S H Kelkar and Company Limited, founded in 1922 and based in Mumbai, India, stands as India's largest domestic fragrance producer. The company is actively engaged in the manufacture, supply, and export of fragrances, flavours, and aroma ingredients. Notably, it is the only company of Indian origin to hold patents in the field of Fragrance & Novel aroma molecules.
Together with its subsidiaries, SHK manufactures and supplies a diverse range of products. Its fragrances find application in various consumer categories, including personal care, fabric care, skin care, hair care, fine fragrances, and home care products. The company's flavours are widely used in baked goods, dairy products, beverages, and pharmaceutical applications. SHK markets its products under well-known brands such as SHK, Cobra, Auris, Wheel, Three Birds, and Keva.
In FY23, the Fragrance segment remained the primary revenue contributor, accounting for approximately 87% of the total share. This segment encompasses fragrance products utilized across a broad spectrum of consumption categories, including personal wash, soaps and detergents, sanitizers, home cleaners, fabric care, and fine fragrances. The Flavours segment provides flavour products that serve as raw materials for producers of baked goods, dairy products, beverages, and pharmaceutical products.
The company boasts an extensive product portfolio with over 9,700 Stock Keeping Units (SKUs). Its natural actives product portfolio includes specialized ingredients like Camisooth, AloeHeal, Glycibright, OleoKare, and Puniblock. Beyond manufacturing, SHK also offers a range of research and testing services, covering areas such as biotechnology and microbiology research, cosmetic research, cosmetic biotechnology, and custom synthesis.
The company currently has a market capitalization of ₹3,167 crores, demonstrating a 19.6% growth over the past year. Promoter holding stands at a robust 55.5% as of recent data, indicating strong insider confidence.
The company's financial results show a strong growth trajectory:
- Consolidated Revenue (FY25): ₹2,110 crores, marking a 15% year-on-year growth.
- Net Profit (Q4 FY25): ₹102.52 crores, representing a significant 202.3% rise compared to the previous year.
- Revenue (Q2 FY25): Jumped 23.16% year-on-year to ₹563.15 crores.
- Net Profit (Q2 FY25): Increased 35.68% year-on-year to ₹39.78 crores.
- Net Profit Margin (Q2 FY25): Improved to 7.06%.
- Revenues (Q1 FY26): ₹574 crores, achieving 14% growth.
- Net Debt: ₹666 crores (as of Q1 FY26).
- Market Capitalization: ₹3,167 crore (up 19.6% in 1 year)
- Promoter Holding: 55.5%
- FY25 Consolidated Revenue: ₹2,110 crore (15% YoY growth)
- Q4 FY25 Net Profit: ₹102.52 crore (202.3% rise)
- Q2 FY25 Revenue: ₹563.15 crore (23.16% YoY growth)
- Q2 FY25 Net Profit: ₹39.78 crore (35.68% YoY growth)
- Q1 FY26 Revenues: ₹574 crore (14% growth)
- Net Debt: ₹666 crore
SH Kelkar has a history of strategic expansion and market strengthening. The company established its first manufacturing unit at Vapi in 1979 and has since received multiple awards for quality and HR strategies. In October 2015, the company successfully completed its Initial Public Offering (IPO) of 28.23 million equity shares and was subsequently listed on both BSE and NSE.
The company has actively pursued strategic acquisitions to bolster its market position and diversify its portfolio. Recent acquisitions include:
- Rasiklal Hemani Agencies Pvt. Ltd.: Acquired to expand marketing and field activities.
- VN Creative Chemicals Pvt. Ltd.: Acquired to strengthen portfolios.
- Creative Flavours and Fragrances S.p.A: Acquired to strengthen portfolios.
- Anhui Ruibang Aroma Co. Ltd.: Acquired to strengthen portfolios.
In terms of recent operational news, CFO Rohit Saraogi resigned effective July 30, 2025, to pursue another career opportunity. The company continues its active expansion, with new capacity expected by the year-end.
S H Kelkar & Company Ltd enjoys strong confidence from market analysts, with 100% recommending a 'BUY' rating and an average target price of ₹400. This indicates robust optimism regarding the company's future prospects.
As India's largest fragrance and flavour manufacturer, SH Kelkar maintains its leadership position in the domestic market while steadily expanding its international footprint. The company's consistent financial performance, diversified product portfolio, strategic acquisitions, and ongoing capacity expansion efforts position it strongly for continued growth and sustained market dominance in the global fragrance and flavour industry.
