SH Kelkar And Company Ltd.
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ABOUT
AI Sector View
AI GENERATEDChemicals
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.
PROS
- Latest quarter profit grew 271.0% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.02x)
- Company has been maintaining a healthy dividend payout of 41.5%
- Working capital cycle has improved - days down from 45 to 5
- Company has a consistent dividend-paying track record
CONS
- Recent results are weak - TTM profit is down 74.1% versus prior year
- A large part of profit comes from other income (86.9% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 5.4% over last 3 years
- Company has a low return on capital employed of 7.6%
- Promoter holding has decreased over last 2 years: -3.9pp
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 21410.70 | 97.29 | 193745.54 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1632.00 | 62.71 | 166117.97 | 1.32 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2605.00 | 35.72 | 77218.67 | 0.35 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4691.60 | 83.80 | 51537.23 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8697.20 | 56.51 | 44623.69 | 0.17 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1155.90 | 33.12 | 38936.61 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1727.25 | 30.08 | 23558.49 | 0.43 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1656.35 | 93.47 | 21984.38 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6465.50 | 23.93 | 19035.57 | 0.46 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 501.75 | 34.27 | 18199.81 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1356.30 | 17.46 | 17179.29 | 0.74 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| SHK | 150.45 | 23.38 | 2082.54 | 0.66 | 45.43 | 77.81 | 662.42 | 14.49 | 7.82 | 13.27 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 221 | 235 | 228 | 245 | 229 | 321 | 295 | 276 | 336 | 304 | 295 | 333 | 337 | |
| 189 | 202 | 196 | 220 | 211 | 294 | 278 | 272 | 324 | 296 | 292 | 338 | 348 | |
| Operating Profit | 32 | 33 | 32 | 25 | 18 | 27 | 17 | 4 | 12 | 8 | 3 | -5 | -11 |
| OPM % | 14.56% | 14.02% | 14.19% | 10.17% | 7.73% | 8.41% | 5.78% | 1.36% | 3.53% | 2.73% | 1.01% | -1.44% | -3.28% |
| 15 | 1 | 2 | 2 | -108 | 2 | 1 | 50 | 3 | 14 | 34 | 15 | -28 | |
| Interest | 2 | 2 | 2 | 2 | 2 | 4 | 7 | 5 | 6 | 7 | 7 | 7 | 8 |
| Depreciation | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 8 | 7 | 7 | 7 | 7 | 8 |
| Profit before Tax | 42 | 29 | 29 | 22 | -91 | 21 | 8 | 43 | 5 | 11 | 25 | -0 | 20 |
| Tax % | 17.13% | 25.19% | 26.53% | 26.99% | -0.89% | 48.20% | 18.53% | -40.31% | 17.17% | 4.68% | 26.31% | 104.17% | 25.18% |
| Net Profit | 35 | 22 | 22 | 16 | -92 | 11 | 6 | 61 | 4 | 11 | 19 | 0 | 15 |
| 2.57 | 1.61 | 1.58 | 1.18 | -6.63 | 0.80 | 0.46 | 4.40 | 0.30 | 0.76 | 1.35 | 0.01 | 1.10 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 615 | 682 | 694 | 719 | 761 | 807 | 880 | 941 | 1,137 | 1,280 | 1,269 | |
| 514 | 579 | 629 | 646 | 662 | 722 | 754 | 808 | 1,055 | 1,251 | 1,273 | |
| Operating Profit | 101 | 103 | 65 | 73 | 99 | 85 | 125 | 132 | 82 | 29 | -5 |
| OPM % | 16.43% | 15.09% | 9.40% | 10.17% | 13.07% | 10.53% | 14.23% | 14.06% | 7.22% | 2.26% | -0.36% |
| 11 | 14 | 19 | 10 | 34 | 13 | -16 | 23 | -55 | 68 | 35 | |
| Interest | 3 | 3 | 7 | 12 | 6 | 4 | 5 | 7 | 19 | 27 | 29 |
| Depreciation | 7 | 11 | 15 | 28 | 28 | 28 | 27 | 26 | 26 | 29 | 29 |
| Profit before Tax | 103 | 103 | 62 | 43 | 100 | 66 | 77 | 123 | -18 | 41 | 57 |
| Tax % | 27.98% | 33.15% | 27.71% | 25.92% | 20.11% | 35.72% | 31.88% | 23.08% | 26.70% | 18.91% | 21.32% |
| Net Profit | 74 | 69 | 45 | 32 | 80 | 42 | 52 | 94 | -14 | 33 | 44 |
| EPS | 5.14 | 4.77 | 3.15 | 2.29 | 5.78 | 3.09 | 3.86 | 6.81 | -0.98 | 2.41 | — |
| Dividend Payout % | 34.06% | 36.70% | 0.00% | 42.06% | 31.03% | 24.43% | 53.06% | 11.01% | -102.08% | 41.49% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 11%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -7%
- 5 Years:
- -16%
- 3 Years:
- -14%
STOCK PRICE CAGR
- 10 Years:
- -8%
- 5 Years:
- -2%
- 3 Years:
- -2%
- 1 Year:
- -43%
RETURN ON EQUITY
- 10 Years:
- 8%
- 5 Years:
- 6%
- 3 Years:
- 5%
- Last Year:
