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Sirca Paints India Ltd.
(SIRCA)
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Rating:69Neutral
Price Target:
₹493.00
▲(26.59% Upside)
Action:Reiterated
Date:08/09/26
The score is primarily supported by strong financial performance—especially growth, profitability, and a low-leverage balance sheet. It is tempered by weaker cash-flow consistency and a rich valuation (high P/E with a low dividend yield). Technicals are supportive but look overbought, which adds near-term risk.
Positive Factors
Sustained Revenue Growth
Sustained top-line expansion from ~1.43B (2021) to ~4.92B (2026) indicates durable demand and successful scaling in the wood-coatings market. Multi-year growth improves bargaining power with suppliers, supports fixed-cost absorption, and enables reinvestment in products and distribution.
Negative Factors
Inconsistent Cash Generation / Volatile FCF
Operating cash flow lagging net income and a swing to negative free cash flow in 2025 indicate volatile working-capital dynamics or lumpy investment. This uncertainty weakens predictability of self-funded expansion, elevating the need for external financing in adverse quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Sustained top-line expansion from ~1.43B (2021) to ~4.92B (2026) indicates durable demand and successful scaling in the wood-coatings market. Multi-year growth improves bargaining power with suppliers, supports fixed-cost absorption, and enables reinvestment in products and distribution.
Read all positive factors
Sirca Paints India Ltd. (SIRCA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹23.90B
Dividend Yield0.48%
Average Volume (3M)33.77K
Price to Earnings (P/E)35.3
Beta (1Y)0.88
Revenue Growth24.10%
EPS Growth22.46%
CountryIN
Employees724
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)11.90
Shares Outstanding56,792,800
10 Day Avg. Volume26,757
30 Day Avg. Volume33,770
Financial Highlights & Ratios
PEG Ratio1.15
Price to Book (P/B)4.72
Price to Sales (P/S)4.56
P/FCF Ratio146.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)14.85
Revenue Forecast (FY)₹6.32B
Sirca Paints India Ltd. Business Overview & Revenue Model
Company Description
Sirca Paints India Limited engages in the import and distribution of wood, glass, and metal coatings in India. The company provides wood coatings, PU products, stains, special effects, acrylic PU, polyster, wallpaints, U.V Products, N.C products, ...
How the Company Makes Money
Sirca Paints India Ltd. makes money primarily by selling wood-coating and surface-finishing products in India. Its revenue model is product-led: it manufactures and/or sources (including via imports) coatings and allied finishing materials, then s...
Sirca Paints India Ltd. Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.08B | 4.92B | 3.74B | 3.12B | 2.68B | 2.00B |
| Gross Profit | 2.00B | 1.64B | 1.80B | 1.04B | 1.20B | 755.74M |
| EBITDA | 1.04B | 1.03B | 726.04M | 750.35M | 665.53M | 421.54M |
| Net Income | 670.19M | 650.18M | 490.57M | 514.34M | 461.07M | 277.23M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 5.89B | 4.51B | 3.51B | 3.12B | 2.62B |
| Cash, Cash Equivalents and Short-Term Investments | 1.08B | 1.08B | 562.03M | 1.14B | 860.00M | 826.03M |
| Total Debt | 0.00 | 439.32M | 500.00M | 20.00K | 3.29M | 0.00 |
| Total Liabilities | -4.75B | 1.14B | 1.01B | 422.14M | 465.14M | 372.20M |
| Stockholders Equity | 4.75B | 4.75B | 3.50B | 3.09B | 2.65B | 2.25B |
Cash Flow | ||||||
| Free Cash Flow | 70.14M | 153.17M | -526.68M | 199.21M | -287.79M | 130.15M |
| Operating Cash Flow | 91.01M | 431.31M | 542.65M | 323.96M | -187.00M | 351.59M |
| Investing Cash Flow | -548.12M | -733.61M | -453.25M | -214.14M | 93.76M | -110.55M |
| Financing Cash Flow | 541.08M | 437.28M | -83.95M | -82.42M | -55.20M | -173.85M |
Sirca Paints India Ltd. Technical Analysis
Positive
389.45
Price Trends
408.46
Positive
416.28
Positive
450.26
Negative
Market Momentum
11.00
Negative
78.16
Negative
94.43
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SIRCA, the sentiment is Positive. The current price of 389.45 is below the 20-day moving average (MA) of 407.92, below the 50-day MA of 408.46, and below the 200-day MA of 450.26, indicating a neutral trend. The MACD of 11.00 indicates Negative momentum. The RSI at 78.16 is Negative, neither overbought nor oversold. The STOCH value of 94.43 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SIRCA.
Sirca Paints India Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹2.64T | 55.27 | ― | 0.89% | 9.78% | 32.48% | |
70 Outperform | ₹159.20B | 26.99 | ― | 1.30% | 2.93% | -48.43% | |
69 Neutral | ₹23.90B | 35.33 | ― | 0.39% | 24.10% | 22.46% | |
69 Neutral | ₹53.10B | 36.52 | ― | 0.33% | 4.80% | 2.29% | |
66 Neutral | ₹606.73B | 53.82 | ― | 0.76% | 2.91% | -4.55% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹5.58B | -8.61 | ― | ― | -4.09% | 19.13% |
* General Sector Average
IN:SIRCA
Sirca Paints India Ltd.
450.25
-5.76
-1.26%
IN:ASIANPAINT
Asian Paints Ltd.
2,721.00
256.66
10.41%
IN:BERGEPAINT
Berger Paints India Limited
530.40
-11.46
-2.11%
IN:INDIGOPNTS
Indigo Paints Ltd
1,120.20
45.16
4.20%
IN:KANSAINER
Kansai Nerolac Paints Limited
212.75
-19.43
-8.37%
IN:SHALPAINTS
Shalimar Paints Ltd
84.39
10.15
13.67%
Sirca Paints India Ltd. Corporate Events
Sirca Paints Files SEBI Demat Compliance Certificate for June Quarter
Jul 28, 2026
Sirca Paints India Ltd. has submitted a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026. The certificate, issued by its registrar and share transfer ag...
Sirca Paints Confirms No Deviation in Use of Preferential Issue Proceeds
Jul 28, 2026
Sirca Paints India Limited reported that funds amounting to approximately Rs. 75.29 crore raised via a preferential issue on September 11, 2025, have been used strictly in line with the objectives set out in its offer documentation. For the quarte...
Sirca Paints India Publishes AGM Notice in Leading Dailies
Jul 21, 2026
Sirca Paints India Ltd. has notified exchanges that it has published a newspaper advertisement announcing its twenty-first annual general meeting. The notice appeared in national English and Hindi dailies, underscoring the company’s complian...
Sirca Paints Alerts Shareholders on Transfer of Dormant Shares to IEPF
Jul 14, 2026
Sirca Paints India Ltd. has published newspaper advertisements in English and Hindi to inform shareholders about the proposed transfer of certain equity shares to the Investor Education and Protection Fund account. The move follows SEBI listing re...
Sirca Paints Closes Trading Window Ahead of Quarterly Results
Jul 1, 2026
Sirca Paints India Ltd. has announced the closure of its trading window from July 1, 2026, in line with SEBI’s Prohibition of Insider Trading Regulations and its own code of conduct, ahead of the consideration and approval of unaudited finan...
Sirca Paints Publishes Q4 and FY 2025-26 Financial Results in Newspapers
May 9, 2026
Sirca Paints India Ltd. has published its financial results for the quarter and year ended March 31, 2026, in English and Hindi newspapers, in line with Regulation 47 of SEBI’s Listing Obligations and Disclosure Requirements. The company inf...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.