Sirca Paints India Limited has released its audited financial results for the fiscal year ended March 31, 2026, alongside an earnings presentation for Q4 & FY26 filed under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The Board of Directors, at its meeting held on May 07, 2026, approved the standalone and consolidated financial results and recommended a final dividend for FY26. The results were audited by M/s Rajesh Kukreja & Associates, Chartered Accountants, and reviewed by the Audit Committee prior to board approval.
Financial Performance Overview
For the year ended March 31, 2026, Sirca Paints reported standalone total income of ₹49,635.03 lakh, a notable increase from ₹37,884.24 lakh in the previous year. Revenue from operations stood at ₹49,248.41 lakh, compared to ₹37,367.93 lakh in the prior year. The company's standalone profit after tax grew 32.48% to ₹6,505.33 lakh, up from ₹4,910.41 lakh in the corresponding period. On a consolidated basis, total income for the year was ₹49,635.03 lakh, with revenue from operations at ₹49,248.41 lakh, and consolidated profit after tax at ₹6,501.84 lakh, compared to ₹4,905.67 lakh previously.
The following table summarizes the key standalone financial results for the year and quarter ended March 31, 2026:
| Particulars: |
Year Ended 31.03.2026 (₹ in Lakh) |
Year Ended 31.03.2025 (₹ in Lakh) |
Quarter Ended 31.03.2026 (₹ in Lakh) |
Quarter Ended 31.03.2025 (₹ in Lakh) |
| Revenue from Operations |
49,248.41 |
37,367.93 |
13,429.16 |
10,092.48 |
| Other Income |
386.62 |
516.32 |
121.78 |
99.95 |
| Total Income |
49,635.03 |
37,884.24 |
13,550.95 |
10,192.44 |
| Total Expenses |
40,923.35 |
31,336.19 |
11,248.06 |
8,387.51 |
| Profit Before Tax |
8,711.68 |
6,548.05 |
2,302.88 |
1,804.93 |
| Total Tax Expense |
2,206.35 |
1,637.64 |
531.61 |
389.34 |
| Profit After Tax |
6,505.33 |
4,910.41 |
1,771.28 |
1,415.59 |
| Total Comprehensive Income |
6,525.95 |
4,915.19 |
1,791.89 |
1,420.37 |
| Basic EPS (₹) |
11.64 |
8.96 |
3.17 |
2.58 |
| Diluted EPS (₹) |
11.64 |
8.96 |
3.17 |
2.58 |
Q4 FY26 Quarterly Performance
For Q4 FY26, Sirca Paints delivered resilient growth with revenue from operations rising 33.07% year-on-year to ₹134.29 crore, while PAT grew 25.07% to ₹17.71 crore. EBITDA (excluding other income) expanded 35.69% year-on-year to ₹25.74 crore, with an EBITDA margin of 19.17%. The quarterly performance is summarized below:
| Particulars: |
Q4 FY26 |
Q3 FY26 |
Q4 FY25 |
YoY% |
QoQ% |
| Revenue from Operations (₹ cr) |
134.29 |
112.79 |
100.92 |
33.07% |
19.06% |
| Total Income (₹ cr) |
135.51 |
114.18 |
101.92 |
32.96% |
18.68% |
| Total Operating Exp (₹ cr) |
108.55 |
89.77 |
81.95 |
32.46% |
20.92% |
| EBITDA Excl. OI (₹ cr) |
25.74 |
23.02 |
18.97 |
35.69% |
11.82% |
| EBITDA Margin (%) |
19.17 |
20.40 |
18.80 |
1.97% |
-6.03% |
| Interest Cost (₹ cr) |
1.00 |
1.26 |
0.16 |
525.00% |
-20.63% |
| Depreciation & Amortisation (₹ cr) |
2.93 |
2.72 |
1.77 |
65.54% |
7.72% |
| PBT (₹ cr) |
23.03 |
20.43 |
18.05 |
27.59% |
12.73% |
| PAT (₹ cr) |
17.71 |
15.04 |
14.16 |
25.07% |
17.75% |
| EPS (₹) |
3.17 |
2.69 |
2.58 |
22.87% |
17.84% |
Expense Breakdown
On a standalone basis for the year ended March 31, 2026, cost of material consumed was ₹20,033.68 lakh, while purchase of stock-in-trade stood at ₹5,590.67 lakh. Employee benefits expenses were ₹5,139.77 lakh, depreciation and amortisation expenses amounted to ₹1,074.25 lakh, finance costs were ₹489.46 lakh, and other expenses totalled ₹7,548.94 lakh. The change in inventories of stock-in-trade was ₹1,046.59 lakh.
