S H Kelkar & Company Ltd
S H Kelkar & Company Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
The company targets a 12% year-on-year CAGR growth with FY '24-'25 as the base year. Flavours EBIT margins expected to remain steady at 20%-22% through FY27-FY28.
From S H Kelkar & Company Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- The company targets a 12% year-on-year CAGR growth with FY '24-'25 as the base year.
- Additional capacity in Southeast Asia (3,600 tons) is expected to add 5-7 million in turnover sales.
- European capacity catering to €50 million is about 90% utilized; plans to increase capacity by 1.5x soon to support aggressive growth in Europe.
- India has current capacity of ~20,000 tons with expansions adding 9,000 tons in Q1 next year and another 15,000 tons thereafter, indicating strong growth headroom.
- Strong double-digit growth is seen in Middle East, Africa, Central Asia, and Southeast Asia markets.
- U.S. market initiatives are beginning to generate orders, with business expected to grow from Q4 this year and into FY '29.
- Growth drivers include new CDCs, operational expansions, and leveraging innovation in emerging markets and smaller clients.
- The company expects to reach double-digit return ratios (~14%) by FY '29, indicating profitable/top-line growth.
Profitability & Margins
See what S H Kelkar & Company Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Europe: Committed EUR 7-8 million capex, mostly done; expects another EUR 2-3 million outflow in next 6-12 months. New factory expected operational by Q4 FY26, expanding capacity 1.5x from current 90% utilization.
- India: Capex of Rs. 70-80 crore over next 12-18 months focused on rebuilding facilities (Vashivali and Vanavate) post-fire and new expansions; adding 9,000 tons capacity in Q1 FY27 and further 15,000 tons later.
- U.S.: Investment primarily opex for leased manufacturing and creative development centres (~$1.5-2 million invested); expecting $2-2.5 million business by end of next year. Minimal capex as manufacturing is operational lease-based.
- Strategic focus on organic growth in U.S., Europe, and Southeast Asia with enhanced Creative Development Centres (CDCs) to generate new business.
- Overall capex timeline: majority expected to be deployed within 12 to 18 months.
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Ranked on what management guided this quarter
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Fundraising & Capital Structure
See what S H Kelkar & Company Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- The transcript does not provide explicit details about the current or expected order book value.
- However, it mentions that the U.S. Creative Development Centre secured its first customer order, with execution expected from Q4 this year to Q1 next year.
- European business showed 3% YoY growth in euro terms this quarter, indicating healthy demand.
- The company is seeing green shoots and new business opportunities in the U.S., Europe, U.K., Middle East, and Southeast Asia.
- There is some softness in demand in India post-GST changes, but the company expects sales momentum to recover shortly.
- Customer interactions globally are encouraging, especially with smaller brands and e-commerce businesses driving growth.
- Overall, the business pipeline appears promising with a phased build-up over the next 2-3 years as new facilities and markets scale.
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
- Q1 FY27 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 Q3 FY26 results?
The company targets a 12% year-on-year CAGR growth with FY '24-'25 as the base year. Flavours EBIT margins expected to remain steady at 20%-22% through FY27-FY28.
What is S H Kelkar & Company Ltd share price analysis?
S H Kelkar & Company Ltd currently shows a neutral. 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?
Europe: Committed EUR 7-8 million capex, mostly done; expects another EUR 2-3 million outflow in next 6-12 months.
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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.