S.H Kelkar & Company Ltd

sh kelkar

About the Company:

S H Kelkar and Company (Headquartered in Mumbai) is the largest Indian-origin Fragrance & Flavour Company in India.

Established over 90 years back in 1922, Keva is one of the largest Indian fragrance and flavour companies.

Company operates state-of-the-art manufacturing facilities for both domestic and global markets.

The company has, over the years, created a large library of product formulations and is currently a supplier of 9,700 fragrance, ingredients and flavours products.

Over the years, SHK has developed a vast product portfolio of fragrances and flavor products for the FMCG, personal care, pharmaceutical and food & beverages industry.

The Company has a diverse and large client base of over 4,100 customers including leading national and multi-national FMCG companies, blenders of fragrances & flavors and fragrance & flavor producers.

Company has over 4,100 customers for fragrance and fragrance ingredients products, including, among others, Godrej Consumer Products Limited, Marico Limited, Wipro Consumer Care , Hindustan Unilever Limited, VINI Cosmetics Private Limited and J.K. Helen Curtis Limited.

The Company has a strong and dedicated team of scientists, perfumers, flavourists, evaluators and application executives at its facilities and five creation and development centers in Mumbai, Bengaluru, Netherlands and Indonesia for the development of fragrance and flavour products.

The Company offers products under “SHK”, “Cobra” and “Keva” brands.


Company’s Flavour division:

The flavour products are developed, manufactured and marketed by the company are often key ingredients in baked goods, dairy products, beverages and pharmaceutical products.

Flavour products are manufactured in liquid or encapsulated form and are categorised as natural, nature identical or artificial flavours.

Company has a diverse portfolio of over 1,100 flavour products.


Company’s flavour portfolio consists of products in the following categories:

Baked Goods: Company manufactures flavours such as cardamom, strawberry and chocolate, among others for several baked goods such as biscuits, cookies, crackers and cakes.

Dairy: Company manufactures flavours such as mango, vanilla and saffron, among others for several dairy products such as ice creams, milkshakes, smoothies, yoghurt and flavoured milk.

Beverages: Company manufactures flavours such as ginger, rose, watermelon and mojito, among others for several beverages such as tea, juices, powdered drinks and sodas.

Pharmaceuticals: Company manufactures flavours such as cherry, grenadine and mint among others for several pharmaceutical products such as syrups, tables, powders and suspensions to mask the bitter taste of pharmaceutical ingredients.

Fragrance Division:

Company’s fragrance portfolio consists of products in the following categories:

Personal Wash: We manufacture fragrance compounds for personal wash products such as toilet soap, shower gels and hand wash.

Fabric Care: We manufacture fragrance compounds for fabric care products such as detergents and fabric softeners.

Skin and Hair Care: We manufacture fragrance compounds for skin and hair care products such as creams, shampoos and hair oil.

Fine Fragrances: We manufacture fragrance compounds for fine fragrances such as deodorants and perfumes.

Home Care Products: Our products are used by our customers in manufacturing several home care products, including, air care, floor cleaners and toilet cleaners.

Fragrance and Flavour Blends: Our products are used by our customers to blend with other ingredients and raw materials in manufacturing their products, including other fragrances and flavours.


Also Watch (Detailed Analysis Inside this Video):


Positives for the Company:

  • Experienced Promoters and Management Team.
  • Established Market Leadership and Brand Name.
  • Comprehensive Product Offering and Diverse Customer Base.
  • Strong In-house Research and Development team.
  • Continue to Grow our Market Share
  • To accelerate growth through strategic acquisitions and partnerships.
  • Net cash positive – Balance Sheet will further strengthen, owing to notable Free Cash Flow generation.
  • Consistent Dividend Payer.
  • CMP is around Rs.277 and Market cap is around Rs.4000 cr. ($615 million)


Knowledge Corner: (Click on the Link)

How to become a Successful Investor?
Questions to Ask Before You Buy a Stock?
Guidelines for Investing in IPOs
Important Tips For Investing in an IPO.
Frequently Asked Questions on IPO.
Important Ratios you Should Know.
NSE & BSE Holiday List For the Year 2021


Find the List of Upcoming IPOs in 2021:

Upcoming IPOs in 2021 (Click on the below Link)



Find the Holiday List for Stock Market in 2021:

NSE & BSE Holiday List 2021 (Click on the below Link)