SHK

S H Kelkar and Company Limited

Fragrances and flavours for FMCG and food customers

Commodities›Chemicals›Chemicals & Petrochemicals›Specialty Chemicals

keva.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹134.89
Market cap
1,867 Cr
Stock P/E
21.0
P/B
1.37
Dividend yield
1.5%
ROE (FY26)
5.1%
ROCE (FY26)
7.6%
Operating margin (FY26)
5.2%
Debt / equity (FY26)
0.62
OCF / EBITDA (FY26)
108.8%
OCF / EBITDA (3Y)
45.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

SHK (S H Kelkar) makes fragrances and flavours that it sells to FMCG (fast-moving consumer goods) companies, pharmaceutical makers, traders and other manufacturers in India, Europe and other markets.

Company snapshot

36thBy market cap

Ranked among 68 companies in Specialty Chemicals.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 91.7% of revenue

SegmentRevenue shareRevenuePBTAssets
Flavours
8.3%
129 Cr27 Cr—
Fragrance
91.7%
1,427 Cr24 Cr—

What we see

Positives
  • ✓Dividend payout of 40% — the company returns a meaningful share of profits to shareholders.
Concerns
  • ✗Net margin is very thin at 2.9% — little room for error if costs rise.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales455 Cr496 Cr533 Cr470 Cr543 Cr543 Cr567 Cr581 Cr554 Cr584 Cr650 Cr662 Cr
Operating expenses (approx.)384 Cr419 Cr445 Cr392 Cr462 Cr479 Cr494 Cr508 Cr501 Cr528 Cr590 Cr574 Cr
EBITDA72 Cr77 Cr88 Cr78 Cr81 Cr65 Cr73 Cr73 Cr53 Cr56 Cr60 Cr89 Cr
OPM %15.7%15.5%16.5%16.6%14.9%11.9%12.9%12.6%9.5%9.6%9.2%13.4%
Other income2 Cr2 Cr2 Cr0.65 Cr21 Cr0.89 Cr2 Cr0.81 Cr0.32 Cr1 Cr7 Cr0.81 Cr
Interest10 Cr11 Cr10 Cr10 Cr13 Cr14 Cr13 Cr13 Cr14 Cr14 Cr15 Cr15 Cr
Depreciation22 Cr23 Cr23 Cr22 Cr24 Cr23 Cr25 Cr26 Cr27 Cr27 Cr39 Cr35 Cr
Profit before tax41 Cr46 Cr57 Cr-74 Cr64 Cr27 Cr97 Cr37 Cr12 Cr49 Cr15 Cr69 Cr
Tax %26.7%29.4%40.9%-16.7%37.6%36.0%-5.7%30.2%24.6%33.5%87.7%34.3%
Net profit30 Cr32 Cr33 Cr-87 Cr40 Cr18 Cr103 Cr26 Cr9 Cr33 Cr2 Cr45 Cr
EPS (₹)₹2.16₹2.37₹2.46₹-6.25₹2.87₹1.27₹7.41₹1.85₹0.66₹2.36₹0.13₹3.28

