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S H Kelkar and Company Q2 FY27 results: net profit up 58.8% to ₹14.56 crore, revenue up 14.9%
S H Kelkar and Company Limited reported consolidated Q2 FY27 revenue of ₹636.19 crore, up 14.9% from Q2 FY26, while EBITDA rose 49.7% to ₹78.86 crore and the EBITDA margin widened to 12.4%. Net profit increased 58.8% to ₹14.56 crore, but was lower than Q1 FY27 after that quarter included an exceptional gain. The board approved the unaudited standalone and consolidated results on 2 November 2026.
Key points
- Consolidated Q2 FY27 revenue was ₹636.19 crore, up 14.9% from ₹553.89 crore in Q2 FY26.
- EBITDA was ₹78.86 crore, up 49.7%, while the margin improved to 12.4% from 9.5%.
- Net profit was ₹14.56 crore versus ₹9.17 crore in Q2 FY26, while basic EPS was ₹1.05 versus ₹0.66.
- Against Q1 FY27, revenue fell 4.0% to ₹636.19 crore and net profit fell 68.0% to ₹14.56 crore.
- H1 FY27 revenue was ₹1,298.61 crore, up 14.5%, and net profit was ₹59.99 crore, up 72.8%.
How did S H Kelkar and Company perform in Q2 FY27?
S H Kelkar and Company reported consolidated revenue of ₹636.19 crore for Q2 FY27, up 14.9% from ₹553.89 crore in Q2 FY26 but down 4.0% from ₹662.42 crore in Q1 FY27. EBITDA rose 49.7% year on year to ₹78.86 crore from ₹52.67 crore, and the EBITDA margin widened to 12.4% from 9.5%. Against the previous quarter, EBITDA fell 11.1% and the margin declined by 1.0 percentage point to 12.4%.
Consolidated profit before tax was ₹26.65 crore in Q2 FY27, up 114.2% from ₹12.44 crore in Q2 FY26 but down 61.5% from ₹69.30 crore in Q1 FY27. Net profit was ₹14.56 crore, against ₹9.17 crore a year earlier and ₹45.43 crore in the previous quarter. Basic EPS was ₹1.05, compared with ₹0.66 in Q2 FY26 and ₹3.28 in Q1 FY27.
On the standalone basis, Q2 FY27 revenue was ₹682.43 crore, up 122.6%, while profit before tax was ₹10.6 crore against ₹16.86 crore of profit after tax on the consolidated basis. The board approved both standalone and consolidated unaudited results for the quarter and half year ended 30 September 2026 on 2 November 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 636.19 | 662.42 | 553.89 | +14.9% | −4.0% |
| Other income | 2.87 | 0.81 | 0.32 | +796.9% | +254.3% |
| Total expenses | 612.41 | 623.88 | 542.51 | +12.9% | −1.8% |
| EBITDA | 78.86 | 88.66 | 52.67 | +49.7% | −11.1% |
| EBITDA margin | 12.4% | 13.4% | 9.5% | +2.9 pp | −1.0 pp |
| Profit before tax | 26.65 | 69.30 | 12.44 | +114.2% | −61.5% |
| Tax | 11.98 | 23.67 | 2.99 | +300.7% | −49.4% |
| Net profit | 14.56 | 45.43 | 9.17 | +58.8% | −68.0% |
| EPS (₹) | 1.05 | 3.28 | 0.66 | +59.1% | −68.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in S H Kelkar and Company's costs and profit?
Cost of materials fell 1.7% to ₹328.52 crore from ₹334.24 crore in Q2 FY26, while employee cost rose 14.7% to ₹97.59 crore from ₹85.09 crore. Finance costs increased 25.1% to ₹17.40 crore from ₹13.91 crore, depreciation rose 37.6% to ₹37.68 crore from ₹27.38 crore, and other expenses increased 12.6% to ₹110.21 crore from ₹97.90 crore.
Other income rose to ₹2.87 crore from ₹0.32 crore in Q2 FY26. There was no exceptional item in Q2 FY27, compared with a ₹0.74 crore gain in Q2 FY26. Tax expense increased to ₹11.98 crore from ₹2.99 crore, and the net profit margin rose to 2.3% from 1.7%.
