S H Kelkar And Company Ltd · NSE:SHK
S H Kelkar And — Q2 FY2026 Earnings Presentation
21 slides from S H Kelkar And's earnings presentation, Nov 11, 2025
Slide 1: Cover letter to stock exchanges
November 10, 2025 To To The Manager The Manager The Department of Corporate Services The Listing Department BSE Limited National Stock Exchange of India Limited Floor 25, P. J. Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip Code: 53
Slide 2: S H Kelkar announces Q2 & H1 FY2026 results
S H Kelkar and Company Limited Corporate Office: L.B.S Marg, Near Balrajeshwar Temple, Mulund (W), Mumbai – 400080 Registered Office: Devkaran Mansion, 36, Mangaldas Road, Mumbai 400 002. S H Kelkar announces Q2 & H1 FY2026 results H1 FY2026 Revenue from operations stood at Rs. 1,135 cr Adjusted EBI
Slide 3: CEO commentary and key developments
Commenting on the performance, Mr. Kedar Vaze, Whole Time Director and Group CEO at SH Kelkar and Company said, “We delivered a steady performance, with consolidated revenues for the half year growing by 12.2% YoY. This growth momentum was driven by resilient demand across our core categories and co
Slide 4: About S H Kelkar and Company Limited
About S H Kelkar and Company Limited: S H Kelkar and Company Limited (SHK) is the largest Indian-origin Fragrance & Flavour Company in India. It has a long-standing reputation in the fragrance industry, developed over 100 years of experience. Its fragrance products and ingredients are used as a raw
Slide 5: S H Kelkar and Company Limited Q2 & H1 FY26
S H KELKAR AND COMPANY LIMITED Q2 & H1 FY026 Earnings Presentation November 10, 2025
Slide 6: Disclaimer
Disclaimer Certain statements and opinions with respect to the anticipated future performance of SH Kelkar (SHK) in the presentation (“forward-looking statements”), which reflect various assumptions concerning the strategies, objectives and anticipated results may or may not prove to be correct. Suc
Slide 7: Management Comment
Management Comment Commenting on the performance, Mr. Kedar Vaze, Whole Time Director & CEO at SH Kelkar and Company Ltd. said: “We delivered a steady performance, with consolidated revenues for the half year growing by 12.2% YoY. This growth momentum was driven by resilient demand across our core c
Slide 8: Key Development
Key Development Appointment of Chief Financial Officer (CFO) • The Company has appointed Mr. Jagdish Agarwal as Chief Financial Officer, effective 02 December 2025 • Mr. Agarwal brings over 28 years of experience in manufacturing, telecommunications, and banking across leading manufacturing companie
Slide 9: H1 FY26 – Revenue from Operations Highlights
H1 FY26 – Revenue from Operations Highlights Revenue From Operations 1,135 1,013 H1 FY26 H1 FY25 Shift % (Y-o-Y) 12.0% • Revenue for the half year grew by 12% YoY, driven by steady demand across core categories and continued traction with both existing and new customers Note: 1) Figures in Rs. crore
Slide 10: Revenue Performance (excl Global Ingredients) – H1 FY26
H1 FY26 H1 FY25 Revenue Performance (excl Global Ingredients) – H1 FY26 Business Segment Market Segment 876 763 973 890 222 208 125 81 Fragrances Flavour Emerging Market Europe Shift % (Y-o-Y) 9.3% 54.4% Shift % (Y-o-Y) 14.8% 6.7% Geography Wise 640 570 235 233 224 169 India Europe ROW Shift % (Y-o-
Slide 11: Global Ingredients – H1 FY26
Global Ingredients – H1 FY26 Revenue 37 32 H1 FY26 H1 FY25 Shift % (Y-o-Y) -12.1% ▪ Ingredients segment performance remained muted amid demand softness and geopolitical uncertainty ▪ Medium- to long-term outlook remains positive, supported by structural growth drivers such as the China-plus-One shif
Slide 12: Segmental Performance Region-wise
Segmental Performance Region-wise Fragrance (excl Global Ingredients) Revenue Break-up – H1 FY26 Revenue H1 FY26 RoW, 17% Y-o-Y Growth (%) India 9.0% Europe, Europe 0.9% 24% India, 59% Rest of the World (RoW) 25.3% Total Growth 9.3% Flavours Revenue Break-up – H1 FY26 Revenue H1 FY26 Y-o-Y Growth (%
Slide 13: H1 FY26 – Profitability Highlights
H1 FY26 – Profitability Highlights Operating EBITDA* Gross Profit 479 164 159 458 138 126 H1 FY26 H2 FY25 H1 FY26 H2 FY25 Margins % 42.4% 41.5% 14.5% 14.4% Reported EBITDA • Compared to H2 FY25 (the reset base following the fire incident in H1 FY25), margin performance remained steady • Operating EB
Slide 14: Balance Sheet Snapshot – As on September 30, 2025
Balance Sheet Snapshot – As on September 30, 2025 709 1,330 1,111 90 0.53x Networth Net Debt Fixed Assets Cash & Investments & Net Debt to Equity (x) Note: 10 1) Figures in Rs. crore unless specified otherwise
Slide 15: Annexure
Annexure 11
Slide 16: Consolidated Summarized P&L Statement
Consolidated Summarized P&L Statement Particulars (Rs. crore) Q2 FY 26 Q1 FY 26 Q2 FY 25 YoY Gr % H1 - FY26 H1 -FY25 YoY Shift Revenues from Operations Sales 531.6 561.9 522.6 1.7% 1,093.5 977.3 11.9% Sales - Contract Manufacturing 20.0 16.6 17.0 17.7% 36.7 30.2 21.3% Other Operating Income 2.3 2.1
Slide 17: Consolidated Balance Sheet
Consolidated Balance Sheet Consolidated Statement of Assets and Liabilities As at Sept 30, 2025 As at March 31, 2025 Consolidated Statement of Assets and Liabilities As at Sept 30, 2025 As at March 31, 2025 Particulars Audited Audited Particulars Audited Audited A ASSETS B EQUITY AND LIABILITIES Non
Slide 18: About Us
About Us S H Kelkar and Company Limited (SHK) is the largest Indian-origin Fragrance & Flavour Company For further information please contact: in India. It has a long-standing reputation in the fragrance industry, developed over 100 years of experience. Its fragrance products and ingredients are use
Slide 19: 15
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Slide 20: Q2 & H1 FY26 Conference Call
S H Kelkar and Company Limited Corporate Office: L.B.S Marg, Near Balrajeshwar Temple, Mulund (W), Mumbai – 400080 Registered Office: Devkaran Mansion, 36, Mangaldas Road, Mumbai 400 002 S H Kelkar’s Q2 & H1 FY26 Conference Call on Wednesday, November 12, 2025, at 5:30 pm IST S H Kelkar (SHK), the l
Slide 21: About S H Kelkar and Company Limited
About S H Kelkar and Company Limited: S H Kelkar and Company Limited (SHK) is the largest Indian-origin Fragrance & Flavour Company in India. It has a long-standing reputation in the fragrance industry, developed over 100 years of experience. Its fragrance products and ingredients are used as a raw
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