NSE: SIRCA · BSE: 543686 · ISIN INE792Z01011
Sirca Paints India Limited stock analysis
Sirca Paints India Limited ranks #798 in the TickerSutra evidence-ranked universe with a score of 60/100 and 95% data confidence. The latest captured fundamentals show ROCE of 20.3%, quarterly sales growth of 13.8% and quarterly profit growth of 14.1%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 20.3%
- Low debt/equity of 0.07×
- 23.1% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹196cr | ₹38cr | ₹28cr | 20.0% |
| 2023 | ₹264cr | ₹62cr | ₹46cr | 23.0% |
| 2024 | ₹311cr | ₹69cr | ₹51cr | 22.0% |
| 2025 | ₹372cr | ₹67cr | ₹49cr | 18.0% |
| 2026 | ₹492cr | ₹99cr | ₹65cr | 20.0% |
| TTM | ₹508cr | ₹100cr | ₹67cr | 20.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
The decorative paints segment remains the largest contributor to industry revenues, accounting for nearly three- fourths of the market, with demand driven by residential housing, repainting cycles, home improvement, and premium interior finishes. The Indian market also witnessed heightened competitive intensity with new capacity additions and aggressive market expansion by leading players. Despite pricing pressures a
The Indian market also witnessed heightened competitive intensity with new capacity additions and aggressive market expansion by leading players. Despite pricing pressures and slower urban demand during parts of 2025, long- term fundamentals remain supported by favourable demographics, increasing housing stock, and a shift toward premium products. Wood Coatings Industry Trend The global wood coatings industry continu
The paints and coatings industry benefited from rising urbanization, increasing renovation activity, and growing consumer preference for premium and sustainable products. However, volatility in crude oil and petrochemical derivatives continued to influence raw material costs across the industry. Despite these challenges, long- term demand drivers such as residential construction, premium home improvement, and luxury
It also opened wholly owned branches in Mumbai and Chennai, establishing an early pan-India physical presence and signalling its ambition to go beyond the northern market. Sirca Founded in Italy - The Durante Group Global Expansion - 85+ Countries Sirca Enters India as Exclusive Licensee First to Launch Wood Filler in India 1973 1973–2000 Early 2000s Early 2000s Our Journey ERA 01 ERA 02 IT ALIAN ORIGINS INDIAN ENTRY
Sirca now trades on India’s two premier exchanges, accessible to all categories of investors including institutional funds. Sirca commissions an in-house resin manufacturing line at the Sonipat facility - a significant step toward backward integration and raw material cost control. The company also launches ‘D’Aqua PU’, a new water-based coatings range that strengthens its eco-friendly product credentials and opens a
So, 2 price increases, combining to almost 10% on the whol e range of Sirca products. And, on the Wembley and the Welcome side, the price increase has been approximately 35 rupees per liter. Resha Mehta: And this is enough to offset the RM price, inflation so far.
Apoorv Agarwal: the margins should the EBITDA margins should remain in the category of, say, 19- 21%. So, as previously mentioned, you know, the volatility in the raw material prices has given us some temporary margin pressure, but with the couple of price increases, that will come back to track. The EBITDA margin should stay, you know, in the range of 19-21%.
The company began importing Polyurethane Polish (PU) products from Italy - the foundational product that would define the Indian business. India becomes Sirca’s most significant international market. The India entity achieves a product milestone - becoming the first company to launch wood filler in India.
This trend is expected to support sustained growth in the wood finishes segment. Growing Demand for Sustainable Coatings Increasing environmental awareness and regulatory focus are accelerating the adoption of water-based and low- VOC coating solutions. Companies with innovative and environmentally friendly product portfolios are well-positioned to capitalize on this emerging opportunity.
4 of the Notice seeks approval of the Shareholders for the same None of the Directors and/or Key Managerial Personnel of the Company and their relatives are in any way concerned or interested (financially or otherwise), in the proposed Ordinary Resolution. The Board recommends ratification of the remuneration of the Cost Auditor, M/s PAN &ASSOCIATES, Cost Accountants (Firm Registration Number 003692), as recommended
Promoters a) Individual/ HUF 26711054 47.03 b) Others 10310966 18.16 Total Shareholding of Promoter(s) and Promoter(s) Group (A) 37022020 65.19 B. Institutions a) Mutual Funds 46 0.00 b)Foreign Institutional Investors 1213062 2.14 c) Qualified Institutional Buyer - - Sub-total (B)(1):- 1213108 2.14 2. 2847207 5.01 b) Individuals i) Individual shareholders holding nominal share capital up to Rs.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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