Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹166, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 32% over the past three years. New Risk • Jul 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.6% Last year net profit margin: 8.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.6% net profit margin). Announcement • Jul 13
S H Kelkar and Company Limited to Report Q1, 2027 Results on Jul 28, 2026 S H Kelkar and Company Limited announced that they will report Q1, 2027 results on Jul 28, 2026 Reported Earnings • Jul 04
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹5.00 (down from ₹5.37 in FY 2025). Revenue: ₹23.7b (up 12% from FY 2025). Net income: ₹692.6m (down 6.8% from FY 2025). Profit margin: 2.9% (down from 3.5% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 92%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹144, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 26% over the past three years. Announcement • May 18
S H Kelkar and Company Limited, Annual General Meeting, Jul 31, 2026 S H Kelkar and Company Limited, Annual General Meeting, Jul 31, 2026. Reported Earnings • May 16
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹5.00 (down from ₹5.37 in FY 2025). Revenue: ₹23.8b (up 12% from FY 2025). Net income: ₹692.6m (down 6.8% from FY 2025). Profit margin: 2.9% (down from 3.5% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 92%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • May 11
S H Kelkar and Company Limited to Report Q4, 2026 Results on May 15, 2026 S H Kelkar and Company Limited announced that they will report Q4, 2026 results on May 15, 2026 New Risk • Apr 13
New major risk - Revenue and earnings growth Earnings have declined by 10% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (3.0x net interest cover). Earnings have declined by 10% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (153% cash payout ratio). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹140, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 27x in the Chemicals industry in India. Total returns to shareholders of 37% over the past three years. Reported Earnings • Feb 07
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: ₹2.36 (up from ₹1.27 in 3Q 2025). Revenue: ₹5.85b (up 8.2% from 3Q 2025). Net income: ₹326.6m (up 86% from 3Q 2025). Profit margin: 5.6% (up from 3.2% in 3Q 2025). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 57%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Feb 07
S H Kelkar and Company Limited announces Annual dividend S H Kelkar and Company Limited announced Annual dividend of INR 1.0000 per share, ex-date on February 13, 2026 and record date on February 13, 2026. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹161, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 26x in the Chemicals industry in India. Total returns to shareholders of 34% over the past three years. Announcement • Jan 27
S H Kelkar and Company Limited to Report Q3, 2026 Results on Feb 06, 2026 S H Kelkar and Company Limited announced that they will report Q3, 2026 results at 12:08 PM, Indian Standard Time on Feb 06, 2026 Buy Or Sell Opportunity • Jan 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to ₹155. The fair value is estimated to be ₹199, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Announcement • Jan 20
S H Kelkar and Company Limited Approves Appointment of Avik Ghosh as Executive Vice President - HR, Asia and Senior Management Personnel, Effective January 19, 2026 S H Kelkar and Company Limited approved the appointment of Mr. Avik Ghosh as Executive Vice President HR, Asia and Senior Management Personnel with immediate effect. Date of appointment: January 19, 2026. Mr. Avik Ghosh is a Bachelor of Arts (Hons) Management Studies from Nottingham University Business School, UK and holds a Post Graduate Diploma in Personnel Management & Industrial Relations, XLRI, Jamshedpur. He has a rich experience of almost 20 years working on all facets of HR. He has worked with organizations like ICICI Bank, Asian Paints, Kerry and Anvil Energy before joining Keva. During his stint of 11.5 years at Kerry, he has held multiple regional HR leadership roles covering Southeast Asia, ANZ, and APMEsA. Buy Or Sell Opportunity • Dec 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 36% to ₹161. The fair value is estimated to be ₹203, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₹170, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 27x in the Chemicals industry in India. Total returns to shareholders of 26% over the past three years. Price Target Changed • Nov 08
Price target increased by 7.5% to ₹430 Up from ₹400, the current price target is provided by 1 analyst. New target price is 98% above last closing price of ₹217. Stock is down 28% over the past year. The company is forecast to post earnings per share of ₹14.30 for next year compared to ₹5.37 last year. Board Change • Nov 08
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Additional Non-Executive Non-Independent Director Pallavi Gokhale was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 28
