S H Kelkar & Company promoter group entity Keva Constructions Private Limited has released the pledge on 15,99,000 equity shares of the company. The release was executed by Infina Finance Private Limited, the pledgee, on October 19, 2026.

This disclosure was filed with BSE and NSE on October 21, 2026, pursuant to Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction was conducted via an off-market mode.

Pledge Release Details

The release covers 1.15% of the company's total share capital. Prior to this transaction, Keva Constructions held these shares under encumbrance. Following the release, no shares held by this specific pledgor remain under pledge with Infina Finance.

Context of Transaction

Keva Constructions had originally pledged 63,00,000 equity shares, representing 4.55% of the paid-up equity share capital, to secure credit facilities from Infina Finance. Infina previously released the pledge on 47,01,000 shares on October 14, 2026. The current release pertains to the remaining balance of 15,99,000 shares.

The total diluted share capital of S H Kelkar & Company remains unchanged at 13,84,20,801 equity shares of ₹10 each. The company's equity share capital before and after the said acquisition/sale remains identical.

S H Kelkar & Company reported consolidated revenue of ₹632.7 crore for the quarter ended September 30, 2026, marking a 15% year-on-year increase. The fragrance and flavours major maintained stable gross margins despite challenging external conditions.

The company noted that the operating environment remains difficult, characterized by volatility in global supply chains and commodity markets. These factors have created inflationary pressure which is weighing on gross margins, although the company expects margins to remain broadly stable compared to the corresponding quarter of the previous year.

Balance Sheet and Strategic Focus

As of September 30, 2026, the company's net debt stood at ₹911 crore. This figure reflects continued investments directed towards capacity expansion, capability enhancement, and working capital requirements. The management emphasized that the focus remains on deleveraging over the medium to long term while maintaining supply continuity and customer service levels.

What the Numbers Show

The data reveals a divergence between top-line growth and balance sheet leverage. While revenue expanded by 15%, the net debt position of ₹911 crore indicates that growth is currently being supported by significant capital expenditure and working capital needs rather than immediate cash flow surplus. The company explicitly links the debt level to capacity expansion, suggesting that the current financial structure prioritizes long-term capability building over short-term deleveraging, even as it navigates margin pressures from global inflation.