S H Kelkar & Company Ltd
NSE: SHK BSE: 539450
S H Kelkar and Company Limited is engaged in manufacture, supply and exports of fragrances and aroma ingredients[1] It is the largest domestic fragrance producer in India and the only company of Indian origin to file patents in the field of Fragrance & Novel aroma molecules.
₹122
52W: ₹112 — ₹276
PE 204 · Book ₹53.4 · +128% vs bookMarket Cap₹1,683 Cr
Stock P/E204Price to Earnings
ROCE3.2%Return on Capital
ROE1.12%Return on Equity
Div. Yield0.84%Face Value ₹10
Weaknesses
- −Company has low interest coverage ratio.
- −The company has delivered a poor sales growth of 11.0% over past five years.
- −Company has a low return on equity of 7.46% over last 3 years.
- −Contingent liabilities of Rs.655 Cr.
- −Earnings include an other income of Rs.66.4 Cr.
- −Promoter holding has decreased over last 3 years: -3.78%
Shareholding Pattern
Promoters54.87%
FIIs7.42%
DIIs5.18%
Public32.53%
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 58.75% | 55.63%▼3.1 | 55.63% | 55.48%▼0.2 | 55.03%▼0.4 | 54.87%▼0.2 | 54.87% | 54.87% |
| FIIs | 8.71% | 9.4%▲0.7 | 7.54%▼1.9 | 7.22%▼0.3 | 6.96%▼0.3 | 7.36%▲0.4 | 6.79%▼0.6 | 7.42%▲0.6 |
| DIIs | 0.27% | 2.26%▲2.0 | 3.1%▲0.8 | 3.44%▲0.3 | 3.37%▼0.1 | 5.69%▲2.3 | 6.02%▲0.3 | 5.18%▼0.8 |
| Public | 32.27% | 32.72%▲0.4 | 33.75%▲1.0 | 33.87%▲0.1 | 34.64%▲0.8 | 32.08%▼2.6 | 32.33%▲0.3 | 32.53%▲0.2 |
Financial Statements
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 231.15 | 247.76 | 236.75 | 323.94 | 298.41 | 278.37 | 339.22 | 306.55 | 297.92 | 336.43 |
| Expenses | 195.56 | 219.84 | 211.27 | 293.83 | 278.18 | 272.02 | 324.38 | 295.53 | 292.32 | 337.5 |
| Operating Profit | 35.59 | 27.92 | 25.48 | 30.11 | 20.23 | 6.35 | 14.84 | 11.02 | 5.6 | -1.07 |
| OPM % | 15.4% | 11.27% | 10.76% | 9.29% | 6.78% | 2.28% | 4.37% | 3.59% | 1.88% | -0.32% |
| Net Profit | 21.55 | 16.23 | -91.79 | 11.06 | 6.33 | 60.84 | 4.1 | 10.6 | 18.65 | 0.01 |
| EPS ₹ | 1.56 | 1.17 | -6.63 | 0.8 | 0.46 | 4.4 | 0.3 | 0.77 | 1.35 | 0 |
AI Insights
Revenue Trend
Mar 2026 revenue at ₹1,280Cr, up 12.6% YoY. OPM at 2%.
Debt Position
Borrowings at ₹444Cr. Debt-to-equity ratio: 0.74x. Moderate leverage.
Capex Cycle
CWIP at ₹78Cr (41% of fixed assets). Significant capex underway — growth runway building.
Institutional Flow
DIIs: 5.18% (+3.81pp change). FIIs: 7.42% (-2.26pp change). Promoters hold 54.87%.
Margin & Efficiency
ROCE declining from 17% (Mar 2015) to 3% (Mar 2026). Working capital days: 3.
Valuation
PE 204x with 3.2% ROCE. Price is 128% above book value of ₹53.4. Dividend yield: 0.84%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 1m - Audio Recording of Conference Call for Investor and Analysts for Q4 FY 2026
- Compliances-Reg.24(A)-Annual Secretarial Compliance 2d - Submitted FY26 Secretarial Compliance Report; one Regulation 30 disclosure was delayed beyond 24 hours.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 2d - Newspaper Publication in respect of Audited Standalone and Consolidated Financial Results for the quarter and financial year ended March 31, 2026
- Announcement under Regulation 30 (LODR)-Investor Presentation 2d - Submission of Investor Presentation in respect of Audited (Standalone and Consolidated) Financial Results for the quarter and year ended March 31,2026.
- Announcement under Regulation 30 (LODR)-Press Release / Media Release 2d - S H Kelkar released Q4/FY26 results: FY26 revenue Rs 2,368 crore, EBITDA Rs 323 crore.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse