S H Kelkar and Company Limited — Quarter ended March 31, 2026 (with comparative periods)
This document includes audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, along with audited consolidated balance sheet, consolidated statement of cash flows, consolidated segment-wise revenue/assets/liabilities, and audited standalone balance sheet and cash flows.
| Particulars | Quarter Ended 31.03.2026 (Refer Note-9) | 31.12.2025 Unaudited | 31.03.2025 (Refer Note-9) | 31.03.2026 Audited | 31.03.2025 Audited |
|---|---|---|---|---|---|
| 1 Income | |||||
| (a.) Sales | 626.43 | 564.38 | 543.78 | 2,284.33 | 2,042.46 |
| (b.) Sales – Contract manufacturing (Refer note 5) | 20.90 | 16.75 | 20.66 | 74.32 | 70.26 |
| (c.) Other operating income | 2.61 | 2.67 | 2.94 | 9.61 | 10.68 |
| Revenue from operations | 649.94 | 583.80 | 567.38 | 2,368.26 | 2,123.40 |
| 2 Other income (Refer note 4) | 7.28 | 1.12 | 1.66 | 9.53 | 23.85 |
| 3 Total income (1 + 2) | 657.22 | 584.92 | 569.04 | 2,377.79 | 2,147.25 |
| 4 Expenses | |||||
| (a.) Cost of materials consumed | 384.35 | 305.18 | 283.62 | 1,347.76 | 1,251.00 |
| (b.) Changes in inventories of finished goods and work-in-progress | (8.20) | 16.97 | 30.11 | (27.99) | (112.03) |
| (c.) Contract manufacturing cost of goods sold (Refer note 5) | 16.91 | 13.40 | 16.67 | 60.30 | 56.90 |
| (d.) Employee benefits expense | 102.76 | 93.08 | 75.56 | 360.56 | 289.91 |
| (e.) Finance costs | 15.03 | 13.50 | 12.89 | 55.51 | 49.42 |
| (f.) Depreciation and amortisation expense | 38.63 | 26.99 | 24.68 | 119.37 | 94.70 |
| (g.) Other expenses | 94.09 | 99.08 | 87.99 | 385.83 | 340.61 |
| Total expenses | 643.57 | 568.20 | 531.52 | 2,301.34 | 1,970.51 |
| 5 Profit before tax, exceptional items and Share of loss in Associates (3-4) | 13.65 | 16.72 | 37.52 | 76.45 | 176.74 |
| 6 Share of profit / (loss) of an Associate (net of tax) | 0.95 | (0.75) | 0.17 | 0.04 | (1.38) |
| 7 Profit before tax and exceptional items from continuing operations (5+6) | 14.60 | 15.97 | 37.69 | 76.49 | 175.36 |
| 8 Exceptional Items – gain/(loss) (Refer note 3) (net) | – | 33.07 | 59.32 | 35.92 | (60.55) |
| 9 Profit before tax from continuing operations (7+8) | 14.60 | 49.04 | 97.01 | 112.41 | 114.81 |
| 10 Tax expense | |||||
| Current tax | 10.82 | 14.75 | 9.80 | 49.23 | 51.36 |
| Short/(Excess) provision in respect of earlier years | 0.28 | (0.20) | (0.47) | (0.19) | (0.14) |
| Deferred tax | 1.70 | 1.86 | (14.83) | (5.78) | (10.49) |
| Total tax expense | 12.80 | 16.41 | (5.50) | 43.26 | 40.73 |
| 11 Profit from continuing operations (9-10) | 1.80 | 32.63 | 102.51 | 69.15 | 74.08 |
| 12 Loss from discontinued operations | – | – | – | – | (1.07) |
| 13 Loss from discontinued operations (after tax) | – | – | – | – | (1.07) |
| 14 Profit for the period / year (11+13) | 1.80 | 32.63 | 102.51 | 69.15 | 73.01 |
| 15 Other Comprehensive Income/(Loss) | |||||
| Items that will not be reclassified to profit or loss | 1.37 | (0.62) | (0.78) | 0.12 | (1.67) |
| Income tax relating to items that will not be reclassified to profit or loss | (0.35) | 0.17 | 0.19 | (0.02) | 0.41 |
| Items that will be reclassified to profit or loss | 5.14 | 6.17 | 5.02 | 48.44 | (2.55) |
| Income tax relating to items that will be reclassified to profit or loss | (0.20) | – | 0.24 | (0.01) | 0.04 |
| Total Other comprehensive Income/(Loss) | 5.96 | 5.72 | 4.67 | 48.53 | (3.77) |
| 16 Total comprehensive Income for the period / year (14+15) | 7.76 | 38.35 | 107.18 | 117.68 | 69.24 |
| 17 Net Profit/(Loss) attributable to: | |||||
| – Owners | 1.85 | 32.66 | 102.52 | 69.26 | 73.24 |
