S H Kelkar & Company Ltd
SHKS H Kelkar & Company Ltd's earnings have outrun its stock. EPS grew −5.5% in a year against a −35.4% price move.
The sharpest disagreement: annual EPS moved −5.5% against a −35.4% price move — the market has not yet caught up with the delivery.
The price is in a downtrend (38 weeks in) while the P/E sits at the 98th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +73.1% year on year, and 145% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
S H Kelkar & Company Ltd trades at ₹165, in a downtrend and 38 weeks into that stage. That is +4.8% against its own 200-day average. It sits at 35% of a 52-week range of ₹119 to ₹249. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.
Today the stock is in a downtrend — week 38 of stage 4, confirmed. At ₹165 it trades +4.8% versus its 200-day average and sits at 35% of its 52-week range (₹119–₹249).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved −29% while the NIFTY 500 moved +276% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
S H Kelkar & Company Ltd trades at 48.2× P/E, about the priciest it has ever traded. Its long-run median P/E is 24.2×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 48.2× is about the priciest it has ever traded, against a long-run median of 24.2× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved −5.5% against a −35.4% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the −0.6%/yr price move, ~−18.5%/yr came from earnings growth and ~+17.9 pp from the multiple (expanding); over 10y, of the −4.3%/yr price move, ~−4.9%/yr came from earnings growth and ~+0.6 pp from the multiple (roughly flat). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.
Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
S H Kelkar & Company Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −52.4% latest against +4175.0% at its 12-quarter best), ROCE holding at 6.0%. The read is built from 8 quarters across 4 curves, on partial evidence.
🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +11.5% | +12.0% | +12.4% | +9.9% |
| Profit | −5.5% | +3.1% | −13.7% | −0.6% |
| EPS | −5.5% | +4.2% | −13.4% | −0.1% |
| Share price | −35.4% | +12.6% | −0.6% | −4.3% |
4-Factor Sector Score
29.2/100 — rank 3 of 4 in Chemicals - Others · 84% evidence confidence
S H Kelkar & Company Ltd scores 29.2 out of 100 against the 4 companies it is compared with in Chemicals - Others, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 9.2 + 6 + 8 + 6 = 29.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
S H Kelkar & Company Ltd reported ₹662 Cr of revenue in the Jun 26 quarter, +14.1% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 9.9% a year. The last full year, FY26, came in at ₹2,368 Cr. The last four reported quarters add to ₹2,450 Cr.
FY26 revenue came in at ₹2,368 Cr (+11.5% on the year), capping 10 years at 9.9% compound. The latest quarter (Jun 26) printed ₹662 Cr, +14.1% year on year — the 11th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +9.6% growth against the decade's 9.9% — the current year is running in line with its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +9.8% over the last 4 quarters against +13.3%/yr over the last 8 — rolling over; TTM profit −52.4% vs +233.5%/yr — rolling over.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
S H Kelkar & Company Ltd's operating margin is 13.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 18.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 13.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–18.0%.
Why the margin moved: operating margin went +0.7 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
S H Kelkar & Company Ltd earned ₹45.0 Cr of net profit in the Jun 26 quarter, +73.1% year on year. Full-year FY26 profit was ₹69.0 Cr. The 10-year compound rate is −0.6%. That is 6.8% of the quarter's revenue. The same quarter a year earlier earned ₹26.0 Cr. 1 of the last 12 reported quarters were loss-making.
Jun 26 profit was ₹45.0 Cr, +73.1% year on year. On the full year, FY26 printed ₹69.0 Cr (−5.5%), and the 10-year compound rate is −0.6%.
Why profit moved: revenue contributed +14.1% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit −4.8% vs revenue +9.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 145% of S H Kelkar & Company Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹263 Cr of operating cash against ₹69.0 Cr of profit. After ₹398 Cr of capital spending, ₹−135 Cr was left as free cash.
FY26: operating cash of ₹263 Cr against reported profit of ₹69.0 Cr, leaving free cash of ₹−135 Cr after ₹398 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 145% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 145%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.
Router verdict: the bigger cash user is investment — capital spending ran 2.1× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
S H Kelkar & Company Ltd's cash conversion cycle runs 189 days in FY26, down from 195 days in FY21. Capital spending ran ₹641 Cr over the last 3 years. At FY26 sales of ₹2,368 Cr each day of that cycle holds about ₹6.5 Cr, so roughly ₹1,226 Cr sits inside the business at any moment.
FY26: debtors at 98 days, inventory at 182 days — roughly 6.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 189 days, tighter than FY21's 195.
The full loop: cash goes out to suppliers and production on day 0; stock waits 182 days to sell; customers pay about 98 days after that; and suppliers themselves are paid at 91 days — netting out to the 189-day cycle.