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,060 Cr1,043 Cr1,044 Cr1,114 Cr1,322 Cr1,564 Cr1,687 Cr1,930 Cr2,123 Cr2,368 CrSign in free for the trailing twelve months
Operating expenses (approx.)894 Cr881 Cr912 Cr956 Cr1,086 Cr1,350 Cr1,469 Cr1,623 Cr1,826 Cr2,126 CrSign in free for the trailing twelve months
EBITDA166 Cr162 Cr132 Cr158 Cr236 Cr215 Cr217 Cr307 Cr297 Cr242 CrSign in free for the trailing twelve months
OPM %15.6%15.6%12.7%14.2%17.8%13.7%12.9%15.9%14.0%10.2%Sign in free for the trailing twelve months
Other income12 Cr22 Cr28 Cr8 Cr23 Cr18 Cr12 Cr6 Cr24 Cr10 CrSign in free for the trailing twelve months
Interest5 Cr4 Cr14 Cr25 Cr17 Cr16 Cr24 Cr41 Cr49 Cr56 CrSign in free for the trailing twelve months
Depreciation19 Cr24 Cr31 Cr52 Cr62 Cr72 Cr80 Cr89 Cr95 Cr119 CrSign in free for the trailing twelve months
Profit before tax153 Cr145 Cr115 Cr54 Cr194 Cr132 Cr104 Cr182 Cr114 Cr112 CrSign in free for the trailing twelve months
Tax %31.4%34.9%23.4%34.2%25.6%-13.0%39.7%32.2%35.8%38.5%Sign in free for the trailing twelve months
Net profit105 Cr94 Cr88 Cr36 Cr144 Cr149 Cr63 Cr124 Cr73 Cr69 CrSign in free for the trailing twelve months
EPS (₹)₹7.25₹6.52₹6.20₹2.56₹10.48₹10.81₹4.53₹8.93₹5.31₹5.00Sign in free for the trailing twelve months
Dividend payout %————9.6%7.1%29.8%23.8%14.2%40.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital145 Cr145 Cr145 Cr141 Cr141 Cr138 Cr138 Cr138 Cr138 Cr138 Cr
Reserves667 Cr713 Cr719 Cr683 Cr810 Cr875 Cr926 Cr1,074 Cr1,134 Cr1,223 Cr
Borrowings62 Cr164 Cr334 Cr342 Cr493 Cr632 Cr620 Cr617 Cr745 Cr851 Cr
Other liabilities203 Cr258 Cr237 Cr313 Cr451 Cr571 Cr499 Cr571 Cr668 Cr700 Cr
Total liabilities1,077 Cr1,280 Cr1,445 Cr1,490 Cr1,898 Cr2,297 Cr2,222 Cr2,402 Cr2,685 Cr2,913 Cr
Fixed assets (net)233 Cr274 Cr369 Cr327 Cr333 Cr344 Cr387 Cr419 Cr460 Cr464 Cr
CWIP2 Cr36 Cr15 Cr3 Cr8 Cr4 Cr22 Cr7 Cr39 Cr90 Cr
Investments50 Cr96 Cr111 Cr110 Cr14 Cr13 Cr24 Cr10 Cr12 Cr12 Cr
Loans & advances——6 Cr7 Cr8 Cr5 Cr6 Cr3 Cr8 Cr10 Cr
Inventories350 Cr348 Cr374 Cr337 Cr429 Cr555 Cr603 Cr657 Cr718 Cr665 Cr
Trade receivables217 Cr277 Cr284 Cr317 Cr375 Cr461 Cr438 Cr490 Cr506 Cr635 Cr
Cash & bank42 Cr17 Cr37 Cr63 Cr137 Cr119 Cr64 Cr100 Cr86 Cr64 Cr
Other assets183 Cr231 Cr247 Cr326 Cr594 Cr794 Cr679 Cr717 Cr856 Cr972 Cr
Total assets1,077 Cr1,280 Cr1,445 Cr1,490 Cr1,898 Cr2,297 Cr2,222 Cr2,402 Cr2,685 Cr2,913 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity——77 Cr205 Cr195 Cr50 Cr189 Cr107 Cr16 Cr263 Cr
Cash from investing——-137 Cr-40 Cr-149 Cr-160 Cr-103 Cr-82 Cr-72 Cr-205 Cr
Cash from financing——49 Cr-196 Cr88 Cr13 Cr-175 Cr8 Cr99 Cr-158 Cr
Net cash flow——-11 Cr-31 Cr135 Cr-97 Cr-88 Cr34 Cr41 Cr-104 Cr
Free cash flow (OCF − Capex)——-41 Cr160 Cr161 Cr23 Cr121 Cr47 Cr-80 Cr57 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %18.1%14.6%10.7%6.7%14.5%8.6%7.4%12.2%8.1%7.6%
ROE %12.9%11.0%10.1%4.3%15.2%13.6%5.5%10.1%5.8%5.1%
Debtor days75979910410310795938798
Inventory days257240223223223225221230200180
Days payable811078011412814313412411189
Cash conversion cycle250229242212198190182198175188
OCF / EBITDA %——58.5%129.7%82.7%23.4%87.1%35.0%5.3%108.8%
OCF / EBITDA % (3 years)————90.8%74.0%65.1%47.0%38.1%45.7%
Debt / equity0.080.190.390.420.520.620.580.510.590.62
Current ratio2.821.921.601.361.771.701.701.521.391.27
Net debt / EBITDA0.12—2.251.771.512.392.561.682.223.25