Sirca Paints India Q2 FY27 results: net profit up 12.3% to ₹20.32 crore, revenue up 22.1%

How did Sirca Paints India perform in Q2 FY27?

Consolidated revenue for the July–September 2026 quarter was ₹160.20 crore, up 22.1% from ₹131.17 crore in Q2 FY26 and 23.2% from ₹130.01 crore in Q1 FY27. Total income was ₹161.39 crore against ₹132.21 crore a year earlier. EBITDA was ₹29.16 crore, up 6.4% from ₹27.40 crore in Q2 FY26 and 20.4% from ₹24.21 crore in Q1 FY27.

The EBITDA margin was 18.2%, down 2.7 percentage points from 20.9% in Q2 FY26 and 0.4 percentage points from 18.6% in Q1 FY27. Profit before tax was ₹26.60 crore, up 8.7% from ₹24.47 crore a year earlier and 20.1% from ₹22.14 crore in the previous quarter. After tax of ₹6.28 crore, the net profit was ₹20.32 crore, against ₹18.10 crore a year earlier and ₹16.21 crore in Q1 FY27. Basic EPS was ₹3.58, against ₹3.24 and ₹2.85 respectively. On a standalone basis, revenue was ₹160.20 crore and profit after tax was ₹20.32 crore, with revenue up 22.1% and profit before tax up 12.3%.

What changed in Sirca Paints India's costs and profit?

Cost of materials was the main increase, rising 54.8% to ₹85.34 crore from ₹55.12 crore in Q2 FY26, against revenue growth of 22.1%. Total expenses rose 25.1% to ₹134.79 crore from ₹107.75 crore. Employee cost rose 18.7% to ₹14.72 crore, other expenses rose 20.8% to ₹25.06 crore, and depreciation rose 6.5% to ₹2.79 crore. Finance costs fell 29.4% to ₹0.96 crore from ₹1.36 crore.

Other income rose 14.4% to ₹1.19 crore from ₹1.04 crore, while tax expense fell 1.4% to ₹6.28 crore from ₹6.37 crore. There was no exceptional item in the quarter. EBITDA rose 6.4% to ₹29.16 crore and the margin fell 2.7 percentage points to 18.2%. Management said higher input costs compressed the margin to 18.20% and that Brent crude increased from about $70 a barrel in early July to nearly $97 by end-September, creating material-cost and supply pressure.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue was ₹290.2 crore, up 18.3% from ₹245.41 crore in H1 FY26, and total income was ₹293.0 crore against ₹246.66 crore. Profit before tax rose 11.7% to ₹48.74 crore from ₹43.65 crore, and profit after tax was ₹36.53 crore, up 13.1% from ₹32.3 crore.

Basic EPS for the half year was ₹6.43 against ₹5.78 in H1 FY26, a rise of 11.2%. The company operates in one segment, the filing said, covering manufacturing and repackaging of wood and wall paints.

What do the balance sheet and cash flow show?

As on 30 September 2026, total assets were ₹632.25 crore against ₹588.93 crore at 31 March 2026, and total equity was ₹499.75 crore against ₹475.12 crore. Borrowings fell to ₹28.46 crore from ₹32.32 crore, while cash and cash equivalents rose to ₹86.95 crore from ₹56.78 crore. Inventories were ₹114.01 crore against ₹110.61 crore, trade receivables ₹195.44 crore against ₹155.25 crore, and trade payables ₹70.97 crore against ₹53.89 crore.

In the first half of FY27, operating cash flow was ₹14.14 crore against ₹9.1 crore in H1 FY26. Investing cash flow was ₹33.2 crore against negative ₹54.81 crore, and financing cash flow was negative ₹17.17 crore against ₹54.11 crore. Capital expenditure was ₹7.58 crore against ₹2.09 crore a year earlier.

How has Sirca Paints India done over the last 8 quarters?

Revenue rose year on year in each of the last eight quarters, and profit also rose year on year in each of the last eight quarters. Revenue reached its highest point of the period at ₹160.20 crore in Q2 FY27, while the lowest was ₹88.71 crore in Q3 FY25. Profit after tax was highest at ₹20.32 crore in the latest quarter and lowest at ₹11.46 crore in Q3 FY25.

The EBITDA margin peaked at 20.9% in Q2 FY26 and bottomed at 17.4% in Q3 FY25. Since then it moved to 20.4%, 19.1% and 18.6% before ending the period at 18.2%. Revenue dipped from ₹134.29 crore in Q4 FY26 to ₹130.01 crore in Q1 FY27 and then rose to ₹160.20 crore in Q2 FY27.

What else did the company announce?

The board met on 6 November 2026 and approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report of Rajesh Kukreja & Associates, the statutory auditors. The results were reviewed by the audit committee. The company also submitted its Q2 and FY27 earnings presentation to the stock exchanges on the same day. The same-day filings did not report a dividend, a fund raise or any appointment.

What did Sirca Paints India's management say?

In the investor presentation, management said it aims to keep growing ahead of the industry in H2 and expects margins to improve gradually as price increases flow through. Management said higher raw-material and input costs compressed the EBITDA margin to 18.20%, down 269 basis points year on year, and that pricing actions, Wembley expansion and localised production scale would support gradual H2 margin improvement.

Management's stated H2 priorities include scaling Wembley nationally, ramping up localised production of acrylic and polyester systems and completing the UV transfer, and building the PU coatings business under Wembley Valentino in select markets, with contribution expected to grow steadily. It also plans to add depots, dealers and Sirca Studios in tier-2 and tier-3 markets at a measured pace, and to deepen OEM and institutional relationships with furniture, modular-kitchen and wardrobe manufacturers.

Management identified risks around input costs and supply pressure, noting Brent crude increased from about $70 a barrel in early July to nearly $97 by end-September. It said further margin improvement depends on calibrated price increases flowing through without weakening customer demand, and that localisation and UV-transfer execution must preserve product quality while shortening lead times and reducing import dependence. Management said the company is undertaking Wembley national expansion, manufacturing localisation and wider distribution expansion at the same time.

How did Sirca Paints India shares react?

The stock moved lower after the filing appeared, falling 0.7% within 5 minutes, 0.9% within 15 minutes and 1.1% within 30 minutes. From the previous close of ₹411.0, the reaction-day close was 0.7% lower, against a 0.7% median rise for the other Paints stocks, leaving the stock 1.4 percentage points behind the industry median on the day.

On earlier results days, the reaction-day moves were -1.2% on 28 July 2026, -0.0% on 7 May 2026, -2.0% on 31 January 2026 and 2.9% on 10 November 2025. Earlier reactions have also included gains of 1.6% on 2 August 2025, 0.5% on 22 May 2025, 5.1% on 11 February 2025 and a fall of 0.2% on 14 November 2024.

How did other Paints companies do?

Seven other Paints companies have filed for the quarter, with a median revenue growth of 15.0%, as on 6 November 2026. All seven grew revenue more slowly than Sirca Paints, and none grew faster, on the revenue growth comparison used here. Of the seven peers compared for profit, three reported higher profit.