S H Kelkar and Company Limited has informed the Exchange about:1. Sale of entire stake of Keva UK Limited to Keva Fragrances Private Limited by Keva Europe BV;2.Sale of entire stake of Keva USA Inc. to Keva Fragrances Private Limited by the Company
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S H Kelkar's board approved unaudited Q1 FY26 results showing a strong recovery. Consolidated revenue from operations rose to Rs. 580.63 crores (up about 23% YoY from Rs. 470.31 crores), and the company swung to a consolidated profit of Rs. 25.55 crores versus a loss of Rs. 63.75 crores in Q1 FY25. Standalone revenue grew to Rs. 339.22 crores with a small profit of Rs. 4.10 crores. On the restructuring side, the company is shuffling two wholly owned subsidiaries — Keva UK Limited (sold by Keva Europe BV) and Keva USA Inc. (sold by the listed entity) — into Keva Fragrances Private Limited for Euro 2 million and USD 2 million respectively, to be completed by March 31, 2026. Both Keva UK and Keva USA had nil revenue in FY25, so this is essentially an internal reorganization with no impact on consolidated turnover. A new wholly owned step-down subsidiary, Keva Middle East FZE, will also be set up in UAE by December 31, 2025 to expand into the Middle East fragrances and flavours market.
The Q1 results are a clear positive, with the company returning to profit after a tough Q1 last year hurt by the Vashiroli fire. The subsidiary transfers are between wholly owned entities and won't change the consolidated picture, so they are largely neutral for shareholders. The new UAE entity signals management's intent to grow internationally in fragrances and flavours.