S H Kelkar and Company

What S H Kelkar and Company does

S H Kelkar and Company, doing business as Keva, is one of India's largest industrial fragrance manufacturers, founded in 1922 in Mumbai and listed on the BSE and NSE in 2015 under the ticker SHK. The company manufactures fragrances, flavours, and aroma ingredients for consumer goods clients, operating 7 Creative Development Centres and 6 manufacturing plants across India (Mumbai, Vapi, Vashivali, Mahad), the Netherlands (Almere, Amsterdam), Italy (Milan), Singapore, Indonesia, China (Anhui) and the US (Somerset). It serves over 4,000 local and multinational clients across 90+ countries, with end markets spanning personal care, hair care, home care, fabric care, skin care, fine fragrances, food and beverages, dairy, pharmaceuticals, and nutraceuticals.

Keva's portfolio has three core product lines - Fragrances (with KNEW as an end-to-end R&D partnership service for FMCG brands and startups), Flavours (food, beverage, dairy and pharma flavouring in liquid, emulsion and dry mix forms), and Natural Actives / Aroma Ingredients (natural extracts, captive molecules and sourced ingredients used as upstream inputs) - supplemented by Technical Services covering biotechnology, cosmetic research, in-vitro/non-animal safety testing, and custom synthesis. The technology stack centres on the 100+ scientists and chemists at the Mumbai Science & Technology Centre, automatic blending systems that protect customer formula confidentiality, plant biotechnology and microbiology research through the Scientific Research Centre (est. 2000 with Kelkar Education Trust and V.G. Vaze College), 22 filed patents, and 6 peer-reviewed publications. Backward integration into aroma ingredient manufacturing (including tonalid via Anhui Ruibang in China and a FDCA-approved natural extracts plant in Vapi) is a key structural differentiator versus pure-play blenders.

Keva operates a sales-led B2B model, selling custom-formulated fragrances, flavours and aroma ingredients directly to consumer product manufacturers through regional sales offices across India and international subsidiaries (Keva Fragrance Industries Pte in Singapore, PT SHKEVA in Indonesia, Keva UK, Keva Europe BV, Keva USA Inc, Keva Germany GmbH, Keva Middle East FZE). Pricing is quote-based, tailored to customer specifications and volumes, with multi-year supplier relationships (Marico and Godrej Consumer Products have publicly recognized Keva for quality, supply chain, and supplier performance). Revenue grew from INR 2,147 crore in FY25 to INR 2,355 crore in FY26 (~11.5%), with management targeting INR 3,377 crore by FY29 at a ~10% CAGR, but FY26 also saw net profit collapse 98.2% to INR 1.85 crore in March 2026, EBITDA fall 10.36% to INR 67.31 crore, and net debt rise to INR 789 crore amid capacity expansion investments and a fire incident at the Vashivali facility in April 2024.

Name

S H Kelkar and Company

Legal name

S H Kelkar and Company Limited

Website

https://keva.co.in

Company type

Public

Founded year

1922

Operating status

Operating

Headcount range

501–1,000 employees

Short description

S H Kelkar and Company (operating as Keva) is one of India's largest industrial fragrance, flavour, and aroma ingredient manufacturers, serving 4,000+ consumer goods clients across 90+ countries via 7 Creative Development Centres and 6 manufacturing plants.

Ownership category

akta.pro rank

Product category

Fragrance and Flavour Manufacturing

NAICS

Soap and Other Detergent Manufacturing (325611)

SIC

Perfumes, Cosmetics & Other Toilet Preparations (2844), Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics (2840)

akta.pro primary industry

Personal Fragrances (Perfume, Cologne, Body Sprays) (CRADANAD)

akta.pro secondary industries

Fine Fragrance (Women’s/Men’s/Unisex) (CRABADAA), Hair Care (Shampoo, Conditioner, Styling, Treatments) (CRADANAE), Air Care & Home Fragrance (Air Fresheners, Candles, Plug-ins, Diffusers) (CRADAKAI)

Keywords

• Industrial fragrances
• Flavor formulations
• Aroma ingredients
• Custom fragrance compounds
• B2B flavor manufacturing

