MarketFriction

S H Kelkar & Company Ltd

NSE SHK · BSE 539450 · Specialty Chemicals
₹137.86 -2.24%
NSE close2026-10-01
52 week range111.98 - 243.51
Market cap₹1,941 Cr.
P/E41.1
IPO 2015 · -23% since Price band 20% Delivery 44.3%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales455472513470542543567580554584650662
Expenses384396424392462480494507502528589575
Operating Profit727690788064737352556188
OPM %16%16%17%17%15%12%13%13%9%9%9%13%
Other Income22-0-120211613134731
Interest101010101314131314141515
Depreciation222222222423252627273935
Profit before tax414657-746427973712491569
Tax %27%30%42%17%38%36%-6%30%25%33%88%34%
Net Profit303233-87401810326933245
EPS in Rs2.122.332.45-6.252.871.277.411.850.662.360.133.28
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales9259811,0211,0481,1141,3221,5641,6871,9302,1232,3682,450
Expenses7748148629089551,0831,3501,4691,6221,8282,1262,193
Operating Profit151167159141160239215217308296242256
OPM %16%17%16%13%14%18%14%13%16%14%10%10%
Other Income10121321-28366-85-384574
Interest2265162620162441495657
Depreciation30192431526272808995119128
Profit before tax11015314311554194132104182114112145
Tax %34%31%35%24%34%26%-13%40%32%36%38%
Net Profit7310594883614414963124736989
EPS in Rs5.057.256.496.122.5310.2410.734.428.845.295.006.43
Dividend Payout %30%24%27%0%38%17%7%45%8%19%20%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth10%12%12%10%
Compounded Profit Growth-4%-18%-11%-64%
Stock Price CAGR-7%-3%-3%-39%
Return on Equity10%9%7%4%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital132145145145145141141138138138138138
Reserves3685716677127196838108759261,0741,1341,223
Borrowings25285741723423655186986206668321,029
Other Liabilities187201187246222277405568518502556493
Total Liabilities9391,0031,0731,2751,4271,4661,8742,2792,2022,3812,6602,884
Fixed Assets2742272963524624727419599149339531,182
CWIP1018760381828926134696
Investments035509697971123101111
Other Assets6557227207678308791,1031,3091,2391,4251,6501,594
Total Assets9391,0031,0731,2751,4271,4661,8742,2792,2022,3812,6602,884
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity6286102103772051955019710716263
Cash from Investing Activity-17-77-103-162-138-42-148-134-110-84-69-209
Cash from Financing Activity-7-24-162849-1968812-175899-158
Net Cash Flow37-14-17-31-12-33135-71-883246-104
Free Cash Flow406364-17-391611655214947-8060
CFO/OP76%84%89%87%81%146%87%52%109%54%24%135%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days859081999910410310895938798
Inventory Days252239247233239201216225228231227182
Days Payable76116781048610312514313812512791
Cash Conversion Cycle261213250228252202195190185199188189
Working Capital Days701351281108655919088606238
ROCE %14%17%19%17%12%10%15%10%8%12%10%6%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters58.95%58.95%58.95%58.75%55.63%55.63%55.48%55.03%54.87%54.87%54.87%54.87%
FIIs8.33%8.24%8.86%8.71%9.40%7.54%7.22%6.96%7.36%6.79%7.42%5.92%
DIIs1.42%1.27%0.27%0.27%2.26%3.10%3.44%3.37%5.69%6.02%5.18%6.01%
Public31.28%31.52%31.92%32.27%32.72%33.75%33.87%34.64%32.08%32.33%32.53%33.21%
No. of Shareholders42,08641,94646,37946,91242,01445,63947,22950,45050,97154,08853,91155,913

