S H Kelkar and Company financials and balance sheet

NSE: SHKBSE: 539450Chemicals & PetrochemicalsSmall Cap

₹125.46₹4.83 (3.71%)BSE ₹125.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹130.29.

52-week range of traded prices to 23 Oct 2026

₹111.98Low, 30 Mar 2026₹231.28High, 23 Oct 2025

Next results date: the board meets on 2 Nov 2026 to consider: financial results.

Market cap: ₹1,737 Cr1,162nd largest listed
P/E: 19.5
P/E without one-offs: 70.2
P/B: 1.3
Dividend yield: 0.80%
ROE: 6.8%
ROE without one-offs: 1.9%
ROCE: 5.8%
Debt to equity: 0.62
Volume, NSE: 2,99,44154.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.S H Kelkar and Company annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 10.3% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,368
Materials and goods−1,320
Employee costs−361
Other expenses−446
Operating profit242
Depreciation−119
Other income+9.5
One-off items+36
Finance costs−56
Profit before tax112
Tax−43
Joint ventures0.0
Net profit69

What the company owns

Plant, investments and other assets₹1,548 Cr
Inventory₹665 Cr
Receivables₹635 Cr
Cash and bank₹65 Cr

What pays for it: net worth and liabilities

Net worth₹1,362 Cr
Borrowings₹851 Cr
Other liabilities₹368 Cr
Owed to suppliers₹331 Cr

S H Kelkar and Company business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.S H Kelkar and Company segment results by quarter

