Transcript of Earnings Call held on May 15, 2026
SIRCA · price
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Sirca Paints reported strong Q4 FY26 results with revenue of INR 134.29 crores (up 33% Y-o-Y) and EBITDA margin of 19.17%. For full year FY26, revenue reached INR 492.48 crores with 31.79% growth and EBITDA margin improved to 20.08% from 18.05% in FY25. Management guided for 25-30% revenue CAGR and EBITDA margins of 19-21% for FY27, with INR 1000 crore revenue vision achievable by FY29. The company acknowledged short-term margin pressure from volatile crude-linked raw material prices but has implemented two price increases totaling 10% on Sirca products to offset costs. Key highlights include Wembley facility becoming fully operational, 95% of products now localized in India (up from 100% import dependence in FY24), and acrylic products set to launch in Q1 FY27. The company also plans exports under Wembley Valentino brand to Middle East, Sri Lanka, and Nepal markets.
The earnings call demonstrates strong operational execution with margin improvement and clear growth roadmap. Management's explicit FY27 guidance (25-30% revenue growth, 19-21% EBITDA margins) provides concrete visibility, while ongoing localization efforts and price hikes should help counter raw material inflation. The company's push into West/South India and exports could diversify its North-heavy revenue mix (80% currently from North).