S H Kelkar Approves FY26 Results, Appoints BSR & Co. as New Auditors

S H Kelkar posted consolidated revenue of ₹2,368.26 crore for the fiscal year ended March 31, 2026. The company reported a consolidated profit after tax of ₹73.01 crore for the same period, while its standalone operations incurred a net loss of ₹13.56 crore.

Reader Takeaway: Consolidated revenue strong; standalone loss signals operational divergence.

What just happened (today’s filing)

S H Kelkar and Company Limited's Board of Directors convened on May 15, 2026, to formally approve the audited financial results for the fiscal year ending March 31, 2026. The company announced that its statutory auditors, Deloitte Haskins & Sells LLP, have issued an unmodified opinion on these financial statements.

In a significant governance move, the Board appointed BSR & Co. LLP as the company's new statutory auditors. This appointment is for a substantial term of five years, commencing from the conclusion of the 70th Annual General Meeting (AGM), which is slated for July 31, 2026. New internal and cost auditors were also appointed for the upcoming fiscal year, FY 2026-27.

Why this matters

The approval of audited financial results provides a clear picture of the company's performance for FY26. The appointment of a new statutory auditor for a five-year term signals a long-term vision for financial oversight and transparency. BSR & Co. LLP is a well-regarded firm, suggesting a commitment to robust auditing practices going forward.

The backstory (grounded)

S H Kelkar and Company Limited is a prominent player in India's FMCG supply chain, specializing in the manufacturing of fragrances and flavours. The company has historically worked with Deloitte Haskins & Sells LLP as its statutory auditor. The transition to BSR & Co. LLP, a firm known for its extensive experience, indicates a strategic shift in audit partnership, aiming for continued compliance and credibility.

What changes now

• Shareholders receive the final audited financial performance for FY26, including consolidated revenue of ₹2,368.26 crore and profit of ₹73.01 crore.
• The company's statutory audit function will transition to BSR & Co. LLP for a significant five-year period.
• Internal and cost audit functions have been renewed for FY27 with new appointments.
• Investors will observe the company's performance and strategies discussed at the upcoming 70th AGM on July 31, 2026.
• The divergence between consolidated profitability and standalone losses warrants closer investor attention.

Risks to watch

The standalone net loss of ₹13.56 crore for FY26, contrasted with consolidated profits, highlights potential internal operational challenges or segment-specific pressures that require monitoring.

Peer comparison

While direct listed peers with a sole focus on fragrances and flavours are few, companies like Galaxy Surfactants and Privi Speciality Chemicals operate in adjacent spaces within the specialty chemicals and FMCG ingredient sectors. Their performance metrics and growth trajectories offer a broader industry context for S H Kelkar's segment.

Context metrics (time-bound)

• Consolidated revenue grew from ₹2,137.95 crore in FY25 to ₹2,368.26 crore in FY26.
• Consolidated profit after tax increased from ₹54.81 crore in FY25 to ₹73.01 crore in FY26.

What to track next

• Key resolutions and management commentary at the 70th Annual General Meeting on July 31, 2026.
• The initial reports and auditor's statements from the new statutory auditors, BSR & Co. LLP, in subsequent financial filings.
• Performance trends and recovery efforts for the standalone business operations.
• Any forward-looking guidance or strategic initiatives discussed by the management post the AGM.