NSE: SHK · BSE: 539450
S H KELKAR AND CO. LTD.
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Fragrance | 2,127 | 89.8 |
| Flavours | 241 | 10.2 |
| Total, before eliminations | 2,368 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.2 | 23.1 | 40 of 99 | 60% |
| P/B | 1.3 | 2.8 | 20 of 99 | 81% |
| ROCE | 6.4 | 10.1 | 70 of 106 | 34% |
| ROE | 5.1 | 8.1 | 68 of 99 | 32% |
| Debt / Equity | 0.6 | 0.2 | 83 of 99 | 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 | 1800 | 699 | 37 of 108 | 66% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · BSE and NSE issue cautionary letters over delayed meeting disclosure | compliance | minimal | — | — |
| 21 Oct 2026 · Pledge on promoter group shares fully released - no shares left encumbered | ownership changes | high | — | — |
| 17 Oct 2026 · Pledge released on 47 lakh SHK shares by Keva Constructions | ownership changes | high | — | — |
| 16 Oct 2026 · SHK schedules analyst call for Q2 and H1 FY27 results on Nov 3 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board Meeting of November 2, 2026 to consider Q2 FY26 results | results | low | — | — |
| 9 Oct 2026 · SHK Q2 FY27 revenue up 15% at Rs 632.7 cr, margins stable amid cost pressure | business updates | medium | — | — |
| 7 Oct 2026 · RTA filing confirms all SHK securities held in demat form | compliance | minimal | — | — |
| 30 Sept 2026 · S H Kelkar VP Ingredients resigns, internal replacement appointed | management changes | medium | — | — |
| 30 Sept 2026 · S H Kelkar appoints Rajeev Mishra as VP Sales and Ingredients Division | management changes | medium | — | — |
| 30 Sept 2026 · SE India EVP Ingredients Division resigns, internal replacement appointed | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.