Revenue by segment

₹2,368 CrTotal

Fragrance₹2,127 Cr89.8% of total
Flavours₹241 Cr10.2% of total

Profit by segment

Fragrance₹153 Cr72.5% of total
Flavours₹58 Cr27.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Fragrance
Revenue, ₹ crore
934
998
1,203
1,419
1,473
1,695
1,937
2,127
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
130
119
196
165
141
220
130
153
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Flavours
Revenue, ₹ crore
107
107
112
141
214
235
186
241
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
15
15
22
17
17
21
43
58
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,041	1,105	1,315	1,560	1,687	1,930	2,123	2,368
Company revenue, as in its results	1,044	1,114	1,322	1,564	1,687	1,930	2,123	2,368
Revenue	934	998	1,203	1,419	1,473	1,695	1,937	2,127
Revenue growth	–	6.8%	20.6%	17.9%	3.8%	15.1%	14.3%	9.8%
Profit	130	119	196	165	141	220	130	153
Profit growth	–	−8.4%	64.8%	−15.8%	−14.9%	56.4%	−40.9%	17.3%
Margin	13.9%	11.9%	16.3%	11.6%	9.6%	13.0%	6.7%	7.2%
Return on capital	12.2%	11.5%	14.1%	10.4%	8.9%	12.9%	7.1%	7.9%
Assets	1,233	1,257	1,696	2,046	1,990	2,109	2,307	2,525
Liabilities	163	219	302	465	408	407	472	587
Capital employed	1,070	1,038	1,393	1,582	1,583	1,702	1,835	1,938
Revenue	107	107	112	141	214	235	186	241
Revenue growth	–	0.0%	4.5%	25.8%	52.1%	9.7%	−20.7%	29.7%
Profit	15	15	22	17	17	21	43	58
Profit growth	–	−2.5%	49.6%	−25.6%	4.2%	22.7%	100.0%	35.1%
Margin	14.4%	14.0%	20.1%	11.9%	8.1%	9.1%	23.0%	23.9%
Return on capital	12.8%	13.6%	23.1%	15.5%	14.8%	13.4%	21.6%	37.5%
Assets	137	131	123	155	154	201	222	211
Liabilities	16	21	26	47	37	42	24	56
Capital employed	120	110	97	108	118	159	198	154
	–	–	–	0	–	–	–	–
Profit	–	–	–	0	–	–	–	–
Assets	–	–	–	96	–	–	–	–
Liabilities	–	–	–	691	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.S H Kelkar and Company quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 27 May	Mar 2021Filed 28 May	Mar 2022Filed 26 May	Mar 2023Filed 31 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Revenue from operations	1,060	1,043	1,044	1,114	1,322	1,564	1,687	1,930	2,123	2,368
	894	881	912	956	1,086	1,350	1,469	1,623	1,826	2,126
Materials and goods bought	535	563	591	631	702	833	1,005	1,080	1,196	1,320
Employee costs	–	–	128	138	150	199	212	252	290	361
Other expenses	–	–	193	187	235	317	253	291	341	446
Operating profit before depreciation	166	162	132	158	236	215	217	307	297	242
Operating margin	15.6%	15.6%	12.7%	14.2%	17.8%	13.7%	12.9%	15.9%	14.0%	10.2%
Materials, % of revenue	–	–	56.6%	56.6%	53.1%	53.3%	59.6%	56.0%	56.3%	55.7%
Employee costs, % of revenue	–	–	12.3%	12.4%	11.3%	12.7%	12.6%	13.0%	13.7%	15.2%
Other expenses, % of revenue	–	–	18.5%	16.8%	17.7%	20.3%	15.0%	15.1%	16.0%	18.8%
Depreciation and amortisation	19	24	31	52	62	72	80	89	95	119
Operating profit after depreciation	146	138	101	107	174	143	137	218	202	122
Other income	12	22	28	8	23	18	12	6	24	10
Finance costs	5	4	14	25	17	16	24	41	49	56
Profit before one-off items and tax	153	156	115	90	181	144	125	182	177	76
One-off items	0	−13	0	−36	13	−12	−20	0	−61	36
Profit before tax	153	143	115	53	193	132	105	182	116	112
	48	51	27	19	50	−17	41	59	41	43
Current tax	46	46	35	20	46	−10	41	65	51	49
Deferred tax	2	4	−8	−1	3	−8	0	−6	−11	−6
Share of profit of joint ventures and associates	–	2	0	1	0	–	0	–	−1	0
Profit from discontinued businesses	–	–	–	–	–	–	–	–	−1	–
	105	94	88	36	144	149	63	124	73	69
Belonging to the company's shareholders	105	94	88	36	145	149	61	122	73	69
Belonging to outside owners of subsidiaries	–	–	0	0	−1	–	2	1	0	0
Other comprehensive income	–	–	−6	2	−3	−6	1	6	−4	49
Total comprehensive income	–	–	82	38	141	143	64	130	69	118
Net margin	9.9%	9.0%	8.5%	3.2%	10.9%	9.6%	3.7%	6.4%	3.4%	2.9%
Net margin without joint ventures and associates	–	8.9%	8.4%	3.1%	10.9%	–	3.7%	–	3.5%	2.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 25 May	Mar 2020Filed 27 May	Mar 2021Filed 28 May	Mar 2022Filed 26 May	Mar 2023Filed 31 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	874	835	955	1,094	1,103	1,214	1,272	1,362
	863	824	952	1,013	1,064	1,213	1,272	1,362
Share capital	145	141	141	138	138	138	138	138
Reserves	719	683	810	875	926	1,074	1,134	1,223
Belonging to outside owners of subsidiaries	11	11	3	80	38	1	0	1
	334	342	493	632	620	617	745	851
Repayable after a year	70	54	332	363	358	173	175	212
Repayable within a year	264	288	161	269	262	444	570	639
	480	575	574	725	709	934	1,131	1,159
Trade payables	134	173	247	352	365	355	400	331
Other financial liabilities	27	53	53	41	28	60	89	108
Other liabilities	14	14	31	33	36	37	38	43
Provisions	10	11	13	15	16	19	21	23
Tax owed	31	36	67	15	2	19	13	14
	91	80	370	478	411	254	281	392
Other financial liabilities	2	1	2	18	1	32	65	139
Provisions	1	1	1	1	1	1	0	3
Deferred tax	18	24	36	49	51	47	41	39
Trade payables	0	0	0	48	–	0	0	0
	1,445	1,490	1,898	2,297	2,222	2,402	2,685	2,913
Held for sale or for a demerger	–	28	28	–	–	–	–	–
	675	682	854	1,065	1,016	986	1,109	1,443
Plant in use, after depreciation	369	327	333	344	387	419	460	464
Plant being built	15	3	8	4	22	7	39	90
Intangible assets	39	46	141	252	224	209	181	179
Goodwill	40	40	204	289	303	305	311	361
Intangible assets being developed	22	15	20	5	4	6	8	6
Property held to earn rent	14	13	13	13	1	1	1	1
Investments	0	0	0	0	0	0	0	11
Stakes in joint ventures and associates	96	97	1	0	–	0	11	–
Loans given	3	3	6	0	0	0	0	0
Other financial assets	1	2	1	17	12	14	16	93
Deferred tax	26	33	24	18	61	22	25	29
Other assets	50	103	102	123	2	4	58	209
	770	781	1,016	1,232	1,207	1,416	1,576	1,470
Inventories	374	337	429	555	603	657	718	665
Trade receivables	284	317	375	461	438	490	506	635
Cash and cash equivalents	37	63	137	119	64	100	86	64
Other bank balances	3	3	3	3	4	3	0	1
Current investments	2	0	0	0	23	10	0	0
Loans given	6	7	8	5	6	3	8	10
Other financial assets	2	2	3	4	69	3	100	2
Tax paid in advance	0	0	0	0	–	53	0	0
Other assets	61	52	61	83	–	98	157	92
Net debt	292	277	354	509	530	504	658	786

