Bandhan MF buys into SH Kelkar, just crossing the 5% threshold
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.
— 1 earlier story on SH Kelkar And Company Ltd. →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 this 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.
Questions answered
- What triggered Bandhan MF's disclosure?
- Crossing 5% ownership triggers mandatory disclosure under the takeover code. Bandhan's stake went from below 5% to 5.0064% after the purchase.
- How much did Bandhan spend on this stake?
- About ₹2 crore at prevailing prices, based on the 1,08,568 shares bought in the open market on June 16.
- Is SH Kelkar a typical micro-cap buy for a mutual fund?
- At ₹1,898 crore market cap, it is on the smaller side. A ₹2 crore bet is a tiny fraction of typical fund positions, suggesting a cautious toehold.
- Does this move change SH Kelkar's fundamentals?
- No. The company's latest quarter (Mar 2026) showed ₹650 crore sales but only ₹1 crore net profit. Trailing PAT fell 99%.
- What does Bandhan's move signal about SH Kelkar?
- It is a modest vote of confidence from an institutional manager, but the quantum is too small to read much into beyond a portfolio adjustment.
SH Kelkar And Company Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on SHK →- 18 Jun 2026 · 2:47 PM IST Bandhan MF buys into SH Kelkar, just crossing the 5% threshold
- 46d ago SH Kelkar’s FY26 call offered no new numbers after guidance exit