S H Kelkar and Company Limited

SHK.NS

Chemicals - Specialty · Basic Materials

Price

₹155.62

+1.89 (+1.23%)

Market Cap

₹21.54B

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 26, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Weak

Valuation

Mixed

Dividends

Good

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Winston Score History

The full picture

S H Kelkar and Company Limited, in conjunction with its subsidiary entities, functions as a principal producer and purveyor of aromatic compounds, flavorings, and various aroma ingredients, serving markets primarily in India and through exports. The company's fragrance offerings are incorporated into a broad spectrum of products, including those for personal hygiene, hair care, skin treatment, cosmetics, fabric conditioning, general household use, and high-end perfumes. Concurrently, its flavors are vital components in items such as dairy products, beverages, confectionery, baked goods, pharmaceuticals, nutraceuticals, and savory dishes. S H Kelkar markets its product lines through distinct brands like SHK, Cobra, and Keva, catering to a diverse customer base that spans major domestic and international Fast-Moving Consumer Goods (FMCG) corporations, alongside specialized blenders and manufacturers within the fragrance and flavor industries. The firm, established in 1914, is headquartered in Mumbai, India.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+77.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

S H Kelkar and Company Limited is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.8% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 137.4M (2022) → 138.5M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

42.7%

Healthy — 42.7% gross margin

Profit after running costs

Operating Margin

8.1%

Modest — 8.1% operating margin

Return on the money invested

ROCE

9.5%

Below par — 9.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+10.2%

Steady sales growth (+10.2% YoY)

Profit growth

EPS YoY

-52.1%

Earnings shrinking (-52.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

147%

Turns 147% of profit into real cash

Spare cash per sale

FCF Margin

1.5%

Thin free cash flow (1.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

2.25x

Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

24.2x

Growth-priced — P/E 24.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

-4.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

1.29%

Small dividend — 1.29% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+37.7%

Dividend growing fast (37.7% YoY)

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