Sirca Paints India Ltd

NSE: SIRCA BSE: 543686

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]

₹424

52W: ₹272 — ₹539

PE 37.2 · Book ₹83.7 · +407% vs book

Market Cap₹2,410 Cr

Stock P/E37.2Price to Earnings

ROCE21.5%Return on Capital

ROE15.8%Return on Equity

Div. Yield0.35%Face Value ₹10

Strengths

+Company is almost debt free.
+Company is expected to give good quarter
+Company's median sales growth is 18.7% of last 10 years

Weaknesses

−Debtor days have increased from 94.5 to 115 days.

Shareholding Pattern

Promoters65.19%

FIIs6.29%

DIIs0%

Public28.51%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	67.55%	67.55%	67.55%	67.55%	67.54%▼0.0	65.19%▼2.4	65.19%	65.19%
FIIs	5.36%	4.61%▼0.8	4.09%▼0.5	4.28%▲0.2	5.18%▲0.9	6.47%▲1.3	6.92%▲0.5	6.29%▼0.6
DIIs	0.69%	0.69%	0%▼0.7	0%	0%	0.32%▲0.3	0.32%	0%▼0.3
Public	26.41%	27.15%▲0.7	28.36%▲1.2	28.17%▼0.2	27.26%▼0.9	28.02%▲0.8	27.58%▼0.4	28.51%▲0.9

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	72	83	79	105	89	101	114	131	113	134
Expenses	59	66	65	86	73	82	92	104	90	109
Operating Profit	14	16	14	19	15	19	23	27	23	26
OPM %	19%	20%	18%	18%	17%	19%	20%	21%	20%	19%
Net Profit	11	13	10	13	11	14	14	18	15	18
EPS ₹	1.92	2.28	1.86	2.42	2.09	2.58	2.59	3.19	2.65	3.12

AI Insights

Revenue Trend

Mar 2026 revenue at ₹492Cr, up 32.3% YoY. OPM at 20%.

Debt Position

Borrowings at ₹32Cr. Debt-to-equity ratio: 0.08x. Healthy balance sheet.

Capex Cycle

CWIP at ₹10Cr (6% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 6.29% (+0.39pp change). Promoters hold 65.19%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 21% (Mar 2026). Working capital days: 189.

Valuation

PE 37.2x with 21.5% ROCE. Price is 407% above book value of ₹83.7. Dividend yield: 0.35%.