NSE: SIRCA · BSE: 543686
SIRCA PAINT INDIA LIMITED
Makes wood coatings and wall paints under multiple brands — Sirca, Wembley, Valentino and Welcome — sold through a network of dealers and OEM clients across India. The company is concentrated in premium wood finishes (polyurethane and acrylic coatings), shifting from older melamine technology, alongside repackaged wall paints. Manufacturing is the core activity, supported by a multi-plant Indian footprint. Distribution is heavily skewed to North India at about 80% of FY26 revenue, with new depots opened in Bangalore, Pune, Surat, Ahmedabad and Mumbai to build the West and South presence. FY26 revenue stood at ₹492.48 crore (+31.79% YoY), with materials the largest cost line at 40.7% of revenue. Two price hikes totalling about 10% on the Sirca brand were taken in FY26 to offset raw material inflation, and management has guided to 25-30% revenue growth and a ₹1,000 crore revenue target by FY29. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wood coatings, Wall paints. Premium, multi-brand wood coatings and wall paints
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 268 | 312 | 374 | 492 |
| EBITDA (ex other income) | 62 | 69 | 67 | 99 |
| margin % | 23.0 | 22.0 | 18.0 | 20.1 |
| Owners' profit | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 8.41 | 9.38 | 8.95 | 11.63 |
| ROE % · ROCE % | 17.4 · 23.4 | 16.7 · 22.3 | 14.0 · 16.7 | 13.7 · 17.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.07 |
| Cash from operations | (19) | 32 | 54 | 44 |
| Capex | (10) | (12) | (107) | (28) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 105 | 89 | 101 | 114 | 131 | 113 | 134 | 130 |
| Profit before tax | 18 | 16 | 18 | 19 | 24 | 20 | 23 | 22 |
| Net profit | 13 | 11 | 14 | 14 | 18 | 15 | 18 | 16 |
| EPS (₹) | 2.42 | 2.09 | 2.57 | 2.59 | 3.24 | 2.69 | 3.16 | 2.85 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED | 2,25,086 | 47.2 | 10.22 | 31.2 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD | 54,306 | 44.6 | 7.84 | 29.0 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD | 14,538 | 24.2 | 2.17 | 13.6 | 8.6 | 11.3 | 9.7 | 16.1 |
| JSW DULUX LIMITED | 13,676 | 7.0 | 5.58 | 5.5 | 80.5 | 89.2 | 8.3 | 14.6 |
| INDIGO PAINTS LIMITED | 4,892 | 30.4 | 4.24 | 18.6 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED ◆ | 2,286 | 33.7 | 4.81 | 22.0 | 13.7 | 16.9 | — | 19.9 |
| SHALIM PAINTS LTD | 633 | — | 2.52 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 134 | — | 0.75 | 13.7 | 0.1 | 0.3 | — | (4.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.7 | 33.7 | 4 of 7 | 50% |
| P/B | 4.8 | 4.5 | 5 of 8 | 43% |
| ROCE | 16.9 | 16.5 | 4 of 8 | 57% |
| ROE | 13.7 | 13.2 | 4 of 8 | 57% |
| Debt / Equity | 0.1 | 0.1 | 4 of 8 | 57% |
| EBITDA margin | 19.9 | 17.1 | 2 of 8 | 86% |
| Revenue growth | 13.8 | 10.9 | 3 of 8 | 71% |
| Profit growth | 14.1 | 10.0 | 4 of 8 | 57% |
| Market cap | 2286 | 4892 | 6 of 9 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Sept 2026 · Trading Window Closure for Q2 FY26 Financial Results | compliance | minimal | — | — |
| 15 Sept 2026 · Reply to NSE Remarks on Q1FY26 Financial Results Filing | compliance | low | — | — |
| 20 Aug 2026 · NSE seeks clarification from Sirca Paints on Q1 FY27 results compliance | compliance | minimal | — | — |
| 12 Aug 2026 · AGM results: Final dividend of Rs.2 per share declared, all resolutions passed | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Sirca Paints concludes 21st AGM held on August 11, 2026 | board shareholder meetings | low | — | — |
| 29 Jul 2026 · Newspaper ad published for Q1 FY26-27 results | compliance | minimal | — | — |
| 29 Jul 2026 · Quarterly RTA certificate under SEBI Reg 74(5) filed for Q1 FY27 | compliance | minimal | — | — |
| 28 Jul 2026 · Routine compliance certificate for Q1 FY27 submitted to exchanges | compliance | minimal | — | — |
| 28 Jul 2026 · Sirca Paints Q1FY27 Investor Presentation: Revenue up 13.8% YoY | investor communications | medium | — | — |
| 28 Jul 2026 · Sirca Paints: No deviation in preferential issue proceeds for Q1FY27 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.