S H Kelkar and Company Ltd (SHK) AI Stock Analysis

• Market Cap: ₹17.37B
• Dividend Yield: 0.57%
• Average Volume (3M): 19.27K
• Price to Earnings (P/E): 22.5
• Beta (1Y): 1.62
• Revenue Growth: 11.53%
• EPS Growth: -5.50%
• Country: IN
• Employees: 603
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Chemicals - Specialty
• EPS (TTM): 11.21
• Shares Outstanding: 138,420,800
• 10 Day Avg. Volume: 25,737
• 30 Day Avg. Volume: 19,269
• PEG Ratio: -3.85
• Price to Book (P/B): 1.14
• Price to Sales (P/S): 0.66
• P/FCF Ratio: 293.06
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 4.8
• Revenue Forecast (FY): ₹25.92B

• Rating: 49 Neutral
• Price Target: ₹126.00 ▼(-30.75% Downside)
• Action: Reiterated
• Date: 05/22/26

Positive Factors

Revenue Growth

Sustained top-line growth through 2021–2026 indicates durable demand for SHK’s fragrance and flavour solutions. For a B2B supplier, steady revenue supports scale benefits, preserves customer relationships, and provides a base to recover margins if input or mix pressures are managed over the medium term.

Negative Factors

Margin Compression

Sharp margin declines by 2026 reflect structural pressure on profitability—likely from higher input costs, adverse mix or weaker pricing power. Lower gross and operating margins materially reduce free cash flow potential and earnings quality, weakening long-term return generation unless cost or pricing dynamics reverse.

S H Kelkar and Company Ltd Business Overview & Revenue Model

Company Description

S H Kelkar and Company Limited, together with its subsidiaries, manufactures and supplies fragrances, flavors, and aroma ingredients in India. Its fragrances are used in personal care, hair care, skin care and cosmetic, fabric care, and household ...

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S H Kelkar and Company Limited, together with its subsidiaries, manufactures and supplies fragrances, flavors, and aroma ingredients in India. Its fragrances are used in personal care, hair care, skin care and cosmetic, fabric care, and household ...

How the Company Makes Money

SHK makes money primarily by selling fragrance and flavour products to business customers (B2B). Its revenue model is largely volume-and-contract driven: it formulates and manufactures (1) fragrance blends and aroma chemicals used by FMCG and othe...

Read more

SHK makes money primarily by selling fragrance and flavour products to business customers (B2B). Its revenue model is largely volume-and-contract driven: it formulates and manufactures (1) fragrance blends and aroma chemicals used by FMCG and othe...

S H Kelkar and Company Ltd Financial Statement Overview

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	22.35B	23.68B	21.13B	18.33B	16.77B	15.60B
Gross Profit	7.29B	5.08B	9.05B	7.96B	6.65B	6.24B
EBITDA	3.28B	2.42B	2.59B	2.99B	2.00B	2.14B
Net Income	1.55B	692.60M	732.40M	1.22B	611.70M	1.49B
Balance Sheet
Total Assets	28.05B	29.13B	26.85B	24.02B	22.22B	22.97B
Cash, Cash Equivalents and Short-Term Investments	899.50M	649.30M	1.87B	1.11B	865.40M	1.19B
Total Debt	8.89B	10.29B	8.32B	6.66B	6.20B	6.98B
Total Liabilities	14.75B	15.51B	14.12B	11.88B	11.19B	12.03B
Stockholders Equity	13.30B	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

• Technical Analysis Sentiment: Negative
• Last Price: 181.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 181.95 is above the 20-day moving average (MA) of 141.83, above the 50-day MA of 135.16, and below the 200-day MA of 182.07, indicating a bearish trend. The MACD of -3.40 indicates Positive momentum. The RSI at 36.94 is Neutral, neither overbought nor oversold. The STOCH value of 16.24 is Positive, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRIVISCL	69 Neutral	₹124.16B	34.56	―	0.15%	22.01%	75.16%
AVTNPL	65 Neutral	₹10.26B	14.51	―	1.05%	22.76%	27.46%
ROSSARI	64 Neutral	₹28.10B	11.40	―	0.09%	15.19%	9.27%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
SHK	49 Neutral	₹17.37B	22.47	―	0.57%	11.53%	-5.50%
OAL	46 Neutral	₹10.29B	-127.17	―	0.17%	11.05%	-90.40%
CAMLINFINE	45 Neutral	₹23.31B	-19.42	―	―	7.50%	74.18%