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Prices as of 9 Oct 2026 close · Not investment advice

S H Kelkar and Company Limited

NSE: SHKSpecialty Chemicals

Share price

₹136.61

+0.35% close of 9 Oct 2026

Market cap ₹1,885 CrP/E 39.9

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

61

out of 100 · worked out 9 Oct 2026

How the business score works

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹1,885 Cr

P/E ratio

39.9

P/B ratio

1.4

ROCE

5.8%

ROE

3.7%

Dividend yield

0.7%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹228.0252-week low ₹112.34

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 9.7% over the past year, and 10.4% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 14.1% to 10.4% over the last four years.

Whether it grew faster than its sector

It grew 10.4% a year against a sector median of 10.2% — 0.2 percentage points faster.

Room to re-rate, or risk of de-rating

At 39.9× earnings it costs 1.7× the market, which pays 24.1× across 2199 companies we can price. Its own industry sits at 57.1×, across 5 companies. It is against its own five-year median of 23.1×, the 95th percentile of its own range.

Whether growth justifies the valuation

Its earnings are falling, so growth cannot justify the price.

Profit growthPrice per ₹1 profitPer 1% growth
S H Kelkar and Company Limited — this one-11%/yr39.9×—
Pidilite Industries25%/yr57.1×₹2.3
Gujarat Fluorochemicals Limited-24%/yr79.7×—
Navin Fluorine International Limited21%/yr52.6×₹2.5
Aether Industries Limited20%/yr96.9×₹4.8
Deepak Nitrite Limited-13%/yr27.6×—

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Specialty Chemicals), it ranks 57 of 73 on returns, 39 of 72 on growth, 50 of 73 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 5.8% on capital, ahead of 22% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹633 crore of cash from the business, spent ₹406 crore on plant and equipment, and returned ₹214 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 134 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back faster than it used to: it went from being waiting 90 days for its cash to waiting 38 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

7 of 10 checks clear · 70%

How the profit check works

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Announced 28 Jul 2026 · Consolidated

Revenue

₹662 Cr

Revenue vs last year

+14.2%

Revenue vs last quarter

+1.9%

Net profit

₹45 Cr

Profit vs last year

+74.7%

Profit vs last quarter

+2171.5%

Net margin

6.9%

EPS

₹3.28

Earnings call transcript · 29 Jul 2026

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹1,885 Cr
Prev close
₹136.61
52w High
₹231
52w Low
₹112
Enterprise value
₹2,849 Cr
Beta
1.5
Price CAGR 1y
-37.0%
Price CAGR 3y
-2.0%
Price CAGR 5y
-2.0%
Price CAGR 10y
-7.0%

Ratios

Return on assets
2.4%
PEG ratio
-3.6
P/E ratio
39.9
P/B ratio
1.4
EV / EBITDA
11.1
Industry P/E
31.9
ROCE
5.8%
ROCE 5y average
9.2%
ROE
3.7%
Debt / Equity
0.8
Interest coverage
3.0
Dividend yield
0.7%
ROE 3y average
7.0%
ROE last year
4.0%

Annual P&L

Annual revenue
₹2,368 Cr
Annual profit
₹69 Cr
Operating margin
10.0%
Net profit margin
2.9%
EBITDA margin
10.2%
Sales growth 3y
12.0%
Sales growth 5y
12.4%
Profit growth 3y
-11.0%
Profit growth 5y
-18.0%
EPS
₹5.0
Sales growth TTM
10.0%
Profit growth TTM
-64.0%
Dividend payout
20.0%

Quarter P&L

Sales latest quarter
₹662 Cr
Profit latest quarter
₹45 Cr
YoY quarterly sales growth
14.1%
YoY quarterly profit growth
73.1%
OPM latest quarter
13.3%

Balance Sheet

Book Value
₹98.6
Face Value
₹10.0
Total debt
₹1,029 Cr
Total cash
₹65 Cr
Borrowings
₹1,029 Cr
Reserves / Equity
8.9

Cash Flow

Operating cash flow
₹263 Cr
Free cash flow
₹60 Cr
FCF yield
0.2%
Net cash flow
-₹104 Cr

