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Latest filing: 2026-10-09 17:29
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Q2 FY27 Revenue Grows 15% YoY to ₹632.7 Cr; Net Debt Expands to ₹911 Cr
S H Kelkar reported provisional consolidated revenue of ₹632.7 crore for Q2 FY27, marking a 15% YoY growth compared to Q2 FY26. Gross margins are expected to remain broadly stable YoY despite persistent supply chain volatility and raw material inflationary pressures. However, net debt increased sharply to ₹911 crore as of September 30, 2026, driven by working capital needs and ongoing investments in capacity expansion. The provisional figures are subject to limited review by statutory auditors before full Q2 results.
Confidence: HIGH
What changedS H Kelkar shared provisional operational metrics for Q2 FY27, reporting 15% revenue growth alongside an increase in net debt to ₹911 crore.
Why it mattersTopline growth aligns with management's 15% target, but debt rising to ₹911 crore (representing ~123% of net worth) could pressure net profitability via higher finance costs.
Consolidated Revenue Q2 FY27: Rs. 632.7 croreYoY Revenue Growth: 15%Net Debt as of Sep 30, 2026: Rs. 911 croreNet Debt to Net Worth: ~123%
📅 Short termStable gross margin commentary confirms top-line resilience, but market attention will likely turn to the surge in net debt and its impact on Q2 financing expenses.
📈 Long termReaching a 15% revenue CAGR remains positive, but structural re-rating depends on the successful commissioning of capacity investments and demonstrable progress in debt reduction.
⚠ Risk flags
- Substantial increase in net debt to ₹911 crore
- Supply chain volatility and commodity inflation pressuring margins
Key Highlights
Consolidated revenue for Q2 FY27 stood at ₹632.7 crore, up 15% YoY
Net debt elevated to ₹911 crore as of September 30, 2026, up from ₹444 crore previously reported
Gross margins expected to remain broadly stable YoY despite input cost inflation
Company reiterated focus on medium-to-long-term deleveraging
👀 What to Watch
Track the full quarterly earnings release for EBITDA margins and interest costs, and monitor management's timeline and cash-flow roadmap for reducing the elevated debt load.
CRISIL Reaffirms SHK's Rs 372 Cr Bank Loan Rating at 'AA-', Outlook Revised to Negative
Crisil Ratings Limited has reaffirmed S H Kelkar and Company's long-term rating on its bank loan facilities at 'CRISIL AA-'. However, the rating agency revised the outlook from 'Stable' to 'Negative'. The rated amount stands at Rs 372 crore, which represents approximately 84% of the company's total debt of Rs 444 crore. The negative outlook signals potential downward pressure on borrowing costs if operational or leverage metrics deteriorate.
Confidence: HIGH
What changedCRISIL maintained the long-term credit rating at 'CRISIL AA-' on Rs 372 crore of bank facilities but lowered the rating outlook from 'Stable' to 'Negative'.
Why it mattersA negative outlook signals risk of a downgrade, which could increase interest expense and cost of capital on the company's Rs 444 crore debt load.
Rated Bank Facilities: Rs. 372 CroreRevised Rating: CRISIL AA- /NegativeExisting Rating: CRISIL AA- /StableRated debt vs Total debt: ~83.8%
📅 Short termMarginally negative sentiment for the stock due to the outlook revision to Negative, though the baseline AA- rating remains intact.
📈 Long termIf leverage and operational performance do not strengthen, an eventual downgrade could increase refinancing costs and pressure return ratios.
⚠ Risk flags
- Risk of credit rating downgrade within 12-18 months under the Negative outlook
- Higher borrowing costs if debt covenants or bank loan pricing are linked to rating revisions
Key Highlights
Long-term bank loan facilities rating reaffirmed at CRISIL AA-
Rating outlook revised from Stable to Negative
Total bank loan facilities rated stand at Rs 372 Crore
Rated amount represents ~83.8% of total debt of Rs 444 crore
👀 What to Watch
Track upcoming quarterly operating profit margins and leverage metrics to assess whether the company can avert an actual credit rating downgrade.
SHKSIL Postpones 2 MW Biomass Captive Power Plant Commissioning to October 2026
Shri Hare-Krishna Sponge Iron Limited has informed the exchange that the commencement of commercial production for its 2 MW Biomass Captive Power Plant has been postponed. The company now expects to begin commercial production in October 2026. The exact date of commissioning will be communicated in due course.
Confidence: HIGH
What changedCommissioning timeline of the 2 MW biomass captive power plant has been delayed to October 2026.
Why it mattersCaptive biomass power is intended to lower energy costs for sponge iron operations; any delay defers power cost savings.
Captive Plant Capacity: 2 MWExpected Commissioning Month: October 2026
📅 Short termMarginally negative sentiment due to project delay, though the postponement is relatively brief (to next month).
📈 Long termLimited operational impact if successfully commissioned within the revised October 2026 timeline.
⚠ Risk flags
- Further execution or commissioning delays
- Reason for project delay not disclosed
Key Highlights
Commercial production of the 2 MW Biomass Captive Power Plant has been postponed
Revised target for commencement of commercial operations is October 2026
Exact commencement date to be intimated in due course
👀 What to Watch
Track company disclosures during October 2026 for the revised operational date and subsequent cost savings impact on captive power consumption.