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices14 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Fragrances: Industrial fragrances for personal care, hair care, home care, fabric care, skin care, and fine fragrance categories. Manufactured at facilities in India with global creative development centres supporting innovation.
2. Flavours: Food flavours, beverage flavours, and pharmaceutical flavours. Extensive library of nature-identical, natural and artificial flavouring agents available in liquid, emulsion and dry mix forms. Includes encapsulated flavour powders, granules, and seasonings for savoury applications.
3. Aroma Ingredients: Aroma ingredients forming building blocks for fragrances. Includes natural extracts, captives, and sourced aroma molecules. Manufactured at two factories in India and the Netherlands with market leadership in key ingredients.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

S H Kelkar and Company (Keva) manufactures and supplies industrial fragrances, flavours, and aroma ingredients to consumer product manufacturers globally. The company produces custom fragrance formulations for personal care, hair care, home care, fabric care, skin care, and fine fragrance categories, alongside food, beverage, and pharmaceutical flavours. It also operates backward-integrated aroma ingredient manufacturing facilities in India and the Netherlands.

Product overview

S H Kelkar and Company (operating as Keva) is a fragrance, flavour, and aroma ingredients company with a portfolio of five main offerings. The core products are Fragrances (spanning personal care, hair care, home care, fabric care, skin care, and fine fragrance), Flavours (food flavouring solutions for food, beverage, and pharmaceutical applications), and Natural Actives/Aroma Ingredients (providing backward integration for fragrance production). Supporting these are KNEW (an R&D partnership service for FMCG brand development) and Technical Services (biotechnology research and cosmetic testing through their Scientific Research Centre).

Differentiator

Problem solved

Functional benefit

Brands

• KNEW: R&D partner for FMCG brands offering end-to-end product development support for cosmetics, nutraceuticals, and Ayurveda products including body care, oral care, and Ayurvedic/herbal solutions.

Products and services

• Fragrances Custom sensorial fragrance formulations crafted for personal care, hair care, home care, fabric care, skin care, and fine fragrance products. Designed for consumer product manufacturers and brand owners seeking fragrance differentiation.
• Flavours Food, beverage, and pharmaceutical flavouring solutions including nature-identical, natural, and artificial flavours available in liquid, emulsion, and dry mix forms. Includes encapsulated flavour powders, granules, and seasonings for savoury applications.
• Natural Actives / Aroma Ingredients Aroma ingredients that form the building blocks of fragrances, including natural extracts, captive production, and refined extracts with proven efficacy for personal care. Manufactured at facilities in India and the Netherlands.
• KNEW End-to-end product development support for FMCG brands and startups, including novel formulations, regulatory guidance, packaging development, manufacturing support, and brand creation for cosmetics, nutraceuticals, and Ayurveda products.
• Technical Services Biotechnology research and cosmetic ingredients testing services through the Scientific Research Centre (SRC), including Plant Biotechnology, Microbiology, Cosmetic Research, Cosmetic Biotechnology, and Custom Synthesis for pharmaceutical and agricultural industries.

Quantifiable outcome

• Over 4,000 local and multinational clients served globally
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

14 partnerships are on record, tiered core, regional and minor.

