S H Kelkar And Company Ltd · NSE:SHK
S H Kelkar And — Kotak Annual Investor Conference – Chasing Growth 2026
36 slides from S H Kelkar And's conference presentation, Feb 24, 2026
Slide 1: Stock exchange submission letter for investor presentation
February 24, 2026 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 and Company Limited Investor Presentation February 2026
S H KELKAR AND COMPANY LIMITED INVESTOR PRESENTATION February 2026
Slide 3: Disclaimer
Disclaimer Certain statements and opinions with respect to the anticipated future performance of 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. Such forward-lo
Slide 4: Contents
Contents WHO WE ARE NICHE INDUSTRY OUR BUSINESS HISTORICAL FINANCIAL TRENDS KEY HIGHLIGHTS ENVIRONMENTAL, SOCIAL, AND GOVERNANCE ANNEXURE 3
Slide 5: We are Keva
We are Keva A century of expertise in Fragrances, Flavours & Aromatic Ingredients 4
Slide 6: We have a rich history, and seamlessly blend heritage with modernity
LEGACY • Founded over 100 years ago by visionaries SH Kelkar and VG Vaze • A globally recognized Fragrance & Flavour leader with a presence across 4 continents MARKET LEADERSHIP • Among the largest Indian F&F companies • India’s leading domestic producer of fragrances, catering to diverse industries
Slide 7: At a Glance
At a Glance 103+ 9,700+ 4,100+ Years of Market Products Customers Conviction 8 10 CRISIL Manufacturing Creation & Development Centres AA-/Stable Locations Credit Rating on long-term bank facilities ₹2,147 cr ~10% ₹224 cr Total Income – FY25 5-year Total Income Cash profit FY25 CAGR (FY2021-25) SHK -
Slide 8: Key Milestones
Key Milestones Market and Entities Creation and R&D Centre Manufacturing Facilities 1955 1981 1994 2012 2015 2018 2021 2023 • Incorporated as S.H. • Expansion of • Expansion of • Investment by • Listing of SHK shares • Acquired the balance stake in Kelkar & Co. Pvt. Ltd. Research Centre at Fragrance
Slide 9: Innovating for the World: Leading India's Legacy in Fragrance Creation
Innovating for the World: Leading India’s Legacy in Fragrance Creation • Harnessing a library of 50,000+ Amsterdam • Strategically located state- Hamburg of-the-art facilities for proprietary recipes to create agility, responsiveness, Global Creative Development unique, globally appealing and region
Slide 10: Niche Industry
NICHE INDUSTRY 9
Slide 11: Global F&F Market & Key Characteristics
Global F&F Market & Key Characteristics Concentrated market FMCG & Innovation play • Consolidated Industry globally • FMCG companies greatly depend on the reliability, quality of service and • 10 players control ~80%+ of market share the F&F company’s technical know-how • Top 4 control ~60%+ of the
Slide 12: India's Favourable Dynamics Offer Huge Opportunities
India’s Favourable Dynamics Offer Huge Opportunities World's fastest-growing Growing Demand for Natural major economy and Organic Products India – GDP Growth 9.7% Increasing Disposable Expanding Personal Care and 7.0% 8.2% 7.3% 6.4% Income Cosmetics Industry -5.8% Large and Growing Innovation and Pr
Slide 13: Indian F&F Market To Outpace Global F&F Growth
Indian F&F Market To Outpace Global F&F Growth Strong Domestic Expansion of the Shift Toward Natural Innovation and Technological Demand underlying Industries and Organic Products Advancements • Large global fragrance and flavour houses account for over 60% of Indian blend production • SHK is the la
Slide 14: F&F Industry - Strong Entry Barriers
F&F INDUSTRY- STRONG ENTRY BARRIERS High customer Established acquisition relationships time with customers Sustained R&D efforts Availability of Stringent key Ingredients regulatory compliance 13
Slide 15: Our Business
OUR BUSINESS 14
Slide 16: Diverse Customer Base Backed with Leading Brands
Diverse Customer Base Backed with Leading Brands 3,600+ 500+ Brands Fragrance customers Flavours customers • Over 4,100 customers including, • Category Leader Brands in the portfolio - SHK, Keva − FMCG leaders, domestic companies, trade and Cobra customers & global corporates • Branded small pack
Slide 17: Our Business
Our Business Fragrance & Flavours product applications across domestic, local, multinational FMCG players, pharmaceutical manufacturers, dairy industry, beverages manufacturers, bakeries amongst others Fragrance – Product Basket Flavour – Product Basket Personal Wash (Toilet Soap, Shower Gel, Hair C
Slide 18: Keva's Winning Edge
Keva’s Winning Edge Trusted advisor to emerging entrepreneurs and SMEs Branded small pack customer Reliable partner for customized product solutions Factors Agile in meeting high off-take demands on short notice influencing Domestic FMCG players Customer Responsive and adaptable to SME needs mindset
Slide 19: Seamless Customer-to-Consumer Execution
