S H Kelkar Announces Q1 FY27 Results: Revenues Rise 14.1%, EBITDA Margin Improves to 13.4%

S H Kelkar Announces Q1 FY27 Results: Revenues Rise 14.1%, EBITDA Margin Improves to 13.4%​

S H Kelkar and Company Limited (SHK), one of India's leading fragrance and flavour companies, announced its unaudited financial results for the quarter ended June 30, 2026. The company reported a significant increase in revenue from operations and improved EBITDA margins across the board.

The consolidated summarized performance highlights saw revenues from operations reach Rs. 662.4 crore for Q1 FY27, marking a 14.1% increase compared to Q1 FY26 (Rs. 580.5 crore). The company reported an EBITDA of Rs. 88.7 crore in the quarter, achieving an improved EBITDA margin of 13.4%, up from 9.4% in Q4 FY26. Profit before tax and exceptional items from continuing operations stood at Rs. 38.6 crore.

Financial Highlights for Q1 FY27​

The financial performance details provide a comprehensive view across key operational metrics:

Segmental Performance Insights​

The company's business segments showed varied performances during the quarter. The Fragrance segment delivered healthy revenue growth, supported by sustained customer engagement and demand across key end-use segments. Simultaneously, the Flavour segment recorded strong growth internationally, acting as a key contributor to the overall performance.

For the Fragrance division (excluding Global Ingredients), the revenue break-up showed strong international momentum:


The Global Ingredients segment reported a softer performance, which was attributed to lower demand in select export markets amid ongoing geopolitical uncertainty.

Management Commentary​

Kedar Vaze, Whole Time Director and CEO of SH Kelkar and Company Ltd., stated that the company had achieved a healthy start to the year, driven by sustained demand across customer segments and encouraging business momentum. He noted that their continued strengthening of R&D and manufacturing capabilities enhances their ability to respond effectively to evolving customer requirements.

Jagdish Agarwal, Group CFO at S H Kelkar and Company Ltd., commented that while the Fragrance segment saw healthy growth, the Flavour segment was a key contributor due to strong international demand. He pointed out that gross margins remained stable, supported by proactive raw material planning. Agarwal noted that despite navigating near-term headwinds, including volatility in select raw material prices and higher working capital requirements from strategic inventory build up, the company remains committed to deleveraging over the medium to long term. Looking ahead through FY27, he stated that the current business momentum positions them for double-digit revenue growth and improved margins for the full year.

SHK Stock Price Movement​

The stock of S H Kelkar and Company Limited shed 3.54% in the post-market session, settling at ₹143.97 after losing ₹5.25 today. Trading volume for the day was recorded at 416,488 shares.