Sirca Paints India Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,362 Cr
- P/E
- 35.22
- ROE
- 15.77%
- PEG
- 2.91
- Price to sales
- 4.65
- Debt to equity
- 0.07
- 52W high / low
- ₹535 / ₹391
- Sales growth (5Y)
- 28.50%
- EBITDA margin
- 19.75%
- Net profit margin
- 13.21%
- Promoter holding
- 65.19%
- Sales (last year)
- ₹508 Cr
Sirca Paints India Ltd is engaged in the business of manufacturing, selling and export of wood coatings and other decorative paints under the brand ‘Sirca’. [1]
Guidance scorecard · Q1 FY27 call
What Sirca Paints India Ltd's management guided
and where it ranks in Consumer Durables
Consumer Durables
RevenueQ4 FY26 call
20–40%- Sirca Paints expects a revenue growth CAGR of 25-30% over the next few years, aiming to achieve ₹1000 crores by FY29.
- The growth drivers include increasing demand for polyurethane coatings, expansion in Indian furniture manufacturing post-BIS implementation, and deeper penetration into West and South Indian markets.
- Integration and scaling of acquired brands Wembley and Welcome across India using Sirca’s distribution network will further fuel sales growth.
2 more points from Sirca Paints India Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what Sirca Paints India Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- For FY27, Sirca Paints India Limited plans a modest Capex of around ₹5-6 crores.
- The Capex will focus on enhancing production capacity for Acrylic products, with know-how recently completed.
- Most major Capex was completed in the current year, including consolidation of 3-4 Wembley Welcome facilities into one for cost economies and increasing capacity for the next three years.
- The company aims to continue manufacturing localization, including producing previously imported acrylic products in India to improve margins and operational efficiency.
2 more points from Sirca Paints India Ltd's call on capex
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FundraisingQ4 FY26 call
See what Sirca Paints India Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- Transition phase post-acquisition of Welcome and Wembley brands impacting working capital and inventory temporarily.
- Expectation of inventory and debtor reduction in the coming quarters as transition completes.
- Growth focus on expanding distribution in South and West India with new depots opened recently.
- Launch of polyurethane in Wembley Valentino brand with expected revenue growth.
- Exports under the Wembley Valentino brand planned to start in the current year.
2 more points from Sirca Paints India Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Consumer Durables
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Consumer Durables companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹166 Cr | 20.3 | |
| 2 | 40%+ | Up 2%+ | ₹100 Cr | 12.7 | |
| 3 | 40%+ | Up 0–2% | ₹3,249 Cr | 17.4 | |
| 4 | 40%+ | Up 0–2% | ₹2,081 Cr | 18.8 | |
| 5 | 40%+ | Flat | ₹2,429 Cr | 41.1 | |
| 6 | 40%+ | Flat | ₹2,163 Cr | 25.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables rankingFinancials of Sirca Paints India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Sirca Paints India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 68 | 73 | 84 | 72 | 83 | 79 | 105 | 89 | 101 | 114 | 131 | 113 | 134 |
| Expenses + | 55 | 56 | 62 | 59 | 66 | 65 | 86 | 73 | 82 | 92 | 104 | 90 | 109 |
| Operating Profit | 13 | 17 | 21 | 14 | 16 | 14 | 19 | 15 | 19 | 23 | 27 | 23 | 26 |
| OPM % | 19% | 24% | 25% | 19% | 20% | 18% | 18% | 17% | 19% | 20% | 21% | 20% | 19% |
| Other Income + | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 2 | 1 | 0 | 1 | 1 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 |
| Profit before tax | 13 | 18 | 21 | 14 | 17 | 14 | 18 | 16 | 18 | 19 | 24 | 20 | 23 |
| Tax % | 27% | 27% | 26% | 24% | 26% | 27% | 26% | 26% | 22% | 26% | 26% | 26% | 23% |
| Net Profit + | 9 | 13 | 16 | 11 | 13 | 10 | 13 | 11 | 14 | 14 | 18 | 15 | 18 |