Seamless Customer-to-Consumer Execution Technical and Commercial requirement: • Deep understanding of customer insights from both sensory and technical Branded Domestic International customer perspectives small pack FMCG base / MNC customers players FMCG companies New Product / Product Library / Mar
Slide 20: Driving Innovation Through Science and Sensory Artistry
Driving Innovation Through Science and Sensory Artistry • Creation & Development Centres (CDCs) collaborate closely 34 with customers as an extension of R&D capabilities • Supported by a strong and experienced team of perfumers, Scientists flavourists, evaluators, and application specialists • Blend
Slide 21: Strong Raw Material Sourcing Capabilities
Strong Raw Material Sourcing Capabilities 4 broad categories of key raw materials, with each Strategic investments in inventory - hedge against significant volatility in supply & price of key raw materials category contributing 25-30% to the RM volume mix International Suppliers Domestic Suppliers I
Slide 22: Business Strategy
Business Strategy CONTINUE ENHANCE GLOBAL SUPPLY LEVERAGING GROWTH IN PRODUCT GROWTH CHAIN R&D MARKET SHARE PORTFOLIO STRATEGY OPTIMIZATION CAPABILITIES 21
Slide 23: Global Growth Strategy
Global Growth Strategy Strategic Focus on Markets Representing >70% of Global F&F Demand Asia Middle East Europe North America Leadership position in India Presence enhancing regional Strategic acquisitions and CDC and manufacturing presence anchored in strong customer supply capability CDC
Slide 24: Historical Financial Trends & Outlook
Historical Financial Trends & Outlook 23
Slide 25: Historical Financial Trend
Historical Financial Trend Total Income EBITDA Margin (%) 2,147 1,847 14.8 14.7 16.5 1,582 1,698 15.0 • Demonstrated consistent revenue 1,345 13.5 growth over the past five years, with strong momentum through FY24 259 232 229 303 317 • EBITDA and margin performance improved meaningfully in FY24, FY2
Slide 26: Consistency in Gross Margins on an Annual Basis
Consistency in Gross Margins on an Annual Basis Navigating challenges while delivering value to customers Fire incident at Environmental drive in Vashivali facility China shutters disrupts multiple chemical operations plants 44.8% 44.6% 45.1% 44.8% 43.3% 43.8% 43.4% 42.9% 42.9% 40.7% 40.1% COVID-19
Slide 27: Cash Flow Snapshot
Cash Flow Snapshot Particulars (Rs. crore) FY21 FY22 FY23 FY24 FY25 Net Cash flows from operating activities 195 50 197 107 16 Net Cash flow from investing activities -149 -160 -103 -82 -72 Net 46 -110 94 26 -56 Note: Cash and cash equivalent includes investments in mutual fund Note: 1) Net Cash flo
Slide 28: Key Drivers of Growth and Margin Expansion
Key Drivers of Growth and Margin Expansion • Organic growth supported by steady demand environment across core markets 13.9% • Incremental revenues from new CDCs and 10.0% global expansion, supporting operating leverage 42.6% 43.9% • Costs of strategic growth initiatives, including new CDCs to stabi
Slide 29: Summary
Summary Scaling platform across Fragrance and Flavours, serving global, regional and domestic FMCG customers Strong emerging market foundation complemented by disciplined expansion into developed markets Differentiated capabilities in formulation and long-standing customer partnerships Healthy ROCE
Slide 30: Environmental Social Governance (ESG)
ENVIRONMENTAL SOCIAL GOVERNANCE (ESG) 29
Slide 31: Environment & Sustainability
Environment & Sustainability Various Environmental initiatives undertaken Structured efforts Adherence to by SHK: leading certification towards natural resource & applicable • Solar energy adoption and briquette boiler environmental installation at Vashivali reduce CO₂ emissions and conservation leg
Slide 32: Corporate Social Responsibility
Corporate Social Responsibility Education Initiatives: Women Empowerment: Sports Empowerment: • Partnered with the Raintree Foundation for the • Collaborated with the Logic Centre and Community • Sponsored sports activities to promote talent and 'Climate Shala' program to educate children (ages 10–
Slide 33: SHK - Corporate Governance Philosophy
SHK - Corporate Governance Philosophy Built on foundation of ethical and transparent business operations Designed to achieve long-term corporate goals and enhance stakeholder value The Board of Directors and the Key Managerial Personnel of the Company represent a blend of professionalism, knowledge
Slide 34: Board of Directors and Strong Management Team
Board of Directors and Strong Management Team Board of Directors Promoter Directors Independent Directors Mr. Ramesh Vaze Mr. Kedar Vaze Ms. Neela Bhattacherjee Mr. Shrikant Oka Non-Executive Director & Chairman Group Chief Executive Officer & Independent Director Independent Director of the Board W
Slide 35: About Us
About Us S H Kelkar and Company Limited (SHK) is the largest Indian-origin Fragrance & Flavour For further information, please contact: 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 us
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