1. Opening Hook
January markets were sulking, spray bans were annoying, and furniture demand pretended to be on a coffee break.
Sirca Paints, meanwhile, walked into a Valueportal call and calmly declared it’s building India’s Italian-autograph wood coating empire.
While large paint giants were busy selling wall colours to everyone with a roller, Sirca stuck to polishing wardrobes, kitchens, and egos of architects. Extended monsoons? GST tweaks? Festive season confusion? Management shrugged politely and went back to discussing polyurethane chemistry like it’s fine wine.
The real flex wasn’t growth—it was confidence. From Wembley’s mass hustle to Sirca’s premium swagger, the company sounded less like a paint maker and more like a coatings cult with discipline.
Read on. It gets more interesting when numbers, capacity math, and competitive arrogance enter the room.
2. At a Glance
- Revenue up 33% (H1 YoY) – Demand cried, Sirca still delivered.
- EBITDA up 51% – Operating leverage finally decided to cooperate.
- PAT up 37% – Profits followed revenue instead of ghosting it.
- EBITDA margin guided at 19–21% – Comfort zone unlocked, ambition parked.
- Capacity utilisation ~70% – Single shift, zero
- panic.
- Debt ₹36 Cr – Management promised not to touch the credit card.
3. Management’s Key Commentary
“We are building India’s most trusted premium wood coating platform.”
(Translation: We don’t want to be Asian Paints. Please stop asking. 😏)
“PU is a technical product; it’s in our nerves.”
(Translation: We were born in polyurethane, not decorative buckets.)
“Wembley gives scale without diluting premium identity.”
(Translation: Mass money, premium ego preserved.)
“Gross margins will improve, but EBITDA stays at 19–21%.”
(Translation: Marketing will eat the gains, intentionally.)
“Architects decide furniture coatings, not dealers.”
(Translation: Influencers matter more than shelf space.)
“India’s furniture manufacturing will boom with BIS norms.”
(Translation: Regulation is our unpaid salesman.
1 thought on “Sirca Paints India Limited Q3 FY26 Concall Decoded:Revenue sprinted, margins behaved, and management basically said: “PU is our religion, architects are our god.””
just joined today and read a few concalls. a request – can you please use less humour and sarcasm and more serious and simple language.