• CFF Keva Italy S.p.A.coreStrategic or Co-development PartnerItaly-based fragrance company acquired in 2018 (51%) with strong presence across Europe, state-of-the-art manufacturing facility and R&D lab in Milan. In 2026, Keva approved selling its 17% stake to Keva Italy Srl for €12.5M to streamline European structure and make CFF a wholly-owned subsidiary.
• Holland Aromatics BVcoreStrategic or Co-development PartnerLeading fragrance company in Netherlands, incorporated 1984, with strong presence in Europe, Middle East and Asia. Acquired in 2022 through Provier Beheer BV (100% stake), supports Keva's strategy to deepen presence in European fragrance market with broadened product portfolio and augmented client relations.
• Keva Fragrance Industries Pte. Ltd.coreChannel Partner/ Reseller/ DistributorProvides sales and marketing assistance across South East Asia for Keva's fragrance products.
• PT SHKEVA IndonesiaregionalChannel Partner/ Reseller/ DistributorCompany incorporated in 2014 for trade and distribution of perfumery compounds in Indonesia with full-fledged operations including corporate, sales and CDC.
• Anhui Ruibang Aroma Co LtdregionalStrategic or Co-development PartnerWholly owned subsidiary of Keva Fragrance Industries Pte Ltd, headquartered in Fuyang, Anhui, China. Leading aroma ingredient company in China with tonalid manufacturing facility.
• Keva Ventures Private LimitedcoreStrategic or Co-development PartnerIncubation initiative to support new technologies, innovations and start-ups with end-to-end product development in personal care fragrances, home fragrances, food flavours and beverage flavours.
• NuTaste Food and Drink Labs Private LimitedregionalStrategic or Co-development PartnerAssociate of Keva Flavours Private Limited manufacturing premium grade ingredients, natural ingredients and extracts, nutraceuticals with operations in Gurgaon. Reported strong growth in QSR category within food service sector.
• Kelkar Education Trust's Scientific Research CentercoreStrategic or Co-development PartnerEstablished in 2000 in association with Shri V.G. Vaze College, Mumbai. India-based contract research organization pioneering in-vitro testing and non-animal technologies (NAT), leading Animal Biotechnology Lab for validated in-vitro studies for skin, oral, and cosmetic applications.
• IFRA, RIFM, FAFAI, AFSA, SAAEcoreStrategic or Co-development PartnerActive membership and leadership in global fragrance safety organizations contributing to industry standards and scientific publications.
• Sukruta Rural Empowerment FoundationminorOthersThe Neem Project - employing and educating drought-affected women to pluck and dry Neem seeds for cold-pressing into Neem oil, supporting sustainable livelihoods.
• Udaan India FoundationminorOthersEducation partnership supporting children from low-income communities through holistic educational foundation programs.
• National Society for Equal Opportunities for the Handicapped (NASEOH)minorOthersVocational training partnership providing computer training courses and mobility appliances to people with disabilities.
• Shabari Seva SamitiminorOthersRural development partnership providing pre-school education (balwadis) across six centres at Karjat and Murbad regions of Maharashtra.
• Namami GangeminorOthersGovernment of India initiative for conservation of the Ganga River; Keva supports through corporate environmental responsibility contributions.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Givaudan: The world's largest fragrance and flavours company headquartered in Switzerland. Directly comparable as a B2B manufacturer of fragrances, flavours, and aroma ingredients serving global FMCG customers with similar product portfolio and customer base.
• International Flavors & Fragrances (IFF): Top-tier US-based fragrance and flavours manufacturer. Closely comparable to Keva across both fragrance and flavour product lines, B2B industrial customer model, and global manufacturing footprint.
• Symrise: German fragrance and flavours major with strong presence in personal care, home care, and fine fragrances. Directly comparable in product breadth, customer segments, and global manufacturing network.
• Firmenich: Swiss family-owned fragrance and flavours company and direct competitor in industrial fragrances and flavours. Notably also an investor in Keva, underscoring the strategic comparability of the business model.
• Mane: French privately-held fragrance and flavours manufacturer. Closely comparable as an integrated fragrance, flavour, and aroma ingredients manufacturer with similar mid-sized global footprint and family-owned heritage.
• Robertet: French fragrance, flavour, and natural ingredient manufacturer. Comparable to Keva in offering natural extracts and aroma ingredients alongside fragrance formulations, with similar specialty positioning.
• Takasago International: Japanese fragrance and flavours producer with global operations. Comparable in B2B industrial fragrance manufacturing and flavour portfolio, with similar global manufacturing and creative centre model.
• Sensient Technologies: US-based specialty ingredients company with flavours and fragrances segment. Comparable as a mid-tier B2B fragrance and flavour supplier serving personal care and food customers globally.

Regional players

• Privi Specialty Chemicals: India-based manufacturer of aroma chemicals and intermediates. Comparable as an Indian-headquartered aroma ingredients supplier serving fragrance and flavour manufacturers, with similar regulatory environment and customer base.

Others

• S H Kelkar and Company competitors in Indian F&F space: Domestic Indian competitors in the fragrance and flavour market include smaller specialty players such as BMV Fragrances and Synthite Industries (flavours), which compete with Keva in regional Indian customer accounts and similar product categories.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/kevafragrances.global
• LinkedInlinkedin.com/company/keva-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries17 records

Funding overview

Funding rounds4 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about S H Kelkar and Company