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 26 May	Mar 2023Filed 31 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	195	50	189	107	16	263
	208	113	19	129	70	326
	−66	−130	–	−149	−239	19
Receivables	−13	−59	–	−66	−31	−104
Inventories	−69	−118	–	−54	−123	55
Payables	14	68	–	5	92	−89
Other working capital	2	−20	–	−34	−176	157
Tax paid	−12	−62	39	−59	−54	−62
Interest paid	0	0	24	41	0	0
Capital spending	34	27	69	61	96	206
Free cash flow	161	23	121	47	−80	57
	−149	−160	−103	−82	−72	−205
Plant and property sold	4	28	1	0	0	0
Companies bought	0	−161	−37	−39	0	0
Interest received	1	1	1	0	1	1
Dividends received	0	0	0	1	0	0
	88	13	−175	8	99	−158
Borrowings raised	222	132	318	304	772	800
Borrowings repaid	−72	−10	−434	−261	−586	−843
Interest paid	−17	−12	−20	−34	−44	−52
Lease payments	−24	0	−20	−22	−32	−35
Dividends paid	14	11	19	29	10	28
Shares bought back	0	65	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	134	−97	−88	34	43	−100

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.S H Kelkar and Company dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 27 May	Mar 2021Filed 28 May	Mar 2022Filed 26 May	Mar 2023Filed 31 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Earnings per share	₹7.25	₹6.52	₹6.20	₹2.56	₹10.48	₹10.81	₹4.53	₹8.93	₹5.31	₹5.00
Diluted earnings per share	₹7.25	₹6.52	₹6.20	₹2.56	₹10.48	₹10.81	–	₹8.93	₹5.31	₹5.00
Dividend per share	₹1.75	₹1.75	–	₹0.95	₹1.75	₹0.75	₹2.00	₹0.75	₹1.00	₹1.00
Book value per share	–	–	₹59.70	₹58.31	₹67.34	₹73.20	₹76.90	₹87.62	₹91.89	₹98.39
Dividend payout	24.1%	26.9%	–	37.6%	17.1%	7.0%	45.3%	8.5%	18.9%	20.0%
Shareholder yield	–	–	–	–	0.9%	3.7%	1.4%	1.0%	0.4%	1.8%
Market cap at the year end (₹ crore)	4,287	3,746	2,218	1,075	1,575	2,029	1,377	2,845	2,445	1,555

