🖌️ Sirca Paints FY25 Results: ₹49 Cr Profit, Zero Debt, and ₹1,080 Cr in Paint Inventory — Is This the Next Asian Paints or a Warehouse Museum?

by Prashant Marathe | EduInvesting.in | 22 May 2025

🧠 At a Glance:

Sirca Paints dropped another masterpiece in Q4 — not just on walls, but on spreadsheets too.

• 🟢 Revenue: ₹373.9 Cr
• 🟢 Profit: ₹49.1 Cr
• 🟢 EPS: ₹8.96
• 🟢 Debt: Zero
• 🔴 Inventory: ₹1,080 Cr (Umm… how big is their godown?)

📍 CMP: ₹300
With this combo of growth and hygiene, you’d think this is India’s next Asian Paints. But the balance sheet, oh boy, it’s a full-blown painted puzzle.

Let’s crack the code.

🏢 About the Company

Sirca Paints India Ltd deals in wood coatings, PU paints, and decorative finishes. Basically, if you’ve seen that classy Italian finish on a ₹4 crore villa in Delhi, odds are it’s a Sirca job.

They import, manufacture, and distribute paints across the country — B2B + B2C + interior designers’ favourite cousin.

🙇♂️ Key Managerial Personnel (KMP)

• MD: Sanjay Agarwal (earned ₹74.6 lakh in FY25)
• CEO: Apoorv Agarwal (₹47 lakh package)
• Independent Directors: Clearly attending meetings for ₹15,000 sitting fees (yes, disclosed 😄)
• Auditor: Rajesh Kukreja & Associates – gave an unmodified opinion (we still have questions 👀)

📊 Q4 & FY25 Financials Snapshot