Hikal Q2 FY27: consolidated loss narrows to ₹6.1 Cr YoY as revenue jumps 36%, OPM expands to 10.3%

Hikal's consolidated Q2 FY27 revenue rose 36.3% YoY to ₹434.2 Cr (₹318.5 Cr) and 7.8% QoQ (₹402.8 Cr), while the net loss narrowed sharply to ₹6.1 Cr (EPS -₹0.49) from ₹34.9 Cr a year ago (EPS -₹2.83) and ₹7.4 Cr last quarter. It is the company's fifth consecutive loss-making quarter but by far the smallest, continuing the healing trend visible since Q1. The improvement is pharma-led: Pharmaceuticals revenue grew 46.6% YoY to ₹277.8 Cr (19.1% QoQ) and the segment swung to a ₹12.8 Cr profit from a ₹17.5 Cr loss a year ago. Crop Protection revenue grew 21.2% YoY to ₹156.4 Cr but fell 7.7% QoQ (seasonal) and the segment stayed loss-making at ₹2.3 Cr, albeit narrower than -₹9.6 Cr a year ago and -₹6.0 Cr last quarter. Group operating margin (EBITDA ex-exceptional items / revenue) expanded to 10.3% from 2.3% YoY and NPM improved to -1.4% from -10.9%. On a QoQ basis reported OPM looks like it eased from 11.4%, but that prior figure included the ₹8.9 Cr one-off credit; stripped of it, Q1's underlying OPM was ~9.2%, so the sequential trend is also one of expansion to 10.3%. Against management's August 2026 guidance of FY27 revenue growth of 14-16% and EBITDA growth of 25-30%, H1 FY27 is running well ahead: consolidated revenue is up 19.8% YoY to ₹837.0 Cr and EBITDA (ex-exceptional) is up roughly 154% YoY to ₹81.9 Cr from ₹32.3 Cr — a beat on pace, though the EBITDA comparison is flattered by a depressed FY26 H1 base, which this filing's note 8 ties to the Jigani facility's USFDA warning letter. Segment-level guidance also tracks: H1 Pharma revenue is up 30.3% YoY (guided +18-19% CAGR) and H1 Crop Protection is up 6.2% YoY (guided mid-to-high single digit). No analyst consensus for this specific quarter turned up in a pre-print search, and the company has not yet issued a separate investor press release for Q2, so this read rests on the filing's own disclosures. The print also lands against a governance backdrop — Jai Hiremath's October 1 exit as Executive Chairman and a new CEO appointment, a new multi-year global CDMO contract signed November 2, and Swissmedic GMP certification for the Bengaluru API site on October 30 — all just after quarter-end but relevant to how the pharma growth story is read into Q3.