In money terms: at FY26 sales of ₹2,368 Cr, each day of the cycle holds about ₹6.5 Cr — so the 189-day loop keeps roughly ₹1,226 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹641 Cr over the last 3 fiscal years against ₹303 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹96.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified
S H Kelkar & Company Ltd earns a ROCE of 6% in FY26. Return on invested capital clears the cost of that capital by −8.2 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 2.9% net margin on 0.82× asset turns.
FY26 ROCE is 6%.
🚨 Why the return is what it is — the wiring (FY26): 2.9% net margin × 0.82× asset turns × 2.12× balance-sheet leverage ≈ 5.0% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 3.8% − 12.0% = a −8.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified
S H Kelkar & Company Ltd carries total debt of ₹1,029 Cr against shareholder equity of ₹1,362 Cr as of Mar 26, a debt-to-equity of 0.76. On the annual view that ratio went from 0.64 in FY22 to 0.76 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹1,029 Cr against shareholder equity of ₹1,362 Cr — a debt-to-equity of 0.76. On the annual view, debt-to-equity went from 0.64 (FY22) to 0.76 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 5.7 points of S H Kelkar & Company Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 6.0% of the company. Promoters moved −3.9 points over the same window, to 54.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +5.7 points over 8 quarters to 6.0%; Promoters: −3.9 points over 8 quarters to 54.9%; Foreign institutions: −2.8 points over 8 quarters to 5.9%.
Why the register moved: rotation — foreign institutions −2.8 points against domestic institutions +5.7 points over 8 quarters, with promoters −3.9 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
S H Kelkar & Company Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Petro Carbon & Chemicals LtdPCCL | 60.1/100Thin evidence · provisional53% evidence | ASLEEP | 22.0/35 Revenue — · PAT — · OPM change 8.6 pp 26% evidence | 14.1/25 ROCE 14.2% · OPM 12% 95% evidence | 10.0/20 P/E 27.4× · PEG — 0% evidence | 14.0/20 RS sector 17.8% · RS bench 25.3% · 1Y 64.6%5 of 12 weeks ahead 100% evidence |
| Exact sum: 22 + 14.1 + 10 + 14 = 60.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 2Shree Pushkar Chemicals & Fertilizers LtdSHREEPUSHK | 51.2/100Mixed-positive evidence80% evidence | ASLEEP | 20.9/35 Revenue 21.2% · PAT 18.6% · OPM change -1 pp 83% evidence | 12.6/25 ROCE 13% · OPM 10% 95% evidence | 8.1/20 P/E 18.3× · PEG — 35% evidence | 9.6/20 RS sector 0.1% · RS bench 5.7% · 1Y 8.1%10 of 12 weeks ahead 100% evidence |
| Exact sum: 20.9 + 12.6 + 8.1 + 9.6 = 51.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3S H Kelkar & Company Ltdthis pageSHK | 29.2/100Adverse evidence84% evidence | TURNING | 9.2/35 Revenue 9.8% · PAT -52.4% · OPM change 0 pp 95% evidence | 6.0/25 ROCE 5.8% · OPM 13% 95% evidence | 8.0/20 P/E 48.2× · PEG — 35% evidence | 6.0/20 RS sector -9.2% · RS bench -4.9% · 1Y -37.2%2 of 12 weeks ahead 100% evidence |
| Exact sum: 9.2 + 6 + 8 + 6 = 29.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Camlin Fine Sciences LtdCAMLINFINE | 21.8/100Adverse evidence85% evidence | ASLEEP | 7.8/35 Revenue 5.4% · PAT 100% · OPM change -9 pp 65% evidence | 1.0/25 ROCE 4.8% · OPM 5% 100% evidence | 7.0/20 P/E 67.3× · PEG 1.97 85% evidence | 6.0/20 RS sector -23% · RS bench -19.3% · 1Y -52.5%5 of 12 weeks ahead 100% evidence |
| Exact sum: 7.8 + 1 + 7 + 6 = 21.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is S H Kelkar & Company Ltd's share price today?
S H Kelkar & Company Ltd trades at ₹165, −35.4% over the past year. The company is valued at ₹2,278 Cr. The stock sits at 35% of its 52-week range of ₹119–₹249, +4.8% versus its 200-day average. On the tape, the price is in a downtrend, 38 weeks in. — as of 31 July 2026.
What were S H Kelkar & Company Ltd's latest quarterly results?
S H Kelkar & Company Ltd reported revenue of ₹662 Cr and net profit of ₹45.0 Cr for the Jun 26 quarter. Revenue rose 14.1% and profit rose 73.1% year on year. Earnings per share were ₹3.28. The operating margin was 13.0%, 0.0 pp higher than a year earlier. — as of 31 July 2026.
What is S H Kelkar & Company Ltd's revenue?
