Shareholders meeting

July 01, 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: Annual Report for the Financial Year 2025-26 and Notice of 70th Annual General Meeting of the Company Further to the letters dated May 15, 2026 and June 26, 2026 wherein the Company had informed that the 70th Annual General Meeting of the Company will be held on Friday, July 31, 2026 at 4:30 p.m. Indian Standard Time (IST) through Video Conferencing/Other Audio Visual Means and in compliance with Regulations 30, 34 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), please find enclosed herewith the following: - Notice of the 70th Annual General Meeting of the Company (“AGM Notice”); and - Annual Report of the Company for the Financial Year 2025-26 The aforementioned documents can be accessed/downloaded from the weblinks given below: AGM Notice: https://keva.co.in/investor-docs/259/70th-agm-2026/157095/shk-70th-agm-notice.pdf Annual Report: https://keva.co.in/investor-docs/235/fy-2025-2026/157094/shk-annual-report-fy-2025-26.pdf The AGM Notice and Annual Report are being sent through electronic mode to those Members whose e-mail ids are registered with the Company / Registrar & Share Transfer Agent / Depository Participants. The physical copies of the same will be sent to the Members on request. In accordance with Regulation 36(1)(b) of the Listing Regulations, a letter providing a web-link for accessing the AGM Notice and Annual Report has been sent to those Members who have not registered their e-mail ids. This intimation is also being uploaded on the website of the Company at www.keva.co.in. We request you to kindly 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 Annual Report 2025-26 S H KELKAR AND COMPANY LIMITED Forging AAAhhheeeaaaddd Contents Message from the Whole-time Director and 01-03 Corporate Overview Group CEO 01 Message from the Whole-time Director & Group CEO Dear Shareholders, 96-254 It is my privilege to present the 70th Annual Report of S H Kelkar and Company Limited for FY 2025-26. Financial Statements The year was marked by heightened global 96 Auditor’s Report on Consolidated Financial uncertainty, driven by geopolitical tensions, Statements evolving trade dynamics and policy shifts, leading 104 Consolidated Financial Statements to supply chain disruptions and heightened 178 Auditor’s Report on Standalone Financial Statements volatility in energy and input costs. Mulund, Mumbai Unit 188 Standalone Financial Statements 255 Notice 04-95 In this challenging environment, the Group delivered a steady performance, supported by disciplined execution and a Statutory Reports continued focus on its strategic priorities. While the operating 04 Management Discussion & Analysis landscape remained demanding, the Group maintained its focus 19 Board of Directors on strengthening capabilities, advancing its global expansion agenda, and reinforcing operational resilience, enabling it to 20 Board’s Report navigate the year with stability. 43 Report on Corporate Governance 62 Business Responsibility and Sustainability Report The global flavours and fragrances (F&F) industry remained resilient during the year, supported by steady demand across consumer-facing sectors and strong alignment with key end- use categories such as personal care, home care and food and beverages. Evolving consumer preferences, particularly the Creative Development Centre - Hamburg, Germany increasing shift towards convenience and packaged foods, have sustained demand for flavour solutions, while continued growth in personal care and cosmetics has supported fragrance consumption. Asia Pacific continues to be the largest market, supported by rapid urbanisation, rising incomes and increasing Kedar Vaze consumption across food and personal care categories. Whole-time Director & Group Chief Executive Officer To download or to read the report online, The Indian flavours and fragrances (F&F) market also log on to www.keva.co.in witnessed strong growth during the year, supported by robust or scan QR for access demand across food processing, personal care and home care segments, underpinned by structural drivers such as increasing urbanisation, rising disposable incomes and evolving consumer preferences. 01 Corporate 04 Statutory 96 Financial Message from the Whole-time Director and Group CEO Overview Reports Statements with existing customers and increasing traction in health- Embedding Sustainability across Operations and oriented and natural product formulations. Innovation Sustainability is integral to the Group’s operating and innovation The ingredients business reported a softer performance during framework, guiding both its manufacturing practices and the year, impacted by persistent geopolitical headwinds product development approach. The Company continues to and demand volatility in certain export markets. However, strengthen ESG integration across its facilities, with a focus on the medium- to long-term outlook remains favourable, improving resource efficiency, reducing environmental impact supported by structural shifts in global supply chains and and ensuring responsible sourcing of raw materials to enhance emerging opportunities in backward integration and value- long-term supply security. added offerings. The Group’s innovation agenda is increasingly aligned with Advancing Global Footprint sustainability-led outcomes, with focused efforts on developing FY 2025-26 marked a defining chapter in the Group’s evolution – safer, cleaner and more environmentally responsible solutions. one where we deliberately stepped beyond familiar shores into Its R&D centres are focused on expanding the portfolio deeper, more competitive waters. Strategic investments across of natural, biodegradable and compliant formulations, in line with evolving regulatory requirements and shifting Germany, the UK, the US and the Netherlands, alongside the consumer preferences. continued expansion of our Creative Development Centres and manufacturing infrastructure, are not merely capacity additions Outlook Strong Growth amid Global Volatility – they are the building blocks of a globally integrated platform. The Group delivered a steady performance in FY 2025-26, We are transitioning from being a dominant regional player to Looking ahead, the Group remains focused on executing navigating a challenging operating environment marked staking a credible claim in the world’s most demanding and its long-term growth strategy while navigating a near-term by macroeconomic volatility and ongoing investment-led dynamic markets. This transformation is purposeful and phased, environment characterised by macroeconomic uncertainty and evolving market conditions. The current phase reflects a expansion. Total income increased by 11% to ₹ 2,377.8 crores with each investment strengthening our innovation muscle, period of investment and transition, with benefits from ongoing in FY 2025-26 from ₹ 2,147.3 crores in the previous year. EBITDA sharpening customer proximity and improving our ability to initiatives expected to accrue progressively over the medium stood at ₹ 241.8 crores in FY 2025-26, reflecting the impact of compete at scale. The horizon we are navigating towards is term. The Group is investing to build the next phase of growth higher operating costs and investments in new geographies, larger, more complex and far more rewarding — and we believe with returns likely to materialise over a two- to three-year with EBITDA margins at 10.3%, supp [Showing first 8,000 characters — download PDF for full document]