| – Non Controlling Interests | (0.05) | (0.03) | (0.01) | (0.11) | (0.23) |
| 18 Other comprehensive Income attributable to: | |||||
| – Owners | 5.93 | 5.55 | 4.67 | 48.35 | (3.76) |
| – Non Controlling Interests | 0.03 | 0.17 | – | 0.18 | (0.01) |
| 19 Total comprehensive Income/(loss) for the period attributable to: | |||||
| – Owners | 7.78 | 38.21 | 107.19 | 117.61 | 69.48 |
| – Non Controlling Interests | (0.02) | 0.14 | (0.01) | 0.07 | (0.24) |
| 20 Paid-up equity share capital (Face Value of ₹ 10 each) | 138.42 | 138.42 | 138.42 | 138.42 | 138.42 |
| 21 Reserves excluding revaluation reserves as at Balance sheet date | 1,223.47 | 1,133.54 | |||
| 22 Earnings per share (Face Value of ₹ 10 each) (not annualised for the quarter): | |||||
| (a) Basic and diluted earning per share from continuing operations (EPS) (₹) | 0.13 | 2.36 | 7.41 | 5.00 | 5.37 |
| (b) Basic and diluted earning per share from discontinued operations (EPS) (₹) | – | – | – | – | (0.06) |
| (c) Basic and diluted earning per share from continuing and discontinued operations (EPS) (₹) | 0.13 | 2.36 | 7.41 | 5.00 | 5.31 |
| Particulars | As at March 31, 2026 | As at March 31, 2025 |
|---|---|---|
| A ASSETS | ||
| 1 Non-current assets | ||
| Property, plant and equipment | 464.46 | 367.28 |
| Capital work-in-progress | 90.42 | 38.52 |
| Right of use asset | 177.74 | 93.12 |
| Investment property | 0.53 | 0.55 |
| Goodwill | 360.54 | 310.90 |
| Other intangible assets | 178.79 | 180.72 |
| Intangible assets under development | 6.08 | 7.53 |
| Financial assets – Investments | 11.21 | 11.16 |
| Financial assets – Other financial assets | 29.04 | 15.76 |
| Deferred tax assets (net) | 29.24 | 25.09 |
| Current tax assets (net) | 63.82 | 50.37 |
| Other non-current assets | 31.45 | 8.04 |
| Total non-current assets | 1,443.32 | 1,109.04 |
| 2 Current assets | ||
| Inventories | 665.14 | 717.73 |
| Financial assets – Trade receivables | 635.02 | 505.86 |
| Financial assets – Cash and cash equivalents | 64.30 | 86.45 |
| Financial assets – Other bank balances | 0.63 | 0.33 |
| Financial assets – Loans | 10.14 | 8.24 |
| Financial assets – Other financial assets | 2.27 | 99.95 |
| Other current assets | 92.37 | 157.29 |
| Total current assets | 1,469.87 | 1,575.85 |
| TOTAL ASSETS | 2,913.19 | 2,684.89 |
| B EQUITY AND LIABILITIES | ||
| 1 Equity | ||
| Equity share capital | 138.42 | 138.42 |
| Other equity | 1,223.47 | 1,133.54 |
| Equity attributable to owners of the Company | 1,361.89 | 1,271.96 |
| Non-controlling interest | 0.54 | 0.47 |
| Total equity | 1,362.43 | 1,272.43 |
| 2 Liabilities | ||
| Non-current liabilities | ||
| Financial liabilities – Borrowings | 211.59 | 174.68 |
| Financial liabilities – Lease liabilities | 137.61 | 63.09 |
| Financial liabilities – Other financial liabilities | 1.22 | 1.89 |
| Provisions | 2.68 | 0.46 |
| Deferred tax liabilities (net) | 38.98 | 41.02 |
| Total non-current liabilities | 392.08 | 281.14 |
| Current liabilities | ||
| Financial liabilities – Borrowings | 639.38 | 570.17 |
| Financial liabilities – Lease liabilities | 40.34 | 24.30 |
| Trade payables – total outstanding dues of micro enterprises and small enterprises | 25.09 | 18.59 |
| Trade payables – total outstanding dues of creditors other than micro enterprises and small enterprises | 306.28 | 381.38 |
| Other financial liabilities | 67.58 | 64.82 |
| Other current liabilities | 43.35 | 37.71 |
| Provisions | 23.13 | 21.40 |
| Current tax liabilities (net) | 13.53 | 12.95 |
| Total current liabilities | 1,158.68 | 1,131.32 |
| Total Liabilities | 1,550.76 | 1,412.46 |
| TOTAL EQUITY AND LIABILITIES | 2,913.19 | 2,684.89 |
