Sirca Paints revenue rises 22% while profit after tax gains 12%

Sirca Paints India Limited reported standalone revenue from operations of Rs 160.20 crore for the quarter ended September 30, 2026, up 22.13% year on year, while profit after tax rose 12.29% to Rs 20.33 crore. Cost of materials consumed increased 54.81% to Rs 85.34 crore, faster than sales growth.

How did Sirca Paints perform in the September 2026 quarter?

Sirca Paints reported standalone revenue from operations of Rs 160.20 crore in the quarter ended September 30, 2026, compared with Rs 131.17 crore a year earlier. Total income rose to Rs 161.39 crore from Rs 132.21 crore, including other income of Rs 1.19 crore versus Rs 1.04 crore in the September 2025 quarter.

Sirca Paints recorded profit before tax of Rs 26.60 crore, compared with Rs 24.47 crore a year earlier, while total tax expense declined to Rs 6.28 crore from Rs 6.37 crore. Profit after tax consequently reached Rs 20.33 crore, versus Rs 18.10 crore, and basic and diluted earnings per share, not annualised, increased to Rs 3.58 from Rs 3.24.

Why did Sirca Paints' profit grow slower than revenue?

Sirca Paints' cost of materials consumed rose 54.81% year on year to Rs 85.34 crore in the September 2026 quarter from Rs 55.12 crore. The Rs 30.21 crore increase in this expense was greater than the Rs 29.03 crore increase in revenue from operations, based on the standalone financial statement.

Total expenses increased to Rs 134.79 crore from Rs 107.75 crore. Employee benefit expense rose to Rs 14.72 crore from Rs 12.40 crore and other expenses increased to Rs 25.06 crore from Rs 20.75 crore, while purchases of stock-in-trade declined to Rs 5.02 crore from Rs 14.08 crore.

Sirca Paints reported inventory changes as an expense of Rs 0.91 crore, compared with Rs 1.42 crore a year earlier. Finance costs fell to Rs 0.96 crore from Rs 1.36 crore, while depreciation and amortisation increased to Rs 2.79 crore from Rs 2.62 crore; profit before tax increased by Rs 2.14 crore despite the Rs 29.03 crore gain in operating revenue.

What were Sirca Paints' first-half results?

Sirca Paints reported revenue from operations of Rs 290.20 crore for the half year ended September 30, 2026, up 18.26% from Rs 245.41 crore in the corresponding six months of 2025. Total income was Rs 293.00 crore, compared with Rs 246.66 crore, and profit after tax rose 13.08% to Rs 36.53 crore from Rs 32.31 crore.

The September quarter accounted for Rs 160.20 crore of first-half revenue, following Rs 130.01 crore in the quarter ended June 30, 2026. Quarterly profit after tax rose sequentially from Rs 16.21 crore in June to Rs 20.33 crore in September, while profit before tax increased from Rs 22.14 crore to Rs 26.60 crore.

What changed in Sirca Paints' balance sheet and cash flow?

Sirca Paints' standalone total assets stood at Rs 632.35 crore on September 30, 2026, compared with Rs 589.03 crore on March 31, 2026. Current assets increased to Rs 423.44 crore from Rs 387.39 crore, led by trade receivables of Rs 195.44 crore versus Rs 155.25 crore and cash and cash equivalents of Rs 86.95 crore versus Rs 56.78 crore.

Total equity rose to Rs 499.87 crore at September 30 from Rs 475.23 crore at March 31. Equity share capital was unchanged at Rs 56.79 crore, other equity increased to Rs 443.08 crore from Rs 418.44 crore, and non-current borrowings declined to Rs 25.25 crore from Rs 25.89 crore.

Net cash from operating activities was Rs 14.14 crore in April-September 2026, compared with Rs 9.29 crore in April-September 2025. Trade receivables used Rs 19.19 crore of cash in the latest half year, compared with Rs 44.44 crore in the earlier period, while trade payables contributed Rs 17.08 crore and dividend payments totalled Rs 11.36 crore.

What corporate action did Sirca Paints disclose?

Sirca Paints said its board approved a proposal on September 30, 2026 to strike off the name of its wholly owned subsidiary, Sirca Industries Limited. It filed e-Form STK-2 with the Registrar of Companies on October 24, 2026 under Section 248(2) of the Companies Act, 2013.

Sirca Paints stated that it operates in one segment: manufacturing and repackaging of wood coatings. Its board approved the standalone results on November 6, 2026, and the statutory auditor performed a limited review, reporting that nothing had come to its attention indicating required disclosures were not made or that the statement contained a material misstatement.

Conclusion

Sirca Paints delivered higher standalone revenue and profit in both the September 2026 quarter and the first half. However, the 54.81% increase in quarterly material consumption exceeded the 22.13% rise in revenue, while profit after tax increased 12.29%, showing that expense movements outpaced sales growth across key reported lines.

The disclosed matter to watch next is the proposed striking off of Sirca Industries Limited. Sirca Paints had filed e-Form STK-2 with the Registrar of Companies on October 24, 2026 after its board approved the proposal on September 30, 2026, but the filing does not state a completion date or outcome.