S H Kelkar and Company Limited to Report Q2, 2026 Results on Nov 07, 2025 S H Kelkar and Company Limited announced that they will report Q2, 2026 results at 12:08 PM, Indian Standard Time on Nov 07, 2025 Announcement • Jul 30
S H Kelkar and Company Limited to Report Q1, 2026 Results on Aug 08, 2025 S H Kelkar and Company Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Upcoming Dividend • Jul 25
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 01 August 2025. Payment date: 11 September 2025. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.7%). Buy Or Sell Opportunity • Jul 24
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to ₹268. The fair value is estimated to be ₹223, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 36%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. Buy Or Sell Opportunity • Jun 30
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to ₹235. The fair value is estimated to be ₹192, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 36%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. New Risk • Jun 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (2.1% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.5% net profit margin). Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹236, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 86% over the past three years. Announcement • May 19
S H Kelkar and Company Limited, Annual General Meeting, Aug 12, 2025 S H Kelkar and Company Limited, Annual General Meeting, Aug 12, 2025. Reported Earnings • May 17
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹5.39 (down from ₹8.93 in FY 2024). Revenue: ₹21.5b (up 12% from FY 2024). Net income: ₹743.1m (down 39% from FY 2024). Profit margin: 3.5% (down from 6.4% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 34%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • May 17
S H Kelkar and Company Limited announces Annual dividend, payable on September 11, 2025 S H Kelkar and Company Limited announced Annual dividend of INR 1.0000 per share payable on September 11, 2025, ex-date on August 01, 2025 and record date on August 01, 2025. Announcement • May 12
S H Kelkar and Company Limited to Report Q4, 2025 Results on May 16, 2025 S H Kelkar and Company Limited announced that they will report Q4, 2025 results on May 16, 2025 Announcement • Apr 11
S H Kelkar and Company Limited Announces Executive Appointments S H Kelkar and Company Limited board on April 11, 2025, approved the appointment of the following officials with immediate effect, Mr. Vivek Kulkarni as Executive Vice President Ingredients Division and Senior Management Personnel of the Company; and Ms. Deepti Chandratre as Global Legal Counsel and Senior Management Personnel of the Company. Mr. Vivek Kulkarni Is A B. Tech (Chemical Engineering) and Post Graduate Diploma in Management (Marketing). He Has over 28 Years of Experience in International Sales and Business Development of Speciality Chemicals. During His Last Stint At Vinati Organics Limited, Mr. Vivek Kulkarni Held the Role of Vice President Sales & Marketing and Was Responsible for Business Planning & Strategy Development, International Business Management, Innovation & Change Management and Business Process Re- Engineering. Ms. Deepti Chandratre Is A Commerce Graduate and Holds A Bachelors Degree in Law. She Is A Member of the Institute of the Company Secretaries of India. Ms. Deepti Chandratre Has over 19 Years of Experience in Legal and Corporate Secretarial Compliance Functions Including, Inter Alia, Various Mergers, Acquisitions and Other Corporate Restructurings. Before Joining the Company, She Was Associated with Mahindra & Mahindra Limited.
Ms. Deepti Chandratre Is A Commerce Graduate and Holds A Bachelors Degree in Law. She Is A Member of the Institute of the Company Secretaries of India. Ms. Deepti Chandratre Has over 19 Years of Experience in Legal and Corporate Secretarial Compliance Functions Including, Inter Alia, Various Mergers, Acquisitions and Other Corporate Restructurings. Before Joining the Company, She Was Associated with Mahindra & Mahindra Limited. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Non-Executive Independent Director Neela Bhattacherjee was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 14
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: ₹1.27 (down from ₹2.40 in 3Q 2024). Revenue: ₹5.41b (up 9.6% from 3Q 2024). Net income: ₹175.2m (down 46% from 3Q 2024). Profit margin: 3.2% (down from 6.5% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 40%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Feb 06
S H Kelkar and Company Limited to Report Q3, 2025 Results on Feb 12, 2025 S H Kelkar and Company Limited announced that they will report Q3, 2025 results on Feb 12, 2025 New Risk • Nov 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Announcement • Nov 09
S H Kelkar and Company Limited to Report Q2, 2025 Results on Nov 14, 2024 S H Kelkar and Company Limited announced that they will report Q2, 2025 results on Nov 14, 2024 New Risk • Sep 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Reported Earnings • Aug 14
