SIRCA

Sirca Paints India Limited

Wood and wall coatings manufacturer offering decorative and industrial finishes

Consumer Discretionary›Consumer Durables›Consumer Durables›Paints

sircapaints.com

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Key metrics

Price as of 2026-10-16

Stock price

₹427.40

Market cap

2,430 Cr

Stock P/E

36.3

P/B

5.11

Dividend yield

0.3%

ROE (FY26)

13.7%

ROCE (FY26)

18.1%

Operating margin (FY26)

17.9%

Debt / equity (FY26)

0.07

OCF / EBITDA (FY26)

44.9%

OCF / EBITDA (3Y)

55.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Sirca Paints India makes premium wood coatings, sold under its Sirca brand to furniture makers (OEMs, or original equipment manufacturers) and through dealers to architects, designers and homeowners, with a core in north India.

Company snapshot

6thBy market cap

Ranked among 8 companies in Paints.

What we see

Positives

✓Debt-to-equity of 0.07x — the company is largely funded by its own money, not borrowed funds.

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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Sept 2023	Dec 2023	Mar 2024	Jun 2024	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	84 Cr	72 Cr	83 Cr	79 Cr	105 Cr	89 Cr	101 Cr	114 Cr	131 Cr	113 Cr	134 Cr	130 Cr
Operating expenses (approx.)	62 Cr	59 Cr	66 Cr	65 Cr	87 Cr	73 Cr	82 Cr	92 Cr	104 Cr	90 Cr	109 Cr	106 Cr
EBITDA	21 Cr	14 Cr	16 Cr	14 Cr	19 Cr	15 Cr	19 Cr	23 Cr	27 Cr	23 Cr	26 Cr	24 Cr
OPM %	25.5%	19.0%	19.7%	17.9%	18.0%	17.4%	18.8%	19.7%	20.9%	20.4%	19.1%	18.6%
Other income	1 Cr	2 Cr	2 Cr	1 Cr	0.84 Cr	2 Cr	1.00 Cr	0.21 Cr	1 Cr	1 Cr	1 Cr	2 Cr
Interest	0.0025 Cr	0.01 Cr	0.0024 Cr	0.0055 Cr	0.0076 Cr	0.0054 Cr	0.16 Cr	1 Cr	1 Cr	1 Cr	1.00 Cr	0.99 Cr
Depreciation	2 Cr	2 Cr	2 Cr	2 Cr	2 Cr	2 Cr	2 Cr	2 Cr	3 Cr	3 Cr	3 Cr	3 Cr
Profit before tax	21 Cr	14 Cr	17 Cr	14 Cr	18 Cr	16 Cr	18 Cr	19 Cr	24 Cr	20 Cr	23 Cr	22 Cr
Tax %	25.7%	24.0%	25.5%	26.7%	26.1%	26.3%	21.8%	26.0%	26.0%	26.4%	23.1%	26.8%
Net profit	16 Cr	11 Cr	13 Cr	10 Cr	13 Cr	11 Cr	14 Cr	14 Cr	18 Cr	15 Cr	18 Cr	16 Cr
EPS (₹)	₹2.83	₹1.92	₹2.28	₹1.86	₹2.42	₹2.09	₹2.57	₹2.59	₹3.24	₹2.69	₹3.16	₹2.85

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	143 Cr	200 Cr	268 Cr	312 Cr	374 Cr	492 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	131 Cr	162 Cr	206 Cr	243 Cr	307 Cr	394 Cr	Sign in free for the trailing twelve months
EBITDA	12 Cr	38 Cr	62 Cr	69 Cr	67 Cr	99 Cr	Sign in free for the trailing twelve months
OPM %	8.5%	18.9%	23.0%	22.0%	18.0%	20.1%	Sign in free for the trailing twelve months
Other income	14 Cr	4 Cr	5 Cr	6 Cr	5 Cr	4 Cr	Sign in free for the trailing twelve months
Interest	0.10 Cr	0.08 Cr	0.04 Cr	0.02 Cr	0.17 Cr	5 Cr	Sign in free for the trailing twelve months
Depreciation	4 Cr	4 Cr	4 Cr	6 Cr	7 Cr	11 Cr	Sign in free for the trailing twelve months
Profit before tax	23 Cr	38 Cr	62 Cr	69 Cr	65 Cr	87 Cr	Sign in free for the trailing twelve months
Tax %	26.5%	26.9%	25.8%	25.5%	25.1%	25.3%	Sign in free for the trailing twelve months
Net profit	17 Cr	28 Cr	46 Cr	51 Cr	49 Cr	65 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹6.05	₹10.12	₹8.41	₹9.38	₹8.95	₹11.63	Sign in free for the trailing twelve months
Dividend payout %	0.0%	14.8%	11.9%	16.0%	16.8%	12.6%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	27 Cr	27 Cr	27 Cr	55 Cr	55 Cr	57 Cr
Reserves	174 Cr	198 Cr	238 Cr	254 Cr	295 Cr	418 Cr
Borrowings	13 Cr	—	—	—	—	32 Cr
Other liabilities	40 Cr	37 Cr	47 Cr	42 Cr	101 Cr	81 Cr
Total liabilities	255 Cr	262 Cr	312 Cr	351 Cr	451 Cr	589 Cr
Fixed assets (net)	36 Cr	48 Cr	49 Cr	53 Cr	57 Cr	67 Cr
CWIP	2 Cr	1 Cr	5 Cr	6 Cr	0.22 Cr	10 Cr
Investments	—	—	5 Cr	0 Cr	2 Cr	57 Cr
Inventories	65 Cr	70 Cr	100 Cr	95 Cr	108 Cr	111 Cr
Trade receivables	43 Cr	46 Cr	51 Cr	66 Cr	93 Cr	155 Cr
Cash & bank	39 Cr	45 Cr	30 Cr	43 Cr	43 Cr	57 Cr
Other assets	71 Cr	52 Cr	70 Cr	88 Cr	147 Cr	132 Cr
Total assets	255 Cr	262 Cr	312 Cr	351 Cr	451 Cr	589 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	19 Cr	35 Cr	-19 Cr	32 Cr	54 Cr	44 Cr
Cash from investing	15 Cr	-11 Cr	9 Cr	-12 Cr	-45 Cr	-70 Cr
Cash from financing	-0.10 Cr	-17 Cr	-6 Cr	-8 Cr	-8 Cr	39 Cr
Net cash flow	34 Cr	7 Cr	-15 Cr	12 Cr	0.54 Cr	13 Cr
Free cash flow (OCF − Capex)	15 Cr	13 Cr	-29 Cr	20 Cr	-53 Cr	17 Cr

Ratios

Metric	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	10.6%	16.9%	23.4%	22.4%	18.8%	18.1%
ROE %	8.2%	12.3%	17.4%	16.7%	14.0%	13.7%
Debtor days	109	83	70	77	91	115
Inventory days	1136	586	472	349	358	201
Days payable	609	264	172	119	128	98
Cash conversion cycle	636	405	370	307	321	218
OCF / EBITDA %	157.8%	93.1%	-30.3%	47.2%	80.5%	44.9%
OCF / EBITDA % (3 years)	—	—	31.9%	29.1%	34.4%	55.8%
Debt / equity	0.07	—	—	—	0.00	0.07
Current ratio	3.95	5.52	5.42	6.80	4.78	5.21
Net debt / EBITDA	—	—	-0.49	-0.62	-0.64	-0.25