SH Kelkar & Company

SH Kelkar achieved 12% year-on-year consolidated revenue growth in H1 FY26 driven by steady demand across core categories, though EBITDA margins were pressured by Rs. 32 crore investment in new creative development centers across India, Europe, and U.S. The company expects margins to improve in the second half as raw material costs decline and new factory operations commence, with adjusted EBITDA margin at 14.5% compared to 14.4% in H2 FY25.

SH Kelkar and Company, India's largest Indian-origin fragrance and flavour company, announced its financial results for the quarter and half-year ended September 30, 2025. The company reported consolidated revenue growth of 12.2% year-on-year for the half-year, with revenues from operations at Rs. 1,135 crore. Adjusted EBITDA stood at Rs. 164 crore with margins at 14.5%, while reported EBITDA was Rs. 126 crore. PBT (before exceptional items) was Rs. 46.1 crore. The growth was driven by resilient demand across core categories and continued traction with existing and new customers. Domestic business maintained healthy momentum supported by deeper engagement with small and mid-sized clients, while European operations remained steady amid subdued market conditions. The company appointed Jagdish Agarwal as Chief Financial Officer effective December 2, 2025, bringing over 28 years of experience in manufacturing, telecommunications, and banking. Two key capacity expansion projects - the greenfield facility at Vanavate and brownfield expansion at Holland Aromatics - are progressing well and expected to be commissioned by Q4 FY2026. The company is investing in strategic initiatives across Germany, UK, and US, along with capacity expansion in Netherlands, expecting margins and profitability to improve over the next 15-18 months.

SH Kelkar & Company's Board approved unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025. The company announced key management changes in its Chief Financial Officer position. Ms. Deepti Chandratre will step down as Interim Chief Financial Officer effective December 1, 2025, and will continue as Global Legal Counsel and Company Secretary. Mr. Jagdish Agarwal has been appointed as Chief Financial Officer designated as Group Chief Financial Officer effective December 2, 2025. Agarwal brings over 28 years of experience across manufacturing, telecommunications, and banking sectors, having held senior positions at organizations including Reliance Communications, ICICI Bank, Owens Corning, and Huhtamaki India. He is a Chartered Accountant and Cost and Management Accountant with a Bachelor's degree in Commerce from Calcutta University.