Please refer enclosed file

November 06, 2026 To To The Manager The Manager The Department of Corporate Services The Listing Department BSE Limited National Stock Exchange of India Limited Floor 25, P. J. Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip Code: 539450 Scrip Symbol: SHK Dear Sir/ Madam, Sub: Transcript of Conference Call for Investor and Analysts Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the transcript of the conference call for investors and analysts on the Q2 & H1 FY27 results, organized virtually by the Company on Tuesday, November 03, 2026 at 02:00 P.M. IST. The transcript is also available on the website of the Company at https://keva.co.in/investor- docs/262/q2/157191/transcript-of-concall-q2-fy27.pdf. Please note that no unpublished price sensitive information was shared by the Company during the said conference call. This intimation is also being uploaded on the Company’s website at www.keva.co.in. You are requested to take the same on record. Thanking you, Yours faithfully, For S H Kelkar and Company Limited Deepti Chandratre Global Legal Counsel and Company Secretary Encl: As above S H Kelkar and Company Limited Q2 & H1 FY 2027 Earnings Conference Call November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to S H Kelkar and Company Limited Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Anoop Poojari from CDR India. Thank you, and over to you, Mr. Poojari. Anoop Poojari: Thank you. Good afternoon, everyone, and thank you for joining us on SH Kelkar & Company Limited's Q2 and H1 FY 2027 Earnings Conference Call. We have with us Mr. Kedar Vaze, Whole-Time Director and Group CEO; Mr. B. Ramakrishnan, CEO, Fragrances, Asia and U.S.A.; and Mr. Jagdish Agarwal, Group Chief Financial Officer of the company. We will begin the call with opening remarks from the management, following which we will have the forum open for a question-and-answer session. Before we start, I would like to point out that some statements made in today's call may be forward- looking in nature, and a disclaimer to this effect has been included in the earnings presentation shared with you earlier. I would now like to invite Kedar to make his opening remarks. Kedar Vaze: Good afternoon, everyone, and thank you for joining us for the S H Kelkar and Company Earnings Call for second quarter and first half of financial year 2027. Our first half performance has been encouraging with good momentum across our businesses. The Fragrance segment reported revenue growth of 11.9% in the first half of 27, driven by India and international markets. Excluding the impact of the low-margin business we hived off in quarter 4 of 26, the annual revenue of which was roughly Rs.50 crore, the underlying growth was about 14%. Our priorities remain to leverage our creative and technical expertise, respond to evolving Q2 & H1 FY 20 27 Earnings Conference Call Page 1 of 16 customer requirements and strengthen our presence across key markets, especially new investment areas in Europe and America. The Flavour business continued to perform well, recording strong growth of 47% during the first half. Business has benefited from demand across domestic and international markets. We continue to see significant long-term potential in this segment and remain focused on expanding our contribution to this business through innovation and continued development in application centers. Over the past few years, you know we have invested significantly in building the global creative technical and manufacturing capabilities across developed markets in Europe and America. Our focus now to consolidate these gains, harness them for sustained growth by bringing new products to the market at a faster pace. Looking ahead, while the external environment is likely to remain dynamic, our strategic direction remains unchanged. We remain focused on reinforcing our position as a globally competitive technology-led Fragrance and Flavour company to leverage our innovation capabilities and scientific expertise and integrated global platform to deliver sustainable, profitable growth over the long term. Our continued research in proprietary molecules, formulation technologies and sustainable ingredients will be our key differentiator as we grow confidently to the new geographies that we are expanding. With that, let me hand over to Jagdish to take you through the financial performance in greater detail. Over to you, Jagdish. Jagdish Agarwal: Thank you, Kedar. Good afternoon, everyone, and thank you for joining us. Let me take you through the financial performance for the second quarter and first half of FY27. The consolidated revenue from operations grew by 15% Y-o-Y to Rs.636 crore in second quarter of FY27, taking H1 revenue to Rs.1,299 crore, an increase of 14%. EBITDA for the first half increased by 33% to Rs.168 crore with EBITDA margins improving to 13%. At the consolidated level, gross margins remained broadly stable during first half of FY27 amid volatility in raw material prices and global sourcing conditions. Protecting profitability has remained a key priority, supported by proactive raw material planning, appropriate pricing actions, operational efficiencies and continued cost optimization. These measures have helped us manage input cost pressures and maintain operating performance in a challenging environment. Within the Fragrance segment, H1 revenue grew by 11.9% Y-o-Y to Rs.1,088 crore. Growth was broad-based across geographies. The Flavour segment maintained its Page 2 of 16 Q2 & H1 FY 2027 Earnings Conference Call strong growth trajectory with H1 revenue increasing by 47% on a Y-o-Y basis to Rs.184 crore. The Flavours performance was supported by sustained demand and deeper customer engagement across domestic and international markets. The higher revenue base also contributed to an improvement in segment profitability. While we remain encouraged by the performance of this business, the pace of growth may vary across quarters depending on the timing of customer orders. Moving to the balance sheet. Net debt stood at Rs.911 crore as of September 30, 2026. During the first half, we constantly maintained high inventory levels to ensure supply continuity and meet customer commitments amid uncertainties in global sourcing and raw material availability. This increased working capital. We expect September debt level to represent a peak for the year with the reduction anticipated by March 2027 as we optimize inventory levels. Given the current financial year, our objective is to progressively improve cash generation and reduce debt on a year-on-year basis, thereby strengthening our balance sheet and enhancing financial flexibility. Looking ahead, our focus will remain on sustaining operating performance, protecting profitability and improving working capital efficiency. We believe these priorities will support continued business growth while strengthening our financial position over the long term. With that, I would request the moderator to open the forum for questions. Thank you. Moderator: Thank you very much. Your first question comes from the line of Abhijit Akella from KIE. Please go ahead. Abhijit Akella: Hi, good afternoon. Thank you so much for taking my questions. First one was just if you could please share an update on the major capex projects, the new projects underway, both in India and abroad. What are the timelines for these? And yes, how you see the ramp-up going? Kedar Vaze: The capex in Europe is almost all done. So, the factory is put to use since May [Showing first 8,000 characters — download PDF for full document]