Fundamentals

Market Cap₹ 1,941 Cr.
Current Price₹ 140
Stock P/E41.1
Book Value₹ 98.4
ROCE5.85 %
ROE3.71 %
Dividend Yield0.71 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)10%
Compounded Profit Growth (TTM)-64%
Consolidated figures.
Valuation
Market capRs 1,908 Cr
Enterprise valueRs 2,872 Cr
P/E (TTM)21.42x
Price to book1.40x
Price to sales0.78x
EV / EBITDA8.69x
EV / EBIT14.20x
EV / sales1.17x
Price to cash flow7.25x
Earnings yield4.67%
Dividend yield0.73%
P/E, 3-year average26.35x
P/B, 3-year average1.80x
P/E, 5-year average22.99x
P/B, 5-year average1.73x
Profitability
Operating margin (excl. other income)10.21%
Operating margin (incl. other income)12.13%
EBITDA margin13.49%
Pre-tax margin5.92%
Net profit margin3.64%
Net margin, latest quarter6.85%
ROE5.26%
ROCE7.47%
ROA2.50%
ROE, 3-year average7.30%
ROCE, 3-year average9.40%
ROA, 3-year average3.58%
ROE, 5-year average8.58%
ROCE, 5-year average9.02%
ROA, 5-year average4.13%
ROIC (approx.)5.35%
Tax rate38.48%
Other income / net worth3.34%
Growth
Sales growth (latest year)11.53%
Profit growth (latest year)-5.43%
Sales CAGR, 3 years11.98%
Sales CAGR, 5 years12.37%
Profit CAGR, 3 years4.23%
Profit CAGR, 5 years-13.70%
Sales growth QoQ1.98%
Profit growth QoQ2354.05%
Sales growth YoY (latest quarter)14.11%
Profit growth YoY (latest quarter)77.55%
Per share
EPS (TTM)Rs 6.44
EPS (latest year)Rs 5.00
EPS (latest quarter)Rs 3.28
EPS, 3-year averageRs 6.38
EPS, 5-year averageRs 6.86
Book value per shareRs 98.39
Sales per shareRs 176.97
Cash flow per shareRs 19.01
Free cash flow per shareRs 4.33
Dividend per share (latest year)Rs 1.00
Dividend per share, 3-year averageRs 0.92
Dividend per share, 5-year averageRs 1.10
Dividends
Dividend payout19.98%
Dividend payout, 3-year average15.79%
Dividend payout, 5-year average19.92%
Efficiency
Asset turnover0.82x
Fixed asset turnover2.00x
Inventory turnover2.20x
Inventory days166 days
Debtor days98 days
Debtors turnover3.73x
Creditor days91 days
Cash conversion cycle189 days
Working capital days38 days
Leverage
Total debtRs 1,029 Cr
Cash and bankRs 65 Cr
Net debtRs 964 Cr
Debt to equity0.76x
Net debt / EBITDA2.92x
Interest coverage3.53x
Current ratio (filing 2026-03-31)1.27x
Quick ratio (filing 2026-03-31)0.69x
Trade payables (filing 2026-03-31)Rs 331 Cr
Owners' fund to total sources47.22%
Debt to assets35.68%
Cash flow
Cash from Operating Activity (latest year)Rs 263 Cr
Cash from Investing Activity (latest year)Rs -209 Cr
Cash from Financing Activity (latest year)Rs -158 Cr
Net Cash Flow (latest year)Rs -104 Cr
Free cash flow (latest year)Rs 60 Cr
FCFE (approx.: FCF + change in debt)Rs 257 Cr
Cash from ops / profit, 5 years1.32x
Sales to cash flow9.00x
Statement figures
Net sales (TTM)Rs 2,450 Cr
Net sales (latest year)Rs 2,368 Cr
Sales (latest quarter)Rs 662 Cr
Operating profit excl. other income (latest year)Rs 242 Cr
Operating profit (latest quarter)Rs 88 Cr
Other income (TTM)Rs 74 Cr
EBITDA (TTM)Rs 330 Cr
PBDT (TTM)Rs 273 Cr
Profit before tax (TTM)Rs 145 Cr
Tax (latest year)Rs 43 Cr
Net profit (TTM)Rs 89 Cr
Net profit (latest year)Rs 69 Cr
Net profit (latest quarter)Rs 45 Cr
Depreciation (TTM)Rs 128 Cr
Depreciation (latest quarter)Rs 35 Cr
Interest (TTM)Rs 57 Cr
Cost of goods sold (latest year)Rs 1,465 Cr
Total expenditure (latest year)Rs 2,126 Cr
Total income (latest year)Rs 2,414 Cr
Share capitalRs 138 Cr
ReservesRs 1,223 Cr
Shareholders' fundsRs 1,362 Cr
Total assetsRs 2,884 Cr
Net blockRs 1,182 Cr
Capital work in progressRs 96 Cr
InvestmentsRs 11 Cr
ReceivablesRs 635 Cr
InventoryRs 665 Cr
Other liabilitiesRs 493 Cr
Shares outstanding (crore)13.84
Ownership
Promoter holding54.87% (-0.16 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 21.4 is at the 41th percentile of its own 9.2-year range (median 24.2, low 8.6, high 62.8).
P/B 1.40 is at the 8th percentile (median 2.12).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodSHKNifty 50Difference
1 week-2.2%-2.8% +0.6 pts
1 month-7.3%-6.8% -0.5 pts
3 months+4.1%-7.6% +11.8 pts
6 months+22.7%+0.4% +22.3 pts
1 year-41.7%-9.9% -31.7 pts
2 years-46.4%-13.6% -32.8 pts
3 years-10.6%+14.2% -24.8 pts
5 years-10.7%+27.9% -38.5 pts
4 mutual fund schemes hold about ₹125 Cr. Over three months 1 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Bandhan Small Cap Fund0.35%120 -1%
Quantum Small Cap Fund1.04%3 +4%
Tata Children's Fund0.69%2 +15%
Motilal Oswal BSE 1000 Index Fund0.00%0