- 5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 145 | 145 | 145 | 141 | 141 | 138 | 138 | 138 | 138 | 138 |
| 474 | 483 | 452 | 427 | 494 | 463 | 504 | 620 | 595 | 601 | |
| 25 | 43 | 111 | 77 | 63 | 42 | 89 | 83 | 326 | 444 | |
| Trade Payables | 68 | 139 | 144 | 238 | 272 | 326 | 289 | 303 | 320 | 299 |
| 47 | 128 | 113 | 139 | 62 | 172 | 202 | 204 | 60 | 56 | |
| Total Liabilities | 759 | 938 | 965 | 1,024 | 1,031 | 1,141 | 1,222 | 1,349 | 1,439 | 1,539 |
| 114 | 140 | 187 | 241 | 209 | 212 | 202 | 186 | 190 | 186 | |
| Capital Work in Progress | 0 | 4 | 5 | 1 | 1 | 0 | 4 | 1 | 16 | 78 |
| 220 | 269 | 269 | 253 | 321 | 322 | 311 | 343 | 502 | 584 | |
| 191 | 157 | 186 | 177 | 175 | 258 | 356 | 423 | 397 | 344 | |
| 0 | 1 | 1 | 1 | 1 | 1 | 1 | 170 | 162 | 233 | |
| Cash & Bank | 17 | 5 | 6 | 36 | 31 | 12 | 9 | 21 | 13 | 7 |
| 217 | 363 | 310 | 314 | 292 | 337 | 340 | 204 | 159 | 108 | |
| Total Assets | 759 | 938 | 965 | 1,024 | 1,031 | 1,141 | 1,222 | 1,349 | 1,439 | 1,539 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 103 | 148 | 124 | 199 | 96 | 108 | 14 | 30 | -13 | 99 | |
| Cash from Investing | -92 | -88 | -87 | -32 | -65 | 10 | -24 | -20 | -178 | -160 |
| Cash from Financing | -3 | -49 | -13 | -124 | -24 | -116 | 33 | 4 | 182 | 55 |
| -28 | -19 | 5 | 31 | -5 | -21 | -3 | 14 | -8 | -6 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 5.14 | 4.77 | 3.11 | 2.26 | 5.64 | 3.07 | 3.77 | 6.81 | -0.98 | 2.41 |
| Book Value (₹) | 42.79 | 43.39 | 41.25 | 40.24 | 44.93 | 43.44 | 46.44 | 54.80 | 52.99 | 53.41 |
| Dividend per Share (₹) | 1.75 | 1.75 | 0.00 | 0.95 | 1.75 | 0.75 | 2.00 | 0.75 | 1.00 | 1.00 |
| Cash EPS (₹) | 5.61 | 5.50 | 4.16 | 4.26 | 7.60 | 5.07 | 5.74 | 8.67 | 0.93 | 4.49 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 16.25% | 16.66% | 12.03% | 11.47% | 17.40% | 11.95% | 15.55% | 13.82% | 7.13% | 2.23% |
| Net Margin % | 10.72% | 9.82% | 6.44% | 4.39% | 10.36% | 5.20% | 5.84% | 9.86% | -1.18% | 2.57% |
| ROE % | 12.77% | 11.07% | 7.35% | 5.48% | 13.24% | 6.87% | 8.39% | 13.46% | -1.82% | 4.53% |
| ROCE % | 18.16% | 16.82% | 10.36% | 8.28% | 15.78% | 10.53% | 12.05% | 16.62% | 0.03% | 6.12% |
| 10.49% | 8.13% | 4.73% | 3.21% | 7.76% | 3.91% | 4.42% | 7.34% | -0.97% | 2.24% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 67 | 85 | 82 | 68 | 82 | 81 | 62 | 60 | 53 | 56 |
| Inventory Days | 104 | 90 | 90 | 91 | 83 | 97 | 125 | 149 | 130 | 104 |
| Payable Days | 81 | 98 | 125 | 159 | 198 | 214 | 206 | 188 | 147 | 122 |
| 89 | 77 | 46 | 0 | -33 | -37 | -18 | 20 | 36 | 38 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.00x | 0.03x | 0.15x | 0.13x | 0.10x | 0.05x | 0.13x | 0.10x | 0.42x | 0.59x |
| Interest Coverage (x) | 40.99x | 32.07x | 10.27x | 4.62x | 16.40x | 17.91x | 16.47x | 18.98x | 0.01x | 2.53x |
| 3.89x | 1.83x | 1.36x | 1.15x | 1.21x | 1.14x | 1.27x | 1.45x | 1.26x | 1.03x | |
| GROWTH | ||||||||||
| Revenue Growth % | 10.03% | 10.78% | 1.81% | 3.57% | 5.87% | 6.03% | 9.02% | 6.93% | 20.92% | 12.54% |
| Operating Profit Growth % | -3.98% | 3.94% | -28.13% | -0.98% | 60.76% | -27.03% | 42.34% | 11.59% | -36.76% | -34.07% |
| Net Profit Growth % | 13.14% | -7.20% | -34.79% | -29.02% | 149.72% | -46.69% | 22.78% | 80.81% | -114.38% | 346.02% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 80.81% | -114.38% | 346.02% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 30.12x | 0.00x | 46.47x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 3.75x | 3.35x | 2.10x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.37% | 0.56% | 0.89% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 18.65x | 28.08x | 30.63x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - 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 - S H Kelkar and Company Limited has informed the Exchange about ESG Rating FY26
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 - Voting Results and Scrutiniser's Report - 70th Annual General 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 - 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 - 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 - S H Kelkar and Company Limited has informed the Exchange about Investor Presentation
News
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