Financial Performance Overview
S H Kelkar reported consolidated revenue from operations of ₹2,368.26 crores (₹2,377.8 crores standalone), representing 11-12% growth from the previous year. Profit after tax stood at ₹69.15 crores, reflecting a 5% decline due to strategic growth initiatives. The Fragrances Division achieved revenue of ₹2,052 crores (10.4% growth) while the Flavours Business grew 30% to ₹240 crores. EBITDA was ₹241.8 crores with margins at 10.3%.
Balance Sheet and Operational Highlights
Property, plant and equipment increased significantly to ₹708.44 crores with additions of ₹124.50 crores during the year. Goodwill stood at ₹360.54 crores with impairment testing showing no impairment required across all cash-generating units. Total borrowings were ₹850.97 crores with secured working capital loans of ₹345.09 crores and term loans of ₹279.52 crores. The company maintained a debt-to-equity ratio of 0.58x (standalone) and 0.62x (consolidated).
Strategic Investments and Expansion
The Group made strategic investments in Germany, UK, US, and Netherlands, expanding Creative Development Centres and manufacturing infrastructure. The company filed 7 new Indian patent applications during the year with 13 patent applications granted across countries. R&D expenditure totaled ₹8.59 crores (standalone) and ₹5.83 crores (consolidated). Capital work-in-progress stood at ₹90.42 crores with no projects overdue or exceeding original cost estimates.
Meeting Details and AGM Agenda
The 70th Annual General Meeting will be held on Friday, July 31, 2026 at 4:30 p.m. IST through Video Conferencing/Other Audio Visual Means. The agenda includes adoption of audited financial statements, re-appointment of Mr. Ramesh Vaze as Non-Executive Director, appointment of M/s. B S R & Co. LLP as Statutory Auditors for 5 years, ratification of Cost Auditors' remuneration, and confirmation of interim dividend of 10% (₹1 per equity share) paid on February 13, 2026.
Corporate Governance and Shareholding
The Board comprises 8 Directors with 4 Independent Directors (50% of Board). Seven Board meetings were held during the year with all committees functioning effectively. Major shareholders include Ramesh Vinayak Vaze Family Trust (19.51%), Kedar Ramesh Vaze (9.44%), KNP Industries Pte. Ltd. (10.75%), and Firmenich Aromatics Production (India) Private Limited (9.80%). The company provided corporate guarantees of ₹546.06 crores to subsidiaries.
Subsidiaries and Related Party Transactions
The Group has 16 subsidiaries across India, UK, Netherlands, Italy, Singapore, China, Indonesia, USA, Germany, and UAE, plus one associate company (NuTaste Food and Drink Labs Private Limited). Material subsidiaries include Keva Fragrances, Keva Flavours, Keva Europe B.V., and CFF Keva Italy S.p.A. Significant related party transactions included sales to Keva Fragrances (₹527.68 crores) and Keva Flavours (₹257.89 crores), and purchases from Keva Fragrances (₹554.15 crores).
Compliance and Risk Management
The financial statements were prepared in accordance with Indian Accounting Standards (Ind AS) and comply with the Companies Act, 2013 and SEBI Regulations. The company manages market risk through foreign exchange forward contracts and interest rate swaps designated as cash flow hedges. Contingent liabilities include direct and indirect taxes of ₹57.12 crores and income taxes of ₹1.17 crores.