SH Kelkar And Company Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Fragrances: 92.3% • Flavours: 7.7%
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
- 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
| 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
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 420 | 432 | 469 | 511 | 468 | 540 | 541 | 564 | 579 | 552 | 581 | 647 | 662 | |
| 355 | 363 | 396 | 424 | 392 | 462 | 479 | 494 | 508 | 501 | 528 | 590 | 624 | |
| Operating Profit | 66 | 68 | 73 | 88 | 76 | 78 | 62 | 70 | 71 | 50 | 53 | 57 | 39 |
| 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% |
| 1 | 2 | 2 | 1 | -119 | 21 | 1 | 61 | 3 | 1 | 34 | 7 | -29 | |
| Interest | 10 | 10 | 10 | 10 | 10 | 13 | 14 | 13 | 13 | 14 | 14 | 15 | 15 |
| Depreciation | 21 | 22 | 22 | 22 | 22 | 24 | 23 | 25 | 26 | 27 | 27 | 39 | 35 |
| Profit before Tax | 38 | 41 | 46 | 59 | -73 | 64 | 28 | 97 | 36 | 12 | 50 | 14 | 69 |
| 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 Profit | 0 | 0 | 0 | 0 | -87 | 40 | 18 | 103 | 26 | 9 | 33 | 18 | 45 |
| 1.94 | 2.11 | 2.39 | 2.46 | -6.19 | 2.87 | 1.27 | 7.41 | 1.85 | 0.66 | 2.36 | 0.13 | 3.28 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 981 | 1,021 | 1,048 | 1,114 | 1,322 | 1,564 | 1,687 | 1,841 | 2,123 | 2,368 | 2,443 | |
| 814 | 862 | 910 | 955 | 1,083 | 1,350 | 1,474 | 1,538 | 1,826 | 2,126 | 2,243 | |
| Operating Profit | 167 | 159 | 138 | 159 | 239 | 214 | 212 | 303 | 297 | 242 | 200 |
| OPM % | 17.02% | 15.61% | 13.18% | 14.29% | 18.08% | 13.67% | 12.60% | 16.45% | 13.99% | 10.21% | 8.18% |
| 12 | 13 | 23 | -29 | 36 | 6 | -4 | 6 | -37 | 45 | 13 | |
| Interest | 6 | 5 | 16 | 26 | 20 | 16 | 24 | 40 | 49 | 56 | 57 |
| Depreciation | 19 | 24 | 31 | 52 | 62 | 72 | 80 | 86 | 95 | 119 | 128 |
| Profit before Tax | 153 | 143 | 115 | 54 | 194 | 132 | 104 | 183 | 115 | 112 | 144 |
| Tax % | 31.39% | 35.33% | 23.52% | 34.18% | 25.60% | -12.97% | 39.68% | 32.45% | 35.48% | 38.48% | 38.69% |
| Net Profit | 105 | 93 | 88 | 36 | 144 | 149 | 63 | 124 | 74 | 69 | 89 |
| EPS | 7.25 | 6.52 | 6.20 | 2.56 | 10.48 | 10.81 | 4.53 | 8.84 | 5.29 | 5.00 | — |
| 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:
- -8%
- 5 Years:
- -2%
- 3 Years:
- -2%
- 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
| 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 |
| Minority Interest | 0 | 0 | 11 | 11 | 3 | 80 | 38 | 1 | 0 | 1 |
| 667 | 712 | 719 | 683 | 810 | 875 | 926 | 1,074 | 1,134 | 1,223 | |
| 63 | 166 | 336 | 344 | 501 | 698 | 606 | 577 | 695 | 962 | |
| Trade Payables | 111 | 156 | 134 | 173 | 247 | 352 | 365 | 355 | 400 | 331 |
| 87 | 222 | 196 | 106 | 172 | 135 | 128 | 235 | 293 | 228 | |
| Total Liabilities | 1,073 | 1,400 | 1,541 | 1,457 | 1,874 | 2,279 | 2,202 | 2,381 | 2,660 | 2,884 |
| 296 | 338 | 448 | 459 | 728 | 946 | 913 | 933 | 952 | 1,182 | |
| Capital Work in Progress | 2 | 36 | 15 | 3 | 8 | 4 | 22 | 7 | 39 | 90 |
| 50 | 96 | 111 | 97 | 1 | 1 | 23 | 10 | 11 | 11 | |
