S H Kelkar and Company Limited

About

S H Kelkar and Company Limited, together with its subsidiaries, manufactures and supplies fragrances, flavors, and aroma ingredients in India, Europe, and internationally. The company offers fragrances for personal, hair, home, fabric, and skin care products; food flavors and flavoring agents in liquid, emulsion, and dry mix forms for beverages, bakery, dairy, savory, and pharmaceutical products; and aroma ingredients. It is also involved in biotechnology and microbiology research, cosmetic research and biotechnology, and custom synthesis. The company sells its products under the SHK, Cobra, Keva, and CFF brand names to domestic and multinational FMCG companies, MSMEs, and other fragrance and flavor manufacturers. It exports its products. The company was founded in 1922 and is based in Mumbai, India.

Key Metrics

as of Sep 2026

Market Cap2,084 Cr

P/E44.10

Div Yield0.66 %

Book Value₹98.40

52w High₹270.00

52w Low₹112.00

Face Value₹10.00

Quarterly Results

Rs. Crores · hover row for definition

Metric	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Jun 2023
Sales	337.00	336.00	298.00	307.00	339.00	278.00	298.00	324.00	237.00	248.00	231.00	238.00	224.00
Expenses	333.00	338.00	292.00	296.00	324.00	272.00	278.00	294.00	211.00	220.00	196.00	202.00	189.00
Operating Profit	4.00	-1.00	6.00	11.00	15.00	6.00	20.00	30.00	25.00	28.00	36.00	36.00	35.00
OPM %	1.30	-0.30	1.90	3.60	4.40	2.30	7.00	9.00	11.00	11.00	15.00	15.00	16.00
Other Income	31.00	15.00	34.00	14.00	3.00	50.00	1.00	2.00	-108.00	2.00	2.00	1.00	15.00
Depreciation	8.00	7.00	7.00	7.00	7.00	8.00	6.00	6.00	6.00	6.00	6.00	6.00	6.00
Interest	8.00	7.00	7.00	7.00	6.00	5.00	7.00	4.00	2.00	2.00	2.00	2.00	2.00
Profit before tax	20.00	0.00	25.00	11.00	5.00	43.00	8.00	21.00	-91.00	22.00	29.00	29.00	42.00
Tax %	25.00	-104.00	26.00	5.00	17.00	-40.00	19.00	48.00	1.00	27.00	27.00	25.00	17.00
Net Profit	15.00	0.00	19.00	11.00	4.00	61.00	6.00	11.00	-92.00	16.00	22.00	22.00	35.00
EPS in Rs	1.10	0.00	1.35	0.77	0.30	4.40	0.46	0.80	-6.63	1.17	1.56	1.58	2.51

Profit & Loss

Annual · Rs. Crores

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015
Sales	1,280.00	1,137.00	941.00	880.00	807.00	761.00	719.00	694.00	682.00	615.00	559.00	471.00
Expenses	1,251.00	1,055.00	806.00	754.00	722.00	661.00	646.00	629.00	579.00	514.00	466.00	405.00
Operating Profit	29.00	82.00	134.00	125.00	85.00	100.00	73.00	65.00	103.00	101.00	93.00	66.00
OPM %	2.30	7.00	14.00	14.00	11.00	13.00	10.00	9.00	15.00	16.00	17.00	14.00
Other Income	68.00	-55.00	21.00	-16.00	13.00	34.00	10.00	19.00	14.00	11.00	24.00	32.00
Interest	27.00	19.00	7.00	5.00	4.00	6.00	12.00	7.00	3.00	3.00	14.00	13.00
Depreciation	29.00	26.00	26.00	27.00	28.00	28.00	28.00	15.00	11.00	7.00	13.00	15.00
Profit before tax	41.00	-18.00	123.00	77.00	66.00	100.00	43.00	62.00	103.00	103.00	89.00	70.00
Tax %	19.00	-27.00	23.00	32.00	36.00	20.00	26.00	28.00	33.00	28.00	26.00	12.00
Net Profit	33.00	-14.00	94.00	52.00	42.00	80.00	32.00	45.00	69.00	74.00	66.00	62.00
EPS in Rs	2.41	-0.98	6.81	3.77	3.07	5.64	2.26	3.11	4.77	5.14	4.54	4.66
Dividend Payout %	41.00	-102.00	11.00	53.00	24.00	31.00	42.00	0.00	37.00	34.00	33.00	23.00

Balance Sheet

Annual · Rs. Crores — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015
Equity Capital	138.00	138.00	138.00	138.00	138.00	141.00	141.00	145.00	145.00	145.00	145.00	132.00
Reserves	601.00	595.00	620.00	504.00	463.00	494.00	427.00	452.00	483.00	474.00	401.00	168.00
Borrowings	444.00	326.00	83.00	95.00	47.00	67.00	76.00	87.00	19.00	1.00	0.00	154.00
Other Liabilities	355.00	380.00	359.00	347.00	370.00	329.00	298.00	207.00	207.00	140.00	114.00	100.00
Total Liabilities	1,539.00	1,439.00	1,201.00	1,086.00	1,018.00	1,031.00	943.00	891.00	854.00	759.00	660.00	555.00
Fixed Assets	186.00	190.00	186.00	202.00	224.00	222.00	254.00	201.00	154.00	114.00	93.00	94.00
CWIP	83.00	23.00	6.00	8.00	3.00	17.00	13.00	24.00	18.00	5.00	0.00	0.00
Investments	584.00	502.00	343.00	311.00	322.00	321.00	253.00	269.00	269.00	220.00	167.00	99.00
Other Assets	686.00	724.00	666.00	565.00	470.00	472.00	422.00	397.00	412.00	421.00	400.00	361.00
Total Assets	1,539.00	1,439.00	1,201.00	1,086.00	1,018.00	1,031.00	943.00	891.00	854.00	759.00	660.00	555.00

