S H Kelkar And Company Limited (SHK)

About

S H Kelkar And Company Limited operates in specialty chemicals within the Materials sector, serving industrial customers across diverse end-markets. With a market capitalization of ₹2,362.76 Cr and quarterly consolidated revenues reaching ₹662.42 Cr, it is an established mid-cap player. The company maintains regular dividend payouts while navigating sector cyclicality and input-cost volatility.

Face value: ₹10

Market cap

₹1,908 Cr

P/E

21.4×

P/B

1.4×

Dividend yield

1.5%

ROE

5.3%

ROCE

8%

Debt / equity

0.62

OPM

10.2%

EPS (TTM)

₹6.4

Book value

₹98.4

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Very low ROE of 5.26% despite PE of 26.52 suggests the market is pricing earnings growth not yet visible in returns; verify if this is cyclical trough or structural capital-efficiency issue.
Standalone operating margin turned negative at -0.32% in Mar 2026, indicating core operations faced headwinds; verify whether this has reversed and what protection exists against repeated margin compression.
Significant 1-year return decline of -30.08% from ₹266.74 peak; verify what triggered the correction and whether operational or competitive challenges have emerged.
Input-cost volatility typical in chemicals: standalone OPM ranged from -0.32% to 13.38% across recent quarters; verify hedging strategies and pricing power in customer contracts.

Generated analysis · source review pending

Growth drivers

Jun 2026 consolidated operating margin of 13.38% recovered sharply from Mar 2026's -0.32%; verify if this reflects structural cost reductions or temporary factors and whether margins can sustain at this level.
Quarterly revenue volatility (₹297–₹662 Cr) suggests cyclical or project-based demand; verify if the business is entering an upcycle or if recent ₹662 Cr quarter reflects one-time orders.
Regular dividend payouts (most recent Feb 2026) indicate cash generation; verify if management is deploying retained earnings into capacity, R&D, or new products for growth.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹137.9-1.8%1Y

Quick read

rule-based

Pros

+Dividend payout of 31.1% of profit

Cons

−Low return on equity of 7.3% (3-yr avg)
−Profit declined 13.6% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

50/100

Business quality: 21
Growth: 56
Valuation: 73

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Gujarat Fluorochemicals LimitedFLUOROCHEMFLUOROCHEM	₹47,713 Cr	₹49,912 Cr	₹5,303 Cr	₹1,375 Cr	25.8%	₹615 Cr	11.5%	11.1%	7.6%	401
Navin Fluorine International LimitedNAVINFLUORNAVINFLUOR	₹41,740 Cr	₹42,967 Cr	₹3,634 Cr	₹1,232 Cr	32.6%	₹790 Cr	20%	21.6%	20.1%	61
Aether Industries LimitedAETHERAETHER	₹22,161 Cr	₹22,603 Cr	₹1,224 Cr	₹384 Cr	31.3%	₹235 Cr	19.8%	13.2%	9.4%	330
Atul LimitedATULATUL	₹17,231 Cr	₹17,411 Cr	₹6,643 Cr	₹1,189 Cr	16.4%	₹704 Cr	11%	14.1%	11.5%	70
Aarti Industries LimitedAARTIINDAARTIIND	₹16,869 Cr	₹21,790 Cr	₹9,012 Cr	₹1,337 Cr	14.1%	₹531 Cr	5.1%	8.8%	7.3%	54
Fine Organic Industries LimitedFINEORGFINEORG	₹15,752 Cr	₹15,797 Cr	₹2,472 Cr	₹535 Cr	20.4%	₹438 Cr	17.6%	21.6%	16.8%	113
Basf India LimitedBASFBASF	₹14,796 Cr	₹14,796 Cr	₹16,177 Cr	₹952 Cr	4.4%	₹643 Cr	2.8%	14%	11.1%	40
Privi Speciality Chemicals LimitedPRIVISCLPRIVISCL	₹13,970 Cr	₹14,980 Cr	₹2,671 Cr	₹666 Cr	25.2%	₹342 Cr	12.4%	27.7%	25.2%	158
Sudeep Pharma LimitedSUDEEPPHRMSUDEEPPHRM	₹13,546 Cr	₹13,694 Cr	₹676 Cr	₹233 Cr	34.6%	₹133 Cr	27.1%	31.1%	25.2%	366
Anupam Rasayan India LimitedANURASANURAS	₹13,243 Cr	₹15,058 Cr	₹2,535 Cr	₹563 Cr	22.2%	₹175 Cr	9.4%	9.1%	5.5%	377
Vinati Organics LimitedVINATIORGAVINATIORGA	₹12,528 Cr	₹12,528 Cr	₹2,381 Cr	₹665 Cr	29.4%	₹448 Cr	19.9%	18.8%	14.9%	152
Elantas Beck India LimitedELANTASELANTAS	₹10,644 Cr	₹10,644 Cr	₹778 Cr	₹147 Cr	20.3%	₹136 Cr	17.4%	20.6%	15.8%	70