| Particulars | 31.03.2026 Audited | 31.03.2025 Audited |
|---|---|---|
| A. Cash flows from operating activities | ||
| Profit before tax from continuing operations | 112.41 | 114.81 |
| (Loss) before tax from discontinued operations | – | (1.07) |
| Adjustments for : | ||
| Exceptional (Gain)/Loss | (2.85) | 60.55 |
| Depreciation and amortization | 119.37 | 94.70 |
| Interest income | (0.81) | (0.92) |
| Gain on sale of investment at FVTPL (Mutual Fund) | (0.39) | (0.39) |
| Gain on sale of investment in subsidiary (including fair value gain on remeasurement of remaining interest) | – | (19.93) |
| Share of (Profit)/Loss from Associate | (0.04) | 1.38 |
| (Gain)/Loss on sale of Property Plant and Equipment, Investment Property, Intangible assets | (0.06) | 0.25 |
| Inventory write down | 10.26 | 0.56 |
| Finance cost | 55.51 | 49.42 |
| Provision on trade and other receivables | 6.13 | 1.15 |
| Liabilities no longer required written back | (3.00) | (0.85) |
| Bad debts written off | 1.46 | 1.94 |
| Loss on Financial assets at FVTPL (Derivatives) | 2.67 | 2.00 |
| Loss on Foreign exchange (net) | 5.89 | 5.48 |
| Operating profit before working capital changes | 306.55 | 309.08 |
| Changes in working capital | ||
| (Increase) in trade and other receivables | (104.19) | (31.44) |
| (Increase) in loans and advances | (1.90) | (4.60) |
| Decrease/(Increase) in inventories | 55.48 | (122.81) |
| Decrease/(Increase) in other current assets | 168.46 | (169.28) |
| (Increase) in Non current assets | (0.13) | (2.83) |
| (Increase) in Security deposits | (12.43) | – |
| (Decrease)/Increase in trade and other payables | (89.43) | 91.54 |
| Increase in Provision | 3.14 | 0.56 |
| Net change in working capital | 19.00 | (238.86) |
| Cash flows generated from operating activities before taxes | 325.55 | 70.22 |
| Direct taxes paid (Net) | (62.42) | (54.48) |
| Net cash flows generated from operating activities (A) | 263.13 | 15.74 |
| B. Cash flows from investing activities | ||
| Purchase of Property, plant and equipment, investment property and intangibles assets (including capital work in progress and intangible assets under development) | (206.47) | (95.73) |
| Proceeds from sale of Property, plant and equipment and investment property | 0.06 | – |
| Net (investment in)/proceeds from sale of mutual funds | (2.28) | 8.36 |
| Net proceeds from sale of investment in subsidiary | – | 12.51 |
| (Decrease)/Increase in other bank balances | (0.31) | 1.45 |
| Interest received | 0.72 | 1.13 |
| Sale of Scrap of property, plant and equipment | 2.85 | – |
| Net cash flows (used in) investing activities (B) | (205.43) | (72.28) |
| C. Cash flows from financing activities | ||
| Proceeds from Long term borrowings | 82.76 | 134.77 |
| Repayment of Long term borrowings | (37.18) | (91.53) |
| Proceeds of Short term borrowings | 717.42 | 637.59 |
| Repayment of Short term borrowings | (806.01) | (494.36) |
| Payment of lease obligations (including interest) | (35.23) | (32.41) |
| Dividend Paid | (27.67) | (10.38) |
| Finance cost paid | (52.07) | (44.39) |
| Net cash flows (used in)/generated from financing activities (C) | (157.98) | 99.29 |
| D. Net (Decrease)/Increase in cash and cash equivalents ( A + B + C ) | (100.28) | 42.75 |
| E. Cash and cash equivalents (at the beginning of the year) | 20.26 | (25.30) |
| Add: Change in Bank balance due to loss of control | – | 4.56 |
| F. Effect of exchange rate changes on cash and cash equivalents | (4.06) | (1.75) |
| G. Cash and cash equivalents at the end of the year (D+E+F) | (84.08) | 20.26 |
| Cash and |