Against Q1 FY27, cost of materials fell 15.6% to ₹328.52 crore from ₹389.03 crore and total expenses declined 1.8% to ₹612.41 crore from ₹623.88 crore. Other income increased to ₹2.87 crore from ₹0.81 crore, but finance costs, depreciation and other expenses were higher; tax fell 49.4% to ₹11.98 crore from ₹23.67 crore. The previous quarter included a ₹29.95 crore exceptional gain.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 328.52 | 334.24 | −5.72 | −1.7% |
| Employee cost | 97.59 | 85.09 | +12.50 | +14.7% |
| Finance costs | 17.40 | 13.91 | +3.49 | +25.1% |
| Depreciation | 37.68 | 27.38 | +10.30 | +37.6% |
| Other expenses | 110.21 | 97.90 | +12.31 | +12.6% |
| Total expenses | 612.41 | 542.51 | +69.90 | +12.9% |
| Other income | 2.87 | 0.32 | +2.55 | +796.9% |
| Tax | 11.98 | 2.99 | +8.99 | +300.7% |
| Exceptional items | none | +0.74 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹1,298.61 crore, up 14.5% from ₹1,134.52 crore in H1 FY26, while total income rose 14.7% to ₹1,302.29 crore from ₹1,135.65 crore. Profit before tax increased 96.1% to ₹95.95 crore from ₹48.93 crore.
H1 FY27 net profit was ₹59.99 crore, up 72.8% from ₹34.72 crore in H1 FY26. Basic EPS rose to ₹4.33 from ₹2.51. The H1 FY27 revenue difference was ₹164.09 crore, while the net profit difference was ₹25.27 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,299 | 1,135 | +14.5% |
| Profit before tax | 95.95 | 48.93 | +96.1% |
| Net profit | 59.99 | 34.72 | +72.8% |
| EPS (₹) | 4.33 | 2.51 | +72.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹3,045.47 crore against ₹2,913.19 crore at 31 March 2026, and total equity was ₹1,420.69 crore against ₹1,362.43 crore. Borrowings increased to ₹972.76 crore from ₹850.97 crore, while cash declined to ₹61.74 crore from ₹64.30 crore.
Inventories rose to ₹798.79 crore from ₹665.14 crore, trade receivables fell to ₹615.20 crore from ₹635.02 crore, and trade payables declined to ₹274.49 crore from ₹331.37 crore. In H1 FY27, operating cash flow was negative ₹42.87 crore, compared with ₹130.83 crore in H1 FY26, and investing cash flow was negative ₹16.15 crore against negative ₹91.89 crore.
Financing cash flow for H1 FY27 was ₹39.77 crore, compared with negative ₹84.22 crore in H1 FY26. Capital expenditure was ₹50.64 crore in H1 FY27, down from ₹93.09 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,045 | 2,913 |
| Total equity | 1,421 | 1,362 |
| Borrowings | 972.76 | 850.97 |
| Cash and equivalents | 61.74 | 64.30 |
| Inventories | 798.79 | 665.14 |
| Trade receivables | 615.20 | 635.02 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −42.87 | 130.83 |
| Cash from investing | −16.15 | −91.89 |
| Cash from financing | 39.77 | −84.22 |
| Capital expenditure | 50.64 | 93.09 |
Source: Company's results filing (XBRL).
How has S H Kelkar and Company done over the last 8 quarters?
Revenue rose year on year in each of the last eight reported quarters. It reached a high of ₹662.42 crore in Q1 FY27 before easing to ₹636.19 crore in Q2 FY27; over the same period, the EBITDA margin slipped from its recent high of 13.4% to 12.4%.
Net profit rose year on year in each of the last two quarters. It was highest at ₹102.51 crore in Q4 FY25 and lowest at ₹1.80 crore in Q4 FY26; in Q2 FY27, profit was ₹14.56 crore, below ₹45.43 crore in Q1 FY27. The recent EBITDA margin range was 9.2% in Q4 FY26 to 13.4% in Q1 FY27.
Which businesses drove the quarter?
Fragrance revenue was ₹563.27 crore in Q2 FY27, up 13.3% from ₹497.09 crore in Q2 FY26. Segment EBIT was ₹35.36 crore against ₹28.77 crore, and the reported EBIT margin was 6.3%.
