Any current/future new fundraising through debt or equity?

There are no immediate plans to repay the debt as of now. Current operations are generating free cash flow, which is progressively reducing debt. Recent investments have been concluded in the Indonesia plant and the Holland Aromatics acquisition. No large deployments or new investments are foreseen in the next couple of quarters. Debt levels are expected to start coming down after this period. The company plans to maintain net debt to EBITDA ratio below 2x as a priority. There is no mention of any new fundraising through debt or equity in the near term.

Any current/future capex/capital investment/strategic investment?

Recently concluded investments in the Indonesia plant and the acquisition of Holland Aromatics. Indonesia factory is expected to commence by the end of the current financial year, enhancing capacity for Middle East and Southeast Asia markets. No immediate plans for new capacity investment in Europe; will assess market conditions over the next year or two before deciding. Plans to augment India capacity by supporting export business from the India plant, leveraging the new Indonesia facility. Backward integration for Global Ingredients scheduled for completion in Q4 FY24, expected to im

Future growth expectations in sales/revenue/volumes?

Management expects a **12% medium-term CAGR growth** in revenue, with confidence in sustaining this trend (Page 6). Volume growth is projected to be **double-digit**, driven by market share gains, especially from new global MNC clients and large corporates (Pages 14, 15). The Fragrance segment is expected to grow at over **12% CAGR**, while the Flavour segment targets around **15% CAGR growth** (Page 10). Growth is supported by a mix of new and existing products, with new products contributing around 3-6% to revenues (Page 5). Export business remains seasonal and uncertain short-term but expec

Future growth expectations in earnings/operating earnings/profits/EPS?

The company is confident of sustaining double-digit revenue growth, targeting around 12% medium-term growth (Page 6). EBITDA margins are expected to remain stable with potential to improve if raw material prices decline; current margin is about 16.7% (Pages 8-9). Volume growth is a major driver, with existing clients growing at 6-7% plus new product introductions contributing additional growth (Page 8). European operations aim for bottom-line improvement even with high capacity utilization (above 85%) (Page 2). Backward integration in the Global Ingredients segment is expected to achieve EBITD

Current/ Expected Orderbook/ Pending Orders?

The RFQ (Request for Quotation) position remains unchanged from last quarter; it is still a work in progress with no significant updates or finalizations yet. Kedar Vaze mentioned there is no single large ticket RFQ; instead, finalizations are happening on various timelines across multiple subparts. Visibility on RFQ finalization for FY25 is not complete; more time is needed before conclusions can be drawn. Despite RFQ uncertainty, the company is confident about sustaining double-digit revenue growth (around 12%) in the medium term, driven by existing and new products. Orders have started comi

S H Kelkar & Co.Q2 FY24Chemicals & Petrochemicals

S H Kelkar & Co. Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹138P/E: 41.7Market Cap: ₹2.0K CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Management expects a 12% medium-term CAGR growth in revenue, with confidence in sustaining this trend (Page 6).
Volume growth is projected to be double-digit, driven by market share gains, especially from new global MNC clients and large corporates (Pages 14, 15).
The Fragrance segment is expected to grow at over 12% CAGR, while the Flavour segment targets around 15% CAGR growth (Page 10).
Growth is supported by a mix of new and existing products, with new products contributing around 3-6% to revenues (Page 5).
Export business remains seasonal and uncertain short-term but expected to recover long-term (Page 10).
The company sees upside risk beyond the 12% growth guidance due to ongoing RFQs and new customer acquisitions (Page 10).
Strategic efforts via backward integration and new product launches will aid sustainable volume and revenue growth.

Margin guidance

Category 3

The company is confident of sustaining double-digit revenue growth, targeting around 12% medium-term growth (Page 6).
EBITDA margins are expected to remain stable with potential to improve if raw material prices decline; current margin is about 16.7% (Pages 8-9).
Volume growth is a major driver, with existing clients growing at 6-7% plus new product introductions contributing additional growth (Page 8).
European operations aim for bottom-line improvement even with high capacity utilization (above 85%) (Page 2).
Backward integration in the Global Ingredients segment is expected to achieve EBITDA breakeven post Q4 FY24, enhancing profitability (Page 6).
Overall, the focus is on volume growth, market share gains, and synergy realization post acquisitions to drive earnings growth forward (Pages 2, 12).

