Overview

Detailed Summary

Sirca Paints India Limited manufactures and imports premium wood coatings and decorative paints, marketing licensed and owned brands such as Sirca, Unico, Oikos, Wembley and Welcome across India through multiple manufacturing units and a growing retail and OEM distribution network.
Q3 FY26 showed a strong operational beat where Revenue rose to ₹112.79 crore (+27% YoY), EBITDA improved to ₹23.02 crore with margins at 20.4%, and PAT rose to ₹15.04 crore (+31% YoY), demonstrating margin expansion driven by better product mix and softening raw material prices despite a muted demand environment.
Strategically the company acquired Wembley (March 2025) and is consolidating Wembley manufacturing into a single integrated facility due for commissioning in Feb 2026, while a technology transfer from Sirca S.p.A. aims for commercial domestic production from April 2026 — moves that materially shift manufacturing cost structure and product localization.
Market footprint and go-to-market strength remain clear differentiators: Sirca is among the top three premium wood coatings brands and market leader in North India, with 900+ OEM clients, 4,000+ retail outlets, 26 branches and high digital engagement via the Sirca Parivaar app (25,000+ contractors registered).
Near-term demand was impacted by regional regulatory restrictions (Delhi NCR construction bans) and uneven urban discretionary spending, but management expects gradual recovery as regulatory disruptions ease and organized furniture manufacturing and premium water-based coatings adoption gain momentum.

Sector: Paints/Varnish
Industry: Trading - Medium / Small
Market Cap: 2,484 Cr
Volatility: Moderate Risk
P/E Ratio: 40.1
Industry P/E: 37.2
PEG Ratio: 1.8
P/B Ratio: 5.6
52W High: 539.00
52W Low: 234.00

Sales CAGR

1Y: 19.98%
3Y: 23.20%
5Y: 22.59%
10Y: —

Profit CAGR

1Y: -4.61%
3Y: 20.99%
5Y: 14.31%
10Y: —

ROE

TTM: 13.07%
3Y: 15.87%
5Y: 14.14%
10Y: 15.65%

ROCE

TTM: 15.93%
3Y: 20.34%
5Y: 18.47%
10Y: 20.93%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
REFEX	202.75	2,780 Cr	18.22	2.05	0.00	14.61	17.96	7.68
BPAGRI	44.00	2,696 Cr	-4400.00	44.20	0.00	0.94	1.11	0.80
SIRCA	437.35	2,484 Cr	40.09	5.61	0.33	13.07	15.93	10.98
BNHOLDINGS	248.80	2,394 Cr	37.70	5.39	0.00	15.16	11.22	7.18
FISCHER	36.50	2,359 Cr	14.85	6.56	0.01	5.54	7.87	8.44
BUILDPRO	909.85	2,206 Cr	28.23	4.61	0.00	22.69	31.44	8.25
STYLEBAAZA	278.40	2,109 Cr	31.42	4.62	0.00	7.92	9.65	3.79

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	84	72	83	79	106	89	101	114	131	113
Expenses	62	59	66	65	87	73	82	92	104	90
Operating Profit	21	14	16	14	19	15	19	23	27	23
OPM %	25.45	19.00	19.67	17.88	17.97	17.41	18.77	19.75	20.89	20.40
Other Income	1.20	1.63	2.09	1.42	0.84	1.90	1.00	0.21	1.04	1.39
Interest	0.00	0.01	0.00	0.01	0.01	0.01	0.16	1.10	1.36	1.26
Depreciation	1.59	1.56	1.55	1.56	1.82	1.80	1.77	2.48	2.62	2.72
Profit Before Tax	21	14	17	14	18	16	18	19	24	20
Tax %	25.75	24.01	25.49	26.70	26.10	26.25	21.83	25.95	26.03	26.43
Net Profit	16	11	13	10	13	11	14	14	18	15
EPS in Rs	2.73	1.85	2.20	1.80	2.34	2.02	2.48	2.50	3.24	2.69

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	135	143	200	268	312	374	410
Expenses	104	131	162	206	243	307	334
Operating Profit	31	12	38	62	69	67	76
OPM %	23.00	8.50	18.87	23.05	22.03	18.03	18.54
Other Income	5.61	14	4.40	4.84	6.36	5.16	3.95
Interest	0.09	0.10	0.08	0.04	0.02	0.17	1.28
Depreciation	2.40	3.66	4.13	4.41	5.95	6.95	7.87
Profit Before Tax	34	23	38	62	69	65	71
Tax %	26.41	26.48	26.95	25.76	25.52	25.08	25.02
Net Profit	25	17	28	46	51	49	53
EPS in Rs	—	2.92	4.88	7.28	9.05	8.63	10.91
Dividend Payout %	16.34	24.79	39.53	17.84	15.99	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	27	27	27	27	55	55
Reserves	157	174	198	238	254	295
Borrowings	0.00	13	0.00	0.00	0.00	0.00
Other Liabilities	25	40	37	47	42	101
Total Liabilities	210	255	262	312	351	451
Fixed Assets	50	41	53	54	58	164
CWIP	0.00	1.86	1.24	5.43	5.84	0.22
Investments	0.00	0.00	0.00	0.00	0.00	2.00
Other Assets	160	212	208	252	287	285
Total Assets	210	255	262	312	351	451

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-7.56	19	35	-19	32	54
Cash from Investing Activity	4.81	15	-11	9.38	-12	-45
Cash from Financing Activity	-8.46	-0.10	-17	-5.52	-8.24	-8.40
Net Cash Flow	-11	34	6.72	-15	12	0.54

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	May 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	67.55%	67.55%	67.55%	67.55%	67.55%	67.55%	67.55%	67.55%	67.55%	67.55%	65.19%	65.19%
FIIs	5.48%	5.89%	5.94%	5.93%	5.48%	5.36%	4.61%	4.09%	4.28%	5.19%	7.36%	6.92%
DIIs	-0.00%	-0.00%	0.00%	0.80%	0.75%	0.69%	0.69%	0.00%	0.00%	0.00%	0.32%	0.32%
Public	26.98%	26.56%	26.51%	25.73%	26.22%	26.41%	27.15%	28.36%	28.17%	27.26%	27.14%	27.58%
Total Shareholders	27,611	35,583	45,025	51,911	57,376	57,689	56,926	53,079	52,101	46,029	44,955	40,526

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan