SHK Q2 : CONS NET PROFIT UP 58.8% AT 15 CR (YOY), DOWN 68% (QOQ). GOOD (ON 1ST LOOK)

Revenue up 14.9% at ₹636 Cr (YOY), down 3.9% (QOQ); H1 FY27 up 14.5% at ₹1,299 Cr. Ebitda up 49.9% at ₹79 Cr (YOY); margins 12.5% v 9.5% (YOY), 13.4% (QOQ). H1 FY27 PAT up 72.4% at ₹60 Cr; Ebitda up 33.3% at ₹168 Cr, margins 13.0% v 11.1% (YOY). Caution: Q1 FY27 included ₹30 Cr exceptional gain; net debt ₹911 Cr at 0.64x equity peaked in September, expected to moderate by March 2027. Inventory consciously held higher for supply continuity amid global sourcing volatility, to be optimised to normal levels.

S H Kelkar and Company Limited

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