| 350 | 348 | 374 | 337 | 429 | 555 | 603 | 657 | 718 | 665 | |
| 0 | 2 | 1 | 0 | 0 | 0 | 0 | 490 | 506 | 635 | |
| Cash & Bank | 55 | 24 | 41 | 66 | 139 | 123 | 67 | 103 | 87 | 65 |
| 319 | 558 | 550 | 496 | 568 | 649 | 573 | 182 | 348 | 236 | |
| Total Assets | 1,073 | 1,400 | 1,541 | 1,457 | 1,874 | 2,279 | 2,202 | 2,381 | 2,660 | 2,884 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 147 | 139 | 113 | 233 | 208 | 113 | 236 | 107 | 16 | 263 | |
| Cash from Investing | -104 | -164 | -137 | -40 | -149 | -160 | -103 | -82 | -72 | -205 |
| Cash from Financing | -16 | 28 | 49 | -196 | 88 | 12 | -175 | 8 | 99 | -158 |
| -17 | -33 | -11 | -31 | 134 | -97 | -81 | 34 | 43 | -100 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 7.25 | 6.49 | 6.12 | 2.53 | 10.24 | 10.73 | 4.42 | 8.84 | 5.29 | 5.00 |
| Book Value (₹) | 56.13 | 59.25 | 59.70 | 58.31 | 67.34 | 73.20 | 76.89 | 87.62 | 91.89 | 98.39 |
| 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 (₹) | 8.59 | 8.05 | 8.23 | 6.18 | 14.54 | 15.98 | 10.36 | 15.16 | 12.19 | 13.62 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 16.74% | 17.73% | 15.34% | 14.89% | 19.73% | 14.72% | 13.46% | 16.27% | 13.87% | 10.12% |
| Net Margin % | 9.83% | 8.87% | 8.34% | 3.20% | 10.82% | 9.48% | 3.70% | 6.65% | 3.46% | 2.89% |
| ROE % | 13.72% | 11.10% | 10.21% | 4.25% | 16.22% | 15.21% | 6.06% | 10.87% | 5.96% | 5.25% |
| ROCE % | 18.84% | 15.50% | 11.67% | 6.70% | 16.08% | 9.48% | 7.75% | 12.78% | 8.45% | 7.82% |
| 10.10% | 7.49% | 5.97% | 2.39% | 8.64% | 7.20% | 2.81% | 5.40% | 2.94% | 2.49% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 76 | 86 | 97 | 98 | 95 | 97 | 96 | 91 | 85 | 87 |
| Inventory Days | 117 | 122 | 125 | 116 | 105 | 114 | 124 | 124 | 117 | 106 |
| Payable Days | 97 | 89 | 93 | 92 | 106 | 122 | 136 | 132 | 119 | 100 |
| 97 | 119 | 130 | 122 | 94 | 89 | 85 | 83 | 83 | 93 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.09x | 0.20x | 0.40x | 0.44x | 0.54x | 0.64x | 0.55x | 0.52x | 0.60x | 0.65x |
| Interest Coverage (x) | 25.56x | 28.11x | 8.39x | 3.12x | 10.55x | 9.17x | 5.37x | 5.61x | 3.32x | 3.02x |
| 2.82x | 1.81x | 1.54x | 1.36x | 1.77x | 1.70x | 1.70x | 1.46x | 1.39x | 1.27x | |
| GROWTH | ||||||||||
| Revenue Growth % | 6.02% | 4.13% | 2.65% | 6.31% | 18.64% | 18.32% | 7.82% | 9.15% | 15.35% | 11.53% |
| Operating Profit Growth % | 10.45% | 3.75% | -12.74% | 3.40% | 57.17% | -11.58% | -1.30% | 34.91% | 3.80% | -21.67% |
| Net Profit Growth % | 43.47% | -11.68% | -5.12% | -59.18% | 301.48% | 3.96% | -57.87% | 96.66% | -40.16% | -6.66% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.13% | -40.17% | -5.43% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 23.21x | 33.59x | 22.38x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.34x | 1.93x | 1.14x |
| 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 | 10.91x | 9.79x | 9.46x |
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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