Overview

Detailed Summary

S H Kelkar and Company Limited is India’s largest origin fragrance and flavour company, manufacturing proprietary fragrances, flavours and aroma ingredients for FMCG, personal care, household and food sectors, operating CDCs and manufacturing facilities across India, Europe, Southeast Asia and the U.S.
In 9M FY2026 SHK reported revenue from operations of Rs.1,718 crore and EBITDA of Rs.182 crore, while adjusted EBITDA was Rs.240 crore (14% margin), reflecting an ongoing growth investment phase that compressed reported margins but preserved gross margins near 42%.
Management is in an active investment phase: building global Creative Development Centres, expanding manufacturing capacity in India and Europe, and operationalizing a U.S. presence; total near-term capex guidance is about Rs.110–120 crore with insurance proceeds of ~Rs.100 crore expected within 6–12 months to aid cash flows.
Geographic momentum is visible: Fragrance revenue grew 8.9% with strong RoW expansion (RoW fragrance +31.5% Y‑o‑Y) and Flavour revenue grew 37.9% driven by India and exports; Global Ingredients underperformed, down 13% and with negative EBITDA, highlighting a pocket of weakness in the portfolio.
Balance sheet and cash priorities are central: net debt stands around Rs.698 crore (net debt/equity ~0.51x), debt may rise modestly to fund capex, and new CFO emphasis is on working capital efficiency, cash conversion and disciplined capital allocation through the investment cycle.

Sector: Chemicals & Petrochemicals
Industry: Specialty Chemicals
Market Cap: 1,807 Cr
Volatility: High Risk
P/E Ratio: 26.1
Industry P/E: 44.8
PEG Ratio: 0.9
P/B Ratio: 1.3
52W High: 275.20
52W Low: 111.70

Sales CAGR

1Y: 11.59%
3Y: 13.32%
5Y: 10.96%
10Y: 7.16%

Profit CAGR

1Y: -5.29%
3Y: -13.85%
5Y: -15.99%
10Y: -8.51%

ROE

TTM: 3.60%
3Y: 6.88%
5Y: 7.85%
10Y: 9.08%

ROCE

TTM: 5.52%
3Y: 11.63%
5Y: 10.59%
10Y: 12.15%

Technicals

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Peers

Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHK		128.95	1,784 Cr	25.75	1.31	0.78	3.60	5.52	2.37
NITTAGELA		1895.60	1,712 Cr	17.61	3.42	0.37	19.02	25.82	16.59
TITANBIO		389.00	1,607 Cr	53.79	8.85	0.13	16.46	20.87	12.83
VIDHIING		326.00	1,568 Cr	32.12	4.78	0.96	14.93	18.30	11.66
INDOKEM		522.80	1,450 Cr	775.58	32.53	0.00	2.90	5.84	1.28
PAUSHAKLTD		546.25	1,353 Cr	34.41	2.75	0.46	8.01	9.02	5.96
PLATIND		228.05	1,251 Cr	24.07	2.82	0.00	11.73	15.16	9.33
Median: 7 Co.	—	389.00	1,568 Cr	32.12	3.42	0.37	11.73	15.16	9.33

Financial Statements

Upcoming Result Date: Jul 27, 2026

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	496	513	470	543	543	567	581	554	584	650
Expenses	419	424	392	462	479	494	508	501	528	590
Operating Profit	77	90	78	81	65	73	73	53	56	60
OPM %	15.48	17.44	16.64	14.89	11.88	12.94	12.57	9.51	9.61	9.24
Other Income	2.21	1.37	-119	20	0.00	61	3.04	0.78	33	8.23
Interest	11	10	9.89	13	14	13	13	14	14	15
Depreciation	23	22	22	24	23	25	26	27	27	39
Profit Before Tax	46	59	-73	64	27	97	37	12	49	15
Tax %	29.38	40.55	-16.92	37.57	36.02	-5.67	30.21	24.59	33.46	87.67
Net Profit	32	35	-86	40	18	103	26	9.17	33	1.80
EPS in Rs	2.37	2.46	-6.25	2.87	1.27	7.41	1.85	0.66	2.36	0.13

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	1,060	1,039	1,044	1,114	1,322	1,564	1,687	1,930	2,123	2,368
Expenses	815	863	912	956	1,086	1,350	1,469	1,623	1,826	2,126
Operating Profit	245	176	132	158	236	215	217	307	297	242
OPM %	23.13	16.94	12.66	14.19	17.84	13.72	12.89	15.90	13.99	10.21
Other Income	12	13	28	-27	36	5.58	-8.62	6.03	-38	45
Interest	5.16	3.97	14	25	17	16	24	41	49	56
Depreciation	19	24	31	52	62	72	80	89	95	119
Profit Before Tax	153	143	115	54	194	132	104	182	115	112
Tax %	31.39	35.33	23.52	34.18	25.60	-12.97	39.68	32.23	35.48	38.48
Net Profit	105	93	88	36	144	149	63	124	74	69
EPS in Rs	7.55	6.80	6.46	2.61	10.71	10.98	4.53	9.00	5.30	5.00
Dividend Payout %	24.14	26.92	0.00	37.11	16.70	6.94	44.15	8.40	18.83	20.00

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	145	145	145	141	141	138	138	138	138	138
Reserves	667	712	719	683	810	875	926	1,074	1,134	1,223
Borrowings	62	164	334	342	518	698	620	666	832	1,029
Other Liabilities	203	258	248	323	429	586	538	524	581	522
Total Liabilities	1,077	1,280	1,445	1,490	1,898	2,297	2,222	2,402	2,685	2,913
Fixed Assets	296	338	448	459	728	946	913	933	952	1,182
CWIP	7.45	60	38	18	28	8.88	26	13	46	97
Investments	50	110	111	110	14	14	24	10	12	12
Other Assets	724	771	848	903	1,128	1,327	1,259	1,447	1,675	1,623
Total Assets	1,077	1,280	1,445	1,490	1,898	2,297	2,222	2,402	2,685	2,913

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	102	103	77	205	195	50	197	107	16	263
Cash from Investing Activity	-104	-164	-137	-40	-149	-136	-103	-82	-68	-205
Cash from Financing Activity	-16	28	49	-196	88	12	-175	8.19	99	-158
Net Cash Flow	-17	-33	-11	-31	134	-73	-81	34	47	-100

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	58.95%	58.95%	58.95%	58.75%	55.63%	55.63%	55.48%	55.03%	54.87%	54.87%	54.87%	54.87%
FIIs	8.33%	8.25%	8.86%	8.71%	9.40%	7.53%	7.22%	6.96%	7.36%	6.79%	7.42%	5.92%
DIIs	1.42%	1.27%	0.27%	0.27%	2.26%	3.10%	3.44%	3.37%	5.69%	6.02%	5.18%	6.01%
Public	31.29%	31.53%	31.92%	32.27%	32.71%	33.74%	33.87%	34.64%	32.08%	32.33%	32.53%	33.21%
Total Shareholders	42,086	41,946	46,379	46,912	42,014	45,639	47,229	50,450	50,971	54,088	53,911	55,913

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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