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SH Kelkar And Company Ltd.

•
keva.co.inBSE: 539450NSE: SHK
Market Cap₹ 2,083 Cr.
Current Price
High / Low₹ 276 / 112
Stock P/E46.8
Book Value₹ 55
Price to Book2.10
Dividend Yield0.66 %
ROCE6.1 %
ROE4.5 %
Face Value₹ 10

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ABOUT

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

  • 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

ChemicalsChemicalsChemicals
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.SOLARINDS21410.7097.29193745.540.05666.3788.983668.2070.2638.1627.91
2.PIDILITIND1632.0062.71166117.971.328835.101202.8645515.501112.7432.3826.28
3.SRF2605.0035.7277218.670.35758.8775.535033.2634.6314.2124.57
4.FLUOROCHEM4691.6083.8051537.230.06219.0019.021588.0023.979.5826.83
5.NAVINFLUOR8697.2056.5144623.690.17243.31107.671045.0844.0721.3934.17
6.GODREJIND1155.9033.1238936.610.00523.36-27.855448.0922.1610.6412.82
7.DEEPAKNTR1727.2530.0823558.490.43345.01207.362577.6036.3911.5820.96
8.AETHER1656.3593.4721984.380.0062.7533.45326.5627.4911.6531.47
9.ATUL6465.5023.9319035.570.46253.9391.851847.9525.0315.0521.41
10.AARTIIND501.7534.2718199.810.20155.00260.472387.0042.426.9516.00
11.DEEPAKFERT1356.3017.4617179.290.74490.04100.953256.2622.4712.1225.96
12.SHK150.4523.382082.540.6645.4377.81662.4214.497.8213.27
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
221235228245229321295276336304295333337
189202196220211294278272324296292338348
Operating Profit3233322518271741283-5-11
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%
15122-10821503143415-28
Interest2222247567778
Depreciation6666666877778
Profit before Tax42292922-912184351125-020
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 Profit35222216-921166141119015
2.571.611.581.18-6.630.800.464.400.300.761.350.011.10

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
6156826947197618078809411,1371,2801,269
5145796296466627227548081,0551,2511,273
Operating Profit101103657399851251328229-5
OPM %16.43%15.09%9.40%10.17%13.07%10.53%14.23%14.06%7.22%2.26%-0.36%
111419103413-1623-556835
Interest337126457192729
Depreciation711152828282726262929
Profit before Tax10310362431006677123-184157
Tax %27.98%33.15%27.71%25.92%20.11%35.72%31.88%23.08%26.70%18.91%21.32%
Net Profit7469453280425294-143344
EPS5.144.773.152.295.783.093.866.81-0.982.41—
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

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
474483452427494463504620595601
25431117763428983326444
Trade Payables68139144238272326289303320299
47128113139621722022046056
Total Liabilities7599389651,0241,0311,1411,2221,3491,4391,539
114140187241209212202186190186
Capital Work in Progress045110411678
220269269253321322311343502584
191157186177175258356423397344
0111111170162233
Cash & Bank1756363112921137
217363310314292337340204159108
Total Assets7599389651,0241,0311,1411,2221,3491,4391,539

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
103148124199961081430-1399
Cash from Investing-92-88-87-32-6510-24-20-178-160
Cash from Financing-3-49-13-124-24-11633418255
-28-19531-5-21-314-8-6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
PER SHARE
EPS (₹)5.144.773.112.265.643.073.776.81-0.982.41
Book Value (₹)42.7943.3941.2540.2444.9343.4446.4454.8052.9953.41
Dividend per Share (₹)1.751.750.000.951.750.752.000.751.001.00
Cash EPS (₹)5.615.504.164.267.605.075.748.670.934.49
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 Days67858268828162605356
Inventory Days1049090918397125149130104
Payable Days8198125159198214206188147122
8977460-33-37-18203638
FINANCIAL HEALTH
Debt to Equity (x)0.00x0.03x0.15x0.13x0.10x0.05x0.13x0.10x0.42x0.59x
Interest Coverage (x)40.99x32.07x10.27x4.62x16.40x17.91x16.47x18.98x0.01x2.53x
3.89x1.83x1.36x1.15x1.21x1.14x1.27x1.45x1.26x1.03x
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)0.00x0.00x0.00x0.00x0.00x0.00x0.00x30.12x0.00x46.47x
P/B (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x3.75x3.35x2.10x
Dividend Yield %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.37%0.56%0.89%
0.00x0.00x0.00x0.00x0.00x0.00x0.00x18.65x28.08x30.63x

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

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