S H Kelkar Chairman and Industry Veteran Ramesh Vaze Passes Away at 85
S H Kelkar and Company Limited announced the sad demise of its Non-Executive Chairman and Promoter, Mr. Ramesh Vaze, on September 15, 2026, at the age of 85. Mr. Vaze had been associated with the company since 1961 (over six decades) and served on the Board since 1981, having previously functioned as Managing Director before transitioning to Non-Executive Chairman in 2019. Operational leadership continues under Whole-Time Director & Group CEO Kedar Vaze, preserving executive business continuity for the Rs 1,882 Cr market cap company.
Confidence: HIGH
What changedPassing away of Non-Executive Chairman and Promoter Mr. Ramesh Vaze on September 15, 2026.
Why it mattersWhile operational day-to-day leadership is already vested with CEO Kedar Vaze, the company loses its founding visionary, master perfumer, and Board Chairman.
Age of Chairman: 85Years with Company: more than six decadesBoard tenure since: 1981Promoter Holding: 54.87%
📅 Short termNo operational disruptions are anticipated as daily operations are already led by Group CEO Kedar Vaze.
📈 Long termLimited operational impact, though succession for the Non-Executive Chairman role will follow at the Board level.
⚠ Risk flags
- Potential changes in promoter shareholding transmission or governance structure
Key Highlights
Promoter and Non-Executive Chairman Mr. Ramesh Vaze passed away on September 15, 2026, at age 85
Association spanned over six decades since joining the family business in 1961
Served on the Board of Directors since 1981, previously holding the role of Managing Director
Operational continuity remains established with Whole-Time Director & Group CEO Kedar Vaze leading executive management
👀 What to Watch
Track board announcements regarding the appointment of a new Board Chairman and any long-term estate distribution within the promoter group (which holds 54.87%).
Commercial Production Starts at Unit-5; Adds 6,000 MTPA Dyes Capacity
Shree Pushkar Chemicals & Fertilisers has commenced commercial production at its Unit-5 facility located at MIDC Lote Parshuram, Ratnagiri. The newly commissioned unit adds 6,000 MTPA to the company's Dyes segment capacity, catering to growing market demand. This operationalization supports the company's long-term plan of scaling total revenues toward Rs 2,500-3,000 Cr by FY29 from its current TTM base of Rs 1,002 Cr.
Confidence: HIGH
What changedShree Pushkar has officially transitioned its Unit-5 Dyes manufacturing plant from construction/trial stage to commercial operations.
Why it mattersThe commissioning adds 6,000 MTPA in high-value dyes capacity, expanding output volume and driving top-line growth in line with its multi-year expansion strategy.
Capacity added: 6,000 MTPAUnit name: Unit-5: Dyes SegmentTTM Revenue Context: Rs 1002 Cr
📅 Short termPositive sentiment driver as an ongoing capex milestone is achieved on schedule without visible delays.
📈 Long termUnit-5 commissioning is a critical building block for the company's targeted FY29 revenue scale of Rs 2,500-3,000 Cr, aiding margins through integrated manufacturing.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Ramp-up delays or lower-than-expected capacity utilization due to export demand fluctuations
- Raw material volatility in dye intermediates
Key Highlights
Commercial production commenced at Unit-5 (Dyes Segment) on September 10, 2026
Adds 6,000 MTPA to the company's overall Dyes capacity
Facility is located at Plot No. D-10, MIDC Lote Parshuram, Ratnagiri, Maharashtra
👀 What to Watch
Track the ramp-up in capacity utilization of Unit-5 and its incremental revenue contribution in the upcoming quarterly results (Q3 FY27 onwards).
SHKSIL Postpones 2 MW Biomass Captive Power Plant Commissioning to End-September 2026
Shri Hare-Krishna Sponge Iron Limited has announced a postponement in the commencement of commercial production for its 2 MW Biomass Captive Power Plant. The company now expects the project to achieve commercial operations by the end of September 2026. The specific operational commencement date will be intimated subsequently.
Confidence: HIGH
What changedCommercial production start date for the 2 MW captive biomass power plant was deferred to late September 2026.
Why it mattersCaptive power plants generally help lower operational energy costs for sponge iron operations; delays modestly push back cost optimization benefits.
Plant capacity: 2 MWExpected commercial production: End of September 2026
📅 Short termShort-term impact is minimal given the delay is roughly one month, though operational benefits will be slightly delayed.
📈 Long termOnce commissioned, the 2 MW captive biomass power project will support captive power needs and energy efficiency.
⚠ Risk flags
- Risk of further project execution delays beyond September 2026.
Key Highlights
Commercial production of the 2 MW Biomass Captive Power Plant has been postponed.
Commissioning is now targeted for completion by the end of September 2026.
Exact date of commencement of commercial production to be announced in due course.
👀 What to Watch
Track the company's subsequent regulatory filings regarding the final commissioning date by the end of September 2026 and monitor potential power cost savings once operational.