Red flags

F-score 5 of 8
lookProfit leans on other income Other income was 40% of pre-tax profit in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹662 Cr +14.1% vs Jun 2025. Net profit ₹45 Cr +73.1%.
Against our estimate for Jun 2026: sales +2.7%, profit +128.7% in line. Our estimate for Sep 2026: sales Rs 634 Cr, profit Rs 23 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-02-13Interim Dividend - Re 1 Per Share
2025-08-01Dividend - Re 1 Per Share
2024-04-12Interim Dividend - Re 0.75 Per Share
2023-08-03Annual General Meeting/Dividend - Rs 2 Per Share
2022-08-02Annual General Meeting/Dividend - Rs 0.75 Per Share
2021-11-11 Buyback
2021-08-02 Annual General Meeting/Dividend - Rs 0.75 Per Share
2020-11-19 Interim Dividend - Re 1 Per Share
2020-08-24 Annual General Meeting
2020-03-26 Interim Dividend - Rs 0.95 Per Share
2019-08-01 Annual General Meeting
2019-06-19 Buyback
2018-08-01 Annual General Meeting/Dividend- Rs 1.75 Per Share
2017-08-02 Annual General Meeting/Dividend - Rs 1.75 Per Share
2016-07-28 Annual General Meeting
2016-03-17 Interim Dividend - Rs 1.50/- Per Share (Purpose Revised)
DateTypeWhat it says
2026-09-30ResignationResignation of Director/KMP/SMP
2026-09-30AppointmentAppointment of Rajeev Mishra as Other of the company w.e.f. October 01, 2026.
2026-09-30ResignationResignation of Vivek Kulkarni, Executive Vice President Ingredients Division and Senior Management Personnel of the Company, with effect from the c...
2026-09-30Board meeting outcomeChanges in Senior Management Personnel of the Company
2026-09-28Credit RatingCredit Rating
2026-09-15Press ReleaseA press release dated September 15, 2026, titled "Intimation of Sad Demise of Mr. Ramesh Vaze (DIN: 00509751), Chairman of the Company".
2026-09-15DemiseIntimation of Sad Demise of Mr. Ramesh Vaze (DIN: 00509751), Chairman of the Company
2026-08-19AppointmentAppointment of Mr. Ranjeet Agrawal as Executive Vice President - Sales (India Subcontinent) and Senior Management Personnel of the Company w.e.f. Au...
2026-08-19Board meeting outcomeAppointment of Mr. Ranjeet Agrawal as Executive Vice President - Sales (India Subcontinent) and Senior Management Personnel of the Company with effect...
2026-08-14Credit Rating- NewESG Rating FY26
2026-08-04Concall / analyst meetTranscript of the Conference Call for Investors and Analysts for Q1 FY 27 results
2026-08-01Shareholder meetingVoting Results and Scrutinisers Report - 70th Annual General Meeting
2026-07-31Shareholder meetingProceedings of 70th Annual General Meeting held on July 31, 2026
2026-07-29Concall / analyst meetAudio Recording of Conference Call for Investor and Analysts for Q1 FY 2027.
2026-07-28Investor PresentationInvestor Presentation
2026-07-28Press ReleasePress Release in respect of Unaudited (Standalone & Consolidated) Financial Results for the quarter ended June 30, 2026
2026-07-28Sale or disposalDivestment of entire equity stake held in Keva Ventures Private Limited, wholly owned subsidiary.
2026-07-28Board meeting outcomeOutcome of Board Meeting held on July 28, 2026 - Divestment of entire equity stake held in Keva Ventures Private Limited, wholly owned subsidiary.
2026-07-28Board meeting outcomeS H Kelkar and Company Limited has submitted to the Exchange Unaudited Standalone and Consolidated Financial Results of the Company for the quarter en...
2026-07-14Concall / analyst meetSchedule of meet with Investors/Analysts for Q1FY27
2026-07-08General UpdatesBusiness Update for Q1 FY 2026-27
2026-07-01UpdatesLetter sent to shareholders pursuant to Regulation 36(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-07-01General UpdatesBusiness Responsibility and Sustainability Report for FY 2025-26
2026-07-01Shareholder meetingNotice of 70th Annual General Meeting of the Company.
2026-05-21Concall / analyst meetTranscript of the Conference Call for Investors and Analysts for Q4 FY 26 results
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of S H Kelkar & Company Ltd?

S H Kelkar & Company Ltd (SHK) has a market capitalisation of Rs 1,941 Cr. at the 2026-10-01 close.

What is the P/E ratio of S H Kelkar & Company Ltd?

S H Kelkar & Company Ltd trades at a P/E of 41.1 on trailing twelve-month profit, at the 2026-10-01 close.

What were S H Kelkar & Company Ltd's latest quarterly results?

In the Jun 2026 quarter, S H Kelkar & Company Ltd sales was Rs 662 Cr (+14.1% vs Jun 2025) and net profit was Rs 45 Cr.

What is the 52-week high and low of S H Kelkar & Company Ltd?

The 52-week high is Rs 243.51 and the 52-week low is Rs 111.98.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03