AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Sep - Mr. Ramesh Vaze, Chairman and promoter of SHK, passed away on September 15, 2026.
Source: Bse
S H Kelkar and Company Limited (SHK)
Small CapIndustrials stocks · Small cap · NSE
S H Kelkar and Company Limited operates in Fragrances, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result29 Jul, 12:47 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
36BearishSMA20 -5.2% / mo · MACD −
Stock trend: 29
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SHKD candles · FIT view-12.3%Latest close ₹130.26 on 2026-10-21
Bar
-3.4%
RSI
36
MACD hist
-0.18
52W pos
15%
2026-10-21O ₹134.89H ₹135.00L ₹128.91C ₹130.26Vol 3.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SHKNifty India ManufacturingNifty 500
- SHK
- -8.8%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -2.3 pp
Chart stats
21 Oct 2026- From 52W high
- -43.7%
- 52W range position
- 15%
- ATR (14)
- 4.3%
- Volume vs 20D
- 1.16x
- Avg traded value
- ₹3.5 Cr
- 20D price channel
- ₹128.9 - ₹146.7
₹231.3
₹112 - ₹231.3
₹5.6
Latest completed session
20-session average
37.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good57
Revenue +14.1% · PAT +73.1% YoY
Technical
Bearish36
Price trend and sector-relative-strength timing.
Valuation
Legacy model-679.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence59
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 57/100Rev +14% YoY · PAT +73% YoY · operating leverage · margin compression
Filed 28 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹662 Cr | +14.1% | +1.9% |
| EBITDA | ₹88 Cr | +20.5% | +44.3% |
| Operating margin | 13.0% | +0 bps | +400 bps |
| PAT | ₹45 Cr | +73.1% | +2150.0% |
| PAT margin | 6.8% | +232 bps | +649 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 40.30
- P/B
- 1.39
- EV/EBITDA
- 7.64
- Market Cap
- 1904.00Cr
Profitability
- ROE
- 3.71%
- ROCE
- 5.85%
- ROA
- 3.09%
- Dividend Y
- 0.73%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- -18.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- -11.00%
Balance Sheet
- Debt/Equity
- 0.76
- Interest Coverage
- 4.49×
- Altman Z
- 2.66
- Book Value
- 98.40
Cash Flow
- FCF Yield
- 2.84%
- FCF Positive Y
- 7/5
- OCF
- 263.00 Cr
- EPS TTM
- 6.43
Shareholding
- Promoter Hold
- 54.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 662+1.8% vs prev
Net Profit
₹ CrLatest: 45.0+2150.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.5% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 44% off 52W high · 16% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
22
RS percentile
Stage 1 Base / Transition
1M return
-4.4%
3M return
-8.8%
6M return
-11.7%
1Y return
-42.5%
RS 1D
-7
RS 20D
0
Sector rank
#2
Industry rank
#6
Stage evidence
- Price is within 7.2% of the 30-week proxy.
- The 30-week proxy changed +0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 58.78-2.52%
RS vs Nifty 50059
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation6/30
Growth5/25
Quality0/20
Balance Sheet8/15
Cash Flow6/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Cash flow contributes 6/10 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -679.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 6/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
40.3
PB
1.4
EV/EBITDA
7.6
ROE
3.7%
ROCE
5.8%
FCF Yield
2.8%
Debt/Equity
0.8
MoS
-679.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-679.2%
Previous: -706.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
31
31
31
31
31
31
31
31
31
31
31
31
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹119.31
-9.2% MoS
Growth-justified P/E
2.6
Growth-justified Value
₹16.72
-679.2% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
IGPL
Small
IG Petrochemicals Limited
Specialty Chemicals
match 139
30
20.9
0.2%
-3623%
OVERVALUED
PAUSHAKLTD
Small
Paushak Limited
Specialty Chemicals
match 139
24
43.1
7.0%
-419%
OVERVALUED
BHAGERIA
Small
Bhageria Industries Limited
Specialty Chemicals
match 138
28
23.0
7.0%
-421%
OVERVALUED
MOL
Small
Meghmani Organics Limited
Specialty Chemicals
match 138
31
23.6
1.9%
-1349%
OVERVALUED
OAL
Small
Oriental Aromatics Limited
Specialty Chemicals
match 138
16
326.0
0.5%
-49609%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
S H Kelkar and Company Limited operates in Fragrances, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
59Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 25th percentile of the scored universe and 20th percentile within Industrials. Main check: financial discipline is weak at 18/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
162 docs text-extracted · 73 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
25th percentile
overall median 67 · Industrials: 20th pctile, median 68 · Small: 28th pctile, median 66
Evidence depth
Financial-only
162 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
18
weak · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.6%.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 5.9%.
- ▸ROE is low at 3.7%.
- ▸ROCE trend is -3.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching S H Kelkar and Company Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 15 Sep - Mr. Ramesh Vaze, Chairman and promoter of SHK, passed away on September 15, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Sep - Vivek Kulkarni resigns Sept 30, 2026; Rajeev Mishra appointed VP Sales & Ingredients from Oct 1, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Demise 15 Sep - Mr. Ramesh Vaze, SHK Chairman and promoter, passed away on September 15, 2026.
Source: Bse
Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 28 Sep - CRISIL reaffirmed AA- rating for ₹372 crore bank loan facilities on September 28, 2026.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Jul - Newspaper Advertisement regarding Notice of 70th Annual General Meeting of S H Kelkar and Company Limited and e-voting information
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Jun - Newspaper Advertisement of the 70th Annual General Meeting of the Company.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.