1. At a Glance – Italian Accent, North Indian Dominance, Premium Margins
Sirca Paints is what happens when Italian aesthetics marry North Indian hustle. Market cap sitting around ₹2,634 crore, stock chilling near ₹464, and Q3 FY26 numbers doing a neat little catwalk: ₹113 crore quarterly revenue, ₹15 crore PAT, and ~20% operating margins. Not bad for a company that mostly sells paint you don’t slap on random walls but lovingly brush onto wardrobes that cost more than your car.
Over the last 3 years, sales have compounded at ~24% and profits at ~21%. ROCE hovers near 20%, debt is almost decorative (Debt/Equity ~0.10), and promoter holding is a solid ~65% with zero pledging. Short-term returns have been moody (welcome to midcap land), but the long-term chart still looks like it’s been polished with PU coating.
This isn’t Asian Paints scale, this is boutique premium — fewer litres, fatter margins. Question is: can Sirca keep scaling without losing its Italian soul?
2. Introduction – From “Polish Lagao” to “Italian Autograph”
Sirca Paints didn’t wake up one day and decide to fight Asian Paints head-on. Smart move. Instead, it picked a niche most mass brands ignored for decades: premium wood coatings. The stuff interior designers obsess over, carpenters respect, and homeowners discover only after EMIs begin.
Originally a trading-led model, Sirca slowly moved manufacturing in-house, tightened control over quality, and turned itself into a serious brand in North India. The Italian collaboration wasn’t just marketing fluff — it shaped product formulation, finishes, and pricing power.
Over time, Sirca added mass brands like Unico, luxury decor via Oikos, solvents under Welcome, and finally went full consolidation mode with the Wembley acquisition. Today,
it’s not just a “PU polish company” — it’s a small but sharp decorative paints platform.
But remember: premium niches reward discipline, not reckless expansion. And Sirca knows that… mostly.
3. Business Model – WTF Do They Even Do?
Think of Sirca as a wood-coatings-first company that occasionally dabbles in wall paints.
Core buckets:
- PU / NC / Melamine Wood Coatings (≈85% of revenue)
High-margin, low-volume, design-sensitive. This is the crown jewel. - Decorative Paints (≈7%)
Via Oikos — texture, eco-friendly, boutique luxury. - Thinners & Reducers (≈8%)
Welcome brand — boring, necessary, cash-generating.
Retail contributes ~70% of revenue via 4,000+ dealers and 26 Sirca Studios, while ~30% comes from OEMs like Godrej, Spacewood, and other furniture biggies.
In short: Sirca sells less paint, but charges you like it’s wearing Italian leather shoes.
4. Financials Overview – Q3 FY26: Still Glossy
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 113 | 89 | 131 | 27.2% | -13.7% |
| EBITDA (₹ Cr) | 23 | 15 | 27 | 53.3% | -14.8% |
| PAT (₹ Cr) | 15 | 11 | 18 | 31.2% | -16.7% |
| EPS (₹) | 2.65 | 2.09 | 3.19 | 26.8% | -16.9% |
Annualised EPS (Q3 rule):
Average of Q1–Q3 EPS × 4 ≈ ~₹11, which conveniently matches TTM EPS.
QoQ dip? Yes. Panic? No. Paint sales aren’t FMCG toothpaste — project timing matters.
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