SH Kelkar & Co

₹190.3 -1 | 0.5%

WEBSITE BSE:539450 NSE : SHK 10 May, 16:01

Market Cap ₹2634 Cr.

Stock P/E 28.9

P/B 2.2

Current Price ₹190.3

Book Value ₹ 84.8

Face Value 10

52W High ₹231.7

Dividend Yield 1.05%

52W Low ₹ 103

Edit Ratio

SH Kelkar & Co Research see more...

Equity Research - S H Kelkar & Company Limited

Overview Inc. Year: 1955Industry: Chemicals

S H Kelkar and Company Ltd is an primarily India based fragrance and flavours manufacturing enterprise. The Company is engaged in supplying fragrances in various classes, such as private care, hair care, skin care and cosmetics, fabric care, household products and pleasant fragrances. The Company offers flavours in diverse categories, inclusive of dairy merchandise, beverages, confectionery, bakery merchandise and prescribed drugs. It additionally offers a number of offerings, which comprises bio technology research provider, cosmetic research service, cosmetic testing laboratory and custom synthesis offerings.

SH Kelkar & Co Share Price

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Peer Comparison

SH Kelkar & Co Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	359	399	451	415	414	385	472	445	455	496
Other Income	1	4	9	0	9	2	1	1	2	2
Total Income	360	404	459	415	423	386	474	446	457	498
Total Expenditure	305	340	391	360	362	341	405	375	384	419
Operating Profit	55	64	69	55	60	45	69	71	73	79
Interest	4	4	5	5	5	6	7	10	10	11
Depreciation	17	17	20	20	20	20	21	22	22	23
Exceptional Income / Expenses	-6	0	-6	1	0	0	-22	0	0	0
Profit Before Tax	27	43	37	32	35	19	19	39	41	46
Provision for Tax	5	11	24	8	10	6	18	11	11	13
Profit After Tax	22	32	14	23	25	13	1	28	30	32
Adjustments	0	0	-1	-2	-1	-0	1	-1	-1	0
Profit After Adjustments	22	32	13	22	24	13	2	27	29	32
Adjusted Earnings Per Share	1.6	2.3	0.9	1.6	1.8	0.9	0.2	2	2.1	2.3

SH Kelkar & Co Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	666	761	836	925	981	1021	1048	1114	1322	1564	1687	1868
Other Income	2	8	68	10	12	26	23	8	23	18	17	6
Total Income	668	769	903	935	992	1047	1071	1122	1345	1582	1703	1875
Total Expenditure	551	630	760	774	814	862	910	955	1083	1350	1474	1583
Operating Profit	116	139	143	162	178	185	162	167	263	232	229	292
Interest	18	12	19	22	6	5	16	26	20	16	24	38
Depreciation	17	19	29	30	19	24	31	52	62	72	80	88
Exceptional Income / Expenses	-2	0	0	0	0	-13	0	-36	13	-12	-20	-22
Profit Before Tax	78	109	95	110	153	143	115	54	194	132	104	145
Provision for Tax	24	29	24	37	48	51	27	19	50	-17	41	53
Profit After Tax	54	79	70	73	105	93	88	36	144	149	63	91
Adjustments	8	0	0	0	0	1	1	-0	1	-1	-2	-1
Profit After Adjustments	62	79	70	73	105	94	88	36	145	149	61	90
Adjusted Earnings Per Share	4.5	5.4	5.3	5.1	7.2	6.5	6.1	2.5	10.2	10.7	4.4	6.6

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	8%	15%	11%	10%
Operating Profit CAGR	-1%	11%	4%	7%
PAT CAGR	-58%	21%	-7%	2%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	81%	7%	5%	NA%
ROE Average	6%	13%	10%	12%
ROCE Average	8%	11%	10%	14%

SH Kelkar & Co Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	477	481	510	716	812	857	863	824	952	1013	1064
Minority's Interest	0	0	0	0	0	0	11	11	3	80	38
Borrowings	47	69	39	30	9	48	70	54	332	363	319
Other Non-Current Liabilities	10	8	6	7	5	83	55	-7	14	97	72
Total Current Liabilities	241	302	380	250	247	412	541	575	574	725	709
Total Liabilities	775	859	934	1003	1073	1400	1541	1457	1874	2279	2202
Fixed Assets	210	251	274	227	296	338	448	459	728	946	913
Other Non-Current Assets	109	79	45	50	80	316	261	190	102	100	82
Total Current Assets	456	529	615	726	697	746	831	781	1016	1232	1207
Total Assets	775	859	934	1003	1073	1400	1541	1457	1874	2279	2202

SH Kelkar & Co Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	19	29	35	72	59	42	11	-1	-33	102	31
Cash Flow from Operating Activities	103	32	62	86	102	103	77	205	195	50	197
Cash Flow from Investing Activities	-33	-64	-17	-77	-104	-164	-137	-40	-149	-160	-103
Cash Flow from Financing Activities	-61	36	-7	-24	-16	28	49	-196	88	12	-175
Net Cash Inflow / Outflow	9	4	37	-14	-17	-33	-11	-31	134	-97	-81
Closing Cash & Cash Equivalent	29	35	72	59	42	11	-1	-33	102	31	-57

