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SH Kelkar And Company Ltd.

•
keva.co.inBSE: 539450NSE: SHK
Market Cap₹ 1,956 Cr.
Current Price
High / Low₹ 256 / 112
Stock P/E22.0
Book Value₹ 102
Price to Book1.14
Dividend Yield0.71 %
ROCE7.8 %
ROE5.3 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Fragrances: 92.3% • Flavours: 7.7%

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence
55%
View full sector analysis →

PROS

  • Company has consistently been profitable over the last 5 years
  • Latest quarter profit grew 77.8% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.45x)
  • Working capital cycle has improved - days down from 76 to 48
  • Company generates healthy free cash flow
  • Company has a consistent dividend-paying track record

CONS

  • Recent results are weak - TTM profit is down 58.9% versus prior year
  • Company has a low return on equity of 7.4% over last 3 years
  • Company has a low return on capital employed of 9.7%
  • Promoter holding has decreased over last 2 years: -3.9pp
  • Company has delivered a poor profit growth of -13.6% over past five years
  • Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsChemicals
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.SOLARINDS22307.50101.37201860.690.05666.3788.983668.2070.2638.1627.91
2.PIDILITIND1567.4560.23159547.551.378835.101202.8645515.501112.7432.3826.28
3.SRF2483.0034.0573602.280.36758.8775.535033.2634.6314.2124.57
4.FLUOROCHEM4771.7585.2352417.670.06219.0019.021588.0023.979.5826.83
5.NAVINFLUOR8541.1055.4943822.770.18243.31107.671045.0844.0721.3934.17
6.GODREJIND1127.0032.2937963.110.00523.36-27.855448.0922.1610.6412.82
7.AETHER1672.9594.4122204.700.0062.7533.45326.5627.4911.6531.47
8.DEEPAKNTR1587.1027.6421646.940.47345.01207.362577.6036.3911.5820.96
9.ATUL6244.5523.1118385.050.48253.9391.851847.9525.0315.0521.41
10.AARTIIND492.1533.6217851.590.20155.00260.472387.0042.426.9516.00
11.DEEPAKFERT1320.4517.0016725.200.76490.04100.953256.2622.4712.1225.96
12.SHK141.3021.951955.890.7145.4377.81662.4214.497.8213.27
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
420432469511468540541564579552581647662
355363396424392462479494508501528590624
Operating Profit66687388767862707150535739
OPM %15.66%15.81%15.64%17.13%16.21%14.44%11.48%12.49%12.26%9.14%9.19%8.87%5.82%
1221-1192116131347-29
Interest10101010101314131314141515
Depreciation21222222222423252627273935
Profit before Tax38414659-736428973612501469
Tax %29.29%27.00%29.54%40.55%-16.92%37.19%34.89%-5.68%30.31%24.04%32.96%93.77%34.54%
Net Profit0000-874018103269331845
1.942.112.392.46-6.192.871.277.411.850.662.360.133.28

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
9811,0211,0481,1141,3221,5641,6871,8412,1232,3682,443
8148629109551,0831,3501,4741,5381,8262,1262,243
Operating Profit167159138159239214212303297242200
OPM %17.02%15.61%13.18%14.29%18.08%13.67%12.60%16.45%13.99%10.21%8.18%
121323-29366-46-374513
Interest65162620162440495657
Depreciation192431526272808695119128
Profit before Tax15314311554194132104183115112144
Tax %31.39%35.33%23.52%34.18%25.60%-12.97%39.68%32.45%35.48%38.48%38.69%
Net Profit10593883614414963124746989
EPS7.256.526.202.5610.4810.814.538.845.295.00—
Dividend Payout %24.14%26.96%0.00%37.62%17.09%6.99%45.26%8.48%18.90%19.99%—

COMPOUNDED SALES GROWTH

10 Years:
10%
5 Years:
12%
3 Years:
12%

COMPOUNDED PROFIT GROWTH

10 Years:
-1%
5 Years:
-14%
3 Years:
4%

STOCK PRICE CAGR

10 Years:
-7%
5 Years:
-3%
3 Years:
-3%
1 Year:
-43%

RETURN ON EQUITY

10 Years:
10%
5 Years:
9%
3 Years:
7%
Last Year:
5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Feb 13

₹ 0.10

Rs.1.0000 per share(10%)Interim Dividend

2025

Aug 1

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2024

Apr 12

₹ 0.07

Interim Dividend

2023

Aug 3

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2022

Aug 2

₹ 0.07

Rs.0.7500 per share(7.5%)Final Dividend

2021

Aug 2

₹ 0.07

Rs.0.7500 per share(7.5%)Final Dividend

2020

Nov 19

₹ 0.10

Interim Dividend

2018

Aug 1

Rs.1.7500 per share(17.5%)Final Dividend

2017

Aug 2

Rs.1.7500 per share(17.5%)Dividend

2016

Mar 17

₹ 0.15

Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital145145145141141138138138138138
Minority Interest00111138038101
6677127196838108759261,0741,1341,223
63166336344501698606577695962
Trade Payables111156134173247352365355400331
87222196106172135128235293228
Total Liabilities1,0731,4001,5411,4571,8742,2792,2022,3812,6602,884
2963384484597289469139339521,182
Capital Work in Progress236153842273990
5096111971123101111
350348374337429555603657718665
0210000490506635
Cash & Bank55244166139123671038765
319558550496568649573182348236
Total Assets1,0731,4001,5411,4571,8742,2792,2022,3812,6602,884

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
14713911323320811323610716263
Cash from Investing-104-164-137-40-149-160-103-82-72-205
Cash from Financing-162849-1968812-175899-158
-17-33-11-31134-97-813443-100

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
58.7555.6355.6355.4855.0354.8754.8754.8754.87
8.719.407.547.226.967.366.797.425.92
0.272.263.103.443.375.696.025.186.01
Government0.000.000.000.000.000.000.000.000.00
32.2732.7133.7433.8734.6432.0832.3332.5333.21

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-19
Appointment

2026-08-19 - S H Kelkar and Company Limited has informed the Exchange regarding Appointment of Mr. Ranjeet Agrawal as Executive Vice President - Sales (India Subcontinent) and Senior Management Personnel of the Company w.e.f. August 20, 2026.

2026-08-19
Outcome of Board Meeting

2026-08-19 - S H Kelkar and Company Limited has informed the Exchange regarding Appointment of Mr. Ranjeet Agrawal as Executive Vice President - Sales (India Subcontinent) and Senior Management Personnel of the Company with effect from August 20, 2026

2026-08-14
Credit Rating- New

2026-08-14 - S H Kelkar and Company Limited has informed the Exchange about ESG Rating FY26

2026-08-04
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-04 - S H Kelkar and Company Limited has informed the Exchange about Transcript of the Conference Call for Investors and Analysts for Q1 FY 27 results

2026-08-01
Shareholders meeting

2026-08-01 - Voting Results and Scrutiniser's Report - 70th Annual General Meeting

2026-07-31
Shareholders meeting

2026-07-31 - S H Kelkar and Company Limited has informed the Exchange regarding Proceedings of 70th Annual General Meeting held on July 31, 2026

2026-07-29
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-29 - S H Kelkar and Company Limited has informed the Exchange about Audio Recording of Conference Call for Investor and Analysts for Q1 FY 2027.

2026-07-29
Copy of Newspaper Publication

2026-07-29 - S H Kelkar and Company Limited has informed the Exchange about Newspaper Publication in respect of Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026

2026-07-28
Investor Presentation

2026-07-28 - S H Kelkar and Company Limited has informed the Exchange about Investor Presentation

News

Recent coverage and analyst commentary for SHK

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