SHS H Kelkar and Company539450Quarterly results

Q2 & H1 FY27 results: revenue Rs. 1,298.6 cr, EBITDA margin 13.0%, PAT up 72.4%

S H Kelkar announced Q2 & H1 FY27 results.

By ScoutQuest · Mon 2 Nov 2026, 8:35 PM IST · 2 min read

H1 FY27 revenue from operations

Rs. 1,298.6 cr (up 14.5%)

H1 FY27 EBITDA / margin

Rs. 167.5 cr with 13.0% margin

H1 FY27 PAT

Rs. 60 crore (up 72.4%)

What was announced

S H Kelkar and Company Limited submitted a press release and investor presentation covering the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, which the Board approved on November 02, 2026.

H1 FY27 at a glance

• Revenue from operations Rs. 1,298.6 cr, higher by 14.5% year on year
• EBITDA Rs. 167.5 cr, with EBITDA margins of 13.0%
• Profit before tax Rs. 96 crore, up 96.3%
• Profit after tax Rs. 60 crore, up 72.4%
• Gross margin 42.6% against 42.3% a year earlier, a rise of 25 bps

Q2 FY27 versus Q2 FY26

• Revenue from operations Rs. 636 crore against Rs. 554 crore, up 14.9%
• EBITDA Rs. 79 crore against Rs. 53 crore, with margin at 12.5% against 9.5%
• Profit before tax Rs. 27 crore against Rs. 12 crore, up 125.0%
• Profit after tax Rs. 15 crore against Rs. 9 crore, up 58.8%

Where the growth came from (H1 FY27, excluding Global Ingredients)

• Fragrance revenue Rs. 1,088 crore, up 11.9%; Flavours revenue Rs. 184 crore, up 47.4%
• Emerging Markets revenue Rs. 1,021 crore, up 16.5%; Europe revenue Rs. 252 crore, up 13.5%
• Geography-wise: India Rs. 727 crore, up 13.9%; Europe Rs. 280 crore, up 18.8%; Rest of World Rs. 265 crore, up 18.4%

Management commentary

• CEO Kedar Vaze described the first-half performance as encouraging, said the priority is to bring together the creative, technical and manufacturing capabilities already built, and reiterated a long-term aim of being a globally competitive, technology-led fragrance and flavour company.
• Group CFO Jagdish Agarwal said consolidated revenues grew 14% year on year to Rs. 1,299 crore while EBITDA rose 33% to Rs. 168 crore at a 13.0% margin, helped by raw material planning, pricing actions and cost optimisation.
• He said inventory was consciously held higher to keep supplies uninterrupted amid global sourcing volatility, which increased working capital, and that inventory will be optimised to normal levels over the rest of the year.
• Debt levels peaked at September-end and are expected to moderate by March 2027, subject to market conditions, with a stated aim to improve cash generation and reduce debt year on year.

What this means for a reader

• The update shows both revenue growth and a sharper rise in operating profit, since EBITDA grew faster than revenue in H1 FY27 and the EBITDA margin expanded from 11.1% to 13.0%.
• Profit after tax growth of 72.4% in H1 FY27 compares with a 96.3% rise in profit before tax, so the gap between the two lines is worth noting.
• The working capital and debt commentary signals that cash flow and borrowing levels are the areas management is watching even as reported profits rose.
• All figures above are for the quarter and half year ended September 30, 2026, as stated by the company.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

About ScoutQuest · Logos provided by Logo.dev