Board approved Q2 & H1 FY27 results; three independent directors re-appointed
Board meeting on November 02, 2026 approved unaudited standalone and consolidated results for Q2 and H1 FY27.
By ScoutQuest · · 3 min read
- Consolidated revenue from operations (Q2)
- Rs 636.19 crore for the quarter
- Consolidated profit for the period (Q2)
- 14.56
- Auditor limited review conclusion
- unmodified limited review conclusion
What the board approved
S H Kelkar and Company Limited's board met on November 02, 2026 from 04:22 p.m. to 05:30 p.m. and approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The statutory auditors, B S R & Co. LLP, issued an unmodified limited review conclusion on both sets of results, meaning nothing came to their attention suggesting the statements are misstated.
Director changes
- Mr. Deepak Raj Bindra re-appointed as an Independent Director for a second term of 5 consecutive years, from December 15, 2026 to December 14, 2031.
- Mr. Vasant Gujarathi re-appointed as an Independent Director for a second term of 5 consecutive years, from February 20, 2027 to February 19, 2032.
- Ms. Neela Bhattacherjee re-appointed as an Independent Director for a second term of 5 consecutive years, from May 25, 2027 to May 24, 2032.
- Ms. Sumedha Karmarkar appointed as an Additional Director (Non-Executive Non-Independent) with effect from November 03, 2026, and, subject to shareholders' approval, as a Non-Executive Non-Independent Director liable to retire by rotation.
All three re-appointments are subject to shareholders' approval.
Consolidated results, Rs in crore (September 2026 quarter vs September 2025 quarter)
- Revenue from operations: 636.19 against 553.72; 1,298.61 against 1,134.22 for the six months.
- Total income: 639.06 against 554.04; 1,302.29 against 1,135.35.
- Profit before tax: 27.20 against 12.09; 95.72 against 48.76.
- Profit for the period: 14.56 against 9.37; 59.99 against 34.72.
- Total comprehensive income: 20.67 against 17.25; 58.34 against 71.57 for the six months.
- Basic earnings per share (face value Rs 10, not annualised): 1.10 against 0.66; 4.34 against 2.51.
Segments, Rs in crore
- Fragrance revenue 560.72 for the quarter (494.97 a year earlier) and 1,108.51 for the six months (1,004.80).
- Flavours revenue 72.36 (56.49) and 184.34 (125.09).
- Segment results (profit before interest and tax): Fragrance 35.36 against 28.70; Flavours 16.13 against 14.10.
Balance sheet and cash
- Total assets 3,045.47 as at September 30, 2026 against 2,913.19 as at March 31, 2026; total equity 1,420.69 against 1,362.43.
- Net cash used in operating activities was 42.87 for the six months, against 130.60 generated in the same period a year earlier.
Transactions recorded in the notes
- 100% shareholding in Keva USA Inc sold to subsidiary Keva Fragrances Private Limited at USD 1,992,000 (equivalent to Rs 19.07 crore); concluded August 25, 2026, after which Keva USA Inc is a step-down subsidiary.
- Capital infusion of AED 22,50,000 (equivalent to Rs 5.83 crore) into Keva Middle East FZE, comprising AED 1,50,000 (Rs 0.39 crore) on June 17, 2026 and AED 21,00,000 (Rs 5.44 crore) on August 25, 2026.
- 100% shareholding in Keva Ventures Private Limited and step-down subsidiary Amikeva Private Limited sold to Keva Aromatics Private Limited (a promoter group company) for Rs 0.46 crore, effective September 1, 2026; their results are shown as discontinued operations.
- Fire at the Vashivali plant on April 23, 2024: an on-account receipt of Rs 29.95 crore towards the claim for property, plant and equipment was received during the quarter ended June 30, 2026; full and final settlement is pending with the insurance agency.
Review coverage behind the numbers
- Interim financial information of six subsidiaries was reviewed by other auditors; it reflects total assets of Rs 1,358.9 crores and total revenues of Rs 179.75 crores and Rs 355.93 crores.
- Interim financial information of seven subsidiaries was not reviewed; it reflects total assets of Rs 280.31 crores and total revenues of Rs 0.17 crores and Rs 0.55 crores.
- The auditors stated their conclusion is not modified in respect of both matters.
How to read this
The update is a combined package: periodic results plus board-level appointments. The earnings figures should be read alongside the notes, since they include an exceptional insurance-related receipt and the discontinued operations from the two divestments.
Also from S H Kelkar and Company
S H Kelkar makes audio recording of Q2 & H1 FY27 investor and analyst call of November 03, 2026 available
3 Nov 2026
Q2 & H1 FY27 results: revenue Rs. 1,298.6 cr, EBITDA margin 13.0%, PAT up 72.4%
2 Nov 2026
Q2 and half-year results approved; three independent directors reappointed, Sumedha Karmarkar appointed Additional Director
2 Nov 2026
More numbers
- Consolidated Revenue from operations, quarter ended 30.09.2026 (Rs in crore)636.19
- Consolidated Total income, quarter ended 30.09.2026 (Rs in crore)639.06
- Consolidated Profit for the period, quarter ended 30.09.2026 (Rs in crore)14.56
- Consolidated Total comprehensive income, quarter ended 30.09.2026 (Rs in crore)20.67
- Sale consideration for Keva USA Inc stake, equivalent rupee valueRs 19.07 crore
- Capital infusion in Keva Middle East FZE, equivalent rupee valueRs 5.83 crore
- Sale consideration for Keva Ventures and Amikeva stakeRs 0.46 crore
- On-account insurance receipt for Vashivali plant fire claimRs 29.95 crore
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