SIRCA

Sirca Paints India share price & financials

Price
₹412.3
Market cap
₹2.4k Cr
Sector
Consumer Durables
Calls analysed
4
Latest concall · Q4 FY26 · call held 15 May 2026

Sirca Paints Q4 FY26

Revenue ₹134.29 cr +33%EBITDA ₹25.74 cr +36%EBITDA Margin 19.17% PAT ₹17.71 cr +25%

What went well

  • Q4 FY26 Revenue from operations grew 33.07% YoY to INR 134.29 crores.
  • FY26 Revenue from operations grew 31.79% YoY to INR 492.48 crores.
  • FY26 EBITDA grew 46.62% YoY to INR 98.88 crores, with margin expanding to 20.08% from 18.05%.

What to watch

  • Short-term margin pressure due to raw material price volatility, though mitigated by price hikes.
  • Wembley brand growth was flat in FY26 (74 crores vs 72 crores at acquisition) due to transition issues and raw material shortages.
Read the full call →

What Sirca Paints India Limited does

Sirca Paints India manufactures and markets premium wood coatings, decorative wall textures, and specialty metal/glass coatings, operating as the exclusive Indian licensee of Italy's Sirca brand (part of the Durante Group, established 1973). It sells through a multi-brand portfolio spanning luxury (Sirca, Oikos), mass-market (Unico), and recently acquired mid-premium brands (Wembley, Welcome, Wembley Valentino), reaching architects, interior designers, contractors, OEM furniture manufacturers and retail customers via a pan-India dealer, depot and branch network. Its FY25 acquisition of the Wembley Group added enamels, thinners, wall paints and NC/melamine coatings, since consolidated into a single new manufacturing facility to broaden category coverage from entry-level to luxury price points.

Segments

  • Retail
  • OEM/Institutional
Manufacturing facilities
4 (post consolidation of the new dedicated Wembley plant)
Distribution network
4,000+ dealers / distribution points
OEM clientele
900+ OEM customers
Branches and depots
20+
Brand portfolio
6 brands — Sirca, Unico, Oikos, Wembley, Wembley Valentino, Welcome
Export markets
Nepal, Bangladesh, Sri Lanka
Headquarters G-82, Kirti Nagar, New Delhi 110015 Company website

Guidance record · Q4 FY26

what the last two calls moved 12 tracked 3 delivered 1 missed 8 open
  • Consolidated Revenue Growth delivered said Q4 FY25 Promised: 25% to 30% Q4 FY26: Full year FY26 revenue grew 31.79% YoY to INR 492.48 crores. This result is within both the original (25-30%) and revised (25-40%) guidance ranges.
  • Capacity Utilization went quiet said Q2 FY26 Promised: 100% utilization by Q2 of FY27 Q4 FY26: No specific update provided on the utilization of the original plant. The focus was on the commissioning of the new Wembley facility.
  • Long-term Revenue revised up said Q4 FY25 Promised: four digits (1000+ crores) down the line five years Q4 FY26: Management accelerated the timeline, stating the 1000 crore revenue target is achievable by FY29, '3 years from now'.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 14.0%, net profit up 14.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue105 89 101 114 131 +25%113 +27%134 +33%130 +14%
EBITDA19 15 19 23 27 +42%23 +53%26 +37%24 +4%
Net profit13 11 14 14 18 +38%15 +36%18 +29%16 +14%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −7.6% 1Y

₹400₹450₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 22 Jan 2026Q3 FY26 — 27 Jan 2026Q4 FY26 — 15 May 2026

1Y: ₹462.45 on 10 Sept 2025 → ₹427.35. High ₹534.6 (18 Nov 2025), low ₹391 (17 Jul 2026).

How the price took the results

close before → close after

Q4 FY26
+1.5%
15 May
Q3 FY26
+0.1%
27 Jan
Q2 FY26
+0.2%
22 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 22.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 20.1%.