SH Kelkar & Co Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	4.52	5.44	5.32	5.05	7.25	6.49	6.12	2.53	10.24	10.73	4.42
CEPS(Rs)	5.39	6.73	7.54	7.1	8.59	8.05	8.23	6.18	14.54	15.98	10.36
DPS(Rs)	6.6	11.3	1.13	1.5	1.75	1.75	0	0.95	1.75	0.75	2
Book NAV/Share(Rs)	32.07	33	37.84	49.51	56.13	59.25	59.7	58.31	67.34	73.2	76.9
Core EBITDA Margin(%)	16.13	16.21	8.5	15.18	15.66	15.27	13.12	14.19	17.97	13.56	12.48
EBIT Margin(%)	13.59	14.86	12.85	13.25	14.92	14.22	12.38	7.15	16.07	9.42	7.53
Pre Tax Margin(%)	11	13.38	10.66	11.08	14.33	13.71	10.91	4.86	14.54	8.39	6.13
PAT Margin (%)	7.59	9.75	7.94	7.34	9.83	8.87	8.34	3.2	10.82	9.48	3.7
Cash Profit Margin (%)	10.02	12.06	11.24	10.32	11.66	11.15	11.3	7.79	15.44	14.03	8.42
ROA(%)	7.27	9.69	7.85	7.54	10.1	7.49	5.97	2.39	8.64	7.2	2.81
ROE(%)	15.45	17.49	14.36	12.01	13.72	11.1	10.21	4.25	16.22	15.21	6.06
ROCE(%)	15.65	18.26	15.78	16.97	18.84	15.5	11.67	6.7	16.08	9.48	7.75
Receivable days	77.72	79.05	76.94	77.62	76.34	86.3	97.23	97.91	94.9	96.75	96.45
Inventory Days	117.25	113.39	122.72	119.69	117.36	122.04	125.1	115.65	105.12	114	124.22
Payable days	63.32	73.77	76.03	95.79	96.62	89.27	92.62	91.79	105.93	121.59	135.7
PER(x)	0	0	0	44.83	41.09	39.81	25.08	30.73	10.91	13.37	22.48
Price/Book(x)	0	0	0	4.57	5.31	4.36	2.57	1.33	1.66	1.96	1.29
Dividend Yield(%)	0	0	0	0.66	0.59	0.68	0	1.22	1.57	0.52	2.01
EV/Net Sales(x)	0.2	0.24	0.37	3.55	4.41	3.81	2.4	1.25	1.48	1.61	1.12
EV/Core EBITDA(x)	1.12	1.32	2.15	20.3	24.25	20.99	15.6	8.36	7.46	10.83	8.24
Net Sales Growth(%)	16.88	14.29	9.74	10.69	6.02	4.13	2.65	6.31	18.64	18.32	7.82
EBIT Growth(%)	12.01	24.72	-5.47	15.72	20.57	-6.64	-12.15	-38.47	166.43	-30.48	-13.6
PAT Growth(%)	21.67	46.59	-11.02	3.78	43.47	-11.68	-5.12	-59.18	301.48	3.96	-57.87
EPS Growth(%)	-8.55	20.4	-2.12	-5.08	43.47	-10.44	-5.75	-58.72	305.4	4.83	-58.83
Debt/Equity(x)	0.36	0.44	0.48	0.12	0.09	0.2	0.4	0.44	0.54	0.64	0.55
Current Ratio(x)	1.89	1.75	1.62	2.9	2.82	1.81	1.54	1.36	1.77	1.7	1.7
Quick Ratio(x)	0.96	0.83	0.78	1.56	1.4	0.97	0.85	0.77	1.02	0.93	0.85
Interest Cover(x)	5.25	10.04	5.86	6.11	25.56	28.11	8.39	3.12	10.55	9.17	5.37
Total Debt/Mcap(x)	0	0	0	0.03	0.02	0.05	0.15	0.33	0.33	0.33	0.42

SH Kelkar & Co Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	58.57	58.46	58.46	57.66	58.46	58.65	58.95	58.95	58.95	58.95
FII	7.6	9.33	9.77	9.54	9.27	9.31	9.68	8.33	8.25	8.86
DII	4.7	3.86	3.81	3.81	3.74	2.78	1.37	1.42	1.27	0.27
Public	29.14	28.36	27.95	28.99	28.53	29.27	30	31.29	31.53	31.92
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	8.28	8.09	8.09	7.98	8.09	8.12	8.16	8.16	8.16	8.16
FII	1.07	1.29	1.35	1.32	1.28	1.29	1.34	1.15	1.14	1.23
DII	0.66	0.53	0.53	0.53	0.52	0.38	0.19	0.2	0.18	0.04
Public	4.12	3.93	3.87	4.01	3.95	4.05	4.15	4.33	4.36	4.42
Others	0	0	0	0	0	0	0	0	0	0
Total	14.13	13.84	13.84	13.84	13.84	13.84	13.84	13.84	13.84	13.84

Pros

Company has reduced debt.

Cons

Company has a low return on equity of 13% over the last 3 years.
Debtor days have increased from 121.59 to 135.7days.
The company has delivered a poor profit growth of -7% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.