S H Kelkar and Company Limited — Investor Meet, 21-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Company reported Q4 adjusted EBITDA of ₹83 Cr (13.5% margin), with FY26 EBITDA at 10.2%. Management targets 13%+ adjusted EBITDA for H1 FY27 and aims for over ₹300 Cr for FY27. Operational highlights: Almere factory is fully live, Vanavate facility coming soon. The company exited around ₹50 Cr of annual low-margin business. Despite 12-13%+ raw material cost hikes, 42%+ gross margins are targeted for H1 FY27 via cost pass-throughs and inventory. Growth is fueled by new markets like US ($1 million orders) and enhanced European capacity. Debt stands at ₹851 Cr; FY27 capex is ₹140 Cr. The outlook is cautiously optimistic, emphasizing efficiency and market share amid geopolitical and inflationary headwinds.