S H Kelkar and Company Limited (NSE: SHK), India’s largest fragrance and flavours manufacturer, has posted consolidated revenue of Rs 2,110 crore for FY25, marking a 15% year-on-year growth, according to its Q4 business update released on April 3.
The robust growth was driven by strong momentum across key business segments, especially in small and mid-sized accounts. The company also witnessed consistent performance in its European operations.
However, gross margins remained under pressure due to continued supply chain disruptions in select raw materials. The company stated that easing input costs and price adjustments are likely to support margin expansion in FY26.
As of March 31, 2025, the company’s net debt stood at Rs 670 crore. Notably, S H Kelkar received an interim insurance claim settlement of Rs 95 crore on April 2, which was not factored into the closing net debt figure.
Addressing concerns around recent US trade developments, S H Kelkar clarified that it has limited exposure to the US market and does not foresee any material impact from the 26% reciprocal tariffs imposed by the US on Indian exports.
Additionally, the company has entered into a Share Purchase Agreement to divest its 40% stake in NuTaste Food and Drink Labs. The provisional Q4 figures do not include this business.