S H Kelkar FY26 Profit ₹73 Cr on ₹2,368 Cr Revenue; BSR & Co. Appointed New Auditors

FY26 Revenue ₹2,368.26 crore; FY26 Net Profit ₹73.01 crore.
Reader Takeaway: FY26 profit surge signals recovery; weak Q4 profit raises concern over sustained turnaround momentum.

What just happened (today’s filing)

S H Kelkar and Company Ltd has declared its audited financial results for the fiscal year ending March 31, 2026.

The company reported a consolidated revenue from operations of ₹2,368.26 crore.

Net profit for the full fiscal year stood at ₹73.01 crore, a significant improvement.

However, the fourth quarter (ended March 31, 2026) saw a net profit of ₹1.80 crore on revenues of ₹649.94 crore, indicating a sharp dip.

A key announcement includes the appointment of BSR & Co. LLP as the new statutory auditors for a five-year term.

Ernst & Young LLP and Kishore Bhatia & Associates were also appointed as internal and cost auditors, respectively, for FY27.

Why this matters

The full-year profit indicates successful operational performance over the fiscal year.

The Q4 profit dip warrants investor attention to understand its causes and potential short-term headwinds.

The appointment of a Big 4 firm like BSR & Co. LLP as statutory auditors is a positive step for corporate governance and financial credibility.

The backstory (grounded)

S H Kelkar and Company Limited is a leading Indian manufacturer specializing in fragrances and flavours, serving diverse industries globally.

Previously, the company's statutory audits were conducted by M/s. Brahmayya & Co.

The transition to BSR & Co. LLP (part of Deloitte), a globally recognized audit firm, is a significant move aimed at enhancing audit quality and compliance standards.

What changes now

Shareholders gain assurance from a reputed statutory auditor overseeing financial reporting.

The company will undergo audits by BSR & Co. LLP for the next five years.

This auditor change could signal a renewed focus on financial discipline and transparency.

The board oversight structure is reinforced with new internal and cost auditors for FY27.

Risks to watch

The sharp decline in net profit during Q4 FY26 needs thorough investigation for underlying causes.

Any disruption or learning curve associated with the transition to new statutory auditors could pose a short-term risk.

Sustaining the positive full-year profit trend amidst potential economic uncertainties remains a key challenge.

Peer comparison

S H Kelkar's revenue of ₹2,368.26 crore for FY26 places it as a significant player in the Indian fragrance and flavour market.

Competitors like Eternis Fine Chemicals (formerly Privi Organics) and Oriental Aromatics Ltd operate in related segments, facing similar market dynamics and raw material price volatility.

The scale of S H Kelkar's operations, as reflected in its annual revenue, appears larger than some of its direct listed peers.

Context metrics (time-bound)

Revenue from operations for FY26 stood at ₹2,368.26 crore (Standalone, FY2025-2026).

Net profit for FY26 was ₹73.01 crore (Standalone, FY2025-2026).

Revenue from operations for Q4 FY26 was ₹649.94 crore (Standalone, Jan-Mar 2026).

Net profit for Q4 FY26 was ₹1.80 crore (Standalone, Jan-Mar 2026).

What to track next

The outcome of the Annual General Meeting on July 31, 2026, where members will formally approve the appointment of BSR & Co. LLP.

The commencement and findings of the statutory audit by BSR & Co. LLP for the upcoming financial periods.

Performance metrics for Q1 FY27 to gauge the impact of the Q4 dip and sustained revenue/profitability.

Management commentary on the Q4 profit performance and future outlook.