Sirca Paints Q4 FY26: Revenue up 33%, PAT 25%

Key takeaway from the Q4 FY26 print

Sirca Paints India Limited closed Q4 FY26 with higher revenue and profit, while keeping operating margins broadly steady. On a standalone basis, revenue from operations rose to ₹134.29 crore in Q4 FY26 from ₹100.92 crore in Q4 FY25, a year-on-year increase of 33.07%. EBITDA increased to ₹25.74 crore from ₹18.97 crore, up 35.6% year on year. Profit after tax (PAT) came in at ₹17.71 crore versus ₹14.16 crore, a rise of 25.07%. The company attributed the quarter’s performance to its differentiated portfolio, premium positioning, and deeper market penetration. Management also pointed to stronger engagement with architects, designers, OEMs and institutions, alongside wider distribution.

Q4 FY26 revenue growth and what drove it

Management described FY26 as a “transformational year” despite a subdued industry environment, and said Sirca outperformed the broader paint market. In Q4, the company highlighted traction in acrylic coating systems, waterborne products, and advanced coating systems. The theme across the commentary was mix-led growth rather than only volume expansion. Sirca linked the revenue expansion to premium positioning and deeper market penetration. It also flagged ongoing distribution expansion, including focus on newer cities in the south and west. A separate operational datapoint shared on the call was that 80% of revenues were coming from existing territories, while 20% was coming from west and south where the company has started expanding.

Profitability: margin steady, absolute EBITDA up

EBITDA margin for Q4 FY26 stood at 19.17% compared with 18.8% in Q4 FY25. Management also shared a margin band for the near term, indicating EBITDA margins should stay in the range of 19% to 21%. While margins were stable year on year, EBITDA grew faster than revenue in the quarter, reflecting operating leverage and the impact of scale. PAT growth lagged EBITDA growth, but remained strong at 25.07% year on year.

Additional line items disclosed for the quarter

Alongside the core earnings bridge, the text also carries specific expense and profit line items for Q4 FY26. Total income was reported at ₹135.51 crore versus ₹101.92 crore in Q4 FY25. Operating expenses were ₹108.55 crore compared with ₹81.95 crore. Depreciation and amortisation rose to ₹2.93 crore from ₹1.77 crore, suggesting a larger operating base. Interest cost increased to ₹1.00 crore from ₹0.16 crore, although it remained low relative to operating profit. Profit before tax (PBT) was ₹23.03 crore compared with ₹18.05 crore.

FY26 performance: faster EBITDA growth than revenue

For the full year FY26, revenue from operations increased to ₹492.48 crore from ₹373.68 crore in FY25, up 31.79%. EBITDA rose to ₹98.88 crore from ₹67.44 crore, a year-on-year increase of 46.6%. PAT increased to ₹65.05 crore from ₹49.10 crore, up 32.48%. EBITDA margin for the year improved to 20.08% compared with 18.05% in FY25. The wider gap between EBITDA growth and revenue growth in FY26 indicates improved operating leverage and/or a better product and channel mix during the year.

Integration and brand-led scale: Wembley and Welcome

The call commentary also quantified the contribution from acquisitions and brands. Management said the combined revenues from Welcome and Wembley were approximately ₹120.5 crore, with about ₹46.5 crore coming from Welcome and about ₹74 crore from Wembley. In another categorisation for FY26, management indicated core Sirca was approximately ₹372 crore, while Wembley and Welcome together were approximately ₹120.8 crore, aligning with the ₹492 crore headline revenue number for the year.

Import versus domestic manufacturing mix in core coatings

For the core business of Sirca wood coatings, management shared an import versus domestic manufacturing split. Out of approximately ₹372 crore of core business revenue, around ₹124 crore was attributed to products imported from Italy, while approximately ₹252 crore was attributed to products manufactured in India. The figures were presented as approximate values on the call. This split is relevant because it frames exposure to imported premium offerings alongside a large domestic manufacturing base.

Guidance: growth target and margin band

Management indicated it was looking at revenue growth of almost 25% to 30% based on CAGR growth, and reiterated 25% to 30% CAGR as a minimum expectation, while noting the current market situation. On profitability, the stated EBITDA margin range was 19% to 21%. The company linked the growth plan to expansion into newer cities, wider distribution, and the integration of Wembley and Welcome to lift sales across brands.

Why the quarter matters for investors tracking paints and coatings

Sirca’s Q4 FY26 result is primarily a read-through on execution in premium wood coatings and adjacent categories, plus the pace of multi-brand integration. The quarter also offers a data point on margin stability at roughly 19% EBITDA margin, even as the company invests in distribution expansion and institutional engagement. For FY26, the higher EBITDA growth versus revenue growth and the improvement in EBITDA margin to 20.08% stand out as indicators of operating leverage. The acquisition-related revenue disclosures help quantify the scale of the acquired brands versus the core business.

Summary table of reported financial metrics

FY26 snapshot and what to watch next

Sirca ended FY26 with revenue from operations of ₹492.48 crore, EBITDA of ₹98.88 crore, and PAT of ₹65.05 crore on a standalone basis. Management’s next milestones, as described in the commentary, are deeper penetration in the west and south, tighter integration of Wembley and Welcome, and maintaining EBITDA margins in the 19% to 21% band while pursuing 25% to 30% growth. The company’s Q4 FY26 results were announced on 7 May 2026, with reference in the text to audited financial statements filed on the same date.