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.