SHKSIL Secures SLDC Approval to Export 3 MW Surplus Power from Captive Power Plant
Shri Hare-Krishna Sponge Iron Limited has received a No Objection Certificate (NOC) from the Chhattisgarh State Load Despatch Centre (SLDC) on August 20, 2026. The approval permits the company to export 3 MW of surplus power generated from its Captive Power Plant. This clearance allows the company to monetize excess electricity generation and optimize plant capacity utilization. Commercial realization will depend on merchant tariffs or power off-take arrangements.
Confidence: HIGH
What changedReceived regulatory NOC enabling export of 3 MW surplus captive power into the grid.
Why it mattersEnables monetization of idle power capacity, creating an incremental revenue stream and improving plant efficiency.
Approved export capacity: 3 MWApproval date: August 20, 2026Approving authority: Chhattisgarh State Load Despatch Centre (SLDC)
📅 Short termPositive operational update; monetization will begin once grid injection and billing mechanisms are operational.
📈 Long termOptimizes asset utilization by monetizing surplus captive generation rather than idling capacity.
⚠ Risk flags
- Merchant power tariff volatility and grid evacuation availability
- Execution subject to ongoing compliance with SLDC conditions and grid regulations
Key Highlights
Received No Objection Certificate (NOC) from Chhattisgarh State Load Despatch Centre (SLDC)
Approved to export 3 MW of surplus power from Captive Power Plant
Filing and approval dated August 20, 2026
👀 What to Watch
Track upcoming quarterly disclosures for commercial power off-take agreements, realized tariffs per unit, and revenue contributions from captive power exports.
Shree Pushkar Q1 FY27 Concall: Guides FY27 Rev to ₹1,350-1,400 Cr, Unit 5 & 6 Trials by Sept
Shree Pushkar Chemicals reported Q1 FY27 revenue growth of 10% YoY to ₹280.10 Cr and PAT growth of 9.4% YoY to ₹22.9 Cr, supported by strong realizations despite lower volumes. Chemical sales value grew 17.1% YoY to ₹138 Cr while fertilizer sales value rose 4% YoY to ₹142 Cr. Management raised its FY27 revenue expectation to ₹1,350–1,400 Cr (vs previous ₹1,200–1,250 Cr) on higher dye intermediate realizations, with K-acid prices surging from ₹550 to ₹700+/kg. Unit 5 and Unit 6 expansions are complete and expected to commence trials by August-September 2026, contributing 4-5 months of operations in FY27.
Confidence: HIGH
What changedFiled transcript of Q1 FY27 concall providing operational updates on Unit 5/6 commissioning timelines, dye intermediate pricing dynamics, and an upgraded revenue guidance.
Why it mattersHigher product realizations and impending commercialization of Unit 5 and 6 capacity provide visibility toward the management's upgraded FY27 revenue projection of ₹1,350-1,400 Cr (up ~38-43% vs FY26 revenue of ₹977 Cr).
Q1 FY27 Revenue: ₹280.10 CrQ1 FY27 PAT: ₹22.9 CrFY27 Revenue Guidance: ₹1,350 - 1,400 CrFY27 Guidance vs TTM Revenue: ~135% - 140%Land Acquisition Value: ₹9.33 CrPipeline Fertilizer Capacity Addition: 4,50,000 MTPA
📅 Short termPositive sentiment driven by upgraded revenue guidance and trial timelines for Unit 5 and Unit 6 within the next 4-6 weeks.
📈 Long termStrengthened backward integration, solar power installations, and major capacity additions across fertilizer (4.5L MTPA) and chemicals (72k MTPA) position the company toward its medium-term growth targets.
⚠ Risk flags
- Raw material price volatility (sulfur and ammonia) impacting acid plant run rates
- Working capital drag due to advance payment requirements for sulfur vs credit terms for finished acids
- Export sensitivity to global supply chain disruptions
Key Highlights
Q1 FY27 revenue rose 10% YoY to ₹280.10 Cr, with EBITDA at ₹31.9 Cr (11.4% margin) and PAT at ₹22.9 Cr (8.2% margin)
Management raised annual revenue target to ₹1,350–1,400 Cr from the earlier guidance of ₹1,200–1,250 Cr
Unit 6 and Unit 5 dye plants are complete and slated for trial runs by end-August/September 2026, targeting 4-5 months of operational contribution in FY27
Overall pipeline includes 4,50,000 MTPA fertilizer and 72,000 MTPA chemical capacity additions, alongside a 10 MW DC solar project expanding total solar to 20.6 MW DC
Acquired ~30,000 sq meters of land at Lote Parshuram for ₹9.33 Cr for future brownfield expansion
👀 What to Watch
Track the commercial capitalization and trial execution of Unit 5 and Unit 6 over Q2/Q3 FY27, along with the sustainability of elevated K-acid and Vinyl Sulphone export demand.