Cash Flows

Annual · Rs. Crores — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015
Cash from Operating Activity	99.00	-13.00	30.00	-11.00	84.00	84.00	187.00	105.00	118.00	67.00	45.00	21.00
Cash from Investing Activity	-160.00	-178.00	-20.00	-24.00	10.00	-65.00	-32.00	-87.00	-88.00	-92.00	-57.00	26.00
Cash from Financing Activity	55.00	182.00	4.00	33.00	-116.00	-24.00	-124.00	-13.00	-49.00	-3.00	3.00	0.00
Net Cash Flow	-6.00	-8.00	14.00	-3.00	-21.00	-5.00	31.00	5.00	-19.00	-28.00	-9.00	47.00
Free Cash Flow	-12.00	-47.00	22.00	-13.00	72.00	69.00	159.00	18.00	48.00	50.00	33.00	25.00
CFO/OP %	403.00	-6.00	45.00	11.00	127.00	96.00	272.00	190.00	143.00	102.00	74.00	51.00

Ratios

Annual · Days / % — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015
Debtor Days	66.00	52.00	66.00	59.00	73.00	96.00	74.00	66.00	100.00	82.00	75.00	59.00
Inventory Days	136.00	174.00	269.00	239.00	185.00	136.00	147.00	164.00	147.00	198.00	217.00	244.00
Days Payable	118.00	140.00	192.00	193.00	234.00	211.00	199.00	127.00	131.00	71.00	94.00	65.00
Cash Conversion Cycle	84.00	86.00	143.00	104.00	25.00	21.00	23.00	103.00	117.00	209.00	198.00	238.00
Working Capital Days	3.00	41.00	71.00	43.00	23.00	22.00	8.00	52.00	99.00	160.00	151.00	45.00
ROCE %	3.00	8.00	16.00	15.00	10.00	16.00	8.00	10.00	17.00	18.00	21.00	17.00

Shareholding Pattern

% holding — latest first

Holder	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023
Promoters	54.87	54.87	54.87	54.87	55.03	55.48	55.63	55.63	58.75	58.95	58.95	58.95
FIIs	5.92	7.42	6.79	7.36	6.96	7.22	7.54	9.40	8.71	8.86	8.24	8.33
DIIs	6.01	5.18	6.02	5.69	3.37	3.44	3.10	2.26	0.27	0.27	1.27	1.42
Public	33.21	32.53	32.33	32.08	34.64	33.87	33.75	32.72	32.27	31.92	31.52	31.28
No. of Shareholders	55,913	53,911	54,088	50,971	50,450	47,229	45,639	42,014	46,912	46,379	41,946	42,086

Corporate Actions

18 records

Action	Ex Date	Record Date	Ratio	Amount (₹)	Notes
Dividend	13 Feb 2026	13 Feb 2026	—	1.00
Dividend	01 Aug 2025	01 Aug 2025	—	1.00
Dividend	12 Apr 2024	12 Apr 2024	—	0.75
Dividend	03 Aug 2023	—	—	2.00
Dividend	02 Aug 2022	—	—	0.75
Other	11 Nov 2021	12 Nov 2021	—	—	Buy Back of Shares
Other	11 Nov 2021	12 Nov 2021	—	—	Buyback
Dividend	02 Aug 2021	—	—	0.75
Dividend	19 Nov 2020	20 Nov 2020	—	1.00
Other	24 Aug 2020	—	—	—	Annual General Meeting
Dividend	26 Mar 2020	27 Mar 2020	—	0.95
Other	01 Aug 2019	—	—	—	Annual General Meeting
Other	19 Jun 2019	20 Jun 2019	—	—	Buy Back of Shares
Other	19 Jun 2019	20 Jun 2019	—	—	Buyback
Dividend	01 Aug 2018	—	—	1.75
Dividend	02 Aug 2017	—	—	1.75
Other	28 Jul 2016	—	—	—	Annual General Meeting
Dividend	17 Mar 2016	18 Mar 2016	—	1.50

Announcements

5 filings

Announcement under Regulation 30 (LODR)-Change in Management
19 Aug 2026 19 Aug - Board appoints Ranjeet Agrawal as Executive Vice President-Sales (India Subcontinent) from August 20, 2026.
Board Meeting Outcome for Appointment Of Senior Management Personnel
19 Aug 2026 19 Aug - S H Kelkar appoints Ranjeet Agrawal as EVP Sales (India Subcontinent) effective August 20, 2026.
Announcement under Regulation 30 (LODR)-Credit Rating
14 Aug 2026 14 Aug - Crisil assigned S H Kelkar an ESG rating of Crisil ESG 52 on August 14, 2026.
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
04 Aug 2026 4 Aug - We are enclosing herewith the transcript of the Conference Call for Investors and Analysts for Q1 FY27 results
Scrutinizer''s Report 1 Aug
01 Aug 2026