S H Kelkar & Company Ltd
S H Kelkar & Company Ltd Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book
Q1 FY27 earnings call: what management guided on revenue, margins and order book.
What the Q1 FY27 call signalled
2 of 5 strong
The short version
The company targets double-digit revenue growth for FY 2027, with some quarterly variations expected due to geopolitical and demand timing factors. - Flavours segment achieved Rs. The company targets double-digit revenue growth for FY2027, expecting margins to improve if growth sustains. - Flavour business displayed strong Q1 performance (Rs.
From S H Kelkar & Company Ltd's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.
Revenue & Sales Performance
- The company targets double-digit revenue growth for FY 2027, with some quarterly variations expected due to geopolitical and demand timing factors.
- Flavours segment achieved Rs. 112 crore in Q1, with a normalized run rate estimated around Rs. 95-96 crore from Q2 onwards; growth expected to be strong but not at Q1 levels due to inventory prepayments.
- Fragrance segment sees growth opportunities, especially in new markets like Europe (Germany), USA, and UK, with expected breakeven in 3 years and subsequent fast growth.
- New initiatives in Europe and the USA show traction, aiming for $100 million market capture over next few years.
- Investments in R&D and CDCs to support sustained growth and product innovation.
- Overall growth constrained by macroeconomic stability; stable environment critical for doubling revenue in 5 years.
- EBITDA margins expected to improve with revenue scale-up and fixed cost absorption as investments mature.
Profitability & Margins
See what S H Kelkar & Company Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Completed European capex with the plant operational since May; Rs. 25 crore spent in Europe in Q1 FY27.
- Ongoing capex in India focusing on Vanvate and Vashivali fragrance projects; Rs. 25 crore planned for Vanvate in Q2 and approximately Rs. 50 crore remaining for three plants in India.
- Vanvate factory expected to be operational by Q3 FY27.
- Decision pending on whether the remaining Rs. 25 crore for Vashivali plant upgradation will be spent in Q4 FY27 or deferred to next year.
- The company is investing roughly $3 million annually in R&D to support growth.
- Capital deployment reflects strategic inventory buildup and capacity expansion to capture growth opportunities in Europe, USA, and UK.
- Medium to long-term focus on deleveraging after completing capex cycle.
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what S H Kelkar & Company Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- In Q1 FY 2027, there was a higher-than-expected sales number in the Flavours segment, partly due to client preponement and extra stock buildup (approx. Rs. 15 crore).
- This Rs. 15 crore reflects additional inventory rather than final consumption.
- The base regular orderbook for Flavours is estimated around Rs. 95-97 crore per quarter.
- Going forward, Q2 and subsequent quarters are expected to normalize with Flavours around Rs. 95-96 crore, potentially slightly higher but not at the Q1 level of Rs. 112 crore.
- No new segments or large global account orders are currently significant.
- Business remains normal with double-digit growth overall.
- USA and UK markets are at early stages; expected minimum revenue from USA is Rs. 1.5 to 2 million for the year.
- Germany is progressing well with regular traction.
- No major breakthroughs with global accounts at present, especially in Flavours; new product adoption typically takes 3-4 years to mature.
S H Kelkar & Company Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹650 Cr, net profit ₹2 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What S H Kelkar & Company Ltd's management said in earlier quarters
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
- Q3 FY23 earnings call →
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Frequently Asked Questions
What were S H Kelkar & Company Ltd Q1 FY27 results?
The company targets double-digit revenue growth for FY 2027, with some quarterly variations expected due to geopolitical and demand timing factors. - Flavours segment achieved Rs. The company targets double-digit revenue growth for FY2027, expecting margins to improve if growth sustains. - Flavour business displayed strong Q1 performance (Rs.
What is S H Kelkar & Company Ltd share price analysis?
S H Kelkar & Company Ltd currently shows a below-average growth signal. The stock trades at a P/E of 50.0 with a market cap of ₹2,363 Cr. Investors should review the full earnings analysis for detailed insights.
Is S H Kelkar & Company Ltd planning capital expenditure?
Completed European capex with the plant operational since May; Rs.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.