S H Kelkar and Co. Ltd.
NSE: SHK · Specialty Chemicals · sector
₹126.38NSE close 2026-10-26
Key numbers
Market cap₹1,749 cr
Price₹126.38
52w high / low₹231 / ₹112
P/E19.6xSector median 22.6x
P/B1.3xSector median 2.6x
Book value₹98.4
Dividend yield1.58%Sector median 0.60%
ROE6.8%Sector median 10.6%
ROCE9.2%Sector median 12.9%
OPM13.1%Sector median 12.1%
Debt / equity0.62xSector median 0.18x
EV/EBITDA7.9xSector median 15.1x
Interest cover3.5x
Current ratio1.27x
Sales growth 3y+12.0%Sector median +5.0%
Profit growth 3y+4.2%Sector median +0.9%
PEG5.88x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 107 companies in Specialty Chemicals (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹65 cr vs borrowings ₹851 cr (FY26): borrowings are higher by ₹786 cr.
- Operating profit covered interest 3.5x in the last 12 months.
- 8.30% of the promoters' shares are pledged (4.5% of all shares).
- Operating cash flow was below net profit in 3 of the last 5 years (FY25, FY24, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 11% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹126.38 on 2026-10-26: -45.4% from the 52-week high, +12.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹327.30 · low ₹119.49
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 542 | 543 | 567 | 581 | 554 | 584 | 650 | 662 |
| EBITDA | 81 | 65 | 133 | 75 | 53 | 89 | 60 | 119 |
| OPM % | 14.9% | 11.9% | 23.4% | 12.9% | 9.6% | 15.3% | 9.2% | 17.9% |
| Other income | 21 | 1 | 2 | 1 | 0 | 1 | 7 | 1 |
| Net profit | 40 | 18 | 103 | 26 | 9 | 33 | 2 | 45 |
| EPS (₹) | 2.87 | 1.27 | 7.41 | 1.85 | 0.66 | 2.36 | 0.13 | 3.28 |
| Revenue YoY | +2.1% | +7.5% | +14.6% | +14.1% | ||||
| Profit YoY | -76.9% | +86.4% | -98.2% | +77.6% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,564 | 1,687 | 1,930 | 2,123 | 2,368 | 2,450 |
| EBITDA | 203 | 197 | 307 | 236 | 278 | 321 |
| Net profit | 149 | 61 | 122 | 73 | 69 | 89 |
| EPS (₹) | 10.81 | 4.53 | 8.93 | 5.31 | 5.00 | 6.43 |
| Revenue growth | +7.8% | +14.4% | +10.0% | +11.5% | +9.7% | |
| Profit growth | -58.8% | +100.1% | -40.2% | -5.4% | -51.9% | |
| Dividend / share (₹) | 0.75 | 0.75 | 2.00 | 0.75 | 2.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +12.0% | +12.4% | +9.7% |
| Net profit | +4.2% | -13.6% | -51.9% |
| EPS | +3.3% | -13.8% | – |
| Share price | – | -34.8% (2y) | -42.3% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 1,064 | 1,213 | 1,272 | 1,362 |
| Borrowings | – | 620 | 617 | 745 | 851 |
| Cash & equivalents | – | 90 | 113 | 87 | 65 |
| Total assets | – | 2,222 | 2,402 | 2,685 | 2,913 |
| Fixed assets | – | 387 | 419 | 460 | 464 |
| Capital work in progress | – | 22 | 7 | 39 | 90 |
| Investments | – | 0 | 0 | 0 | 11 |
| Receivables | – | 438 | 490 | 506 | 635 |
| Inventory | – | 603 | 657 | 718 | 665 |
| Payables | – | 365 | 355 | 400 | 331 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 50 | 189 | 107 | 16 | 263 |
| Cash from investing | -160 | -103 | -82 | -72 | -205 |
| Cash from financing | 13 | -175 | 8 | 99 | -158 |
| Capex | 27 | 69 | 61 | 96 | 206 |
| Free cash flow | 23 | 121 | 47 | -80 | 57 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 5.7% | 10.1% | 5.8% | 5.1% |
| ROCE % | – | 7.6% | 12.2% | 8.2% | 7.6% |
| Debtor days | – | 95 | 93 | 87 | 98 |
| Inventory days | – | 219 | 222 | 219 | 184 |
| Payable days | – | 133 | 120 | 122 | 92 |
| Cash conversion cycle (days) | – | 181 | 195 | 184 | 190 |
| Working capital days | – | 108 | 91 | 76 | 48 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 54.87% |
| FIIs | 5.28% |
| DIIs | 6.35% |
| of which Mutual funds | 6.32% |
| Public (non-institutions) | 33.50% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 55.63% | 55.48% | 55.03% | 54.87% | 54.87% | 54.87% | 54.87% | 54.87% |
| Promoter group | % |
|---|---|
| Ramesh Vinayak Vaze Family Trust (Ramesh Vaze, Prabha Vaze & Kedar Vaze-in the capacity of trustee) | 19.51% |
| Knp Industries Pte Limited | 10.75% |
| Kedar Ramesh Vaze | 9.44% |
| Keva Constructions Private Limited | 5.34% |
| Vinayak Ganesh Vaze Charities (Ramesh Vaze, Prabha Vaze & Kedar Vaze-in the capacity of trustee) | 1.37% |
| Prabha Ramesh Vaze | 1.30% |
| Ramesh Vinayak Vaze | 1.07% |
| Anagha Sandeep Nene | 1.06% |
| Nandan Kedar Vaze | 0.91% |
| Parth Kedar Vaze | 0.91% |
| SKK Industries Private Limited | 0.72% |
| Milena Kedar Vaze | 0.72% |
| ASN Investment Advisors Private Limited | 0.65% |
| Neha Kedar Karmarkar | 0.53% |
| Nishant Kedar Karmarkar | 0.53% |
| Public holders above 1% | % |
|---|---|
| Firmenich Aromatics Production (India) Pvt Ltd | 9.80% |
| Bandhan Small Cap Fund | 6.08% |
| India Insight Value Fund | 2.12% |
56,790 shareholders. Pledged: 8.30% of promoter shares.