Shree Pushkar Commissions 10 MW Solar Plant, Total Capacity Reaches 20.6 MW DC
Shree Pushkar Chemicals & Fertilisers has commissioned a 10.00 MW DC solar plant at Shirur, Umri Solar Park in Nanded, Maharashtra. The company also secured Open Access approval from MSEDCL for captive power consumption across Units 1, 2, 3, and 5. With this commissioning, the company's total consolidated solar capacity stands doubled at 20.6 MW DC, which will help optimize power and fuel costs across its core manufacturing facilities.
Confidence: HIGH
What changedOperationalized a 10.00 MW DC captive solar plant with grid open access approval in Maharashtra.
Why it mattersExpands captive renewable energy infrastructure to 20.6 MW DC, reducing industrial power costs and supporting operating profit margins (OPM at 10.2% in FY26).
New Solar Capacity Commissioned: 10.00 MW DCTotal Consolidated Solar Capacity: 20.6 MW DCCaptive Power Units Benefited: Units 1, 2, 3 and 5TTM Revenue Context: Rs 1002 Cr
📅 Short termImmediate substitution of higher-cost grid electricity with captive solar power across designated manufacturing units.
📈 Long termEnhances long-term operational cost competitiveness and improves the company's ESG profile amid ongoing chemical and fertilizer expansions.
⚠ Risk flags
- Grid wheeling/transmission charge adjustments by state regulators
- Seasonal variation in solar power generation
Key Highlights
Commissioned 10.00 MW DC solar power plant at Umri Solar Park, Nanded, Maharashtra
Obtained Open Access approval from MSEDCL for self-captive consumption at Units 1, 2, 3, and 5
Consolidated solar generation capacity increased to 20.6 MW DC
👀 What to Watch
Track the upcoming quarterly financial results for power cost savings and operating margin expansion.
10% Revenue Growth in Q1 FY27; 4.5 Lakh MTPA Fertilizer Expansion Underway
Shree Pushkar reported a 10% YoY revenue growth to ₹280.1 cr in Q1 FY27, driven by improved realizations despite a 38.6% YoY drop in chemical sales volumes. EBITDA margins remained stable at 11.4%, with PAT rising 9.4% to ₹22.9 cr. The company is executing a massive capacity expansion, including 4,50,000 MTPA in fertilizers and 72,000 MTPA in chemicals, largely funded through internal accruals and preferential issues. Liquidity remains strong with ₹124.91 cr in non-lien deposits as of June 2026.
Confidence: HIGH
What changedThe company reported its Q1 FY27 financial performance and provided a status update on its multi-year capacity expansion and land acquisition for future growth.
Why it mattersThe massive capacity expansion (adding ~60% to total capacity) is the primary driver for the company's target to reach ₹2,500-3,000 cr revenue by FY29, representing a significant scale-up from current TTM revenue of ₹977 cr.
Q1 FY27 Revenue: ₹280.1 crQ1 FY27 PAT: ₹22.9 crChemical Volume Growth: -38.6%Non-lien Deposits: ₹124.91 crLand Acquisition Cost: ₹9.33 crPlanned Fertilizer Expansion: 4,50,000 MTPA
📅 Short termThe stock may react positively to the revenue and PAT growth, though the sharp volume decline in chemicals is a point of caution for the next few weeks.
📈 Long termStructural growth is supported by a zero-waste integrated model and massive capacity additions that could triple revenue by FY29 if execution remains on track.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Significant volume decline in the chemical segment
- Raw material price volatility
- Execution risk for large-scale capacity additions
Key Highlights
Q1 FY27 Revenue increased 10% YoY to ₹280.1 cr, with PAT growing 9.4% to ₹22.9 cr.
Chemical segment sales value rose 17.1% YoY to ₹138 cr despite a 38.6% volume decline to 9,113 MT.
Fertilizer segment contributed 51% of total sales value, reaching ₹142 cr in Q1 FY27.
Planned capacity expansion will add 4,50,000 MTPA in fertilizers and 72,000 MTPA in chemicals.
Acquired 30,000 sq. meters of land at Lote Parshuram for ₹9.33 cr for future development.
👀 What to Watch
Monitor the commissioning timeline of Ratnagiri Units 5 and 6, which are nearing completion. Investors should also track if the company can sustain high realizations to offset the current volume pressure in the chemical segment.
10% Revenue Growth in Q1 FY27; PAT at Rs 22.9 Cr Despite Volume Headwinds
Shree Pushkar reported a 10% YoY revenue growth to Rs 280.1 Cr for Q1 FY27, driven by improved realizations despite a significant drop in sales volumes (Chemicals down 38.6%, Fertilisers down 12.8%). EBITDA grew 9.7% YoY to Rs 31.9 Cr, maintaining a steady margin of 11.4%. The company acquired 30,000 sq. meters of land for Rs 9.33 Cr (approx. 0.7% of market cap) to support future expansion. Management noted that Unit 5 and 6 are nearing completion, though commencement timing is being optimized for raw material price stability.
Confidence: HIGH
What changedQ1 FY27 results show a shift towards value-driven growth (higher realizations) over volume-driven growth, alongside a strategic land acquisition for future capacity.
Why it mattersThe company is maintaining profitability and margins while navigating global supply chain challenges and preparing for its next phase of capacity expansion to reach its FY29 revenue targets.
