SHK

S H Kelkar and Company share price & financials

Price
₹140.07
Market cap
₹2.3k Cr
Sector
Chemicals
Calls analysed
7
Latest concall · Q1 FY27 · call held 29 Jul 2026

S H Kelkar and Company Limited Q1 FY27

Revenue from Operations ₹662 cr +14%EBITDA ₹89 cr +21%EBITDA Margin 13.4% Net Debt ₹852 cr

What went well

  • Consolidated revenue grew 14% Y-o-Y to ₹662 crore.
  • Consolidated EBITDA rose 21% to ₹89 crore.
  • EBITDA margin improved to 13.4% from 12.6% in Q1 FY26.

What to watch

  • Geopolitical developments are keeping energy, freight, and trade volatility high.
  • Net debt increased by ₹65 crore during the quarter to ₹852 crore as of June 2026.
Read the full call →

What S H Kelkar and Company Limited does

S H Kelkar and Company (SHK) develops and manufactures fragrance and flavour compounds that customers use as raw materials in their own finished products. Its fragrance ingredients go into personal wash, fabric care, skin and hair care and fine fragrance products, while its flavour ingredients are used by makers of baked goods, dairy products, beverages and pharmaceutical products. It also runs a Global Ingredients business supplying select aroma chemicals, alongside its core Fragrance and Flavour divisions. Revenue is earned by selling these formulated ingredients to a diversified base of national and multinational FMCG companies, blenders and other fragrance & flavour producers across India, Europe and the rest of the world.

Segments

  • Fragrance
  • Flavour
  • Global Ingredients
Market position
Largest Indian-origin Fragrance & Flavour company in India
Operating history
Over 100 years of experience in the fragrance industry
Creation & Development Centres
5 (India, Singapore, Amsterdam, Indonesia, Italy), plus newer CDCs set up in Germany and being set up in Manchester, UK
Manufacturing facilities
India (Vashivali, under rebuild after fire; new Vanavate unit, Maharashtra), Netherlands (Almere, now fully operational) and Indonesia (Jakarta, greenfield)
Molecules developed
10 new molecules developed over the last four years
Patent applications filed
20 patent applications on molecules, systems and processes, of which 6 commercially exploited
Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 1 delivered 5 missed 17 open
  • Insurance Payout delivered, diluted said Q2 FY25 Promised: around ₹100 crore by Dec-Jan (Q3 FY25) Q1 FY27: Promise remains achieved (diluted) from a prior period. New insurance claims relate to a different incident.
  • Long-term EBITDA Margin went quiet said Q2 FY25 Promised: 20% in next 2-3 years Q1 FY27: The long-term target was not specifically discussed. Q1 FY27 EBITDA margin was 13.4%, and FY27 guidance is for 'improved margins', which is still far from the original or revised long-term goals.
  • Vashivali Factory Rebuild Completion delayed said Q2 FY25 Promised: Within 9-10 months (by ~Q2/Q3 FY26) Q1 FY27: Management mentioned that capex for the Vashivali upgradation might be deferred to Q1 FY28, suggesting the Q3 FY27 availability target is at risk of further delay.

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 14.1%, net profit up 73.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue542 543 567 580 554 +2%584 +8%650 +15%662 +14%
EBITDA80 64 73 73 52 −35%55 −14%61 −16%88 +21%
Net profit40 18 103 26 9 −77%33 +83%2 −98%45 +73%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −43.9% 1Y

₹150₹200₹250Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 9 Feb 2026Q4 FY26 — 18 May 2026Q1 FY27 — 29 Jul 2026

1Y: ₹251.57 on 10 Sept 2025 → ₹141.22. High ₹252.29 (17 Sept 2025), low ₹112.34 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+13.5%
29 Jul
Q4 FY26
−10.0%
18 May
Q3 FY26
+5.0%
9 Feb
Q2 FY26
−2.5%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 12.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.2%.

Year endingFY23FY24FY25FY26
Revenue₹1.7k Cr₹1.9k Cr₹2.1k Cr₹2.4k Cr
Operating profit₹217 Cr₹306 Cr₹295 Cr₹241 Cr
Operating margin12.9%16.4%13.9%10.2%
Interest₹24 Cr₹40 Cr₹50 Cr₹56 Cr
Depreciation₹81 Cr₹87 Cr₹94 Cr₹119 Cr
Net profit₹62 Cr₹123 Cr₹74 Cr₹70 Cr
Net margin3.7%6.6%3.5%3.0%
Cash from operations₹197 Cr₹107 Cr₹16 Cr₹263 Cr
Free cash flow₹149 Cr₹47 Cr₹-80 Cr₹60 Cr
ROCE8.0%12.0%10.0%6.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹141 Cr₹138 Cr₹138 Cr₹138 Cr₹138 Cr₹138 Cr
Reserves₹810 Cr₹875 Cr₹926 Cr₹1.1k Cr₹1.2k Cr₹1.2k Cr
Borrowings₹518 Cr₹698 Cr₹620 Cr₹666 Cr₹889 Cr₹1.0k Cr
Other liabilities₹405 Cr₹568 Cr₹518 Cr₹502 Cr₹587 Cr₹493 Cr
Total liabilities₹1.9k Cr₹2.3k Cr₹2.2k Cr₹2.4k Cr₹2.8k Cr₹2.9k Cr
Fixed assets₹741 Cr₹959 Cr₹914 Cr₹933 Cr₹1.1k Cr₹1.2k Cr
Capital work in progress₹28 Cr₹9 Cr₹26 Cr₹13 Cr₹59 Cr₹96 Cr
Investments₹1 Cr₹1 Cr₹23 Cr₹10 Cr₹13 Cr₹11 Cr
Other assets₹1.1k Cr₹1.3k Cr₹1.2k Cr₹1.4k Cr₹1.7k Cr₹1.6k Cr
Total assets₹1.9k Cr₹2.3k Cr₹2.2k Cr₹2.4k Cr₹2.8k Cr₹2.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse S H Kelkar and Company Limited

Guides on how to read this kind of business and the numbers that matter.