S H Kelkar and Company Limited has informed the Exchange about Transcript of Conference Call for Investor and Analysts held as on February 09, 2026.
SHK · price
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S H Kelkar's Q3 & 9M FY26 concall featured new Group CFO Jagdish Agarwal's first interaction with analysts. 9M FY26 consolidated revenue grew 10% YoY to Rs. 1,718 crore, though the quarter was softer than expected. Adjusted EBITDA margin (ex-new initiatives and excess insurance cost) stands at ~13%, with management guiding it to ~17% over the next 2 years as new investments in the US, Europe and UK start generating revenue. Gross margin of 42.4% is at the lower end of range but expected to improve from Q4 FY26 onwards. The US Creative Development Centre secured its first customer order, with the company targeting $2-2.5 million in US business by end of next year against $3.5-4 million fixed cost. Capex plan of Rs. 70-80 crore in India plus EUR 2-3 million in Europe is lined up over 12-18 months. Insurance claim of ~Rs. 100 crore expected in 6-12 months. ROCE guided to ~14% by FY29, with 12% revenue CAGR (FY24-25 base).
Short-term: stock may remain under pressure as near-term EBITDA and ROCE stay depressed by ongoing investment phase and elevated insurance costs. Medium-term: management's clear 2-year EBITDA expansion roadmap (13%→17%), US market entry traction, and insurance recovery offer recovery catalysts. Promoter Vaze hinted at being 'tempted' to increase stake at current valuations, which could be a positive sentiment signal.