Develops, manufactures and sells fragrance and flavour compounds for personal care, home care, food and pharmaceutical customers. The Fragrance segment accounted for ₹2,126.87 crore, or 89.8% of FY26 segment revenue, with Flavours contributing ₹241.39 crore or 10.2%. Operations are split between India and Europe, with a greenfield factory in Almere (Netherlands) fully operational and Indian facilities at Vashivali (rebuilding after an April 2024 fire), Vanavate and a new Pune plant targeted to come on stream in Q3 FY27. Raw materials represent 56.9% of FY26 revenue, and management states that around 70% of total costs are directly or indirectly linked to crude oil and citrus terpenes, exposing margins to global petrochemical and citrus pricing. Q1 FY27 consolidated revenue was ₹662 crore, with Flavours up 63% year-on-year against a 9% rise in Fragrance. FY27 capex is guided at ₹140 crore, and net debt stood at ₹707 crore as of June 2026, with management targeting roughly ₹25 crore of quarterly deleveraging from Q3 FY27 onwards. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fragrance (90%), Flavours (10%). Specialty chemicals manufacturer of fragrance and flavour compounds; asset-heavy with manufacturing footprint in India and the Netherlands and ongoing capacity expansion
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,564 | 1,687 | 1,930 | 2,123 | 2,368 |
| EBITDA (ex other income) | 203 | 197 | 307 | 236 | 278 |
| margin % | 13.0 | 11.7 | 15.9 | 11.1 | 11.7 |
| Owners' profit | 149 | 61 | 122 | 73 | 69 |
| EPS, as reported (₹) | 10.81 | 4.53 | 8.93 | 5.31 | 5.00 |
| ROE % · ROCE % | 13.7 · 9.4 | 5.7 · 8.5 | 10.2 · 15.2 | 5.7 · 10.7 | 5.1 · 9.6 |
| Debt / equity (x) | 0.58 | 0.56 | 0.51 | 0.59 | 0.62 |
| Cash from operations | 50 | 189 | 107 | 16 | 263 |
| Capex | (27) | (69) | (61) | (96) | (206) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 543 | 543 | 567 | 581 | 554 | 584 | 650 | 662 |
| Profit before tax | 64 | 28 | 97 | 36 | 12 | 50 | 14 | 69 |
| Net profit | 40 | 18 | 103 | 26 | 9 | 33 | 2 | 45 |
| EPS (₹) | 2.87 | 1.27 | 7.41 | 1.85 | 0.66 | 2.36 | 0.13 | 3.28 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Fragrance | 2,127 | 89.8 |
| Flavours | 241 | 10.2 |
| Total, before eliminations | 2,368 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,59,479 | 60.2 | 14.43 | 42.3 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 73,583 | 34.0 | 5.24 | 22.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 19 Aug 2026 · S H Kelkar appoints Ranjeet Agrawal as EVP-Sales for India Subcontinent | management changes | medium | — | — |
| 19 Aug 2026 · S H Kelkar appoints Ranjeet Agrawal as EVP Sales | management changes | medium | — | — |
| 14 Aug 2026 · Crisil assigns ESG rating of 52 to S H Kelkar for FY26 | business updates | medium | — | — |
| 4 Aug 2026 · SH Kelkar Q1 FY27: Revenue up 14%, EBITDA up 21%, margin expands to 13.4% | investor communications | medium | — | — |
| 1 Aug 2026 · 70th AGM: All 7 resolutions passed, interim dividend confirmed | board shareholder meetings | low | — | — |
| 31 Jul 2026 · 70th AGM of S H Kelkar held via video conferencing on July 31 2026 | board shareholder meetings | medium | — | — |
| 29 Jul 2026 · Audio Recording of Q1 FY27 Conference Call Now Available Online | investor communications | low | — | — |
| 29 Jul 2026 · S H Kelkar publishes Q1 FY27 financial results in newspapers | compliance | minimal | — | — |
| 28 Jul 2026 · SH Kelkar Q1 FY27: Revenue up 14%, EBITDA margin improves to 13.4% | investor communications | medium | — | — |
| 28 Jul 2026 · SH Kelkar Q1 FY27: Revenue up 14 percent, EBITDA margin at 13.4 percent | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 13.1 |
| 13.1 |
| 13.4 |
| 25.2 |
| GUJARAT FLUOROCHEM LTD | 52,514 | 85.7 | 6.64 | 41.5 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,836 | 55.4 | 11.03 | 39.5 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 22,229 | 94.3 | 9.05 | 60.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 21,769 | 27.8 | 3.71 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 18,401 | 23.1 | 2.92 | 14.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 17,846 | 33.6 | 3.00 | 18.8 | 7.0 | 4.4 | 13.0 | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.0 | 23.4 | 49 of 103 | 53% |
| P/B | 1.4 | 2.9 | 22 of 99 | 79% |
| ROCE | 6.4 | 10.3 | 72 of 108 | 34% |
| ROE | 5.1 | 8.1 | 70 of 101 | 31% |
| Debt / Equity | 0.6 | 0.2 | 85 of 101 | 16% |
| EBITDA margin | 18.0 | 15.5 | 43 of 99 | 57% |
| Revenue growth | 14.1 | 24.4 | 69 of 94 | 27% |
| Profit growth | 77.8 | 55.1 | 35 of 92 | 63% |
| Market cap | 1954 | 732 | 37 of 107 | 66% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
