Hikal Limited (HIKAL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-107.8%

-₹17.54

vs ₹223.60 price

Levered DCF

-₹12.92

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-37.14×	54.51×	48.85×	44.28×	30.9×	13.29×	10.17×	21.74×
P/B	1.51×	3.92×	2.86×	3.06×	4.64×	1.9×	1.05×	2.96×
P/S	1.06×	2.66×	1.92×	1.73×	2.58×	1.04×	0.57×	1.41×
EV / EBITDA	16.85×	17.1×	15.75×	16.14×	16.52×	7.33×	5.77×	9.98×
Gross margin	30.2%	55.0%	51.1%	43.0%	45.9%	45.1%	18.2%	18.3%
Operating margin	3.3%	41.7%	8.4%	7.4%	12.7%	13.4%	12.7%	13.4%
Net margin	-2.8%	4.9%	3.9%	3.9%	8.3%	7.8%	5.6%	6.5%
Current ratio	1.3×	1.26×	1.28×	1.42×	1.25×	1.34×	1.3×	1.38×
Debt / equity	0.57×	0.61×	0.69×	0.66×	0.63×	0.65×	0.79×	0.87×
Interest coverage	0.91×	10.31×	2.66×	3.27×	8.29×	6.34×	3.87×	4.17×
Dividend yield	0.7%	0.3%	0.4%	0.4%	0.5%	0.8%	2.8%	0.7%
Payout ratio	-25.2%	16.3%	21.3%	15.7%	16.9%	11.1%	28.2%	15.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-4.1%	7.2%	5.9%	6.9%	15.0%	14.3%	10.3%	13.6%
Return on invested capital	1.8%	26.6%	5.1%	5.6%	9.8%	9.2%	8.4%	10.2%
Return on assets	-2.1%	3.6%	2.8%	3.3%	7.3%	7.0%	4.8%	6.1%
Free cash flow yield	4.9%	2.9%	-0.5%	0.4%	0.4%	4.0%	14.8%	2.6%
Earnings yield	-2.7%	1.8%	2.0%	2.3%	3.2%	7.5%	9.8%	4.6%
Enterprise value	₹24.9B	₹57B	₹42B	₹41.9B	₹56.2B	₹23.7B	₹14.7B	₹28.9B
Net debt / EBITDA	4.57×	2.25×	3.01×	2.78×	1.95×	1.86×	2.41×	2.24×
Cash conversion cycle (days)	122	116	12	85	31	118	116	120