What is SH Kelkar's Q1 revenue?

Provisional consolidated revenue is ₹660 crore, up 13.7% from a year earlier, as disclosed in a voluntary business update.

How much net debt does the company have?

Net debt stood at ₹864 crore as of June 2026, driven by capacity investments and inventory buildup to ensure business continuity.

Why is net debt high relative to market cap?

At ₹864 crore, net debt is roughly 46% of the ₹1,865 crore market cap, reflecting heavy capex for growth amid thin profitability.

Is the revenue growth a turnaround sign?

It is a slight positive after SH Kelkar withdrew its FY26 guidance, but margins are stable and debt is a concern; full-year trajectory remains uncertain.

What profitability metrics were disclosed?

Only revenue and net debt were provided; net profit or EBITDA were not included in this voluntary update.

Chemicals · Small cap

SH Kelkar revenue up 13.7% but net debt climbs to ₹864 cr

Fragrance maker posts ₹660 cr provisional Q1 revenue, gross margins steady. But net debt at 46% of market cap overshadows the growth.

— 2 earlier stories on SH Kelkar And Company Ltd. →

SHK By Tipsheet Editorial 8 Jul 2026 · 3:40 PM IST Verify on BSE · NSE

Mkt cap₹1,865 cr

P/E26.93×

ROE5.76%

Debt / eq.0.60

Div yld0.74%

₹864 cr Net debt, nearly half of market cap

What's new

Provisional Q1 revenue ₹660 cr, up 13.7% YoY
Net debt rises to ₹864 cr on capacity spend and inventory buildup
Gross margins stable; voluntary update with no full P&L

Why this matters

Revenue growth is a mild positive after the guidance exit in May, but net debt at ₹864 cr (46% of market cap) is a heavy burden. With trailing PAT down 99% and P/E at 27x, cash flow generation is critical.

What we're watching

Whether debt reduction becomes a priority in coming quarters
If revenue growth sustains without margin erosion
Any formal guidance or updated capex plan

The full read

SH Kelkar's Q1 revenue of ₹660 crore is a 13.7% year-on-year gain, a modest positive after the fragrance maker withdrew its FY26 guidance in May. Gross margins held steady, but the key number is net debt: ₹864 crore, up sharply from capacity investments and a strategic inventory buffer. That is nearly half of the company's ₹1,865 crore market cap. With trailing PAT down 99% and a P/E of 27x, the growth must translate into cash flow. The stock has limited room for error.

Questions answered

What is SH Kelkar's Q1 revenue?: Provisional consolidated revenue is ₹660 crore, up 13.7% from a year earlier, as disclosed in a voluntary business update.
How much net debt does the company have?: Net debt stood at ₹864 crore as of June 2026, driven by capacity investments and inventory buildup to ensure business continuity.
Why is net debt high relative to market cap?: At ₹864 crore, net debt is roughly 46% of the ₹1,865 crore market cap, reflecting heavy capex for growth amid thin profitability.
Is the revenue growth a turnaround sign?: It is a slight positive after SH Kelkar withdrew its FY26 guidance, but margins are stable and debt is a concern; full-year trajectory remains uncertain.
What profitability metrics were disclosed?: Only revenue and net debt were provided; net profit or EBITDA were not included in this voluntary update.

Mentioned: ₹660 cr · ₹864 cr · SH Kelkar and Company

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Company snapshot

SH Kelkar And Company Ltd.

Chemicals

₹1,781 cr

P/E 25.71×

Latest quarter · Mar 2026

Sales₹650 cr

Net profit₹1 cr

Op. margin+9.2%

EPS₹0.13

Strength & growth

Debt / equity0.65×

Current ratio1.27×

Sales CAGR+9.6%

EPS CAGR−1.8%

Story so far

All notes on SHK →

8 Jul 2026 · 3:40 PM IST SH Kelkar revenue up 13.7% but net debt climbs to ₹864 cr
22d ago Bandhan MF buys into SH Kelkar, just crossing the 5% threshold
50d ago SH Kelkar’s FY26 call offered no new numbers after guidance exit