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S H Kelkar and Company Ltd Reports 15% YoY Growth in FY2025, Anticipates Margin Recovery in FY2026

S H Kelkar and Company Ltd (SHK), the largest Indian origin Fragrance and Flavours Company in India, reported a 15% YoY growth in consolidated revenues for FY2025, standing at Rs. 2,110 crore. The company witnessed steady demand across segments, primarily driven by continued traction in small and mid-sized accounts. The European business continued to deliver stable performance. Gross margins continued to reflect the impact of ongoing supply-side disruptions for select raw materials. However, a combination of pricing actions and an improving input cost environment is expected to support margin recovery in FY2026. As of March 31, 2025, net debt stood at Rs. 670 crore. The company received an interim relief of Rs. 95 crore from its insurer on April 2nd, 2025, as an on — account payment against the claim. This amount is not included in the net debt figure mentioned above. The company clarified that it has limited export sales to the US and, therefore, does not anticipate any impact from the recent tariff measures announced by the United States. All figures mentioned in the business update are provisional and unaudited, and exclude NuTaste Food and Drink Labs, which the company has entered into a Share Purchase Agreement to divest 40% stake.

• SHK reports 15% YoY growth in FY2025, with consolidated revenues at Rs. 2,110 crore
• Company maintains healthy growth in Q4 FY2025, driven by continued traction in small and mid-sized accounts
• European business continues to deliver stable performance
• Gross margins impacted by supply-side disruptions, but margin recovery expected in FY2026
• Company receives interim relief of Rs. 95 crore from insurer against claim