Consolidated Financial Highlights
The consolidated results for the year ended March 31, 2026 closely mirror the standalone performance, given that the group includes Sirca Paints India Limited and its wholly owned subsidiary, Sirca Industries Ltd. Consolidated profit before tax for the year was ₹8,707.01 lakh against ₹6,547.60 lakh in the prior year. The consolidated basic and diluted EPS for the year stood at ₹11.63, compared to ₹8.95 previously.
| Particulars: |
Year Ended 31.03.2026 (₹ in Lakh) |
Year Ended 31.03.2025 (₹ in Lakh) |
Quarter Ended 31.03.2026 (₹ in Lakh) |
Quarter Ended 31.03.2025 (₹ in Lakh) |
| Total Income |
49,635.03 |
37,884.24 |
13,550.95 |
10,192.44 |
| Total Expenses |
40,928.02 |
31,336.64 |
11,251.99 |
8,387.71 |
| Profit Before Tax |
8,707.01 |
6,547.60 |
2,298.96 |
1,804.72 |
| Profit After Tax |
6,501.84 |
4,905.67 |
1,768.34 |
1,411.04 |
| Total Comprehensive Income |
6,522.45 |
4,910.46 |
1,788.95 |
1,415.82 |
| Basic EPS (₹) |
11.63 |
8.95 |
3.16 |
2.57 |
| Diluted EPS (₹) |
11.63 |
8.95 |
3.16 |
2.57 |
Assets and Liabilities
As of March 31, 2026, the standalone total assets stood at ₹58,903.44 lakh, up from ₹45,069.92 lakh in the previous year. Total equity increased significantly to ₹47,523.26 lakh from ₹34,964.87 lakh, supported by equity share capital of ₹5,679.28 lakh and other equity of ₹41,843.98 lakh. On the consolidated basis, total assets were ₹58,893.44 lakh and total equity was ₹47,511.59 lakh as at March 31, 2026.
| Balance Sheet Item: |
Standalone 31.03.2026 (₹ in Lakh) |
Standalone 31.03.2025 (₹ in Lakh) |
Consolidated 31.03.2026 (₹ in Lakh) |
Consolidated 31.03.2025 (₹ in Lakh) |
| Total Non-Current Assets |
20,164.27 |
17,212.23 |
20,154.27 |
17,202.73 |
| Total Current Assets |
38,739.17 |
27,857.69 |
38,739.17 |
27,859.21 |
| Total Assets |
58,903.44 |
45,069.92 |
58,893.44 |
45,061.94 |
| Total Equity |
47,523.26 |
34,964.87 |
47,511.59 |
34,956.69 |
| Total Non-Current Liabilities |
3,945.08 |
4,272.73 |
3,945.08 |
4,272.73 |
| Total Current Liabilities |
7,435.10 |
5,832.32 |
7,436.77 |
5,832.52 |
Cash Flow Summary
For the year ended March 31, 2026, the standalone net cash from operating activities was ₹4,445.36 lakh, compared to ₹5,426.98 lakh in the prior year. Net cash used in investing activities was ₹(6,974.55) lakh, primarily on account of purchase of fixed assets of ₹(2,781.38) lakh and investments of ₹(5,529.30) lakh. Cash flow from financing activities was ₹3,883.35 lakh, supported by proceeds from issue of equity shares of ₹6,926.94 lakh, partially offset by repayment of borrowings of ₹(1,732.00) lakh and dividend paid of ₹(822.13) lakh. Standalone cash and cash equivalents stood at ₹5,678.32 lakh as at March 31, 2026, up from ₹4,324.16 lakh at the start of the year.
Dividend Declaration
The Board of Directors has recommended a final dividend of 20%, equivalent to ₹2 per equity share of face value ₹10 each, for the financial year ended March 31, 2026. This recommendation is subject to shareholder approval at the ensuing 21st Annual General Meeting. The record date for determining shareholder eligibility and the date of payment will be intimated separately.
Management Commentary and Strategic Priorities
Management described FY26 as a transformational year, noting that Sirca outperformed a subdued paints industry through its differentiated portfolio, premium positioning, and deeper market penetration. The new dedicated Wembley manufacturing facility is fully operational, consolidating multiple production lines into one integrated setup and improving efficiency, quality consistency, supply-chain agility, and cost economics. The Wembley acquisition, announced on March 21, 2025, integrates the full range of Wembley products — including thinners, wall paints, enamels, NC (nitrocellulose), melamine, and other coatings — and is expected to strengthen Sirca's position in mass and mid-premium wood coatings with strong cross-distribution synergies.
On the product and technology front, acrylic and polyester formula transfers have been completed with commercial trials underway, and production is expected to commence in Q1 FY27. Formula transfer for selected UV technology products is also progressing as planned and is expected to complete within Q1. Management highlighted that despite geopolitical, currency, and crude-linked raw material volatility, profitability was protected through calibrated pricing, sourcing optimisation, product-mix improvements, and tighter operational controls.
Key strategic priorities going forward include scaling Wembley across India, continued premiumisation across acrylics and decorative textures, strengthening the architect and influencer ecosystem, expanding Tier-2 and Tier-3 distribution through new depots and Sirca Studios, deepening OEM and institutional engagement, and evaluating export market expansion under the Wembley Valentino brand — particularly in polyurethane-based coatings — with exports expected to gradually commence in the coming quarters.
Source: Company/INE792Z01011/25c36284f1c042f2.pdf