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	994	1,060	1,043	1,114	1,322	1,564	1,687	1,930	2,123	2,368
COGS	511	512	563	631	702	833	1,005	1,080	1,196	1,320
Gross profit	482	548	480	483	620	731	682	850	928	1,048
	333	382	316	324	384	516	465	543	632	807
	150	166	164	159	236	215	217	307	296	242
OPM %	15.1%	15.7%	15.7%	14.3%	17.9%	13.7%	12.9%	15.9%	13.9%	10.2%
Depreciation	30	19	24	52	62	72	80	89	95	119
Interest	20	5	4	25	17	16	24	41	49	56
	10	12	9	-29	36	6	-8	6	-38	45
Profit before tax	—	—	145	54	194	132	104	182	114	112
Tax	—	—	51	19	50	-17	41	59	41	43
Tax %	—	—	34.9%	34.2%	25.6%	-13%	39.7%	32.2%	35.8%	38.5%
	73	73	94	36	144	149	63	124	73	69
PAT margin %	7.4%	6.9%	9%	3.2%	10.9%	9.6%	3.7%	6.4%	3.4%	2.9%
EPS (₹)	5.4	7.3	6.5	2.6	10.5	10.8	4.5	8.9	5.3	5
EPS adjusted (₹)	—	—	—	2.5	10.2	10.7	4.4	8.8	5.3	5
	28%	24.1%	26.8%	37.1%	16.7%	6.9%	44.2%	0%	33%	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	141	141	138	138	138	138	138
Reserves	683	810	875	926	1,074	1,134	1,223
Minority interest	11	3	80	38	1	0	1
	342	499	632	620	617	745	851
	313	445	571	499	571	668	700
Total equity & liabilities	1,490	1,898	2,297	2,222	2,402	2,685	2,913
	413	728	946	913	933	952	1,004
CWIP	3	8	4	22	7	39	90
Investments	0	14	14	24	10	12	12
	1,074	1,148	1,332	1,263	1,453	1,683	1,807
Total assets	1,490	1,898	2,297	2,222	2,402	2,685	2,913

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	77	205	195	50	189	107	16	263
	-137	-40	-149	-160	-103	-82	-72	-205
	49	-196	88	13	-175	8	99	-158
Net cash flow	-11	-31	134	-97	-88	34	43	-100
Free cash flow	77	205	161	23	121	47	-80	57
CFO / Operating profit %	—	129.7%	82.7%	23.4%	87.1%	35%	5.3%	108.8%

Compounded sales growth

7 years: 12%
5 years: 12%
3 years: 12%
1 year: 12%

Compounded profit growth

7 years: -4%
5 years: -14%
3 years: 3%
1 year: -5%

Return on equity

7 years: 9%
5 years: 8%
3 years: 7%
Last year: 5%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Fragrance	2,126.87	152.63	2,524.73	586.56	1,938.17	7.87
Flavours	241.39	57.76	210.57	56.35	154.22	37.45

SegmentFigure

Flavours · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	46%	43.4%	46.9%	46.7%	40.4%	44%	43.7%	44.3%
EBITDA margin %	15.6%	14.2%	17.8%	13.7%	12.9%	15.9%	14%	10.2%
EBIT margin %	13.3%	9.6%	13.2%	9.1%	8.1%	11.3%	9.5%	5.2%
PAT margin %	9%	3.2%	10.9%	9.6%	3.7%	6.4%	3.4%	2.9%
Working capital
Receivable days	—	104	103	108	95	93	87	98
Inventory days	—	195	223	243	219	222	219	184
Payable days	—	—	129	154	133	120	122	92
NWC days	—	—	198	197	181	195	184	190
Leverage
Current ratio	—	1.36	1.77	1.7	1.7	1.52	1.39	1.27
Debt to EBITDA	—	2.17	2.11	2.94	2.85	2.01	2.51	3.52
Debt to equity	—	0.42	0.52	0.62	0.58	0.51	0.59	0.62
Interest coverage	40.3	4.6	11.6	9.9	6.2	5.4	4.6	2.4
Asset turnover	—	0.75	0.7	0.68	0.76	0.8	0.79	0.81
Return ratios
Return on assets %	—	2.4%	7.6%	6.5%	2.8%	5.1%	2.7%	2.4%
Return on capital employed %	—	12.5%	17.7%	11.1%	9.6%	15%	15%	8%
Return on equity %	—	4.4%	15.1%	14.7%	5.9%	10.2%	5.7%	5.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.95%	58.95%	58.95%	58.75%	55.63%	55.63%	55.48%	55.03%	54.87%	54.87%	54.87%	54.87%
	8.33%	8.25%	8.86%	8.71%	9.4%	7.53%	7.22%	6.96%	7.36%	6.79%	7.42%	5.92%
	1.42%	1.27%	0.27%	0.27%	2.26%	3.1%	3.44%	3.37%	5.69%	6.02%	5.18%	6.01%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	31.3%	31.53%	31.92%	32.27%	32.71%	33.74%	33.86%	34.64%	32.08%	32.32%	32.53%	33.2%
No. of shareholders	—	—	—	—	—	—	—	—	50,971	54,088	53,911	55,913

Promoter holding down 4.08 percentage points since Sep 2023.