Peers in Specialty Chemicals
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| PIDILITIND | ₹1,50,431 cr | 56.8x | 13.9x | 25.7% | 33.4% | 24.5% | +7.4% | 1.01% |
| FLUOROCHEM | ₹46,168 cr | 75.4x | 5.9x | 8.1% | 10.0% | 25.6% | -4.2% | 0.07% |
| NAVINFLUOR | ₹39,306 cr | 49.7x | 9.9x | 23.9% | 22.2% | 33.7% | +16.8% | 0.18% |
| DEEPAKNTR | ₹19,676 cr | 25.1x | 3.4x | 14.0% | 15.3% | 15.4% | -0.4% | 0.52% |
| AETHER | ₹19,529 cr | 82.8x | 8.0x | 10.1% | 11.4% | 30.9% | +21.2% | – |
| ATUL | ₹15,762 cr | 19.8x | 2.5x | 11.9% | 16.9% | 17.9% | +7.9% | 0.47% |
| AARTIIND | ₹15,539 cr | 29.3x | 2.6x | 9.2% | 8.0% | 14.9% | +7.8% | 0.24% |
| FINEORG | ₹15,328 cr | 35.0x | 5.8x | 17.7% | 21.3% | 21.7% | -7.8% | 0.22% |
| BASF | ₹13,174 cr | 20.5x | 3.3x | 16.9% | 22.0% | 5.9% | +3.1% | 0.66% |
| SHK | ₹1,749 cr | 19.6x | 1.3x | 6.8% | 9.2% | 13.1% | +12.0% | 1.58% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Fragrance | ₹2,127 cr | 89.8% | ₹153 cr | 7.2% |
| Flavours | ₹241 cr | 10.2% | ₹58 cr | 23.9% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-02-13 | Dividend | Interim Dividend - Re 1 Per Share |
| 2025-08-01 | Dividend | Dividend - Re 1 Per Share |
| 2024-04-12 | Dividend | Interim Dividend - Re 0.75 Per Share |
| 2023-08-03 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
| 2022-08-02 | Dividend | Annual General Meeting/Dividend - Rs 0.75 Per Share |
| 2021-11-11 | Buyback | Buyback |
| 2021-08-02 | Dividend | Annual General Meeting/Dividend - Rs 0.75 Per Share |
| 2020-11-19 | Dividend | Interim Dividend - Re 1 Per Share |
| 2020-08-24 | Other | Annual General Meeting |
| 2020-03-26 | Dividend | Interim Dividend - Rs 0.95 Per Share |
| 2019-08-01 | Other | Annual General Meeting |
| 2019-06-19 | Buyback | Buyback |
| 2018-08-01 | Dividend | Annual General Meeting/Dividend- Rs 1.75 Per Share |
| 2017-08-02 | Dividend | Annual General Meeting/Dividend - Rs 1.75 Per Share |
| 2016-07-28 | Other | Annual General Meeting |
| 2016-03-17 | Dividend | Interim Dividend - Rs 1.50/- Per Share (Purpose Revised) |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Manufacture, supply and export of fragrances and flavours including aroma & natural ingredients.
| Sector | Commodities |
| Industry | Specialty Chemicals |
| Sub-industry | Specialty Chemicals |
| Symbol | SHK |
| BSE code | 539450 |
| ISIN | INE500L01026 |
| Face value | ₹10.0 |
| Incorporated | 1955-07-01 |
| Website | www.keva.co.in |
| Plants (India / abroad) | 1 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.