by Prashant Marathe | EduInvesting.in | 22 May 2025
🧠 At a Glance:
Sirca Paints dropped anothermasterpiecein 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: ₹300With 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-blownpainted puzzle.
Let’s crack the code.
🏢 About the Company
Sirca Paints India Ltddeals inwood 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
| Quarter | Revenue (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) |
|---|---|---|---|
| Q1 FY25 | 80.10 | 10.21 | 1.86 |
| Q2 FY25 | 106.33 | 13.28 | 2.42 |
| Q3 FY25 | 90.61 | 11.45 | 2.09 |
| Q4 FY25 | 102.10 | 14.15 | 2.58 |
| FY25 | 373.99 | 49.10 | 8.96 |
🚀EPS Growth: 38% YoY🧠Net Profit Margin: 13% — pretty high for paints🛠️PBT Margin: 17.5% — thanks to low finance cost (zero debt)
🔮 Forward-Looking Fair Value (FV) Estimate
- CMP: ₹300
- EPS FY25: ₹8.96
- Paint Industry P/E (Asian Paints, Berger): 40–60x
- Let’s assign conservative 32x P/E
🧮 FV = 8.96 × 32 =₹286.72
⚖️ Verdict: Stock isslightlyovervalued — unless they sustain >30% profit growth for another year.Upside
