S H Kelkar Management
Management criteria checks 1/4
S H Kelkar's CEO is Kedar Vaze, appointed in Sep 2014, has a tenure of 11.83 years. total yearly compensation is ₹44.00M, comprised of 67.7% salary and 32.3% bonuses, including company stock and options. directly owns 11.25% of the company’s shares, worth ₹2.04B. The average tenure of the management team and the board of directors is 1.5 years and 6.4 years respectively.
Key information
Kedar Vaze
Chief executive officer
₹44.0m
Total compensation
| CEO salary percentage | 67.73% |
| CEO tenure | 11.8yrs |
| CEO ownership | 11.3% |
| Management average tenure | 1.5yrs |
| Board average tenure | 6.4yrs |
Recent management updates
Recent updates
Narrative Update • Jun 26
SHK: Upcoming Results And Board Decisions Will Support Further Share Price Upside
Analysts have kept their price target for S H Kelkar broadly unchanged at ₹270.0, citing only marginal tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions that do not materially alter their overall valuation view. What's in the News S H Kelkar has scheduled a board meeting on May 15, 2026, at 17:24 Indian Standard Time to review and approve the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026.Narrative Update • Jun 05
SHK: Planned Italy Stake Sale Will Support Further Share Price Upside
Analysts have kept the price target for S H Kelkar unchanged at ₹270. This reflects only minor tweaks to inputs such as discount rate, revenue growth assumptions and future P/E in their refreshed valuation work.Analysis Article • May 23
S H Kelkar's (NSE:SHK) Anemic Earnings Might Be Worse Than You Think
Investors were disappointed by S H Kelkar and Company Limited's ( NSE:SHK ) latest earnings release. We did some...Analysis Article • May 20
S H Kelkar and Company Limited Just Missed Earnings - But Analysts Have Updated Their Models
There's been a notable change in appetite for S H Kelkar and Company Limited ( NSE:SHK ) shares in the week since its...Narrative Update • May 19
SHK: Upcoming Stake Sale Will Unlock Further Share Upside Potential
Analysts keep their fair value estimate for S H Kelkar steady at ₹270. This reflects slightly adjusted assumptions for discount rate, revenue growth, profit margin and future P/E, rather than a clear directional shift in the price target itself.Narrative Update • Apr 09
SHK: Upcoming Dividend And Stake Sale Will Unlock Share Upside Potential
Analysts have kept the fair value estimate for S H Kelkar steady at ₹270, citing only marginal tweaks to assumptions such as discount rate, revenue growth, profit margin and future P/E that are not large enough to shift the overall price target. What's in the News Board meeting scheduled on Feb 06, 2026, to review unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, consider an interim dividend on equity shares for FY 2025-26, evaluate additional equity investment in Keva Middle East FZE, and address other matters (Key Developments).Narrative Update • Mar 26
SHK: Upcoming Dividend And Subsidiary Moves Will Unlock Share Upside Potential
Analysts have kept the S H Kelkar price target steady at ₹270, citing broadly unchanged assumptions on fair value, discount rate, revenue growth, profit margin and future P/E as the basis for this reaffirmation. What's in the News A board meeting is scheduled on February 6, 2026 to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, to consider an interim dividend on equity shares for FY 2025-26, to evaluate additional equity investment in Keva Middle East FZE, and to address other matters (company filing).Narrative Update • Mar 11
SHK: Upcoming Dividend Decision Will Signal Upside Potential For Shares
Analysts have kept their fair value estimate for S H Kelkar steady at ₹270. They cite only marginal model tweaks to discount rate, revenue growth, profit margin and future P/E that do not materially alter their overall view on the stock.Narrative Update • Feb 25
SHK: Board Decisions On Interim Dividend And Subsidiary Funding Will Reveal Value
Analysts have kept their ₹270 price target on S H Kelkar broadly unchanged, reflecting only minor tweaks to assumptions such as a slightly higher discount rate and marginally adjusted revenue growth, profit margin, and future P/E inputs. What's in the News Board meeting scheduled for February 6, 2026, at 16:41 Indian Standard Time to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).Narrative Update • Feb 11
SHK: Lower Margin Outlook Will Highlight Value Ahead Of Interim Dividend
Analysts have reduced their fair value estimate for S H Kelkar from ₹430 to ₹270, reflecting updated assumptions around profit margin compression and a lower future P/E multiple, despite slightly adjusted growth inputs. What's in the News Board meeting scheduled on February 6, 2026 at 16:41 IST to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).Analysis Article • Jan 15
Is S H Kelkar (NSE:SHK) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...Analysis Article • Dec 04
The Price Is Right For S H Kelkar and Company Limited (NSE:SHK) Even After Diving 26%
To the annoyance of some shareholders, S H Kelkar and Company Limited ( NSE:SHK ) shares are down a considerable 26% in...Analysis Article • May 25
There May Be Some Bright Spots In S H Kelkar's (NSE:SHK) Earnings
The market was pleased with the recent earnings report from S H Kelkar and Company Limited ( NSE:SHK ), despite the...Analysis Article • May 20
What You Can Learn From S H Kelkar and Company Limited's (NSE:SHK) P/E
With a price-to-earnings (or "P/E") ratio of 42.7x S H Kelkar and Company Limited ( NSE:SHK ) may be sending very...
