Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>Insider Activity started picking up in the month of May 2026, as the results season was coming to an end.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during May 2026, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


Insider Activity started picking up in the month of May 2026, as the results season was coming to an end.
We highlight large and small cap companies that experienced significant insider buying during May 2026, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in May 2026

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.

Read Business Not Stock Prices

<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

Privi Speciality Chemicals / Equity Bottom-Up

<ul>
<li>Privi Speciality Chemicals, an aroma chemicals manufacturer, continues expanding its capacities and strengthening its product portfolio to support future growth and deepen its presence in global markets.</li>
<li>Privi operates a structurally strong business with backward integration, deep customer relationships, and proprietary processes, making it difficult for competitors to replicate its scale and margins.</li>
<li>Growth visibility remains strong with INR 5,000 crore revenue and INR 1,000 crore EBITDA targets, driven by capex and Givaudan JV, valuation depends on execution and scalability.</li>
</ul>


Privi Speciality Chemicals, an aroma chemicals manufacturer, continues expanding its capacities and strengthening its product portfolio to support future growth and deepen its presence in global markets.
Privi operates a structurally strong business with backward integration, deep customer relationships, and proprietary processes, making it difficult for competitors to replicate its scale and margins.
Growth visibility remains strong with INR 5,000 crore revenue and INR 1,000 crore EBITDA targets, driven by capex and Givaudan JV, valuation depends on execution and scalability.


Privi Speciality Chemicals: A Differentiated Player in Aroma Chemicals

<ul>
<li>February 2026 insider activity was very strong with 50+ companies reporting insider accumulation spanning large caps and midcaps.</li>
<li>We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
<li>Also mentioned in this insight are the names which are available significantly below the insider buying price.</li>
</ul>


February 2026 insider activity was very strong with 50+ companies reporting insider accumulation spanning large caps and midcaps.
We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
Also mentioned in this insight are the names which are available significantly below the insider buying price.


Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – February 2026

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)

Insider Activity: Who Bought Their Own Stock in May 2026

Insider buying activity increased in May 2026 as earnings season wrapped up, with focus on companies and sectors with significant insider...

Sreemant Dudhoria

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

Privi Speciality Chemicals: A Differentiated Player in Aroma Chemicals

Privi Speciality Chemicals, an aroma chemicals manufacturer, strengthens its capacities and product portfolio to deepen global market presence.

Sudarshan Bhandari

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – February 2026

February 2026 saw strong insider accumulation in 50+ companies across large caps and midcaps, with key sectors and company names highlighted for...

Sreemant Dudhoria

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Insider Activity: Who Bought Their Own Stock in May 2026

​Insider buying activity increased in May 2026 as earnings season wrapped up, with focus on companies and sectors with significant insider...

Sreemant Dudhoria

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

Privi Speciality Chemicals: A Differentiated Player in Aroma Chemicals

​Privi Speciality Chemicals, an aroma chemicals manufacturer, strengthens its capacities and product portfolio to deepen global market presence.

Sudarshan Bhandari

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – February 2026

​February 2026 saw strong insider accumulation in 50+ companies across large caps and midcaps, with key sectors and company names highlighted for...

Sreemant Dudhoria

Insider buying activity increased in May 2026 as earnings season wrapped up, with focus on companies and sectors with significant insider...

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

Privi Speciality Chemicals, an aroma chemicals manufacturer, strengthens its capacities and product portfolio to deepen global market presence.

February 2026 saw strong insider accumulation in 50+ companies across large caps and midcaps, with key sectors and company names highlighted for...