Submission of Investor Presentation in respect of Audited (Standalone and Consolidated) Financial Results for the quarter and year ended March 31,2026.
SHK · price
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S H Kelkar (SHK) reported FY2026 revenue of Rs. 2,368 crore, up 11.5% YoY, driven by growth in both Fragrance and Flavour segments. However, Adjusted EBITDA fell to Rs. 323 crore from Rs. 335 crore, with margin contracting to 13.9% from 15.9%, reflecting raw material cost pressures and one-off low-margin portfolio sales (~Rs. 35 crore). Q4 FY26 showed similar trends: revenue up 14.6% to Rs. 650 crore but EBITDA margin at 13.5% vs 14.6% a year ago. Gross margins remained steady on a sequential basis after adjusting for the one-off sales. The CFO flagged rising raw material prices due to geopolitical developments in the Middle East, with cost impact expected in coming quarters. Management indicated it is implementing pricing measures, cost optimisation, and business mix adjustments to protect margins. Net debt to equity stood at 0.58x.
Revenue growth is strong but margin contraction and rising input costs are a concern for near-term profitability. The company faces margin pressure without clear guidance on recovery timeline, though management's stated focus on pricing and cost measures provides some reassurance.