First quarter 2025 earnings released: ₹6.17 loss per share (vs ₹2.01 profit in 1Q 2024) First quarter 2025 results: ₹6.17 loss per share (down from ₹2.01 profit in 1Q 2024). Revenue: ₹4.71b (up 5.7% from 1Q 2024). Net loss: ₹855.1m (down 414% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Aug 07
S H Kelkar and Company Limited to Report Q1, 2025 Results on Aug 13, 2024 S H Kelkar and Company Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Announcement • Jul 23
S H Kelkar and Company Limited, Annual General Meeting, Aug 22, 2024 S H Kelkar and Company Limited, Annual General Meeting, Aug 22, 2024, at 16:00 Indian Standard Time. Announcement • May 20
S H Kelkar and Company Limited to Report Q4, 2024 Results on May 27, 2024 S H Kelkar and Company Limited announced that they will report Q4, 2024 results on May 27, 2024 Upcoming Dividend • Apr 05
Upcoming dividend of ₹0.75 per share Eligible shareholders must have bought the stock before 12 April 2024. Payment date: 28 April 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.2%). In line with average of industry peers (0.8%). Announcement • Mar 30
S H Kelkar and Company Limited Approves Interim Dividend for the Financial Year 2023-24, Payable No Later Than April 28, 202 S H Kelkar and Company Limited announced at the board meeting held on March 29, 2024, approved and declared an interim dividend of 7.5% i.e. INR 0.75/- per equity share on 13,82,40,801 fully paid-up equity shares of face value of INR 10/- each for the financial year 2023-24. As communicated earlier in intimation to Stock Exchanges dated March 26, 2024, the Company has fixed April 12, 2024 as the Record Date for the purpose of payment of Interim Dividend and the Interim Dividend will be paid to the shareholders no later than April 28, 2024. Buy Or Sell Opportunity • Mar 14
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to ₹186. The fair value is estimated to be ₹146, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 32%. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹172, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹202, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 29x in the Chemicals industry in India. Total returns to shareholders of 70% over the past three years. New Risk • Feb 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.7% average weekly change). Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: ₹2.40 (vs ₹0.96 in 3Q 2023) Third quarter 2024 results: EPS: ₹2.40 (up from ₹0.96 in 3Q 2023). Revenue: ₹4.98b (up 29% from 3Q 2023). Net income: ₹322.0m (up 148% from 3Q 2023). Profit margin: 6.5% (up from 3.4% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Feb 08
Now 35% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to ₹200. The fair value is estimated to be ₹148, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 32%. Announcement • Jan 31
S H Kelkar and Company Limited to Report Q3, 2024 Results on Feb 07, 2024 S H Kelkar and Company Limited announced that they will report Q3, 2024 results on Feb 07, 2024 Reported Earnings • Nov 04
Second quarter 2024 earnings released: EPS: ₹2.20 (vs ₹1.80 in 2Q 2023) Second quarter 2024 results: EPS: ₹2.20 (up from ₹1.80 in 2Q 2023). Revenue: ₹4.57b (up 10% from 2Q 2023). Net income: ₹293.0m (up 21% from 2Q 2023). Profit margin: 6.4% (up from 5.9% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Oct 28
S H Kelkar and Company Limited to Report Q2, 2024 Results on Nov 03, 2023 S H Kelkar and Company Limited announced that they will report Q2, 2024 results on Nov 03, 2023 Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹132, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 26x in the Chemicals industry in India. Total returns to shareholders of 72% over the past three years. Announcement • Aug 03
S H Kelkar and Company Limited to Report Q1, 2024 Results on Aug 07, 2023 S H Kelkar and Company Limited announced that they will report Q1, 2024 results on Aug 07, 2023 Upcoming Dividend • Jul 27
Upcoming dividend of ₹2.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 09 September 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 1.7%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.9%). Reported Earnings • Jul 22
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹4.53 (down from ₹10.81 in FY 2022). Revenue: ₹16.9b (up 7.8% from FY 2022). Net income: ₹611.7m (down 59% from FY 2022). Profit margin: 3.6% (down from 9.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 43%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 10.0% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 01
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹4.53 (down from ₹10.81 in FY 2022). Revenue: ₹17.0b (up 8.6% from FY 2022). Net income: ₹611.7m (down 59% from FY 2022). Profit margin: 3.6% (down from 9.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 43%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 25
