S H Kelkar & Company Ltd
S H Kelkar & Company Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Q4 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
The company targets a 12%+ CAGR sales growth for FY26, driven by existing markets in Europe, India, and Southeast Asia, as well as new geographies like Middle East and the U.S. Revenue Growth: Company projects a 12-15% CAGR growth for FY26, driven by both existing and new clients across India, Middle East, Southeast Asia, and Europe.
From S H Kelkar & Company Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- The company targets a 12%+ CAGR sales growth for FY26, driven by existing markets in Europe, India, and Southeast Asia, as well as new geographies like Middle East and the U.S.
- Flavours division expects a strong, robust growth of around 15% CAGR, including contributions from existing and new clients.
- Fragrance division anticipates 12% growth guided for the coming year, with steady contributions from global MNC accounts and new business wins.
- Incremental growth from new overseas centres (Germany, USA, UK) is projected, aiming for Rs. 50-60 crore new business annually from these centres, cumulatively Rs. 250-300 crore over three years.
- Global Ingredient business sees good emerging opportunities due to China plus One strategy and favorable global export trends.
- Margin improvement expected alongside growth, with EBITDA margin rising from ~15% to 18-20% by FY27.
- Growth is expected to be steady rather than sudden, emphasizing sustainable, long-term expansion.
Profitability & Margins
See what S H Kelkar & Company Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Ongoing rebuilding of the Vashivali Fragrance facility expected to be commissioned within the current financial year; fully insured with related claims ongoing.
- Construction of a new Greenfield facility at Vanavate slated for commissioning later this calendar year; proximity to Vashivali site to enable operational synergies and better inventory management.
- Additional factory being built in parallel with the rebuilding of Vashivali due to a major incident; plans to close Mulund operations faster to offset CAPEX with OPEX savings.
- Approximately Rs. 200 crore of CAPEX planned over the next two years, partly for reconstruction and capacity expansion.
- New facility investment in Europe, including Germany and Manchester, with a CAPEX of around €6-7 million (~Rs. 60-70 crore) expected this year.
- No major growth CAPEX planned in India for Fragrance after these two plants; Flavours may require incremental investment if growth surpasses 15% CAGR.
- Strategic expansion into new geographies (Middle East, Southeast Asia) and developing flavour ideas for FMCG clients.
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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
- The company does not have many long-term contracts but has good visibility based on client behavior and business growth in the past year.
- To achieve the FY26 growth guidance of 12%, the company expects to secure 7-8% new business wins, consistent with past performance.
- New wins and a robust pipeline of RFQs (Request for Quotations) are in progress, with some small wins already moving from development to commercial discussions.
- The global MNC consumer fragrance business achieved roughly $10 million sales last year and continues to gain traction.
- Continued discussions with multiple global MNCs indicate potential for additional order awards, though nothing concrete yet.
- The company expects steady ongoing order flow from existing clients alongside growth from new client acquisitions and geographies.
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 →
- Q3 FY26 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 Q4 FY25 results?
The company targets a 12%+ CAGR sales growth for FY26, driven by existing markets in Europe, India, and Southeast Asia, as well as new geographies like Middle East and the U.S. Revenue Growth: Company projects a 12-15% CAGR growth for FY26, driven by both existing and new clients across India, Middle East, Southeast Asia, and Europe.
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?
Ongoing rebuilding of the Vashivali Fragrance facility expected to be commissioned within the current financial year; fully insured with related claims ongoing. - Construction of a new Greenfield facility at Vanavate slated for commissioning later this calendar year; proximity to Vashivali site to enable operational synergies and better inventory management. - Additional factory being built in parallel with the rebuilding of Vashivali due to a major incident; plans to close Mulund operations faster to offset CAPEX with OPEX savings. - Approximately 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.