Ratios

Consolidated, years to March.S H Kelkar and Company PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 27 May	Mar 2021Filed 28 May	Mar 2022Filed 26 May	Mar 2023Filed 31 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Revenue growth	14.4%	–	–	6.8%	18.6%	18.3%	7.8%	14.4%	10.0%	11.5%
Operating profit growth	7.1%	−2.2%	−18.6%	19.7%	49.2%	−9.0%	1.3%	41.2%	−3.2%	−18.6%
Net profit growth	30.7%	−10.1%	−6.3%	−59.4%	301.5%	3.8%	−57.9%	96.3%	−40.9%	−5.3%
Earnings per share growth	–	−10.1%	−4.9%	−58.7%	309.4%	3.1%	−58.1%	97.2%	−40.5%	−5.8%
	–	–	10.2%	4.2%	16.3%	15.1%	5.9%	10.8%	5.9%	5.3%
	–	–	–	−6.0 pts	12.1 pts	−1.2 pts	−9.2 pts	4.9 pts	−4.9 pts	−0.6 pts
From the net margin	–	–	–	−6.4 pts	10.2 pts	−2.2 pts	−9.3 pts	4.4 pts	−4.9 pts	−0.9 pts
From asset turnover	–	–	–	0.2 pts	0.4 pts	−0.6 pts	0.0 pts	1.2 pts	0.0 pts	0.1 pts
From borrowing	–	–	–	0.2 pts	1.4 pts	1.6 pts	0.1 pts	−0.8 pts	0.0 pts	0.2 pts
Return on capital employed	–	–	8.4%	9.1%	12.0%	8.3%	7.9%	11.9%	10.0%	5.5%
Cash conversion	–	–	–	–	135.5%	33.6%	300.8%	87.0%	21.6%	380.5%
Interest cover	28.4	34.9	7.2	4.3	10.2	8.8	5.7	5.3	4.1	2.2
Debt to equity	–	–	0.38	0.41	0.52	0.58	0.56	0.51	0.59	0.62
Receivable days	–	–	99	104	103	108	95	93	87	98
Inventory days	–	–	231	195	223	243	219	222	219	184
Payable days	–	–	83	100	129	154	133	120	122	92
Cash conversion cycle, days	–	–	248	199	198	197	181	195	184	190
Working capital days	–	–	179	140	128	153	145	154	160	136
Asset turnover	–	–	0.72	0.76	0.78	0.75	0.75	0.83	0.83	0.85
Assets per rupee of net worth	–	–	1.67	1.74	1.91	2.14	2.18	2.03	2.05	2.13
Sales per rupee of plant	–	–	2.83	3.41	3.97	4.54	4.36	4.61	4.61	5.10
Capital spending to depreciation	–	–	–	–	0.55	0.37	0.86	0.68	1.01	1.73
Plant being built, % of plant in use	–	–	4.2%	0.8%	2.4%	1.2%	5.7%	1.7%	8.4%	19.5%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.5%
Cash from operations against operating profit: 108.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.8%	12.4%	12.0%
Profit growth, yearly rate	−1.5%	−13.7%	4.2%
Return on equity, average	–	8.6%	7.3%
Return on capital employed, average	–	8.7%	9.1%
Operating margin, average	14.3%	13.3%	13.4%
Net margin, average	6.8%	5.2%	4.3%
Asset turnover, average	–	0.80	0.84
Cash conversion cycle, days, average	–	189	190
Interest cover, average	11.1	5.2	3.9
Debt to equity, average	–	0.57	0.57

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	626	386	263
Cash from investing	−622	−359	−205
Cash from financing	−213	−51	−158
Capital spending	459	363	206
Dividends paid	97	67	28
Shares bought back	65	0	0
Shares issued for cash	0	0	0
Borrowings raised	2,327	1,877	800
Borrowings repaid	2,134	1,690	843

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	4	5	7	5	5
Altman Z-scorePublished threshold 1.81	–	–	4.28	2.71	2.94	2.68	2.54	3.41	2.82	2.32
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.42	−2.09	−2.72	−2.48	−2.36	−2.47
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	5.77	12.36	−1.04	4.23	5.09	0.41
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.22	1.03	1.20	1.45
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	4.81	−0.65	4.85	−12.82	−2.71	−6.70	14.00
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−16.69	16.26	10.55	−11.97	1.37	−1.42	−17.69
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.81	0.75	1.49	−1.09	4.39	4.87	−6.87
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.30	0.12	0.05	0.18	0.06	0.28	0.73
Effective tax ratePublished threshold 17.16 per cent	31.39	35.33	23.52	34.92	25.63	−12.97	39.62	32.23	35.05	38.50
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−60.11	2.19	−0.40	−11.83	−17.05

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
28 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Other	Negative	135

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.