S H Kelkar and Company LimitedQ1 2026-2027 Results & Financial Update
S H Kelkar and Company Limited: Q1 2026-2027 consolidated results and company financials – revenue ₹662.40 Cr, PAT ₹45.40 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore S H Kelkar and Company Q1 2026-2027 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
S H Kelkar and Company Limited delivered a healthy operational and financial performance during the first quarter of fiscal 2027, underpinned by robust underlying customer demand and strong business momentum.
On a consolidated basis, revenue from operations grew by 14.1% year-on-year to reach Rs. 662.4 crore, driven by healthy expansion in the core Fragrance business and strong growth across both domestic and international markets in the Flavour segment.
Gross profitability remained stable, supported by a healthy product mix and proactive raw material planning amidst a dynamic operating environment.
EBITDA expanded by 21.3% year-on-year to Rs. 88.7 crore, translating to an improved EBITDA margin of 13.4% compared to 12.6% in the corresponding period of the previous year.
The margin expansion was aided by operating leverage arising from the higher revenue base, which helped absorb increased operating expenses associated with the expansion of the global Creative Development Centre network.
Net profit after tax for the period stood at Rs. 45.4 crore, marking a 77.4% increase over the corresponding quarter of the previous year, while earnings per share rose to Rs. 3.2.
01 · Business model
What does S H Kelkar and Company do?
S H Kelkar and Company Limited is the largest Indian-origin fragrance and flavour company with over a century of operating history.
The company develops, manufactures, and supplies fragrance products, aroma ingredients, and flavour formulations used across personal wash, fabric care, skin and hair care, fine fragrances, household products, baked goods, dairy products, beverages, and pharmaceuticals.
It markets its offerings under prominent brands including SHK, Cobra, and Keva, backed by a global network of creation and development centres in India, Singapore, the Netherlands, Indonesia, Italy, Germany, the UK, and the USA.
Its large and diverse client base features leading national and multinational fast-moving consumer goods companies, blenders, and independent product manufacturers.
02 · Historical context
What shaped the business before this quarter
The company has built a long-standing market reputation in the fragrance and flavour industry over more than 100 years of operations.
Over the past four years, the research team has successfully developed 10 new molecules and filed 20 patent applications for proprietary molecules, systems, and processes.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 2026-2027 |
|---|---|
| Revenue from operations | ₹662.40 Cr |
| Total income | ₹663.20 Cr |
| EBITDA | ₹88.70 Cr |
| Profit before tax | ₹68.50 Cr |
| Profit after tax | ₹45.40 Cr |
| EPS | ₹3.20 |
| EBITDA margin | 13.40% |
Financial interpretation
What the reported numbers mean
Profit after tax represented 6.9% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 10.3% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹0.80 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The core Fragrance division achieved healthy revenue growth, rising 9.0% year-on-year to Rs. 539 crore, supported by sustained customer engagement and demand across key end-use segments.
The Flavour division delivered robust performance with revenues jumping 63.2% year-on-year to Rs. 112 crore, driven by strong international demand and deeper engagement with key clients across markets.
What drove margins
Gross margins remained resilient and stable year-on-year at 42.7%, aided by a favorable product mix and proactive raw material planning.
EBITDA margin improved by 81 basis points year-on-year to 13.4%, benefiting from operating leverage on the higher revenue scale despite elevated operational expenses tied to global CDC network investments.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Flavour division EBITDA surged by 154.8% year-on-year to Rs. 35 crore, reflecting strong operational leverage and robust demand.
Geography and market mix
Domestic revenue in India grew by 4.8% year-on-year to Rs. 363 crore, while Europe recorded strong growth of 23.7% to Rs. 148 crore, and Rest of the World (ROW) markets advanced 44.1% to Rs. 140 crore.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The company has successfully commercialized 6 out of its 20 filed patent applications, primarily within deodorant and fine fragrance categories.
07 · Reported developments
What changed operationally
Consolidated PAT grew by 77.4% year-on-year to Rs. 45.4 crore, supported by strong operating performance and a Rs. 30.0 crore exceptional gain.
08 · Items worth noticing
The line items that can distort a quick read
The consolidated financial results included a net exceptional gain of Rs. 30.0 crore during the quarter.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Management reported a strategic inventory build-up designed to provide greater supply assurance and business continuity, which subsequently led to higher working capital requirements during the quarter.
Capital allocation & funding
Net debt and debt levels remained consistent with prior guidance, with management reaffirming its commitment to medium- to long-term deleveraging.
10 · Management guidance & targets
What management is targeting from here
Management remains on track to deliver double-digit revenue growth and improved profit margins for the full fiscal year FY27, backed by robust current business momentum.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Intellectual Property Milestone
The company has developed 10 proprietary molecules over the last four years and holds a total of 20 patent applications across molecules, systems, and processes.
12 · Key Q&A
The quarter, answered directly
What does S H Kelkar and Company do?
S H Kelkar and Company Limited is the largest Indian-origin fragrance and flavour company with over a century of operating history.
What is the clearest takeaway from Q1 2026-2027?
S H Kelkar and Company Limited delivered a healthy operational and financial performance during the first quarter of fiscal 2027, underpinned by robust underlying customer demand and strong business momentum.
What drove revenue or demand?
The core Fragrance division achieved healthy revenue growth, rising 9.0% year-on-year to Rs. 539 crore, supported by sustained customer engagement and demand across key end-use segments.
What mattered most for margins or profitability?
Gross margins remained resilient and stable year-on-year at 42.7%, aided by a favorable product mix and proactive raw material planning.
What changed operationally beyond the headline numbers?
The company has successfully commercialized 6 out of its 20 filed patent applications, primarily within deodorant and fine fragrance categories.
What is management guiding or targeting from here?
Management remains on track to deliver double-digit revenue growth and improved profit margins for the full fiscal year FY27, backed by robust current business momentum.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Global Ingredients Demand Recovery: Monitor the recovery trajectory and export demand stability within the Global Ingredients division amidst ongoing geopolitical headwinds.
- 02
Working Capital and Deleveraging Progress: Track inventory normalization and net debt reduction milestones over subsequent quarters in line with management's stated deleveraging commitment.
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