Bandhan MF buys into SH Kelkar, just crossing the 5% threshold

Tipsheet Editorial — Thu, 18 Jun 2026 14:47:06 GMT

A ₹2 crore open-market purchase lifts Bandhan's stake to 5.0064% in the fragrance maker. For a ₹1,898 cr company, the signal is stronger than the money.

What’s new

Bandhan Mutual Fund crossed the 5% shareholding threshold in SH Kelkar.
It bought 1,08,568 shares on June 16 for about ₹2 crore.
The purchase adds just 0.0784% to its holding.

Why it matters

A mutual fund crossing 5% is a regulatory milestone and a mild endorsement. But in a company with ₹1,898 crore market cap and a trailing PAT down 99%, a ₹2 crore buy is noise, not conviction. The real story is that SH Kelkar's thin profitability still attracts any institutional attention.

What we’re watching

Whether Bandhan adds further or this was a one-off threshold cross.
SH Kelkar's next quarterly profit trajectory from ₹1 cr in Mar 2026.
Any other institutional activity around the stock.

The full read

Bandhan Mutual Fund now owns 5.0064% of SH Kelkar after buying 1,08,568 shares in the open market on June 16. The purchase cost roughly ₹2 crore, a rounding error for a fund house and just 0.0784% of the fragrance maker's equity. For context, the acquisition is less than a tenth of a percent of the company's ₹1,898 crore market cap. The filing meets a regulatory threshold, but the financial heft is absent. SH Kelkar reported ₹650 crore in sales and only ₹1 crore in net profit for the March quarter; trailing profit has slumped 99%. A ₹2 crore buy from a large mutual fund is a line item, not a thesis. It says more about the fund's portfolio construction than about SH Kelkar's turnaround prospects. The company's earnings call last quarter offered nothing new. This filing doesn't change that.

Primary source: BSE · NSE

SH Kelkar’s FY26 call offered no new numbers after guidance exit

Tipsheet Editorial — Thu, 21 May 2026 18:03:12 GMT

The transcript confirms the shift to quarterly focus and abandonment of long-term margin targets first disclosed last quarter. Investors heard detail on raw materials and capex but no fresh commitments.

What’s new

Management offered no fresh guidance or margin targets.
The call added detail on raw material dynamics and capex but no surprises.
The company had already retracted its long-term outlook in the prior quarter.

Why it matters

This was a procedural disclosure. The market has already priced the guidance pullback. The transcript confirms management is not ready to commit to numbers, leaving investors with the same ambiguity they’ve had for months.

What we’re watching

Next quarter’s numbers, since quarterly focus puts every 90-day print under scrutiny.
Any shift in tone on margins when raw-material tailwinds materialize.
Whether capex plans firm up with numbers.

The full read

SH Kelkar’s earnings call transcript landed, but investors who followed the pre-quarter disclosure already know the headline: long-term guidance is gone. The company had pulled its EBITDA margin targets and shifted to a quarterly outlook last quarter, and today’s call confirmed that stance. The transcript offers some colour on raw-material dynamics and capex intentions, but no new numbers. For a stock that had already absorbed the guidance withdrawal, this is routine housekeeping. The real test is whether the next quarter’s numbers can anchor a new narrative—or if the lack of visibility becomes the permanent story.

Primary source: BSE · NSE

SH Kelkar And Company Ltd. (SHK) — Tipsheet

Bandhan MF buys into SH Kelkar, just crossing the 5% threshold

What’s new

Why it matters

What we’re watching

The full read

SH Kelkar’s FY26 call offered no new numbers after guidance exit

What’s new

Why it matters

What we’re watching

The full read