India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Equity Bottom-Up

<ul>
<li>SHK reported 12% revenue growth in H1 FY26, but the reported EBITDA margin was compressed due to significant, deliberate investments in new growth initiatives and higher insurance costs.</li>
<li>The margin compression is temporary, a function of strategic, discretionary capex and opex, which are critical for achieving the management's ambitious 18–20% EBITDA margin target by FY27–FY28.</li>
<li>The market is discounting the value of this forward-looking investment phase; sustained execution on new capacity, coupled with global regulatory shifts favoring organized players, provides a strong catalyst path.</li>
</ul>


SHK reported 12% revenue growth in H1 FY26, but the reported EBITDA margin was compressed due to significant, deliberate investments in new growth initiatives and higher insurance costs.
The margin compression is temporary, a function of strategic, discretionary capex and opex, which are critical for achieving the management's ambitious 18–20% EBITDA margin target by FY27–FY28.
The market is discounting the value of this forward-looking investment phase; sustained execution on new capacity, coupled with global regulatory shifts favoring organized players, provides a strong catalyst path.


The Beat Ideas: S.H. Kelkar - A Capex Cycle Poised to Unlock Operating Leverage

India

S.H. Kelkar & Co Ltd. is a holding company, which engages in the manufacture and sale of fragrances and flavours. It operates through the Fragrances and Flavours segment. The Fragrances segment manufactures and trades in fragrances and aroma ingredients for fragrances. The Flavours segment focuses on flavours that are used as a raw material by producers of baked goods, dairy products, confectionery, savoury, beverages, and pharmaceutical products. The company was founded in 1922 and is headquartered in Mumbai, India.

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S.H. Kelkar & Co (SHK IN)

The Beat Ideas: S.H. Kelkar - A Capex Cycle Poised to Unlock Operating Leverage

SHK's H1 FY26 EBITDA margin was compressed due to investments in growth initiatives and higher insurance costs. Margin compression is temporary,...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: S.H. Kelkar - A Capex Cycle Poised to Unlock Operating Leverage

​SHK's H1 FY26 EBITDA margin was compressed due to investments in growth initiatives and higher insurance costs. Margin compression is temporary,...

Sudarshan Bhandari

SHK's H1 FY26 EBITDA margin was compressed due to investments in growth initiatives and higher insurance costs. Margin compression is temporary,...