S H Kelkar and Company Limited to Report Q4, 2023 Results on May 30, 2023 S H Kelkar and Company Limited announced that they will report Q4, 2023 results on May 30, 2023 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹99.35, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 23x in the Chemicals industry in India. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹82.42 per share. Announcement • Feb 18
S H Kelkar and Company Limited Announces Board and Committee Changes S H Kelkar and Company Limited announced Ms. Sangeeta Kapiljit Singh will cease to be an Independent Director of the Company with effect from the closure of business hours of February 18, 2023 pursuant to completion of her second term as an Independent Director. The company re- constituted Nomination and Remuneration Committee: Ms. Neela Bhattacharjee Chairperson, Independent Director, Mr. Vasant Gujarathi Member, Independent Director and Mr. Deepak Raj Bindra Member, Independent Director. The company re- constituted Audit Committee: Mr. Vasant Gujarathi Chairman, Independent Director, Mr. Kedar Vaze Member, Wholetime Director, Ms. Neela Bhattacharjee Member, Independent Director and Mr. Shrikant Oka Member, Independent Director. Reported Earnings • Feb 05
Third quarter 2023 earnings released: EPS: ₹0.96 (vs ₹2.35 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.96 (down from ₹2.35 in 3Q 2022). Revenue: ₹3.85b (down 3.6% from 3Q 2022). Net income: ₹129.7m (down 60% from 3Q 2022). Profit margin: 3.4% (down from 8.1% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jan 24
S H Kelkar and Company Limited to Report Q3, 2023 Results on Feb 02, 2023 S H Kelkar and Company Limited announced that they will report Q3, 2023 results on Feb 02, 2023 Announcement • Dec 11
S H Kelkar and Company Limited Announces Cessation of Dalip Sehgal as Independent Director S H Kelkar and Company Limited announced that Mr. Dalip Sehgal has ceased to be an Independent Director of the Company with effect from the closure of business hours of December 8, 2022 pursuant to completion of his second term as an Independent Director. Pursuant to the cessation of Mr. Dalip Sehgal as an Independent Director, the following Board Committees have been re- constituted as: Stakeholders' Relationship Committee: Mr. Vasant Gujarathi - Chairman, Independent Director; Mr. Deepak Raj Bindra - Member, Independent Director; and Mr. Shrikant Oka - Member, Independent Director. Audit Committee: Mr. Vasant Gujarathi - Chairman, Independent Director; Mr. Kedar Vaze - Member, Wholetime Director; Ms. Sangeeta Singh -Member, Independent Director; and Mr. Shrikant Oka - Member, Independent Director. Major Estimate Revision • Oct 29
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from ₹18.0b to ₹17.7b. EPS estimate also fell from ₹10.25 per share to ₹7.90 per share. Net income forecast to grow 58% next year vs 24% growth forecast for Chemicals industry in India. Consensus price target down from ₹179 to ₹175. Share price fell 3.4% to ₹136 over the past week. Reported Earnings • Oct 22
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: ₹1.80 (up from ₹1.61 in 2Q 2022). Revenue: ₹4.23b (up 18% from 2Q 2022). Net income: ₹242.9m (up 9.3% from 2Q 2022). Profit margin: 5.7% (down from 6.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Oct 15
S H Kelkar and Company Limited to Report Q2, 2023 Results on Oct 21, 2022 S H Kelkar and Company Limited announced that they will report Q2, 2023 results on Oct 21, 2022 Reported Earnings • Aug 12
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: ₹1.60 (down from ₹5.90 in 1Q 2022). Revenue: ₹4.15b (up 17% from 1Q 2022). Net income: ₹216.0m (down 74% from 1Q 2022). Profit margin: 5.2% (down from 23% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 20%. Over the next year, revenue is forecast to grow 15%, compared to a 13% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jul 30
S H Kelkar and Company Limited to Report Q1, 2023 Results on Aug 09, 2022 S H Kelkar and Company Limited announced that they will report Q1, 2023 results on Aug 09, 2022 Upcoming Dividend • Jul 26
Upcoming dividend of ₹0.75 per share Eligible shareholders must have bought the stock before 02 August 2022. Payment date: 09 September 2022. Payout ratio is a comfortable 6.9% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.7%). Lower than average of industry peers (0.8%). Reported Earnings • Jul 14
Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat Full year 2022 results: EPS: ₹10.81 (up from ₹10.48 in FY 2021). Revenue: ₹15.6b (up 18% from FY 2021). Net income: ₹1.49b (up 2.7% from FY 2021). Profit margin: 9.5% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 17%, compared to a 17% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jul 10
S H Kelkar and Company Limited, Annual General Meeting, Aug 10, 2022 S H Kelkar and Company Limited, Annual General Meeting, Aug 10, 2022, at 16:30 Indian Standard Time. Reported Earnings • May 28
Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat Full year 2022 results: EPS: ₹10.81 (up from ₹10.48 in FY 2021). Revenue: ₹15.6b (up 18% from FY 2021). Net income: ₹1.49b (up 2.7% from FY 2021). Profit margin: 9.5% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 14%, compared to a 17% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • May 19
