We are enclosing herewith the transcript of the Conference Call for Investors and Analysts for Q1 FY27 results

August 4, 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 Q1 FY27 results organized virtually by the Company on Wednesday, July 29, 2026 at 03:00 P.M. IST. The transcript is also available on the website of the Company at https://keva.co.in/investor- updates/#92-255-q1-fy-2025-26-1 Please note that no unpublished price sensitive information was shared by the Company during the said conference call.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 Q1 FY 2027 Earnings Conference Call July 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the S H Kelkar & Company Limited’sEarningsConferenceCall. As a reminder, all participant lines will remain in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Shouldyouneedassistanceduringthisconferencecall,pleasesignaltheoperator by pressing star, then zero on your touch-tone telephone. Please note that this conferenceisbeingrecorded. I will now hand the conference over to Mr. Mit Shah from CDR India for opening remarks.Thankyou,andovertoyou. MitShah: Thank you, Ryan. Good afternoon, everyone, and thank you for joining us on S H Kelker&CompanyLimited'sQ1FY2027EarningsConferenceCall. 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 ChiefFinancialOfficerofthecompany. Wewillbeginthecallwithbriefopeningremarksfromthemanagement,following whichwewillopentheforumforaQ&Asession.Beforewebegin,Iwouldliketo pointoutthatcertainstatementsmadeintoday'scallcouldbeforward-lookingin nature, and a disclaimer to this effect has been included in the earnings presentationsharedwithyouearlier. IwouldliketoinviteMr.Vazetogivehisopeningremarks.Thankyou,andoverto you,sir. KedarVaze: Good afternoon, everyone, and thank you for joining us for the S H Kelkar & Companyearningscallforthefirstquarterfinancialyear2027. Wearepleasedtohavebeguntheyearwithasustainedsolidperformanceandan encouraging revenue growth accompanied by improvement in the operating profitability.However,theoperatingenvironmentcontinuestowarrantcaution. Q1FY2027EarningsConferenceCall Page 1 of 14 Geopolitical developments in West Asia have kept energy, freight and generally tradevolatilityremainshigh.Atthistime,thefundamentaldemanddriversofour industryintheconsumers'preferencesoffragranceandtasteacrosspersonalcare, home care and food categories have remained intact and continued to grow, but wearecautiousontheoverallenvironment. We,therefore,arenotlookingtopredicttheenvironmentandthemacroeconomic growth, but to be prepared for rapid changes. Our long-term priorities are unchanged.Ourdeepeningcustomerintimacy,expandingtheopportunitypipeline and we have invested ahead of demand in the R&D and Creative Development Centersandmanufacturingcapabilities. These investments carry near-term costs, but they are what position us to win larger briefs, anticipate evolving consumer preferences and build durable differentiatedpositionsacrosscategoriesandnewmarkets,especiallyinEuropean andAmericanmarkets. We are making these investments with discipline and with a clear line of sight to therevenueopportunitiestheyaredesignedtounlock.Weremainequallyfocused on supply continuity and service levels to our existing clients, areas where our proactive planning has allowed us to support customers without any interruption despitethefluidglobalsupplyenvironment. With that, let me hand over to Jagdish to take you through the financial performanceingreaterdetail.Overtoyou,Jagdish. JagdishAgarwal: Thankyou,Kedar.Goodafternoon,everyone,andthankyouforjoiningus. The consolidated revenue from operations grew 14% Y-o-Y to Rs. 662 crore. The FragrancesegmentdeliveredhealthygrowthledbyEuropeandselectinternational markets. We are particularly pleased with our performance given the subdued consumerbackdropinpartsofthedevelopedworld. The Flavour segment recorded a strong broad-based growth across geographies andwasakeycontributortothequarter.Iwouldnotethataportionofthisgrowth reflects the timing of certain customer orders and the pace of the growth should therefore be read on an annualized basis rather than extrapolated from a single quarter. Gross margins were stable year-on-year, supported by a favourable product mix and proactive raw material planning. An outcome we consider satisfactory given the volatility in select input prices. Consolidated EBITDA rose 21% to Rs. 89 crore withEBITDAmarginimprovingto13.4%from12.6%inthecorrespondingquarter lastyear,aidedbyoperatingleverageonthehigherrevenuebase. Page 2 of 14 Q1FY2027EarningsConferenceCall Within the Fragrance segment, reported profitability absorbed higher operating expenseslinkedtothecontinuedstrengtheningofourR&Dcapabilitiesandglobal CDC network. These are deliberate growth-oriented investments and while they willweighonsegmentmarginsuntilthecorrespondingrevenuescaleup,theyare central to the quality and durability of our future growth. The Global Ingredients business saw a softer quarter on lower demand in select export markets, and we arewatchingthisclosely. Onthebalancesheet,netdebtincreasedbyRs.65croreduringthequartertoRs. 852 crore as of June 2026. This reflects 2 conscious decisions: strategic inventory buildup to ensure supply security for our customers in uncertain geopolitical environment and continued capital deployment towards capacity expansion and growthinitiatives.Whilewecontinuetonavigatenear-termheadwinds,weremain firmlycommittedtodeleveraginginthemediumtolongterm. During the quarter, we recognized exceptional income of approximately Rs. 30 croretowardstheinsuranceclaimrelatingtothefireincident.Theclaimprocessis progressingwell,andweexpectfullsettlementwithinthecurrentfinancialyear. LookingaheadthroughFY27,thepaceofrevenuegrowthmayvaryacrossquarters depending on the timing of demand and orders and geopolitical situations. Notwithstandingthesequarterlyvariations,thecurrentbusinessmomentumkeeps us on track to deliver double-digit revenue growth and improved margins for the fullyear.Weremainfocusedonbalancinggrowthwithfinancialdisciplinethrough appropriate pricing and cost management initiatives, improved cash conversion andprudentcapitalallocation. Withthat,Iwouldrequestthemoderatortoopentheforumforquestions.Thank you. Moderator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. We take the first question from the line of Abhijit Akella from Kotak InstitutionalEquities.Pleasegoahead. AbhijitAkella: Good afternoon. Thank you so much and congratulations on an improvement in thisquarter'snumbers.Iwasjusthopingtodigdeeperintoacoupleofareas.One was on the revenue growth front. First of all, Flavours, as you pointed out, has grown extremely strongly, maybe some lumpy orders this quarter. Would it be possibletosharesomeoutlookforthefullyearintermsofwhatyourbudgetsare for that business just in terms of revenue growth for the full year, just so we get someperspectiveofhowtherestoftheyearmightbe? And then on the Fragrances side, the India piece seems to be a little bit soft, flat revenues year-on-year. But is that mainly because of a high base from last year's [Showing first 8,000 characters — download PDF for full document]