Q1 FY27 Revenue: Rs 280.1 CrYoY Revenue Growth: 10.0%Q1 FY27 PAT: Rs 22.9 CrLand Acquisition Cost: Rs 9.33 CrChemical Volume Change (YoY): -38.6%Fertiliser Volume Change (YoY): -12.8%
📅 Short termThe market may react positively to the strong QoQ recovery (PAT up 78.2%) and steady margins, though the sharp YoY volume drop in chemicals remains a point of caution.
📈 Long termThe company's integrated 'zero-waste' model and ongoing expansions (Unit 5, 6, and 8) are structural drivers aimed at reaching Rs 2,500-3,000 Cr revenue by FY29.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Significant volume decline in the chemical segment (-38.6% YoY)
- Raw material price volatility affecting commencement of new units
- Global supply chain challenges impacting export-heavy dye business
Key Highlights
Revenue from operations increased 10.0% YoY to Rs 280.1 Cr, representing ~28.7% of TTM revenue.
PAT grew 9.4% YoY to Rs 22.9 Cr with a stable PAT margin of 8.2%.
Chemical segment revenue rose 17.1% YoY to Rs 137.9 Cr despite a 38.6% volume decline in MT.
Acquired 30,000 sq. meters of land adjacent to Unit 1 for Rs 9.33 Cr for future development.
Non-Lien Deposit facility of Rs 124.9 Cr available, supporting a strong liquidity position.
👀 What to Watch
Monitor the commencement timeline for Ratnagiri Unit 5 and Unit 6, as management is delaying startup to ensure stable operations amid raw material volatility. Watch for volume recovery in the chemical segment, which saw a sharp decline this quarter.
Sep 18 Set as Record Date for Final Dividend; Board Approves Q1 Results and Auditor Change
Shree Pushkar Chemicals & Fertilisers has fixed September 18, 2026, as the record date for its final dividend for FY25-26. The board also approved the Q1 FY27 financial results and recommended the appointment of M/s JASS & CO LLP as statutory auditors for a 5-year term starting from the 33rd AGM. Additionally, the company announced the resignation of Non-Executive Director Mr. Ramakant Madhav Nayak and the appointment of Mr. Raghav Punit Makharia. These changes come as the company maintains a TTM revenue of Rs 977 Cr and a PAT of Rs 70 Cr.
Confidence: HIGH
What changedThe company has formalized the timeline for its annual dividend payout and initiated a mandatory rotation of its statutory audit firm after a 10-year tenure by the previous auditor.
Why it mattersThe announcement provides administrative clarity for shareholders regarding dividend eligibility and ensures corporate governance continuity through the appointment of new auditors and directors.
Record Date: 18-Sep-2026AGM Date: 28-Sep-2026TTM Revenue: Rs 977 CrTTM PAT: Rs 70 CrAuditor Term: 5 years
📅 Short termThe stock may see routine price adjustments around the ex-dividend date; however, the primary focus will be on the Q1 FY27 earnings performance.
📈 Long termLimited structural impact from this filing; long-term growth remains dependent on the execution of the Unit 8 expansion and the target of Rs 2,500-3,000 Cr revenue by FY29.
Key Highlights
Record date for FY25-26 final dividend established as September 18, 2026
33rd Annual General Meeting (AGM) scheduled for September 28, 2026
New statutory auditor M/s JASS & CO LLP recommended for a 5-year term until 2031
Resignation of Director Mr. Ramakant Madhav Nayak effective August 13, 2026
Appointment of Mr. Dilip M. Bathija as Cost Auditor for the financial year 2026-27
👀 What to Watch
Investors should ensure their holdings are in the demat account by the September 18 record date to be eligible for the dividend. Monitor the upcoming Q1 FY27 detailed results for operational efficiency trends in the Chemicals and Fertilizer segments.
Shree Pushkar Sets Sept 18 Dividend Record Date, Appoints New Director and Statutory Auditor
Shree Pushkar Chemicals & Fertilisers approved its Q1 FY27 financial results and announced several governance updates. The company has fixed September 18, 2026, as the record date for the final dividend of FY 2025-26. Key leadership changes include the appointment of Mr. Raghav Punit Makharia as an Additional Director following the resignation of Mr. Ramakant Madhav Nayak. Additionally, M/s JASS & Co LLP has been recommended as the new statutory auditor for a five-year term starting from the upcoming 33rd AGM on September 28, 2026.
Confidence: HIGH
What changedThe company is transitioning its statutory auditors due to term completion and refreshing its board with a new director appointment.
Why it mattersThese administrative and governance changes ensure regulatory compliance and continuity as the company pursues its massive capacity expansion strategy (Units 5, 6, and 8).
Record Date: September 18, 2026AGM Date: September 28, 2026Auditor Term: 5 consecutive yearsTTM Revenue: ₹977 CrMarket Cap: ₹1296 Cr
📅 Short termThe stock may see routine activity around the dividend record date; focus will remain on the Q1 earnings performance details.
📈 Long termThe governance changes are structural; the long-term outlook depends on the successful execution of the ₹2,500 Cr+ revenue roadmap by FY29.