S H Kelkar and Company Limited Announces Resignation of Amit Dalmia as Non - Executive Director S H Kelkar and Company Limited informed that Mr. Amit Dalmia, Non -- Executive Director of the Company, holding directorship since August 2012 has resigned from the Board of Directors of the Company with effect from end of business hours of May 17, 2022 on account of his other professional commitments. Announcement • May 17
S H Kelkar and Company Limited to Report Q4, 2022 Results on May 25, 2022 S H Kelkar and Company Limited announced that they will report Q4, 2022 results on May 25, 2022 Announcement • May 02
S H Kelkar and Company Limited Announces Resignation of Deepti Chandratre as Company Secretary and Compliance Officer S H Kelkar and Company Limited announced that Ms. Deepti Chandratre, Company Secretary & GM - Legal ceases to be the Company Secretary and Compliance Officer of the company with effect from closure of business hours of April 30, 2022. Ms. Chandratre had tendered her resignation to pursue opportunities outside the Company. Price Target Changed • Apr 27
Price target increased to ₹187 Up from ₹173, the current price target is an average from 3 analysts. New target price is 19% above last closing price of ₹157. Stock is up 10% over the past year. The company is forecast to post earnings per share of ₹10.87 for next year compared to ₹10.48 last year. Announcement • Feb 21
S H Kelkar and Company Limited Announces Board Changes S H Kelkar and Company Limited announced that Mr. Jairaj Purandare has ceased to be an Independent Director of the Company with effect from the closure of business hours of February 19, 2022 pursuant to completion of his second term as an Independent Director. In continuation to its letter dated October 29, 2021 and December 06, 2021 intimating about appointment of Mr. Vasant Gujarathi as an Independent Director of the Company, the company to reiterate that his term as anIndependent Director has commenced February 20, 2022. Price Target Changed • Feb 10
Price target increased to ₹187 Up from ₹173, the current price target is an average from 3 analysts. New target price is 22% above last closing price of ₹153. Stock is up 25% over the past year. The company is forecast to post earnings per share of ₹10.87 for next year compared to ₹10.48 last year. Reported Earnings • Feb 09
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ₹2.35 (down from ₹2.56 in 3Q 2021). Revenue: ₹3.99b (up 5.6% from 3Q 2021). Net income: ₹323.7m (down 8.5% from 3Q 2021). Profit margin: 8.1% (down from 9.4% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Over the next year, revenue is forecast to grow 10.0%, compared to a 20% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Mark Elliott was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 26
Upcoming dividend of ₹0.75 per share Eligible shareholders must have bought the stock before 02 August 2021. Payment date: 09 September 2021. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.7%). Reported Earnings • Jul 16
Full year 2021 earnings released: EPS ₹10.48 (vs ₹2.56 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹13.2b (up 19% from FY 2020). Net income: ₹1.45b (up 305% from FY 2020). Profit margin: 11% (up from 3.2% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 16% share price gain to ₹177, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 32x in the Chemicals industry in India. Total loss to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹109 per share. Reported Earnings • May 28
Full year 2021 earnings released: EPS ₹10.48 (vs ₹2.56 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹13.4b (up 20% from FY 2020). Net income: ₹1.45b (up 305% from FY 2020). Profit margin: 11% (up from 3.2% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • May 28
S H Kelkar and Company Limited Recommends Final Dividend for the Financial Year 2021 S H Kelkar and Company Limited recommended a final dividend of INR 0.75 (ie.7.5%) per equity share on 141,320,801 fully paid-up equity shares of face value of INR 10.00 each for the financial year 2020-21 which shall be subject to approval by the shareholders of the Company at the ensuing Annual General Meeting of the Company. Major Estimate Revision • Feb 17
Analysts increase EPS estimates to ₹9.75 The 2021 consensus revenue estimate increased from ₹12.7b to ₹12.9b. The earnings per share estimate also received an upgrade from ₹8.65 to ₹9.75 for the same period. Net income is expected to grow by 19% next year compared to 17% growth forecast for the Chemicals industry in India. The consensus price target increased from ₹134 to ₹150. Share price is down by 3.8% to ₹122 over the past week. Reported Earnings • Feb 11
Third quarter 2021 earnings released: EPS ₹2.56 (vs ₹0.78 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹3.83b (up 32% from 3Q 2020). Net income: ₹353.9m (up ₹462.7m from 3Q 2020). Profit margin: 9.2% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. 