| EPS in Rs | 1.73 | 2.35 | 2.83 | 1.92 | 2.28 | 1.86 | 2.42 | 2.09 | 2.58 | 2.59 | 3.19 | 2.65 | 3.12 |
Financials of Sirca Paints India Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 65 | 71 | 83 | 89 | 116 | 134 | 141 | 196 | 264 | 311 | 372 | 492 |
| Expenses + | 60 | 61 | 62 | 63 | 84 | 103 | 128 | 158 | 202 | 243 | 305 | 394 |
| Operating Profit | 6 | 10 | 20 | 26 | 32 | 31 | 12 | 38 | 62 | 69 | 68 | 99 |
| OPM % | 9% | 14% | 25% | 29% | 27% | 23% | 9% | 20% | 23% | 22% | 18% | 20% |
| Other Income + | 4 | 2 | 2 | 4 | 6 | 6 | 14 | 4 | 5 | 6 | 5 | 4 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 |
| Depreciation | 0 | 1 | 0 | 1 | 1 | 2 | 4 | 4 | 4 | 6 | 7 | 11 |
| Profit before tax | 9 | 11 | 22 | 30 | 37 | 34 | 23 | 38 | 62 | 69 | 65 | 87 |
| Tax % | 35% | 35% | 36% | 34% | 30% | 26% | 27% | 27% | 26% | 26% | 25% | 25% |
| Net Profit + | 6 | 7 | 14 | 19 | 26 | 25 | 17 | 28 | 46 | 51 | 49 | 65 |
| EPS in Rs | 206.00 | 242.67 | 456.67 | 4.82 | 4.73 | 4.59 | 3.03 | 5.06 | 8.41 | 9.39 | 8.96 | 11.45 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 7% | 16% | 25% | 20% | 9% | 16% | 17% | 17% |
Financials of Sirca Paints India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.10 | 0.10 | 0.10 | 13 | 18 | 27 | 27 | 27 | 27 | 55 | 55 | 57 |
| Reserves | 13 | 20 | 34 | 54 | 150 | 157 | 174 | 198 | 238 | 254 | 295 | 418 |
| Borrowings + | 12 | 11 | 4 | 5 | 0 | 0 | 13 | 0 | 0 | 0 | 0 | 32 |
| Other Liabilities + | 8 | 14 | 23 | 22 | 23 | 25 | 40 | 37 | 47 | 42 | 101 | 81 |
| Total Liabilities | 33 | 45 | 61 | 95 | 191 | 210 | 255 | 262 | 312 | 351 | 451 | 589 |
| Fixed Assets + | 2 | 2 | 8 | 20 | 25 | 50 | 41 | 53 | 54 | 58 | 164 | 174 |
| CWIP | 0 | 0 | 0 | 0 | 9 | 0 | 2 | 1 | 5 | 6 | 0 | 10 |
| Investments | 2 | 3 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 44 | 2 | 57 |
| Other Assets + | 29 | 40 | 51 | 75 | 157 | 160 | 212 | 208 | 252 | 243 | 285 | 348 |
| Total Assets | 33 | 45 | 61 | 95 | 191 | 210 | 255 | 262 | 312 | 351 | 451 | 589 |
Financials of Sirca Paints India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 5 | 11 | -1 | 12 | -8 | 19 | 35 | -19 | 42 | 54 | 44 | |
| Cash from Investing Activity + | -1 | -5 | -13 | -71 | 5 | 15 | -11 | 9 | -21 | -45 | -70 | |
| Cash from Financing Activity + | -1 | -7 | 16 | 68 | -8 | -0 | -17 | -6 | -8 | -8 | 39 | |
| Net Cash Flow | 2 | -2 | 1 | 9 | -11 | 34 | 7 | -15 | 12 | 1 | 14 | |
| Free Cash Flow | 4 | 5 | -14 | -2 | -29 | 26 | 19 | -29 | 32 | -53 | 17 | |
| CFO/OP | 94% | 53% | -5% | 76% | 13% | 204% | 121% | 0% | 80% | 105% | 67% |
Financials of Sirca Paints India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 62 | 83 | 106 | 137 | 125 | 124 | 112 | 85 | 71 | 77 | 92 | 115 |
| Inventory Days | 26 | 45 | 76 | 120 | 144 | 265 | 282 | 217 | 248 | 206 | 198 | 151 |
| Days Payable | 22 | 44 | 70 | 56 | 92 | 105 | 151 | 98 | 90 | 70 | 71 | 74 |
| Cash Conversion Cycle | 67 | 84 | 112 | 201 | 177 | 285 | 242 | 204 | 229 | 213 | 218 | 193 |
| Working Capital Days | 44 | 4 | 48 | 126 | 157 | 223 | 200 | 159 | 209 | 150 | 161 | 189 |
| ROCE % | 40% | 63% | 54% | 31% | 19% | 11% | 18% | 25% | 24% | 20% | 21% |
Guidance history
How Sirca Paints India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | None planned | — |
| Q2 FY26 call → | 40%+ | Flat | Planned | — | — |
| Q4 FY25 call → | 20–40% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
25 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −18.7% | 38% |
| Last 6 months | −1.9% | 51% |
| Last 3 months | +2.2% | 68% |
The price is 22.2% below its all-time high of ₹534.6 (18 Nov 2025). Stocks more than 20% below their peak have their score halved, so 49 became 25.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Sirca Paints India Ltd: 0.4 × 38 + 0.4 × 51 + 0.2 × 68 = 49, halved to 25 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Sirca Paints India Ltd's management said in earlier quarters
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