Key Highlights
Record date for FY 2025-26 final dividend fixed for September 18, 2026
33rd Annual General Meeting (AGM) scheduled for September 28, 2026
M/s JASS & Co LLP recommended as Statutory Auditors for a 5-year term until 2031
Mr. Raghav Punit Makharia appointed as Additional Director effective August 13, 2026
Mr. Dilip M. Bathija appointed as Cost Auditor for the financial year 2026-27
👀 What to Watch
Investors should review the detailed Q1 FY27 financial results to assess progress toward the company's long-term revenue target of ₹2,500-3,000 Cr by FY29.
14% Revenue Growth in Q1 FY27; EBITDA Margins Expand to 13.4%
SHK reported a 14% YoY revenue growth to ₹662 crore in Q1 FY27, led by strong performance in the Flavours segment and international markets. EBITDA margins improved to 13.4% from 12.6% YoY, driven by operating leverage despite higher R&D and global expansion costs. Net debt increased by ₹65 crore to ₹852 crore due to strategic inventory buildup and ongoing capacity expansion. Management maintains a double-digit revenue growth guidance for FY27, supported by a pipeline of $1.5M-$2M in the US market.
Confidence: HIGH
What changedThe company has transitioned from recovery to growth, showing margin expansion and successful traction in international markets like Germany and the US.
Why it mattersThe improvement in operating margins to 13.4% despite geopolitical headwinds suggests better pricing power and product mix, while the international expansion reduces dependency on the domestic Indian fragrance market.
Q1 Revenue: ₹662 croreEBITDA Margin: 13.4%Net Debt: ₹852 croreInsurance Claim Income: ₹30 croreUS Revenue Target (FY27): $1.5 million - $2 millionNet Debt vs Net Worth: 1.15x
📅 Short termThe stock may react positively to the 21% EBITDA growth and margin expansion, though the increase in debt is a minor negative.
📈 Long termStructural growth is tied to the success of the 'Rest of the World' expansion and the ability to scale the Flavours business to ₹400+ crore annually.
⚠ Risk flags
- Rising net debt levels (₹852 crore)
- Geopolitical volatility affecting freight and energy costs
- Softness in the Global Ingredients business segment
Key Highlights
Consolidated revenue from operations grew 14% Y-o-Y to ₹662 crore in Q1 FY27.
EBITDA rose 21% to ₹89 crore, with margins improving 80 bps to 13.4%.
Flavours segment revenue reached ₹112 crore, though management estimates ₹10-15 crore was due to order preponement.
Net debt increased to ₹852 crore as of June 2026, reflecting a ₹65 crore rise during the quarter.
Recognized ₹30 crore as exceptional income from insurance claims related to a previous fire incident.
👀 What to Watch
Monitor the normalization of the Flavours segment revenue in Q2 and the execution of the US market entry target of $1.5M-$2M. Investors should also track the company's progress on deleveraging as net debt has risen to ₹852 crore.
14% Revenue Growth in Q1 FY27; EBITDA Margins Expand to 13.4%
SHK reported a 14.1% YoY increase in consolidated revenue to Rs 662.4 crore for Q1 FY27, driven by a robust 63.2% growth in the Flavour segment. EBITDA grew 21.3% to Rs 88.7 crore, with margins expanding to 13.4% from 12.6% YoY due to operating leverage. While the core Fragrance business grew 9%, its EBITDA moderated by 5.1% due to higher R&D and global expansion costs. Management remains committed to double-digit revenue growth for FY27 and long-term deleveraging, with net debt currently at Rs 531 crore.
Confidence: HIGH
What changedSHK has demonstrated a strong start to FY27 with double-digit revenue growth and margin expansion, moving past the operational 'reset' caused by the fire incident in H1 FY25.
Why it mattersThe results validate the company's strategy of diversifying into international markets (Europe and RoW) and scaling the higher-margin Flavour business, which now contributes significantly to the bottom line.
Revenue (Q1 FY27): Rs 662.4 crRevenue vs TTM Revenue: 31.8%EBITDA Margin: 13.4%Flavour Revenue Growth: 63.2%Net Debt: Rs 531 crNet Debt to Equity: 0.65x
📅 Short termThe stock may react positively to the margin expansion and strong top-line growth, which aligns with management's long-term 15% growth guidance.
📈 Long termStructural growth is expected from deeper penetration in US and European markets and a shift toward a more balanced product mix between Fragrances and Flavours.
⚠ Risk flags
- Geopolitical uncertainty impacting export markets
- Raw material price volatility
- High working capital requirements for strategic inventory
Key Highlights
Consolidated revenue increased 14.1% YoY to Rs 662.4 crore in Q1 FY27.
Flavour segment revenue surged 63.2% YoY to Rs 112 crore, with EBITDA in this segment rising 154.8%.
EBITDA margins improved by 80 bps YoY to 13.4% despite higher operating costs for global expansion.
International markets showed strong momentum with Europe revenue up 19.9% and RoW up 26.0% YoY.
Net Debt to Equity ratio stood at 0.65x as of June 30, 2026, with net debt at Rs 531 crore.
