The company was incorporated as S.H.Kelkar & Co. Limited on July 1, 1955 at Mumbai under the Companies Act, 1913. The word “private” was added to the name of the company under section 43A (2A) of the Companies Act, 1956 on May 18, 2001. The name of the company was changed to S H Kelkar and Company Limited pursuant to conversion of the status of the company to a public limited company and a fresh certificate of incorporation consequent to change of name dated March 5, 2015 was issued by the RoC. The company is one of the largest fragrance and flavour companies in India by revenue. It is the largest domestic fragrance producer in India, with exports of fragrance products to 52 countries.  The Indian fragrance and flavour industry includes more than 1,000 companies, ranging from multinational companies, large Indian industrial houses to small-scale units and local manufacturers.

The company’s fragrance and flavour products are usually a blend of a number of ingredients and are created by its perfumers and flavourists to produce proprietary formulas. Fragrances and flavours are considered to be one of the important factors for consumers in deciding whether to repurchase a product and these factors often influence their decisions, thereby making them one of the key components of FMCG and integral part of product attributes. Utilizing its capabilities in consumer insight, research and product development and creative expertise, it collaborates with its customers to understand consumer preference and enhance value for their brands. The company has a large and diverse mix of over 4,100 customers, including leading national and multi-national FMCG companies, blenders of fragrances and flavours and fragrance and flavour producers.

The company’s fragrance products and ingredients are used as a raw material in personal wash, fabric care, skin and hair care, fine fragrances and household products. It has over 3,700 customers for its fragrance and fragrance ingredients products, including, among others, Godrej Consumer Products, Marico, Wipro Consumer Care and Lighting, Hindustan Unilever, VINI Cosmetics and J.K. Helen Curtis. The company has a strong and dedicated research team of 18 scientists operating in its facilities in Mumbai and Barneveld. The company’s research team has developed 12 molecules in recent past, of which it has filed patent applications for three. The company also has a team of 12 perfumers, two flavourists, evaluators and application executives at its five creation and development centers in Mumbai, Bengaluru, The Netherlands and Indonesia for the development of its fragrance and flavour products. Each of its creation and development centers has advanced technological equipment to develop, test and evaluate its products.

Business area of the company

The company is an emerging flavour producer in India with exports to 15 countries. Its fragrance manufacturing plants in Mumbai and Raigad in Maharashtra comply with the regulations of the International Fragrance Association (“IFRA”) and its flavour manufacturing plant in Raigad in Maharashtra is registered with the United States Food and Drug Administration (US FDA). The company has a long standing reputation in the fragrance industry developed in its 90 years of experience. It has a diverse range of products backed by its strong research and development capabilities.

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Market Cap	2,287 Cr	ROE	6.1%
P/E Ratio(TTM)	31.8	EPS(TTM)	0.0
P/B Ratio	2.0	Dividend Yield	1.2%
Industry P/E	61.2	Book Value	82.5
		Face Value	10.0

Fundamentals