Sirca Paints India Ltd is primarily engaged in the business of manufacturing, selling, and exporting wood coatings and other decorative paints under its brand 'Sirca'. Incorporated in 2006 and based in New Delhi, India, the company has established itself as a specialized player in the paints and coatings industry, focusing on premium wood coatings and high-end decorative paints.
The company operates under its owned or exclusively licensed brands, including Sirca, Unico, San Marco, and DuranteVivan. Sirca Paints has strategically positioned itself as a premium provider in the wood coatings segment, serving both professional and retail customers across India and neighboring countries such as Nepal, Bangladesh, and Sri Lanka.
Sirca Paints India Ltd maintains a strong financial position, being almost debt-free. As of July 9, 2025, the company has a market capitalization of ₹2,288 Crore, classifying it as a Small Cap company as per Value Research.
The company has demonstrated a consistent growth trajectory, with a median sales growth of 17.0% over the last 10 years. This sustained performance reflects its expanding market presence and demand for its specialized product offerings.
- Q4 FY25 Revenue: ₹102.11 Cr (20.53% YoY growth, 12.69% QoQ growth)
- Q4 FY25 Net Profit: ₹14.11 Cr (12.79% YoY growth, 23.12% QoQ growth)
- Q4 FY25 EPS: 2.57
- Q4 FY25 Net Profit Margin: 13.82% (-6.42% YoY decline)
- FY25 Annual Sales: ₹374.00 Cr (19.98% YoY growth)
- FY25 Annual Net Profit: ₹49.06 Cr (-4.61% YoY decline)
- Market Capitalization: ₹2,288 Cr (as of July 2025)
- P/B Ratio: 6.55 times (26% discount to peers' median)
- P/E Ratio: 46.65 times (7% premium to peers' median)
Sirca Paints India Ltd offers a diverse range of wood coatings and decorative paints through its distinct brands:
- Sirca: This brand provides luxury Italian wood coatings and high-end wall paints. The company holds an exclusive license for this brand in India, Nepal, Bangladesh, and Sri Lanka, granting it access to premium technology and products.
- Unico: Caters to the mass-market segment with its range of wood coating products.
- Oikos: Offers high-end decorative, solid color finishes, and texture coatings.
- Welcome: Specializes in a variety of paint thinners and reducers.
The comprehensive product range includes polyurethane coatings (PU) products, stains, special effects, acrylic PU, polyester, wall paints, U.V. products. Its paints and textures segment covers interior, exterior, wall primer, finishes/effects, and wall putty, catering to various applications.
The company's leadership includes Sanjay Agarwal, who serves as both the Chairman and Managing Director. A notable aspect of Sirca Paints' corporate governance is the absence of promoter pledging, which indicates strong promoter confidence and a healthy financial standing.
Sirca Paints India Ltd has demonstrated an active approach to strengthening its financial position and planning for future growth. The company's share price surged over 7% following the announcement of fundraising plans ahead of its board meeting on July 14, 2025. This initiative is aimed at evaluating plans to raise funds through the issuance of securities, expected to further support its growth strategies.
The investment outlook for Sirca Paints India Ltd appears positive, with 100% of analysts recommending a 'BUY' rating and an average target price of ₹375. The stock has delivered a return of 20.5% over the last 3 years. The company's consistent growth, robust financial health, and strategic focus on premium wood coatings, combined with exclusive brand licensing and debt-free operations, provide a solid foundation for sustainable growth in the competitive paints industry. With increasing demand for specialized coatings and the company's planned expansion, Sirca Paints India Ltd presents an interesting investment proposition in the small-cap paints sector.