👀 What to Watch
Monitor the sustainability of the high-growth Flavour segment and the impact of raw material price volatility on gross margins. Watch for the company's progress on deleveraging and the execution of its 15% CAGR revenue target through international expansion.
14% Revenue Growth in Q1 FY27; EBITDA Margins Expand to 13.4%
SHK reported a 14.1% YoY revenue growth to ₹662.4 crore for Q1 FY27, driven by a robust 63.2% surge in the Flavour segment. EBITDA grew 21.3% to ₹88.7 crore, with margins expanding 80 bps to 13.4% due to operating leverage. While the core Fragrance division saw steady 9% growth, the Global Ingredients segment struggled with a 44.7% decline. Management maintains a double-digit revenue growth outlook for FY27 despite geopolitical volatility and higher working capital needs.
Confidence: HIGH
What changedSHK has started FY27 with strong double-digit growth and margin expansion, successfully leveraging its international expansion in Europe and RoW markets.
Why it mattersThe results validate SHK's strategy to diversify into the Flavour segment and international markets, reducing dependency on the domestic Indian fragrance market which grew only 0.7% this quarter.
Revenue (Q1 FY27): ₹662.4 crRevenue Growth (YoY): 14.1%EBITDA Margin: 13.4%Flavour Segment Growth: 63.2%Net Debt to Equity: 0.65xQ1 Revenue vs TTM Revenue: ~31.8%
📅 Short termThe stock is likely to react positively to the margin expansion and strong top-line performance, which exceeds the historical TTM growth rates.
📈 Long termStructural shift towards the higher-margin Flavour segment and increased international footprint (Europe/RoW) could lead to a re-rating if double-digit growth is sustained through FY27.
⚠ Risk flags
- Geopolitical uncertainty impacting Global Ingredients
- Volatility in raw material prices
- Increased working capital requirements due to strategic inventory build-up
Key Highlights
Consolidated revenue increased 14.1% YoY to ₹662.4 crore, representing ~32% of TTM revenue in a single quarter
Flavour segment revenue grew 63.2% YoY to ₹112 crore, with segment EBITDA jumping 154.8% to ₹35 crore
EBITDA margins improved to 13.4% from 12.6% YoY, aided by operating leverage on a higher revenue base
Fragrance segment EBITDA moderated by 5.1% YoY to ₹56 crore due to higher R&D and global CDC network expenses
Net Debt stood at ₹531 crore as of June 30, 2026, with a Net Debt to Equity ratio of 0.65x
👀 What to Watch
Monitor the sustainability of the high-growth Flavour segment and the recovery of Global Ingredients. Watch for the company's progress on deleveraging, as net debt has increased from the ₹444 crore reported in the TTM context.
SHK to Divest Non-Core Subsidiary KVPL to Promoter Group for ₹0.46 Cr
S H Kelkar and Company (SHK) has approved the sale of its 100% equity stake in Keva Ventures Private Limited (KVPL) to a promoter group entity, Keva Aromatics Private Limited. The divestment includes KVPL's subsidiary, Amikeva Private Limited, both of which are considered non-core assets. Financially, the impact is minimal as KVPL and Amikeva combined contributed less than 0.05% to SHK's consolidated turnover in FY26. The transaction is valued at ₹45.85 lakhs and is expected to be completed by December 31, 2026.
Confidence: HIGH
What changedSHK is exiting its investment in KVPL and its subsidiary Amikeva by selling them to a promoter-owned entity, Keva Aromatics Private Limited.
Why it mattersThe move simplifies the corporate structure and removes minor loss-making entities from the consolidated books, although the financial scale is negligible compared to SHK's ₹2,082 cr TTM revenue.
Sale Consideration: ₹45,85,000KVPL Revenue Contribution (FY26): 0.04%KVPL Net Worth (Mar 2026): ₹(1.21) crDivestment vs TTM Revenue: ~0.02%Completion Deadline: December 31, 2026
📅 Short termThe stock is unlikely to see significant movement as the divestment size is immaterial to the company's valuation.
📈 Long termStructurally positive as it demonstrates management's intent to divest non-core, loss-making units, though the scale is too small to alter the long-term growth trajectory.
⚠ Risk flags
- Related-party transaction (sale to promoter group)
- Minor loss-making entities being divested
Key Highlights
Divestment of 100% stake in KVPL for a total consideration of ₹45,85,000
KVPL contributed only 0.04% (₹0.83 cr) to the consolidated turnover in FY26
Amikeva Private Limited contributed 0.01% (₹0.31 cr) to the consolidated turnover in FY26
Transaction involves a promoter group company and is expected to close by December 31, 2026
KVPL had a negative net worth of ₹(1.21) cr as of March 31, 2026
👀 What to Watch
Investors should note this as a routine portfolio cleanup of immaterial, loss-making subsidiaries; focus remains on the core fragrance and flavor business recovery following previous fire incidents.