S H Kelkar & Company Ltd reported revenue of ₹662 Cr in the Jun 26 quarter, +14.1% year on year. For the full FY26 fiscal year, revenue was ₹2,368 Cr (+11.5%). Over the last 10 years revenue compounded at 9.9% a year. — as of 31 July 2026.
What is S H Kelkar & Company Ltd's profit?
S H Kelkar & Company Ltd earned ₹45.0 Cr of net profit in the Jun 26 quarter, +73.1% year on year. Full-year FY26 profit was ₹69.0 Cr. The operating margin ran 13.0% in the latest quarter. — as of 31 July 2026.
What is S H Kelkar & Company Ltd's market cap?
S H Kelkar & Company Ltd's market capitalisation is ₹2,278 Cr at a share price of ₹165. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.
What is S H Kelkar & Company Ltd's P/E ratio?
S H Kelkar & Company Ltd trades at a P/E of 48.2×, at the 98th percentile of its own 11-year range, against a long-run median of 24.2×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.
Does S H Kelkar & Company Ltd pay a dividend?
Yes — S H Kelkar & Company Ltd's dividend payout was 20% of profit in FY26, and it recorded a payout in 12 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.
Is S H Kelkar & Company Ltd overvalued?
On its own history, S H Kelkar & Company Ltd looks expensive against its own history: its P/E of 48.2× sits at the 98th percentile of its 11-year range (long-run median 24.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.
Is S H Kelkar & Company Ltd growing?
Yes — S H Kelkar & Company Ltd is growing: latest-quarter revenue +14.1% year on year, profit +73.1%, and the margin +0.0 pp at 13.0%. The 10-year compound rates are 9.9% (revenue) and −0.6% (profit). The earnings engine currently reads: improving — as of 31 July 2026.
How is S H Kelkar & Company Ltd performing?
S H Kelkar & Company Ltd is in a downtrend, 38 weeks in. Its latest quarter's revenue rose 14.1% and profit rose 73.1% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 31 July 2026.
What stage is S H Kelkar & Company Ltd in?
Deteriorating — profit and EPS growth are shrinking (profit growth −52.4% latest against +4175.0% at its 12-quarter best), ROCE holding at 6.0%. The read comes from the last 12 quarters of growth (revenue growth +9.8% latest, profit growth −52.4% latest, eps growth −52.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.
Is S H Kelkar & Company Ltd in an uptrend?
No — the price is in a downtrend (week 38 of stage 4), trading +4.8% versus its 200-day average and at 35% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.
Is S H Kelkar & Company Ltd beating the market?
On recent form, yes — S H Kelkar & Company Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved −29% against the NIFTY 500's +276% — behind the index over the full window. — as of 31 July 2026.
Will S H Kelkar & Company Ltd's share price go up?
This page publishes no price forecast for S H Kelkar & Company Ltd. What it measures instead: the share price is ₹165, the price is in a downtrend 38 weeks in. Its P/E of 48.2× sits at the 98th percentile of its own 11-year range. — as of 31 July 2026.
Who owns S H Kelkar & Company Ltd?
Promoters hold 54.9% of S H Kelkar & Company Ltd, foreign institutions 5.9%, domestic institutions 6.0% and the public 33.2% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 5.7 points over 8 quarters. — as of 31 July 2026.
Does S H Kelkar & Company Ltd have too much debt?
It is moderate — S H Kelkar & Company Ltd's debt-to-equity is 0.76, and operating profit covers the interest bill 4×. FY26 borrowings were ₹1,029 Cr against equity of ₹1,361 Cr. Read the returns on this page with that leverage in mind — as of 31 July 2026.
What is S H Kelkar & Company Ltd's capex?
S H Kelkar & Company Ltd spent ₹641 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹398 Cr, with ₹96.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.
What is S H Kelkar & Company Ltd's cash flow?
S H Kelkar & Company Ltd generated ₹263 Cr of operating cash flow in FY26 and ₹−135 Cr of free cash flow after ₹398 Cr of capital spending. Reported profit that year was ₹69.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 31 July 2026.
Is S H Kelkar & Company Ltd's profit real cash?
Yes — over the last 3 fiscal years, 145% of S H Kelkar & Company Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹263 Cr against reported profit of ₹69.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 31 July 2026.
Where is S H Kelkar & Company Ltd in its business cycle?
S H Kelkar & Company Ltd's FY26 operating margin was 10.0%, against a 13-year band of 10.0%–18.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 13.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.
What could break the S H Kelkar & Company Ltd story?
The sharpest disagreement: annual EPS moved −5.5% against a −35.4% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.
Is S H Kelkar & Company Ltd a stock worth studying right now?
This is not investment advice. The machine read: S H Kelkar & Company Ltd's earnings have outrun its stock. EPS grew −5.5% in a year against a −35.4% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.