SH Kelkar & Company
SH Kelkar & Company
CommoditiesKey Fundamentals
MicrocapSpecialty ChemicalsChemicalsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company's working capital requirements have reduced from 53.1 days to 38.0 days
Weaknesses
4- Company has a low return on equity of 7.23% over last 3 years.
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.74.1 Cr.
- Promoter holding has decreased over last 3 years: -4.08%
Growth Rate
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 423 | 455 | 472 | 513 | 470 | 542 | 543 | 567 | 580 | 554 | 584 | 650 | 662 |
| Expenses | 355 | 384 | 396 | 424 | 392 | 462 | 480 | 494 | 507 | 502 | 528 | 589 | 575 |
| Operating Profit | 68 | 72 | 76 | 90 | 78 | 80 | 64 | 73 | 73 | 52 | 55 | 61 | 88 |
| OPM % | 16% | 16% | 16% | 17% | 17% | 15% | 12% | 13% | 13% | 9% | 9% | 9% | 13% |
| Other Income | 2 | 2 | 2 | 0 | -120 | 21 | 1 | 61 | 3 | 1 | 34 | 7 | 31 |
| Interest | 10 | 10 | 10 | 10 | 10 | 13 | 14 | 13 | 13 | 14 | 14 | 15 | 15 |
| Depreciation | 21 | 22 | 22 | 22 | 22 | 24 | 23 | 25 | 26 | 27 | 27 | 39 | 35 |
| PBT | 39 | 41 | 46 | 57 | -74 | 64 | 27 | 97 | 37 | 12 | 49 | 15 | 69 |
| Tax % | 28% | 27% | 30% | 42% | 17% | 38% | 36% | -6% | 30% | 25% | 33% | 88% | 34% |
| Net Profit | 28 | 30 | 32 | 33 | -87 | 40 | 18 | 103 | 26 | 9 | 33 | 2 | 45 |
| EPS in Rs | 1.96 | 2.12 | 2.33 | 2.45 | -6.25 | 2.87 | 1.27 | 7.41 | 1.85 | 0.66 | 2.36 | 0.13 | 3.28 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 834 | 925 | 981 | 1,021 | 1,048 | 1,114 | 1,322 | 1,564 | 1,687 | 1,930 | 2,123 | 2,368 | 2,450 |
| Expenses | 716 | 774 | 814 | 862 | 908 | 955 | 1,083 | 1,350 | 1,469 | 1,622 | 1,828 | 2,126 | 2,193 |
| Operating Profit | 119 | 151 | 167 | 159 | 141 | 160 | 239 | 215 | 217 | 308 | 296 | 242 | 256 |
| OPM % | 14% | 16% | 17% | 16% | 13% | 14% | 18% | 14% | 13% | 16% | 14% | 10% | 10% |
| Other Income | 25 | 10 | 12 | 13 | 21 | -28 | 36 | 6 | -8 | 5 | -38 | 45 | 74 |
| Interest | 19 | 22 | 6 | 5 | 16 | 26 | 20 | 16 | 24 | 41 | 49 | 56 | 57 |
| Depreciation | 29 | 30 | 19 | 24 | 31 | 52 | 62 | 72 | 80 | 89 | 95 | 119 | 128 |
| PBT | 94 | 110 | 153 | 143 | 115 | 54 | 194 | 132 | 104 | 182 | 114 | 112 | 145 |
| Tax % | 26% | 34% | 31% | 35% | 24% | 34% | 26% | -13% | 40% | 32% | 36% | 38% | — |
| Net Profit | 70 | 73 | 105 | 94 | 88 | 36 | 144 | 149 | 63 | 124 | 73 | 69 | 89 |
| EPS in Rs | 5.32 | 5.05 | 7.25 | 6.49 | 6.12 | 2.53 | 10.24 | 10.73 | 4.42 | 8.84 | 5.29 | 5 | 6.43 |
| Div. Payout % | 28% | 30% | 24% | 27% | 0% | 38% | 17% | 7% | 45% | 8% | 19% | 20% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 132 | 145 | 145 | 145 | 145 | 141 | 141 | 138 | 138 | 138 | 138 | 138 |
| Reserves | 368 | 571 | 667 | 712 | 719 | 683 | 810 | 875 | 926 | 1,074 | 1,134 | 1,223 |
| Borrowings | 252 | 85 | 74 | 172 | 342 | 365 | 518 | 698 | 620 | 666 | 832 | 1,029 |
| Other Liabilities | 187 | 201 | 187 | 246 | 222 | 277 | 405 | 568 | 518 | 502 | 556 | 493 |
| Total Liabilities | 939 | 1,003 | 1,073 | 1,275 | 1,427 | 1,466 | 1,874 | 2,279 | 2,202 | 2,381 | 2,660 | 2,884 |
| Fixed Assets | 274 | 227 | 296 | 352 | 462 | 472 | 741 | 959 | 914 | 933 | 953 | 1,182 |
| CWIP | 10 | 18 | 7 | 60 | 38 | 18 | 28 | 9 | 26 | 13 | 46 | 96 |
| Investments | 0 | 35 | 50 | 96 | 97 | 97 | 1 | 1 | 23 | 10 | 11 | 11 |
| Other Assets | 655 | 722 | 720 | 767 | 830 | 879 | 1,103 | 1,309 | 1,239 | 1,425 | 1,650 | 1,594 |
| Total Assets | 939 | 1,003 | 1,073 | 1,275 | 1,427 | 1,466 | 1,874 | 2,279 | 2,202 | 2,381 | 2,660 | 2,884 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 62 | 86 | 102 | 103 | 77 | 205 | 195 | 50 | 197 | 107 | 16 | 263 |
| Investing | -17 | -77 | -103 | -162 | -138 | -42 | -148 | -134 | -110 | -84 | -69 | -209 |
| Financing | -7 | -24 | -16 | 28 | 49 | -196 | 88 | 12 | -175 | 8 | 99 | -158 |
| Net Cash Flow | 37 | -14 | -17 | -31 | -12 | -33 | 135 | -71 | -88 | 32 | 46 | -104 |
| Free Cash Flow | 40 | 63 | 64 | -17 | -39 | 161 | 165 | 52 | 149 | 47 | -80 | 60 |
| CFO/OP | 76 | 84 | 89 | 87 | 81 | 146 | 87 | 52 | 109 | 54 | 24 | 135 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 85 | 90 | 81 | 99 | 99 | 104 | 103 | 108 | 95 | 93 | 87 | 98 |
| Inventory Days | 252 | 239 | 247 | 233 | 239 | 201 | 216 | 225 | 228 | 231 | 227 | 182 |
| Days Payable | 76 | 116 | 78 | 104 | 86 | 103 | 125 | 143 | 138 | 125 | 127 | 91 |
| Cash Conversion Cycle | 261 | 213 | 250 | 228 | 252 | 202 | 195 | 190 | 185 | 199 | 188 | 189 |
| Working Capital Days | 70 | 135 | 128 | 110 | 86 | 55 | 91 | 90 | 88 | 60 | 62 | 38 |
| ROCE % | 14% | 17% | 19% | 17% | 12% | 10% | 15% | 10% | 8% | 12% | 10% | 6% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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65 extracted metrics + investor summaries across FY12–FY27.
Documents
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Company Information
S H Kelkar and Company Limited is engaged in manufacture, supply and exports of fragrances and aroma ingredients[1] It is the largest domestic fragrance producer in India and the only company of Indian origin to file patents in the field of Fragrance & Novel aroma molecules.
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