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S H Kelkar and Company Ltd
(SHK)
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Rating:57Neutral
Price Target:
₹157.00
▲(12.06% Upside)
Action:Reiterated
Date:07/30/26
The score is held back primarily by weakening profitability and especially inconsistent free-cash-flow generation, despite steady revenue growth and moderate leverage. Technicals are a positive (price above all major moving averages), while valuation is only fair with a ~28.8 P/E and a modest ~1.22% dividend yield.
Positive Factors
Steady revenue growth
Sustained revenue growth indicates continued demand for SHK’s fragrance and flavor offerings across its served markets. A larger revenue base can support scale benefits, ongoing customer engagement, and reinvestment in formulation capabilities even while profitability remains under pressure.
Negative Factors
Material margin compression
The sharp decline in gross, operating, and net margins shows that higher revenue is currently producing substantially weaker earnings. If this reset persists, reduced internal profitability could limit reinvestment, weaken returns on growth, and make earnings more sensitive to costs, pricing, and product mix.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady revenue growth
Sustained revenue growth indicates continued demand for SHK’s fragrance and flavor offerings across its served markets. A larger revenue base can support scale benefits, ongoing customer engagement, and reinvestment in formulation capabilities even while profitability remains under pressure.
Read all positive factors
S H Kelkar and Company Ltd (SHK) vs. iShares MSCI India ETF (INDA)
Market Cap
₹20.97B
Dividend Yield1.35%
Average Volume (3M)63.88K
Price to Earnings (P/E)23.4
Beta (1Y)1.69
Revenue Growth9.68%
EPS Growth-51.94%
CountryIN
Employees650
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)6.43
Shares Outstanding138,420,800
10 Day Avg. Volume17,368
30 Day Avg. Volume63,875
Financial Highlights & Ratios
PEG Ratio-3.85
Price to Book (P/B)1.14
Price to Sales (P/S)0.66
P/FCF Ratio293.06
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.4
Revenue Forecast (FY)₹26.59B
S H Kelkar and Company Ltd Business Overview & Revenue Model
Company Description
S H Kelkar and Company Limited, in conjunction with its subsidiary entities, functions as a principal producer and purveyor of aromatic compounds, flavorings, and various aroma ingredients, serving markets primarily in India and through exports. T...
How the Company Makes Money
SHK makes money primarily by selling fragrances and flavors to business customers (B2B). Its revenue model is based on (1) sale of fragrance blends/compounds and aroma ingredients supplied to consumer product and industrial manufacturers for use i...
S H Kelkar and Company Ltd Financial Statement Overview
Summary
Income Statement
55
Neutral
Balance Sheet
60
Neutral
Cash Flow
42
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.47B | 23.68B | 21.13B | 18.33B | 16.77B | 15.60B |
| Gross Profit | 6.48B | 5.08B | 9.05B | 7.96B | 6.65B | 6.24B |
| EBITDA | 3.31B | 2.87B | 2.59B | 2.99B | 2.00B | 2.14B |
| Net Income | 890.90M | 692.60M | 732.40M | 1.22B | 611.70M | 1.49B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 29.13B | 26.85B | 24.02B | 22.22B | 22.97B |
| Cash, Cash Equivalents and Short-Term Investments | 645.90M | 672.00M | 1.87B | 1.11B | 865.40M | 1.19B |
| Total Debt | 0.00 | 10.29B | 8.32B | 6.66B | 6.20B | 6.98B |
| Total Liabilities | -13.62B | 15.51B | 14.12B | 11.88B | 11.19B | 12.03B |
| Stockholders Equity | 13.62B | 13.62B | 12.72B | 12.13B | 10.64B | 10.13B |
Cash Flow | ||||||
| Free Cash Flow | 377.40M | 53.10M | -799.90M | 465.20M | 1.28B | 234.20M |
| Operating Cash Flow | 1.31B | 2.12B | 157.40M | 1.07B | 1.97B | 501.90M |
| Investing Cash Flow | -918.90M | -2.06B | -722.80M | -817.70M | -1.03B | -1.60B |
| Financing Cash Flow | -842.20M | -1.06B | 992.90M | 81.90M | -1.75B | 123.30M |
S H Kelkar and Company Ltd Technical Analysis
Negative
140.10
Price Trends
149.35
Negative
143.31
Positive
149.23
Negative
Market Momentum
-1.51
Positive
40.87
Neutral
35.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SHK, the sentiment is Negative. The current price of 140.1 is below the 20-day moving average (MA) of 157.65, below the 50-day MA of 149.35, and below the 200-day MA of 149.23, indicating a bearish trend. The MACD of -1.51 indicates Positive momentum. The RSI at 40.87 is Neutral, neither overbought nor oversold. The STOCH value of 35.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SHK.
S H Kelkar and Company Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | ₹13.85B | 16.64 | ― | 0.88% | 40.77% | 54.07% | |
59 Neutral | ₹131.56B | 37.97 | ― | 0.30% | 21.63% | 60.79% | |
57 Neutral | ₹20.97B | 23.35 | ― | 1.35% | 9.68% | -51.94% | |
57 Neutral | ₹25.53B | 16.94 | ― | 0.11% | 19.47% | 11.49% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | ₹17.50B | 326.90 | ― | 0.09% | 13.55% | -77.69% | |
42 Neutral | ₹19.81B | 396.19 | ― | 0.47% | 8.40% | ― |
* General Sector Average
IN:SHK
S H Kelkar and Company Ltd
147.95
-104.50
-41.39%
IN:AVTNPL
AVT Natural Products Limited
90.26
14.41
19.00%
IN:CAMLINFINE
Camlin Fine Sciences Limited
101.85
-106.05
-51.01%
IN:OAL
Oriental Aromatics Ltd.
537.95
205.84
61.98%
IN:PRIVISCL
Privi Speciality Chemicals Limited
3,377.50
1,092.52
47.81%
IN:ROSSARI
Rossari Biotech Ltd
458.05
-157.20
-25.55%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.