Shareholding

Promoter holding
54.9%
FII holding
5.9%
DII holding
6.0%
Public holding
33.2%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Pidilite Inds.1,474.4056.61,50,1740.77883.528.24,551.621.331.0
Gujarat Fluoroch4,473.0579.649,1360.07219.021.41,588.024.09.6
Navin Fluo.Intl.8,513.0054.943,6840.18243.3107.71,045.144.121.0
Aether Industri.1,750.8596.823,2390.0062.828.0326.627.311.9
Deepak Nitrite1,582.3527.221,5820.46345.0207.52,577.636.411.4
Atul5,967.0022.117,5680.50253.992.01,848.025.014.9
Aarti Industries484.0033.617,5570.20155.0256.52,387.042.56.9
S H Kelkar & Co.136.1039.91,8840.7145.42.7662.414.15.8
Median360.0028.91,0670.2513.552.2175.326.413.8

Competes with: Aarti Industries Limited, Aether Industries Limited, Atul Limited, BASF India Limited, Deepak Nitrite Limited, Gujarat Fluorochemicals Limited, Navin Fluorine International Limited, Pidilite Industries

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales423455472513470543543567581554584650662
Expenses355384396424392462480494507502528589575
Material Cost300354334319384389
Change in Inventories30-21-1617-8.20-24
Purchases of Stock-in-Trade000000
Employee Cost76808593103100
Other Expenses88959899111109
Operating Profit68727690788064737352556188
OPM %1616161717151213139.469.489.3413
Other Income222-0-120211613134731
Exceptional items (within Other Income)592.110.7433030
Interest10101010101314131314141515
Depreciation21222222222423252627273935
Profit before tax39414657-746427973712491569
Tax %28273042173836-63025338834
Net Profit28303233-87401810326933245
EPS in Rs1.962.122.332.45-6.252.871.277.411.850.662.360.133.28
Diluted EPS in Rs7.411.850.662.360.133.28

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8349259811,0211,0481,1141,3221,5641,6871,9302,1232,3682,450
Expenses7167748148629089551,0831,3501,4691,6221,8282,1262,193
Material Cost1,3081,348
Change in Inventories-112-28
Purchases of Stock-in-Trade00
Employee Cost290361
Other Expenses341446
Operating Profit119151167159141160239215217308296242256
OPM %14161716131418141316141010
Other Income2510121321-28366-85-384574
Exceptional items (within Other Income)-6136
Interest192265162620162441495657
Depreciation2930192431526272808995119128
Profit before tax9411015314311554194132104182115112145
Tax %26343135243426-1340323638
Net Profit707310594883614414963124736989
EPS in Rs5.325.057.256.496.122.5310114.428.845.2956.43
Diluted EPS in Rs5.315
Dividend Payout %28302427-0381774581920

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
10%
5 years
12%
3 years
12%
TTM
10%

Compounded profit growth

10 years
-4%
5 years
-18%
3 years
-11%
TTM
-64%

Stock price CAGR

10 years
-7%
5 years
-2%
3 years
-2%
1 year
-37%

Return on equity

10 years
10%
5 years
9%
3 years
7%
Last year
4%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital132145145145145141141138138138138138
Reserves3685716677127196838108759261,0741,1341,223
Borrowings25285741723423655186986206668321,029
Other Liabilities187201187246222277405568518502556493
Minority Interest0.470.54
Total Liabilities9391,0031,0731,2751,4271,4661,8742,2792,2022,3812,6602,884
Fixed Assets2742272963524624727419599149339531,182
CWIP1018760381828926134696
Investments-035509697971123101111
Other Assets6557227207678308791,1031,3091,2391,4251,6501,594
Total Assets9391,0031,0731,2751,4271,4661,8742,2792,2022,3812,6852,884

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity6286102103772051955019710716263
Cash from Investing Activity-17-77-103-162-138-42-148-134-110-84-69-209
Cash from Financing Activity-7-24-162849-1968812-175899-158
Net Cash Flow37-14-17-31-12-33135-71-883246-104
Free Cash Flow406364-17-391611655214947-8059

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days859081999910410310895938798
Inventory Days252239247233239201216225228231227182
Days Payable76116781048610312514313812512791
Cash Conversion Cycle261213250228252202195190185199188189
Working Capital Days701351281108655919088606238
ROCE %1417191712101510812106

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters595959595656555555555555
FIIs8.338.248.868.719.407.547.226.967.366.797.425.92
DIIs1.421.270.270.272.263.103.443.375.696.025.186.01
Public313232323334343532323333
No. of Shareholders42,08641,94646,37946,91242,01445,63947,22950,45050,97154,08853,91155,913

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -39.8% (₹226.95 → ₹136.61)Brick size ₹5.70 (fixed)Bricks 60
₹150₹200₹137Nov '25Jan '26Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹136.61 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

964inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-09-30

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-09-30

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-09-30

FY revenue / permanent employees + workers, same basis (calc)