New Narrative • Mar 17
Investments In Europe, UK, And USA Will Enhance Product Development And Global Engagement
Strategic investments in Europe, the UK, and the USA are expected to drive revenue growth and enhance S H Kelkar's market presence.Analysis Article • Mar 07
The Returns At S H Kelkar (NSE:SHK) Aren't Growing
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Typically...Analysis Article • Feb 15
Some Confidence Is Lacking In S H Kelkar and Company Limited's (NSE:SHK) P/S
With a median price-to-sales (or "P/S") ratio of close to 1.4x in the Chemicals industry in India, you could be...Analysis Article • Jan 09
Is S H Kelkar (NSE:SHK) A Risky Investment?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Nov 23
There May Be Reason For Hope In S H Kelkar's (NSE:SHK) Disappointing Earnings
Soft earnings didn't appear to concern S H Kelkar and Company Limited's ( NSE:SHK ) shareholders over the last week...Analysis Article • Oct 21
Why Investors Shouldn't Be Surprised By S H Kelkar and Company Limited's (NSE:SHK) 25% Share Price Surge
Despite an already strong run, S H Kelkar and Company Limited ( NSE:SHK ) shares have been powering on, with a gain of...Analysis Article • Aug 30
S H Kelkar and Company Limited's (NSE:SHK) 28% Price Boost Is Out Of Tune With Revenues
S H Kelkar and Company Limited ( NSE:SHK ) shareholders have had their patience rewarded with a 28% share price jump in...Analysis Article • Mar 13
S H Kelkar's (NSE:SHK) Returns Have Hit A Wall
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. In a perfect...Analysis Article • Feb 09
S H Kelkar and Company Limited's (NSE:SHK) Shareholders Might Be Looking For Exit
There wouldn't be many who think S H Kelkar and Company Limited's ( NSE:SHK ) price-to-earnings (or "P/E") ratio of...Analysis Article • Oct 25
Estimating The Fair Value Of S H Kelkar and Company Limited (NSE:SHK)
Key Insights The projected fair value for S H Kelkar is ₹150 based on 2 Stage Free Cash Flow to Equity Current share...Analysis Article • Aug 01
S H Kelkar (NSE:SHK) Is Paying Out A Larger Dividend Than Last Year
The board of S H Kelkar and Company Limited ( NSE:SHK ) has announced that it will be paying its dividend of ₹2.00 on...Analysis Article • Jul 18
S H Kelkar (NSE:SHK) Has Announced That It Will Be Increasing Its Dividend To ₹2.00
The board of S H Kelkar and Company Limited ( NSE:SHK ) has announced that it will be paying its dividend of ₹2.00 on...Analysis Article • Jun 02
S H Kelkar (NSE:SHK) Is Increasing Its Dividend To ₹2.00
S H Kelkar and Company Limited's ( NSE:SHK ) periodic dividend will be increasing on the 9th of September to ₹2.00...CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | ₹44m | ₹30m | ₹693m |
| Dec 31 2025 | n/a | n/a | ₹2b |
| Sep 30 2025 | n/a | n/a | ₹2b |
| Jun 30 2025 | n/a | n/a | ₹2b |
| Mar 31 2025 | ₹30m | ₹25m | ₹743m |
| Dec 31 2024 | n/a | n/a | ₹70m |
| Sep 30 2024 | n/a | n/a | ₹220m |
| Jun 30 2024 | n/a | n/a | ₹109m |
| Mar 31 2024 | ₹49m | ₹22m | ₹1b |
| Dec 31 2023 | n/a | n/a | ₹910m |
| Sep 30 2023 | n/a | n/a | ₹718m |
