S H Kelkar Q3 FY26 Revenue Up 7.5% to ₹583.8 Crore, 9M FY26 Revenue at ₹1,718 Crore
S H Kelkar reported Q3 FY26 revenue of ₹583.8 crore, up 7.5% YoY. 9M FY26 revenue reached ₹1,718 crore, a 10.4% increase. The company is strategically investing in growth initiatives and expanding its US presence, with the US Creative Development Centre securing its first order.
The revenue growth is positive, but the decline in EBITDA and the ongoing significant investments suggest a mixed short-term impact. The strategic focus on long-term growth is a key factor for future impact.
While revenue shows growth, the EBITDA has declined year-on-year for both the quarter and the nine-month period. The management commentary focuses on future growth through strategic investments, indicating a neutral short-term financial outlook.
S H Kelkar and Company Limited (SHK) has announced its financial results for the quarter and nine months ended December 31, 2025. For the third quarter of FY2026, the company reported revenues from operations of ₹583.8 crore, marking a 7.5% increase compared to the same period last year. For the nine-month period ended December 31, 2025, revenues stood at ₹1,718 crore, an increase of 10.4% year-on-year.
EBITDA for Q3 FY2026 was reported at ₹56.1 crore, a decrease of 13.1% from ₹64.5 crore in Q3 FY2025. The EBITDA margin for the quarter was 9.7%. For the nine-month period, EBITDA stood at ₹181.8 crore, a decrease of 18.7% from ₹223.6 crore in the corresponding period last year, with an EBITDA margin of 10.6%.
Mr. Kedar Vaze, Whole Time Director & CEO, highlighted that the current phase of investments is a strategic choice to build the company for its next growth phase, focusing on strengthening global creative development centers, expanding capacity, and investing in capabilities that enhance innovation and customer engagement. He emphasized that these initiatives are designed for sustainable and profitable long-term growth.
Mr. B. Ramakrishnan, CEO – Fragrances, Asia and U.S.A., noted the significant strategic opportunity in the US market, where the US Creative Development Centre secured its first customer order and began generating initial revenues during the quarter.
Mr. Jagdish Agarwal, Group Chief Financial Officer, expressed excitement about the company's investment phase and stated his focus on strengthening financial discipline, maintaining a prudent capital structure, improving working capital efficiency, and enhancing cash conversion for medium-term benefits.
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S H Kelkar and Company Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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