13.7% Revenue Growth in Q1 FY27; Net Debt Rises to Rs 864 Cr
S H Kelkar (SHK) reported provisional consolidated revenues of Rs 660 crore for Q1 FY27, marking a 13.7% YoY growth. While gross margins remained stable, the company's net debt surged to approximately Rs 864 crore as of June 30, 2026, compared to Rs 444 crore in the previous financial context. This increase is attributed to planned capacity investments and strategic inventory build-up. The quarterly revenue represents a significant 31.7% of the TTM revenue, indicating a strong seasonal start despite the increased leverage.
Confidence: HIGH
What changedSHK has reported a double-digit revenue growth for the first quarter of FY27 but has significantly increased its leverage to fund capacity and inventory.
Why it mattersThe revenue growth aligns with the company's 15% CAGR target, but the spike in net debt (now exceeding the company's net worth of Rs 739 Cr) increases the financial risk profile and may weigh on earnings due to higher interest outgo.
Q1 FY27 Revenue: Rs 660 croreYoY Revenue Growth: 13.7%Net Debt: Rs 864 croreQ1 Revenue vs TTM Revenue: 31.7%Estimated Debt-to-Equity: 1.17
📅 Short termThe stock may see mixed reactions; the healthy top-line growth is positive, but the substantial increase in debt is likely to cause concern regarding short-term profitability.
📈 Long termThe company is executing its expansion strategy in the US and Europe, but long-term value creation depends on successfully deleveraging and converting the new capacity into higher margins.
⚠ Risk flags
- High leverage (Net debt of Rs 864 Cr vs Net worth of Rs 739 Cr)
- Interest cost pressure on PAT
- Inventory build-up risk
Key Highlights
Consolidated revenue for Q1 FY27 stood at Rs 660 crore, reflecting ~13.7% YoY growth.
Net debt increased to approximately Rs 864 crore, nearly doubling from the Rs 444 crore reported in the latest financial context.
Gross margins remained stable compared to the corresponding quarter of the previous year.
The Q1 revenue of Rs 660 crore accounts for ~31.7% of the company's TTM revenue of Rs 2,082 crore.
👀 What to Watch
Investors should monitor the full Q1 results to assess the impact of higher interest costs on net profit given the sharp rise in debt. Watch for management's guidance on the inventory liquidation timeline and the expected return on the new capacity investments.
Shree Pushkar FY26 Revenue Grows 21% to ₹976.6 Cr; PAT Increases 19.6% to ₹70.1 Cr
Shree Pushkar Chemicals & Fertilisers reported a strong FY26 with revenue reaching ₹976.6 crores, a 21.1% YoY increase driven by a 25.2% growth in the chemical segment. Full-year PAT rose 19.6% to ₹70.1 crores, while EBITDA margins remained stable at 10.2%. The company is executing a massive ₹512 crore capex plan, funded primarily through internal accruals and preferential allotments, with ₹189 crores already deployed. Despite Q4 supply chain disruptions affecting raw material availability, the company maintains a debt-free balance sheet with a net debt-to-equity ratio of -0.01x.
Key Highlights
FY26 Revenue from operations grew 21.1% YoY to ₹976.6 crores with consolidated volumes reaching 3,25,000 MT.
Chemical segment sales volume increased by 27.9% to 72,423 MT, while fertilizer segment revenue grew 16.5%.
Company is planning a ₹350 crore expansion at Madhya Bharat Phosphates, partially funded by ₹140 crores in existing bond investments.
Solar power capacity reached 10.6 MW DC in FY26, with a roadmap to reach 20.6 MW DC to enhance sustainability.
Return on Equity (ROE) improved to 12.2% and Return on Capital Employed (ROCE) rose to 15.3%.
👀 What to Watch
Investors should focus on the upcoming commissioning of Unit 5 and 6 and the execution of the ₹350 crore Madhya Bharat expansion as key growth drivers. The company's ability to maintain a net-debt-free status while undertaking significant capex makes it a strong candidate for long-term portfolios in the specialty chemicals space.
SHK Q4 FY26: EBITDA at ₹83 Cr with 13.5% Margin; ₹35 Cr Low-Margin Business Exited
S H Kelkar reported a steady Q4 FY26 with an adjusted EBITDA of ₹83 crores and margins of 13.5%. The company is undergoing a strategic shift, exiting ₹35 crores of low-margin business while investing ₹80-85 crore annually in global development centers to tap into international markets. Management noted that while recent capex of ₹350 crore and high opex are impacting current returns, these are essential for long-term growth in markets 20-25x larger than India. Despite raw material volatility, the company has secured its supply chain and pricing for the first half of the upcoming year.
Key Highlights
Adjusted EBITDA reached ₹83 crores for the quarter with a consistent 13.5% margin.
Strategic exit from ₹35 crores of low-margin products to protect overall profitability amidst inflation.
Annual investment of ₹80-85 crore in development centers across the US, UK, and Germany to drive global innovation.
Almere (Netherlands) factory is now fully operational, while the Vanavate facility is expected to go on stream soon.
Consolidated PAT was impacted by a higher effective tax rate due to losses in specific subsidiaries.
👀 What to Watch
Investors should monitor the breakeven progress of international development centers and the company's ability to maintain margins in H2 FY27 as raw material costs fluctuate. The stock remains a long-term play on global fragrance market expansion, though high opex and debt reduction remain key watchpoints.