| Jun 30 2023 | n/a | n/a | ₹668m |
| Mar 31 2023 | ₹28m | ₹20m | ₹612m |
| Dec 31 2022 | n/a | n/a | ₹714m |
| Sep 30 2022 | n/a | n/a | ₹908m |
| Jun 30 2022 | n/a | n/a | ₹887m |
| Mar 31 2022 | ₹35m | ₹19m | ₹1b |
| Dec 31 2021 | n/a | n/a | ₹2b |
| Sep 30 2021 | n/a | n/a | ₹2b |
| Jun 30 2021 | n/a | n/a | ₹2b |
| Mar 31 2021 | ₹29m | ₹15m | ₹1b |
| Dec 31 2020 | n/a | n/a | ₹1b |
| Sep 30 2020 | n/a | n/a | ₹710m |
| Jun 30 2020 | n/a | n/a | ₹325m |
| Mar 31 2020 | ₹17m | ₹13m | ₹357m |
Compensation vs Market: Kedar's total compensation ($USD461.65K) is above average for companies of similar size in the Indian market ($USD172.20K).
Compensation vs Earnings: Kedar's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
CEO
Kedar Vaze (53 yo)
11.8yrs
Tenure
₹44,000,000
Compensation
Mr. Kedar Ramesh Vaze has been Group Chief Executive Officer and Whole-Time Director of S H Kelkar and Company Limited since September 18, 2014 and September 04, 2010 respectively. Mr. Vaze has experience...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Group CEO & Whole-Time Director | 11.8yrs | ₹44.00m | 11.25% ₹ 2.0b | |
| Group Chief Financial Officer | less than a year | no data | no data | |
| Chief Scientific Officer | 6.5yrs | no data | no data | |
| Chief Information Officer | 3.2yrs | no data | no data | |
| Global Legal Counsel & Company Secretary | 1.3yrs | ₹1.08m | no data | |
| Chief Operating Officer of Asia Fragrance & Flavours | 1.5yrs | no data | no data | |
| Executive VP of Fragrance Asia Corporate & Global Accounts | 2.5yrs | no data | no data | |
| Executive Vice President of Ingredients Division | 1.3yrs | no data | no data | |
| Executive Vice President of HR - Asia | less than a year | no data | no data | |
| CEO of Fragrances | no data | no data | no data | |
| Chief Executive Officer - Keva Flavours Private Limited | 1.5yrs | no data | no data |
1.5yrs
Average Tenure
Experienced Management: SHK's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Group CEO & Whole-Time Director | 15.8yrs | ₹44.00m | 11.25% ₹ 2.0b | |
| Non-Executive Independent Director | 4.2yrs | ₹1.90m | no data | |
| Non-Executive Independent Director | 4.4yrs | ₹2.20m | no data | |
| Non-Executive Chairman | 45.4yrs | ₹4.00m | 21.64% ₹ 3.9b | |
| Non-Executive Non-Independent Director | 45.8yrs | ₹500.00k | 1.3% ₹ 235.3m | |
| Non-Executive Independent Director | 4.6yrs | ₹1.80m | no data | |
| Non-Executive Independent Director | 8.2yrs | ₹1.80m | no data | |
| Non-Executive Non-Independent Director | 1yr | ₹1.20m | no data |
6.4yrs
Average Tenure
71.5yo
Average Age
Experienced Board: SHK's board of directors are considered experienced (6.4 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/10 10:12 |
| End of Day Share Price | 2026/07/10 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
S H Kelkar and Company Limited is covered by 10 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | Asian Markets Securities Private Limited |
| Anil Burra | FirstCall Research |
| Richard Liu | JM Financial Institutional Securities Limited |