Sirca Paints India Ltd (SIRCA)

Consumer Durables · Paints/Varnish · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹431.8 ↓ 7.09% (1Y)

🎯 Key Takeaways

Sirca Paints India Ltd is in a phase of accelerated growth with improving profitability and strategic expansion underway. Management is targeting ₹1,000 crore revenue by FY29 at 25-30% CAGR, supported by capex and brand expansion.
Revenue declined 3.2% QoQ to ₹130 in Q1FY27.
⚠️ Raw material price volatility poses a margin risk, as highlighted in the annual report, with no hedging strategy disclosed. Regulatory pressures on pa

Market Cap

₹2,452

P/E Ratio

36.2

P/B Ratio

5.16

ROE

14.1%

ROCE

18.6%

Debt/Equity

0.07

Div Yield

0.46%

Promoter

65.2%

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📖 The Story

Sirca Paints India Ltd is in a phase of accelerated growth with improving profitability and strategic expansion underway. Management is targeting ₹1,000 crore revenue by FY29 at 25-30% CAGR, supported by capex and brand expansion. The company maintains a strong balance sheet with minimal debt and consistent dividend payouts, reflecting financial discipline. ROE and ROCE remain healthy, indicating efficient capital deployment.

📰 What's Happening

In Q1 FY26 (June 2026), standalone profit after tax rose to ₹16 crore from ₹15 crore in December 2025, despite slightly lower revenue, signaling margin resilience. The board approved unaudited financials showing ₹13,161.10 lakhs revenue and ₹1,620.58 lakhs PAT. At the 21st AGM on August 11, 2026, shareholders approved a final dividend of ₹2 per share (20%) and ratified the appointment of a new director, replacing retiring Apoorv Agarwal. All resolutions passed via remote e-voting with 3.7 million electronic votes. The company also disclosed plans for ₹5-6 crore capex in FY27 to support geographic expansion into Tier-2/3 cities and brand development (Wembley, Valentino).

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	131	113	134	130
Operating Profit	25	20	23	22
OPM %	18.9%	18.0%	17.0%	16.6%
Net Profit	18	15	18	16
EPS	₹3.24	₹2.69	₹3.16	₹2.85

Revenue has shown volatility but remains on an upward trend, growing from ₹113 crore in December 2025 to ₹130 crore in June 2026, while OPM held steady around 16-18%. Profit after tax dipped slightly in Q1 FY26 to ₹16 crore from ₹18 crore in Q3 FY25, but annual PAT grew 32.48% YoY to ₹6,501.84 lakhs in FY26. The company demonstrated strong operational leverage, with EBITDA growing 46.62% YoY. Despite quarterly fluctuations, management attributes growth to brand expansion and geographic reach, with no indication of structural margin erosion.

🔮 Management Outlook & What's Next

Management expressed confidence in future growth, targeting ₹1,000 crore revenue by FY29 with 25-30% CAGR, backed by ₹5-6 crore capex in FY27. Strategic focus includes expanding brand presence in Tier-2 and Tier-3 cities and developing sustainable products. No specific guidance was provided on margin trajectory, but management emphasized execution of the growth plan through targeted investments and market penetration. The proposed ₹2 per share dividend (20% payout) reflects commitment to shareholder returns amid expansion.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	55	55	57	57
Reserves	269	295	386	418
Borrowings	0	50	45	32
Total Liabilities	369	451	560	589
Fixed Assets	57	57	67	174
Investments	7	2	55	57
Total Assets	369	451	560	589

The balance sheet shows stable equity of ₹57 crore and rising reserves, indicating retained earnings growth. Borrowings remain low at ₹32 crore as of March 2026, down from ₹50 crore a year ago, suggesting active deleveraging. Total assets grew from ₹451 crore to ₹589 crore over two years, driven by operational expansion. The strong equity base and minimal debt provide flexibility for planned capex and acquisitions without compromising financial stability.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+44
Investing	-70
Financing	+39
Net Cash Flow	+13

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	65.2%	65.2%	65.2%	65.2%
FII	6.5%	6.9%	6.3%	6.1%
DII	0.3%	0.3%	0.0%	3.5%
Public	21.8%	21.3%	21.0%	19.4%
# Shareholders	43,816	40,526	37,648	37,017

Promoter holding remains stable at 65.19% across all quarters, indicating confidence in long-term prospects. FII holdings have fluctuated slightly but remain low (6.08% in Q1FY27), while DII participation is minimal or absent (0% in Q4FY26). Public shareholding has increased from 21.26% to 21.8% to 20.97%, reflecting retail investor interest. The growing number of shareholders (37,017 to 43,816) suggests rising retail engagement, though institutional interest appears limited.

⚖️ Peer Comparison — Paints/Varnish

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ASIANPAINT	2.46 L Cr	51.6	28.7%	22.6%	0.11
BERGEPAINT	57,268	47.0	23.6%	17.6%	0.02
KANSAINER	15,730	24.1	12.5%	8.8%	0.01
JSWDULUX	14,312	7.3	96.8%	80.0%	0.00
INDIGOPNTS	5,588	34.7	21.5%	15.8%	0.01
SIRCA	2,452	36.2	18.6%	14.1%	0.07
SHALPAINTS	666	—	-11.2%	-27.6%	0.63
543902	61	—	—	—	0.26
MCON	—	—	—	—	0.59

🔗 Peer Stock Analyses

ASIANPAINT BERGEPAINT KANSAINER JSWDULUX INDIGOPNTS

⚠️ Risk Factors

Raw material price volatility poses a margin risk, as highlighted in the annual report, with no hedging strategy disclosed. Regulatory pressures on paint formulations and environmental norms could impact product development and compliance costs. The company's growth targets depend on successful execution of expansion into Tier-2/3 markets, which may face competitive and operational challenges. Additionally, the absence of DII holdings and low FII exposure may limit institutional confidence or liquidity.

📋 Recent Filings

🧠 Analyst's Read

Sirca Paints is executing a clear growth strategy with strong financial fundamentals and shareholder-friendly policies, but its future performance hinges on operational execution in new markets and managing input cost pressures. Investors should monitor margin trends, capex utilization, and progress toward the ₹1,000 crore revenue target by FY29. The company appears well-positioned, but growth quality and capital efficiency will be key watchpoints.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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