Flavours revenue rose 28.4% to ₹72.92 crore from ₹56.80 crore in Q2 FY26. EBIT increased to ₹16.68 crore from ₹13.10 crore, with a reported EBIT margin of 22.9%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Fragrance | 563.27 | +13.3% | 35.36 | 6.3% |
| Flavours | 72.92 | +28.4% | 16.68 | 22.9% |
Source: Company's results filing (XBRL segment data).
What did S H Kelkar and Company's management say?
Management said revenue growth was expected to continue at 12-13% year on year over the next two to three years, with double-digit like-for-like growth even in EUR terms. It guided to EBITDA growth of 13-14% in FY28 and beyond and said a 15% EBITDA margin was targeted within 12-18 months if inflation stabilised; this could take about two years if further inflation persisted.
Management said gross margin was expected in the 43% range in H2 FY27, with possible improvement of about 0.5% if input cost pressures eased. It described the H1 FY27 EBITDA margin of 13% as the subdued end of the sustainable range and said it expected the margin to improve year on year.
Management said flavour revenue was up 47% in H1 FY27, although it viewed about 20% as the sustainable growth rate. It also said the European plant was live, while Indian plants were due in Q4 FY27 and Q4 FY28. The company stated that no unpublished price-sensitive information was shared during the 3 November 2026 call.
How did S H Kelkar and Company shares react?
By the next day's close, the stock was up 2.6% from its pre-results close. The Specialty Chemicals industry median was up 0.9% over the same close, leaving SHK ahead by 1.7 percentage points. Earlier reaction-day moves included gains of 16.4% on 28 July 2026 and 13.5% on 16 May 2025, and declines of 13.7% on 7 November 2025 and 8.4% on 15 May 2026.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | −0.9% | |
| 15 minutes | −2.0% | |
| 30 minutes | −1.5% | |
| Reaction day | −1.2% | +0.0% |
| Next day | +2.6% | +0.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 28 July 2026 | +16.4% |
| 15 May 2026 | −8.4% |
| 6 February 2026 | +3.9% |
| 7 November 2025 | −13.7% |
| 8 August 2025 | −0.9% |
| 16 May 2025 | +13.5% |
| 12 February 2025 | −3.8% |
| 14 November 2024 | −3.9% |
Source: MarketPing price-reaction measurement.
How did other Specialty Chemicals companies do?
A total of 51 Specialty Chemicals companies had filed for the quarter by 5 November 2026, with a median revenue growth of 28.5%. Eight peers grew more slowly than S H Kelkar and Company, while 43 peers grew faster than the company, whose consolidated revenue grew 14.9%.
Among the 47 peers for which profit was compared, 41 reported higher profit.
| S H Kelkar and Company revenue growth (YoY) | +14.9% |
|---|---|
| Median of 51 other Specialty Chemicals companies | +28.5% |
| Companies with slower revenue growth than S H Kelkar and Company | 8 of 51 |
| Companies with faster revenue growth than S H Kelkar and Company | 43 of 51 |
| Companies whose net profit rose | 41 of 47 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was S H Kelkar and Company's revenue in Q2 FY27?
Revenue from operations was ₹636.19 crore, up 14.9% from ₹553.89 crore in Q2 FY26 (consolidated).
Did S H Kelkar and Company make a profit in Q2 FY27?
Yes. Net profit was ₹14.56 crore, against a net profit of ₹9.17 crore in Q2 FY26.
What was S H Kelkar and Company's EPS in Q2 FY27?
Basic earnings per share were ₹1.05, against ₹0.66 in Q2 FY26.
How did S H Kelkar and Company shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.2% from the previous close; the median Specialty Chemicals stock moved +0.0%.
When did S H Kelkar and Company announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration Of Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 15 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On November 02, 2026 (BSE, 2 November 2026) · PDF
- Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 2 November 2026) · PDF
- Announcement under Regulation 30 (LODR)-Change in Directorate (BSE, 2 November 2026) · PDF
- Announcement under Regulation 30 (LODR)-Change in Management (BSE, 2 November 2026) · PDF
- The earnings call (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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