-ready capabilities, enhance customer value, and drive sustainable, long-term growth across our businesses.

Pinnacle 1.0 Pinnacle 2.0
Pillars of Project Pinnacle
  • Leadership
    in ESG
  • Manufacturing
    Excellence
  • Research and
    Technology
  • Customer
    Centricity
  • Supply Chain
    Management
Chairman and Vice-Chairman & MD’s Message

Resilient Today.
Ready for What’s Next.

Dear Stakeholders,

It is always a pleasure to present to you our annual performance report. This year, it, gives us a greater satisfaction, as it reflects a defining period in which our foundation strengthened, resilience enhanced, and we were positioned more confidently for the opportunities ahead.

Read full statement Board of directors Management team
Jai Hiremath, Executive Chairman Sameer Hiremath, Vice-Chairman and Managing Director
Jai Hiremath Executive Chairman
Sameer Hiremath Vice-Chairman and Managing Director
Key Performance Indicators

Our Scorecard

Revenue(in INR Million)
19,427 20,230 17,846 18,598 17,126
FY22 FY23 FY24 FY25 FY26
Net Worth(in INR Million)
10,680 11,335 11,876 12,622 11,990
FY22 FY23 FY24 FY25 FY26
EBITDA(in INR Million)
3,454 2,625 2,694 3,335 2,328*
FY22 FY23 FY24 FY25 FY26
EPS(in INR)
13.02 6.36 5.64 7.37
FY26
FY22 FY23 FY24 FY25
negative (3.95)
PAT(in INR Million)
1,605 784 695 909
FY26
FY22 FY23 FY24 FY25
negative (487)
Dividend(in INR per share)
1.60 1.20 1.20 1.40 0.60
FY22 FY23 FY24 FY25 FY26

*before exceptional items

What We Do

Pharmaceuticals

With strengths in chiral chemistry, custom synthesis, and contract research, we manufacture APIs and intermediates for global partners.

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Human Capital
2,117 Employees
253 Personnel in R&T and
technical services
Financial Capital
INR10,210Million Revenue
INR328Million EBIT

Crop
Protection

Our crop protection portfolio spans insecticides, fungicides, herbicides, biocides, and intermediates, built on a strong foundation of science and innovation.

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Human Capital
835 Employees
88 Personnel in Technical
services
Financial Capital
INR6,916Million Revenue
INR514Million EBIT

Animal Health

We develop APIs and advanced intermediates for both farm and companion animal health segments. Our cGMP-compliant facilities support both in-house manufacturing and contract production.

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22 Animal Health-focused APIs
50 Employees
Four Existing relationships with
Animal Health innovators

New Animal Health
Multipurpose facility
commissioned at Panoli,
Gujarat

Personal Care

A key pillar of our diversification strategy, Personal Care is an emerging growth business within our Specialty Chemicals division. It leverages our manufacturing, R&D and process chemistry capabilities to address opportunities in high-growth adjacent markets

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USD900billion Expected market value by 2030
INR500+Cr Our expected revenue
by 2029-30
Hikal Research & Technology Centre
Research and Technology

Science for What’s Next

We partner with global innovators and custom-generic companies to solve complex chemistry challenges across key life science sectors. Our Research & Technology Centre develops sustainable, scalable processes for NCEs, generics, and lifecycle extensions.

Commissioning Our cGMP Pilot Plant in Pune Advancing High-Potency API Capabilities
15Synthetic Labs
FourInstrumentation Labs
SixProcess Development Labs
>250Post Graduates
26PhD Professionals
Nine Specialised Laboratories
One each in Process Safety, Effluent Treatability, Kilo Lab (Scale-up & Pilot), Solid State Chemistry, HPAPI, Analytical Method Validation lab, Innovation, Simulation, Pilot Plant and High Pressure.
How We Create Value

Creating Impact, Sustainably

Financial Capital
INR11,990MillionNet Worth
INR6,668MillionNet Debt
Manufactured Capital
~16,000MTProduction capacity
Intellectual Capital
INR1,044MillionR&T expenditure
Human Capital
INR12.9MillionL&D investment
Social and Relationship
Capital
INR22MillionCSR spend
Natural Capital
1,345,295GJTotal energy consumption
510,513KLWater consumption
Manufacturing Research and Development Customers Distribution

Vision

To be the leading global fine chemical company to the Pharmaceutical, Crop Protection, and Specialty Chemical Industries.

Motto

Just the right chemistry

Financial Capital
INR17,126MillionRevenue
INR2,328MillionEBITDA*
Manufactured
Capital
8,600MTActive ingredients sold
in 2025-26
Intellectual Capital
FivePublications in academic
journals
Human Capital
ZeroLTIFR
73%Retention rate
Social and Relationship
Capital
24,736Lives impacted through CSR
Natural Capital
35%Reduction in freshwater in terms
physical output intensity (kL/MT)
since base year 2022-23
2,17,145MT CO2eGHG emission SCOPE 3 inventory -
activity based calculation done for
2025-26
21%Waste reduction since base
year 2022-23
100%Critical suppliers assessed on ESG
ESG at Hikal

Committed to Tomorrow

Targets and Roadmap
  • Scope 1 and 2 emissions: 30% by 2027-28 (vs 2022-23)
  • Activity based inventory calculation by 2025-26, SBTi application by September 2026
  • Share of RE: 80% by 2027-28 (vs 2022-23: 56.4%)
  • Product-level carbon footprint calculators for minimum 10 products by 2026-27
  • Total waste recycle: 80% by 2027-28 (vs 2022-23)
  • Freshwater Consumption intensity on physical output basis 15% reduction from base year 2022-23
  • 30% representation of women in total employee strength by 2031-32, compared to the 2022-23 baseline
  • 25% representation of women and diverse talent in managerial and senior roles by 2031-32
Read more Stakeholder engagement Materiality assessment
Environment

Our Planet, Our
Tomorrow

Contribution to UN SDGs
  • Sustainable Development Goal 6: Clean water and sanitation
  • Sustainable Development Goal 7: Affordable and clean energy
  • Sustainable Development Goal 12: Responsible consumption and production
  • Sustainable Development Goal 13: Climate action

At Hikal, sustainability is embedded into the way we operate, guiding our efforts to reduce environmental impact across the value chain.

Read more Highlights for 2025-26
1,050,176GJTotal renewable energy consumption
INR22.17MillionAnnual savings attributable to energy efficiency investments
21%Reduction in Waste Generation as compared to 2022-23 baseline
Governance

Shaping Every
Decision with Dignity

Contribution to UN SDGs
  • Sustainable Development Goal 8: Decent work and economic growth
  • Sustainable Development Goal 16: Peace, justice and strong institutions
  • Sustainable Development Goal 17: Partnerships for the goals

Strong governance underpins Hikal’s commitment to responsible and ethical business conduct. Guided by fairness, transparency and integrity, our governance framework supports effective stakeholder engagement, sound decision-making and long-term value creation, while ensuring resilience in a dynamic operating environment.

Read more Highlights for 2025-26
54.5%Independent Directors
ZeroCorruption incidents
reported
30%Women Directors
ZeroCases of Conflict of
Interest

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Full Annual Report 2025-26

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Awards and Recognition Management Discussion and Analysis Board’s Report Report on Corporate Governance
Business Responsibility and Sustainability Report Standalone Financials Consolidated Financials