1,96,94,154inr

2026-03-31

News

News and filings about S H Kelkar and Company Limited. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • Aroma chemicals / synthetic odoriferous molecules (HSN 3302/2905)
  • Citronella essential oil
  • Geranium essential oil
  • Lemongrass essential oil
  • Packing materials

Depends on the price of

  • Crude Oil Brent

Sells to

Buys from

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Chemicals
Industry
Specialty Chemicals
Classification
Chemicals › Specialty Chemicals
ISIN
INE500L01026

Business segments

  • Fragrance · 90%
  • Flavours · 10%

Plants

  • Almere / Netherlands manufacturing facility · Almere, Netherlands
  • China aroma ingredients facility · Taihe, China
  • Jakarta facility · Jakarta, Indonesia
  • Mahad aroma ingredients facility · Mahad, Maharashtra
  • Milan / Italy facility · Milan, Italy
  • Mumbai fragrance manufacturing facility · Mumbai, Maharashtra
  • Vapi manufacturing facility · Vapi, Gujarat
  • Vashivali manufacturing facility · Vashivali / Raigad, Maharashtra

News impact

Big market events that reach S H Kelkar and Company Limited, and how the effect spreads.

28 Sept, 17:46 IST · Market event · medium impact

India’s Russian crude imports hit five-month low

India bought less cheap Russian oil, squeezing refiners like Indian Oil and chemical makers, while storage and drilling helpers may gain a little.

Oil, Gas & Consumable Fuels

Who it hits first

  • India's imports of lower-priced Russian crude fell to a five-month low, so big refiners such as Reliance Industries, which refines oil and makes petrochemicals, and Indian Oil, the state-run fuel refiner and seller, must buy costlier replacement barrels.
  • Brent crude trades near 100.5 dollars a barrel, up 13.97% in a month and 36.01% in three months, so the shift to pricier supply lands in an already dear market.
  • Makers that use crude-based plastics, resins and chemicals, such as Tarsons Products, which makes plastic labware, and S H Kelkar, which makes fragrance inputs, face higher input bills that show up with a short delay.

Who may gain

  • Aegis Vopak Terminals, which runs oil and gas storage terminals, may handle more volumes as refiners juggle extra supply sources.
  • Dolphin Offshore, which maintains offshore rigs and vessels, and Hindustan Oil Exploration, a small oil and gas explorer, could gain if dearer crude spurs more home drilling.

Along the supply chain

Downstream

Downstream, buyers that run on refined fuel, such as IndiGo, the airline that buys fuel from Indian Oil, and Maruti Suzuki, the car maker supplied by Indian Oil, face higher running and freight costs that feed into tickets and vehicle costs with a lag.

Upstream

Upstream, firms that feed and support refineries, such as Deep Industries, which provides oilfield services to Reliance Industries, and GAIL India, which supplies gas to Indian Oil, see mixed effects as costlier crude squeezes refiner budgets but diversified sourcing can lift service and logistics work.

Where demand moves

Business

Refiners buy fewer discounted Russian barrels and more from other sources, pushing up their fuel-making costs; terminal operators store and move extra volumes, while makers of adhesives, explosives and lab plastics pay more for resins and pass part on slowly.

Capital

Investors turn cautious on refiners and crude-heavy chemical makers and lean a little toward storage terminals and oilfield service firms, with Brent near 100.5 dollars keeping sentiment nervous.

How it spreads across sectors

Automobile and Auto Components

Higher fuel and freight costs weigh on vehicle makers and parts sellers.

Chemicals

Makers of adhesives, fragrances and speciality inputs face higher oil-linked costs.

Fast Moving Consumer Goods

Daily-goods makers absorb higher packaging and freight bills with a delay.

Oil, Gas & Consumable Fuels

Refiners pay more for replacement crude, trimming near-term margins.

Power

Costlier fuel oil and freight add mild pressure to power generators using oil-linked inputs.

Commodity angle

Commodity

Crude Oil Brent

Move series

Crude Oil Brent

Note

Brent crude at 100.5 dollars a barrel, up 13.97% in a month, with a 3.694% move used for margins; the hit was copied into signals for Indian Oil (176.6 bps on 47.8% cost weight), Tarsons Products (103.4 bps) and S H Kelkar (88.65 bps).

Shock

price

Unit

USD/barrel

A pattern seen before

Cascade chain

  • Russian crude share falls → refiners buy costlier replacement barrels
  • Brent +3.694% → resin and chemical inputs dearer → margins -88.65 to -176.6 bps
  • Higher fuel and freight → transport, paints, tyres and daily goods pass costs with a lag

Pattern name

Crude Oil Cascade

Patterns

  • Crude Oil Cascade

Sectors queried

  • Cement
  • Chemicals
  • FMCG
  • Power

When it plays out

Immediate

In the next 1-7 days refiners flag costlier crude mix and traders mark down refiner and plastics shares slightly.