See what S H Kelkar & Co. management said on margin guidance — free account, 30 seconds.

Fundraise plans

There are no immediate plans to repay the debt as of now.
Current operations are generating free cash flow, which is progressively reducing debt.
Recent investments have been concluded in the Indonesia plant and the Holland Aromatics acquisition.
No large deployments or new investments are foreseen in the next couple of quarters.
Debt levels are expected to start coming down after this period.
The company plans to maintain net debt to EBITDA ratio below 2x as a priority.
There is no mention of any new fundraising through debt or equity in the near term.

Order book

Yes

The RFQ (Request for Quotation) position remains unchanged from last quarter; it is still a work in progress with no significant updates or finalizations yet.
Kedar Vaze mentioned there is no single large ticket RFQ; instead, finalizations are happening on various timelines across multiple subparts.
Visibility on RFQ finalization for FY25 is not complete; more time is needed before conclusions can be drawn.
Despite RFQ uncertainty, the company is confident about sustaining double-digit revenue growth (around 12%) in the medium term, driven by existing and new products.
Orders have started coming in post destocking in international markets, with hopes to catch up on run rate before year-end, indicating improving order flow.

See what S H Kelkar & Co. management said on order book — free account, 30 seconds.

Capex plans

Yes

Recently concluded investments in the Indonesia plant and the acquisition of Holland Aromatics.
Indonesia factory is expected to commence by the end of the current financial year, enhancing capacity for Middle East and Southeast Asia markets.
No immediate plans for new capacity investment in Europe; will assess market conditions over the next year or two before deciding.
Plans to augment India capacity by supporting export business from the India plant, leveraging the new Indonesia facility.
Backward integration for Global Ingredients scheduled for completion in Q4 FY24, expected to improve supply chain resilience and cost competitiveness.
No large capital deployments anticipated in the next couple of quarters; operational cash flow used to reduce debt progressively.

Track S H Kelkar & Co. — get its next earnings analysis in your feed

How does S H Kelkar & Co. rank vs peers in Chemicals & Petrochemicals?

Pro feature

ThisS H Kelkar & Co.

Rev 3Mar 3

See where S H Kelkar & Co. sits in Chemicals & PetrochemicalsSee which companies these are, and every other name in the sector.Open rankings

How does S H Kelkar & Co. rank in Chemicals & Petrochemicals?

Compare S H Kelkar & Co. against every Chemicals & Petrochemicals company (Q2 FY24) on revenue, margins and earnings-call signals.

View Chemicals & Petrochemicals leaderboard →

What S H Kelkar & Co.'s management said in earlier quarters

Others in Chemicals & Petrochemicals this season

Prasol Chemicals Ltd (Q1 FY27)
Q1 FY27 Revenue from Operations: ₹433.6 crores . Key investor presentation takeaways from Prasol Chemicals Ltd's Q1 FY27 investor presentation — and how it rank
Vipul Organics Ltd (Q4 FY26)
Q4 FY26 (Mar 2026) total revenue: ₹5,262.37 lakhs (Consolidated) . Key concall takeaways from Vipul Organics's Q4 FY26 earnings call — and how it ranks against…
Vipul Organics Ltd (Q1 FY27)
Q1 FY27 net revenue: ₹51.78 crore, up +37.7% YoY (Page 13) . Key concall takeaways from Vipul Organics's Q1 FY27 earnings call — and how it ranks against…
Fine Organic Industries Ltd (Q1 FY27)
Revenue from Operations (Consolidated) for Q1FY27: Rs 694.2 Cr, up 18.0% YoY from Rs 588.4 Cr in Q1FY26 (Page 34). Key concall takeaways from Fine Organic…

Compare:vs Solar Industries India Ltd vs Pidilite Inds.vs SRF Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

S H Kelkar & Co. Q2 FY24 Earnings Call Analysis

Revenue guidance

Fundraise plans

Capex plans

How does S H Kelkar & Co. rank in Chemicals & Petrochemicals?

Continue your research

What S H Kelkar & Co.'s management said in earlier quarters

Others in Chemicals & Petrochemicals this season