S H Kelkar and Company Limited SHK NSEINFRA

Basic Materials · Specialty Chemicals · India

https://keva.co.in

S H Kelkar and Company Limited, together with its subsidiaries, manufactures and supplies fragrances, flavors, and aroma ingredients in India. Its fragrances are used in personal care, fabric care, skin care, hair care, fine fragrances, and home care products, as well as flavors are used in baked, dairy, beverages, savoury, and pharmaceutical products. The company is also involved in microbiology, biotechnology, cosmetic, custom synthesis, and cosmetic biotechnology research services. S H Kelkar and Company Limited markets its products under the SHK, Cobra, CFF, and Keva brand names to national and multi-national FMCG companies, blenders of fragrances and flavors, and its producers. The company exports its products. S H Kelkar and Company Limited was founded in 1922 and is based in Mumbai, India.

Market & Price

Market Cap

₹1,839.47 Cr

Current Price

₹132.89

High / Low (52W)

₹265.54 / ₹112.34

Beta

0.48

Valuation

Stock P/E

26.58

Industry PE

23.81

Forward P/E

13.46

PEG Ratio

Book Value

₹95.60

Price to Book

1.39

P/S

0.78

EV/EBITDA

11.81

Dividend Yield

1.51%

Profitability & Returns

ROCE

9.57%

ROE

5.25%

ROA

2.73%

Profit Margin

2.93%

Op Margin

3.29%

EPS (Latest Qtr)

₹0.13

EPS (TTM)

₹5.00

Balance Sheet & Liquidity

Debt/Equity

0.76

Quick Ratio

0.60

Current Ratio

1.27

Debt

₹1,028.92 Cr

Total Assets

₹2,913.19 Cr

Current Assets

₹1,469.87 Cr

Working Capital

₹311.19 Cr

Ownership

Promoter Holding

67.57%

Chg in Prom Hold

0.06%

FII / Inst Holding

11.72%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹2,855.66 Cr

Total Revenue (TTM)

₹2,368.26 Cr

EBITDA

₹241.80 Cr

Free Cash Flow

₹-18.71 Cr

Operating Cash Flow

₹263.13 Cr

Shares Outstanding

₹13.84 Cr

Gross Margin

41.73%

Payout Ratio

40.00%

Growth (CAGR)

Revenue 5Y

12.04%

Profit 5Y

4.23%

Revenue (YoY)

13.80%

Earnings (YoY)

-98.20%

PROS

Compounding revenue at 12.0% over 5 years.

CONS

Trading 50.0% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Basic Materials).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	SHK S H Kelkar and Company Limited NSEINFRA	132.89	26.58	₹1,839.47 Cr	1.51%	9.57%	5.25%	12.04%	4.23%
2	ULTRACEMCO UltraTech Cement Limited NIFTY50NSEINFRA	11,482.00	41.32	₹3.38 L Cr	0.67%	11.90%	10.59%	12.40%	17.26%
3	JSWSTEEL JSW Steel Limited NIFTY50NSEAIINFRA	1,278.00	14.01	₹3.12 L Cr	0.56%	19.15%	27.26%	3.61%	75.28%
4	HINDZINC Hindustan Zinc Limited NSEINFRA	632.95	19.34	₹2.67 L Cr	3.32%	62.35%	76.94%	5.61%	9.58%
5	TATASTEEL Tata Steel Limited NIFTY50NSEAIINFRA	208.02	28.34	₹2.59 L Cr	1.92%	11.32%	11.16%	-1.59%	7.21%
6	HINDALCO Hindalco Industries Limited NIFTY50NSEAIINFRA	1,126.70	18.73	₹2.52 L Cr	0.44%	9.50%	10.29%	7.40%	9.87%
7	GRASIM Grasim Industries Limited NIFTY50NSEINFRA	3,122.40	42.74	₹2.12 L Cr	0.32%	4.00%	6.29%	14.63%	-10.06%
8	SOLARINDS Solar Industries India Limited NSEINFRA	18,247.00	98.04	₹1.65 L Cr	0.06%	29.51%	31.33%	13.27%	30.36%
9	PIDILITIND Pidilite Industries Limited NSEINFRA	1,482.80	61.73	₹1.51 L Cr	0.67%	28.48%	23.52%	7.50%	24.36%