Medium term

Over 1-6 months margins recover if Russian discounts return or Brent cools, else price hikes spread to daily goods and freight.

Short term

Over 1-4 weeks chemical, paint and packaging makers guide to softer margins while terminals report busier handling.

Who it hits first

  • Ukraine says its drones hit a Russian oil refinery as drone attacks step up, raising fears of fuel-supply disruption.
  • Brent crude sits near USD 98.4 a barrel, up 15.37% in a month, so refiners face costlier crude while oil producers enjoy richer selling prices.
  • For India, that means pressure on fuel sellers' margins and on makers whose raw materials come from crude, with only explorers cushioned.

Who may gain

  • Hindustan Oil Exploration, an oil and gas explorer, which gets higher selling prices when crude stays dear.
  • Aegis Vopak Terminals, an oil and gas storage handler flagged as roughly positive on crude in the pack, though the gain is small and uncertain.

Along the supply chain

Downstream

Downstream, fuel sellers such as Indian Oil and Bharat Petroleum pass crude on to drivers and airlines (Indian Oil even supplies Maruti, Tata Motors and IndiGo), so dearer crude raises costs for transport and vehicle demand.

Upstream

Upstream, crude producers and oilfield service firms (explorers, drillers, offshore support) gain pricing power as supply fears lift crude — the pack flags explorers with a positive crude link.

Where demand moves

Business

Business demand shifts rather than grows: refiners and fuel sellers (Indian Oil, Bharat Petroleum, Reliance's fuel arm) pay more for crude without matching pump-price room, squeezing margins, while upstream producers see stronger takings on each barrel sold.

Capital

Investor money tends to hide from margin-squeezed refiners and crude-linked chemical buyers toward upstream producers, though a single strike headline usually moves prices only modestly.

How it spreads across sectors

Chemicals

Cost push: makers using crude-linked inputs (aromatics, polymers, fragrances) see margins narrow while oil stays high.

Fast Moving Consumer Goods

Mild drag: packaging and freight costs edge up with crude, trimming consumer-goods margins slightly.

Oil, Gas & Consumable Fuels

Split: refiners and fuel sellers face a margin squeeze from dearer crude while explorers gain on richer selling prices.

Commodity angle

Commodity

Crude Oil Brent

Move series

Crude Oil Brent

Note

Brent crude spiked on the refinery-strike supply scare (USD 98.4 a barrel, up 15.37% in a month). The pack's resolved-move margin bps were copied exactly onto Indian Oil (-15.49), Tarsons (-9.076) and S H Kelkar (-7.78); null kept where the pack carried none.

Shock

price

Unit

USD/barrel

A pattern seen before

Cascade chain

  • Russian refinery hit by drones → crude supply fears
  • Brent near USD 98.4 (+15.37% in a month) → refiner crude costs up
  • Refiner margins squeezed (Indian Oil margin bps -15.49 on resolved move)
  • Crude-linked chemical and polymer input costs up (Tarsons -9.076, S H Kelkar -7.78 bps)
  • Fuel and freight costs push FMCG, airline and auto costs up

Pattern name

Crude Oil Cascade

Patterns

  • Crude Oil Cascade

Sectors queried

  • Cement
  • Chemicals
  • FMCG
  • Power

When it plays out

Immediate

Crude stays jumpy and refiner shares wobble as traders price the refinery outage and the next drone headline.

Medium term

A longer outage would force fuel-price or margin decisions and lasting chemical cost pass-through; otherwise this fades as one headline.

Short term

If strikes continue, refining margins and chemical input costs stay squeezed; a lull in attacks lets crude and margins settle.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

13 Feb 2026interim₹1
1 Aug 2025unspecified₹1
12 Apr 2024interim₹0.75
3 Aug 2023unspecified₹2
2 Aug 2022unspecified₹0.75
2 Aug 2021unspecified₹0.75
19 Nov 2020interim₹1
26 Mar 2020interim₹0.95

Splits, bonuses & buybacks

  • daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

Bulk & block deals

DateWhoBought / soldSharesPrice
29 Jul 2026ELIXIR WEALTH MANAGEMENT PRIVATE LIMITEDBUY9,03,950₹166.61
29 Jul 2026ELIXIR WEALTH MANAGEMENT PRIVATE LIMITEDSELL9,03,950₹166.30

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.