16 deals · 9 Nov 2021 – 29 Jul 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
29 Jul 2026	ELIXIR WEALTH MANAGEMENT PRIVATE LIMITED	Bulk	NSE	Sell	9,03,950	₹166.30	₹15.03 Cr
29 Jul 2026	ELIXIR WEALTH MANAGEMENT PRIVATE LIMITED	Bulk	NSE	Buy	9,03,950	₹166.61	₹15.06 Cr
26 Aug 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,31,377	₹243.69	₹20.26 Cr
26 Aug 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	8,31,377	₹243.31	₹20.23 Cr
25 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,53,480	₹313.26	₹26.74 Cr
25 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	8,53,480	₹312.98	₹26.71 Cr
24 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,48,824	₹285.80	₹27.12 Cr
24 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,48,824	₹285.56	₹27.09 Cr
28 Jun 2024	KEDAR RAMESH VAZE	Bulk	NSE	Sell	8,75,873	₹185.77	₹16.27 Cr
16 Aug 2023	S H KELKAR EMPLOYEE BENEFIT TRUST	Bulk	NSE	Sell	7,00,000	₹147.25	₹10.31 Cr

1–10 of 16

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Ramesh Vinayak VazeNon-Executive - Non Independent Director-Chairperson related to Promoter
Mrs. Prabha Ramesh VazeNon-Executive - Non Independent Director
Mr. Kedar Ramesh VazeExecutive Director-CEO
Mr. Vasant Vitthaldas GujarathiNon-Executive - Independent Director
Mr. Shrikant Bhikaji OkaNon-Executive - Independent Director
Mr. Deepak Raj BindraNon-Executive - Independent Director
Mrs. Neela BhattacherjeeNon-Executive - Independent Director
Mrs. Pallavi Pratap GokhaleNon-Executive - Non Independent Director
Mr. Jagdish AgarwalChief Financial Officer
Mrs. Deepti ChandratreCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

3

across 3 fund houses

Held by these funds

0.24%

of the company's equity

All mutual funds

5.67%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 3 fund houses

		Shares
Small Cap Fund	Quantum Mutual Fund	1.83 L	2.77	1.04%	0.132%	-0
CHILDRENS FUND	Tata Mutual Fund	1.5 L	2.27	0.69%	0.108%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	144	0	0%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Credit ratings

3

Investor Presentation and earnings call

4

Jul 2026TranscriptAI SummaryPPT REC
May 2026Transcript AI Summary PPT REC
Feb 2026Transcript AI Summary PPT REC
Nov 2025Transcript AI Summary PPT REC

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

11

Interim dividend13 Feb 2026 · ex-date₹1
Final dividend1 Aug 2025 · ex-date₹1
Interim dividend12 Apr 2024 · ex-date₹0.75
Final dividend3 Aug 2023 · ex-date₹2
Final dividend2 Aug 2022 · ex-date₹0.75
Final dividend2 Aug 2021 · ex-date₹0.75
Interim dividend19 Nov 2020 · ex-date₹1
Interim dividend26 Mar 2020 · ex-date₹0.95
Final dividend1 Aug 2018 · ex-date₹1.75
Dividend dividend2 Aug 2017 · ex-date₹1.75
Interim dividend17 Mar 2016 · ex-date₹1.5

1

Board meeting to consider results28 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

47 announcementsExport CSV

30 Sept 2026, 2:55 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

30 Sept 2026, 2:50 pmOthers

Board Meeting Outcome for Changes In Senior Management Personnel Of The Company

Outcome without intimation PDF

28 Sept 2026, 4:14 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

21 Sept 2026, 6:44 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

15 Sept 2026, 5:30 pmCompany Update

Announcement under Regulation 30 (LODR)-Demise

Demise PDF

15 Sept 2026, 5:22 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

15 Sept 2026, 5:17 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

19 Aug 2026, 6:14 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

Date	Category	Subject	Filing
30 Sept 2026, 2:55 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
30 Sept 2026, 2:50 pm	Others Outcome without intimation	Board Meeting Outcome for Changes In Senior Management Personnel Of The Company	PDF
28 Sept 2026, 4:14 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
21 Sept 2026, 6:44 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
15 Sept 2026, 5:30 pm	Company Update Demise	Announcement under Regulation 30 (LODR)-Demise	PDF
15 Sept 2026, 5:22 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
15 Sept 2026, 5:17 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
19 Aug 2026, 6:14 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF

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S H Kelkar And Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Flavours · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends11

Board meetings1

Announcements

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Flavours · revenue

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends11

Board meetings1

11

1

11

1