Quarterly Results

Figures in INR.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	540.75 Cr	564.44 Cr	578.56 Cr	551.63 Cr	581.13 Cr	647.33 Cr
Cost of Revenue	-	316.51 Cr	330.40 Cr	333.23 Cr	318.23 Cr	335.55 Cr	393.06 Cr
Gross Profit	-	224.24 Cr	234.04 Cr	245.33 Cr	233.40 Cr	245.58 Cr	254.27 Cr
Operating Expenses	-	183.05 Cr	185.29 Cr	198.69 Cr	208.11 Cr	216.48 Cr	232.87 Cr
Operating Income	-	41.19 Cr	48.75 Cr	46.64 Cr	25.29 Cr	29.10 Cr	21.40 Cr
EBITDA	-	64.54 Cr	134.58 Cr	76.05 Cr	53.45 Cr	89.53 Cr	68.26 Cr
Interest Expense	-	13.82 Cr	12.89 Cr	13.07 Cr	13.91 Cr	13.50 Cr	15.03 Cr
Pretax Income	-	27.37 Cr	97.01 Cr	36.61 Cr	12.16 Cr	49.04 Cr	14.60 Cr
Tax Provision	-	9.86 Cr	-5.50 Cr	11.06 Cr	2.99 Cr	16.41 Cr	12.80 Cr
Net Income	-	17.52 Cr	102.52 Cr	25.57 Cr	9.18 Cr	32.66 Cr	1.85 Cr
Diluted EPS	2.87	1.27	7.41	1.85	0.66	2.36	0.13

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	1,676.90 Cr	1,832.64 Cr	2,112.72 Cr	2,358.65 Cr
Cost of Revenue	-	1,011.98 Cr	1,036.23 Cr	1,195.87 Cr	1,380.07 Cr
Gross Profit	-	664.92 Cr	796.41 Cr	916.85 Cr	978.58 Cr
Operating Expenses	-	528.86 Cr	575.07 Cr	714.54 Cr	856.15 Cr
Operating Income	-	136.06 Cr	221.34 Cr	202.31 Cr	122.43 Cr
EBITDA	-	200.20 Cr	298.70 Cr	258.93 Cr	287.29 Cr
Interest Expense	-	15.39 Cr	26.11 Cr	49.42 Cr	55.51 Cr
Pretax Income	-	104.36 Cr	183.28 Cr	114.81 Cr	112.41 Cr
Tax Provision	-	41.41 Cr	59.48 Cr	40.73 Cr	43.26 Cr
Net Income	-	61.17 Cr	122.42 Cr	73.24 Cr	69.26 Cr
Diluted EPS	-	4.53	8.93	5.31	5.00

Compounded Sales Growth

5 Years:	12.04%
1 Year:	13.80%

Compounded Profit Growth

5 Years:	4.23%
1 Year:	-98.20%

Stock Price Performance

1 Year:	-44.77%
6 Months:	-22.47%
3 Months:	-13.22%
1 Month:	-9.05%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	2,222.02 Cr	2,402.45 Cr	2,684.89 Cr	2,913.19 Cr
Current Assets	-	1,206.52 Cr	1,363.10 Cr	1,575.85 Cr	1,469.87 Cr
Cash & Equivalents	-	63.54 Cr	100.06 Cr	86.45 Cr	64.30 Cr
Inventory	-	603.11 Cr	656.87 Cr	717.73 Cr	665.14 Cr
Receivables	-	438.23 Cr	489.60 Cr	505.86 Cr	635.02 Cr
Total Liabilities	-	1,119.38 Cr	1,188.26 Cr	1,412.46 Cr	1,550.76 Cr
Current Liabilities	-	708.68 Cr	934.11 Cr	1,131.32 Cr	1,158.68 Cr
Long Term Debt	-	318.89 Cr	173.05 Cr	174.68 Cr	211.59 Cr
Total Debt	-	619.95 Cr	665.79 Cr	832.24 Cr	1,028.92 Cr
Total Equity	-	1,064.38 Cr	1,212.81 Cr	1,271.96 Cr	1,361.89 Cr
Shares Outstanding	-	13.84 Cr	13.84 Cr	13.84 Cr	13.84 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	-	196.67 Cr	107.46 Cr	15.74 Cr	263.13 Cr
Investing Cash Flow	-	-102.92 Cr	-81.77 Cr	-72.28 Cr	-205.43 Cr
Financing Cash Flow	-	-174.84 Cr	8.19 Cr	99.29 Cr	-157.98 Cr
Capital Expenditure	-	-68.80 Cr	-60.94 Cr	-95.73 Cr	-206.47 Cr
Free Cash Flow	-	127.87 Cr	46.52 Cr	-79.99 Cr	56.66 Cr
Net Change in Cash	-	-81.09 Cr	33.88 Cr	42.75 Cr	-100.28 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	39.7%	43.5%	43.4%	41.5%
Operating Margin %	-	8.1%	12.1%	9.6%	5.2%
Net Margin %	-	3.6%	6.7%	3.5%	2.9%
ROE %	-	5.7%	10.1%	5.8%	5.1%
ROCE %	-	9.0%	15.1%	13.0%	7.0%

Shareholding Pattern

Insiders

67.57%

Institutions

11.72%

Public Float

36.15%

Analyst View

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SHK · Basic Materials