S H Kelkar and Company Limited — Investor Meet, 27-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

S H Kelkar reported 15% revenue growth in FY25, driven by 19% and 43% increases in its Fragrance and Flavour segments, powered by strong domestic demand and global MNC accounts. Margins faced pressure from supply issues but are expected to improve with price hikes and raw material availability. New facilities at Vashivali and Vanavate are on track, supporting efficiency. Guidance includes 12%+ revenue CAGR in FY26 and EBITDA margin expansion from ~15% to 18-20% by FY27. Rs. 200 Cr CAPEX is planned, partly funded by insurance claims. Global centre expansions in Germany, the UK, and the US aim to add Rs. 250-300 Cr revenue over three years. Growth in the Global Ingredients business will focus on niche opportunities amid China-plus-one trends, while domestic growth remains steady and contract manufacturing stable. Management remains confident of sustained growth and margin improvement.