Year endingFY23FY24FY25FY26
Revenue₹267 Cr₹312 Cr₹374 Cr₹492 Cr
Operating profit₹61 Cr₹68 Cr₹67 Cr₹99 Cr
Operating margin22.8%21.8%17.9%20.1%
Interest₹0 Cr₹0 Cr₹0 Cr₹4 Cr
Depreciation₹4 Cr₹7 Cr₹8 Cr₹11 Cr
Net profit₹46 Cr₹53 Cr₹48 Cr₹65 Cr
Net margin17.2%17.0%12.8%13.2%
Cash from operations₹-19 Cr₹42 Cr₹54 Cr₹44 Cr
Free cash flow₹-29 Cr₹32 Cr₹-53 Cr₹17 Cr
ROCE25.0%24.0%19.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹27 Cr₹27 Cr₹27 Cr₹55 Cr₹57 Cr₹57 Cr
Reserves₹174 Cr₹198 Cr₹238 Cr₹254 Cr₹386 Cr₹418 Cr
Borrowings₹13 Cr₹0 Cr₹0 Cr₹0 Cr₹45 Cr₹32 Cr
Other liabilities₹40 Cr₹37 Cr₹47 Cr₹42 Cr₹71 Cr₹81 Cr
Total liabilities₹255 Cr₹262 Cr₹312 Cr₹351 Cr₹560 Cr₹589 Cr
Fixed assets₹41 Cr₹53 Cr₹54 Cr₹58 Cr₹174 Cr₹174 Cr
Capital work in progress₹2 Cr₹1 Cr₹5 Cr₹6 Cr₹0 Cr₹10 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹44 Cr₹55 Cr₹57 Cr
Other assets₹212 Cr₹208 Cr₹252 Cr₹243 Cr₹330 Cr₹348 Cr
Total assets₹255 Cr₹262 Cr₹312 Cr₹351 Cr₹560 Cr₹589 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +3.53 pp while promoters trimmed −2.35 pp. The shareholder count shrank 20% to 37,017.

Promoters
65.2%
FIIs
6.1%
DIIs
3.5%
Public
25.2%

Since Jun 2025

  • DIIs +3.53 pp
  • Promoters −2.35 pp
  • Public −2.05 pp

How it drifted, 12 quarters

Over this window DIIs went from 0.0% to 3.5% — +3.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 67.5%, FIIs 5.9%, Public 26.5%.Dec '23: Promoters 67.5%, FIIs 5.9%, DIIs 0.8%, Public 25.7%.Mar '24: Promoters 67.5%, FIIs 5.5%, DIIs 0.8%, Public 26.2%.Jun '24: Promoters 67.5%, FIIs 5.4%, DIIs 0.7%, Public 26.4%.Sep '24: Promoters 67.5%, FIIs 4.6%, DIIs 0.7%, Public 27.1%.Dec '24: Promoters 67.5%, FIIs 4.1%, Public 28.4%.Mar '25: Promoters 67.5%, FIIs 4.3%, Public 28.2%.Jun '25: Promoters 67.5%, FIIs 5.2%, Public 27.3%.Sep '25: Promoters 65.2%, FIIs 6.5%, DIIs 0.3%, Public 28.0%.Dec '25: Promoters 65.2%, FIIs 6.9%, DIIs 0.3%, Public 27.6%.Mar '26: Promoters 65.2%, FIIs 6.3%, Public 28.5%.Jun '26: Promoters 65.2%, FIIs 6.1%, DIIs 3.5%, Public 25.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Sirca Paints India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Mr. Sanjay Agarwal 31.27%unchanged
Bgb Italia S R L 18.16%unchanged
Gurjit Singh Bains 13.62%unchanged
Sirca S.P.A Corporate4.16%unchanged
Bandhan Small Cap Fund Mutual fund3.43%newly disclosed
Pinali Amar Ambani 2.73%unchanged
Asha Mukul Agrawal 2.52%unchanged
Apoorv Agarwal 1.95%unchanged
Ayushi Agarwal 0.06%unchanged
Srishti Agarwal 0.06%unchanged
Anita Agarwal 0.06%unchanged
Jayeshkumar Virendrabhai Patel —off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Expensive

To justify its price of ₹427, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~11%. At that growth it is worth ₹216 — downside of 49%.

Growth the price implies
24.3% a year
for 7 years, fading to 4%
It has actually compounded at
12.2% a year
net profit, FY23–FY26 · EPS 11.2%
The gap
0.1 pp
-49% downside if it only repeats history
Price today ₹427.35 Value at the reference growth ₹216.36

Change the assumptions yourself →

All earnings calls (4)

Read the Q4 FY26 call →

Learn to analyse Sirca Paints India Limited

Guides on how to read this kind of business and the numbers that matter.