Reported Earnings • May 09
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹11.63 (up from ₹8.95 in FY 2025). Revenue: ₹4.96b (up 33% from FY 2025). Net income: ₹650.2m (up 33% from FY 2025). Profit margin: 13% (in line with FY 2025). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 2.3%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Retail Distributors industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Buy Or Sell Opportunity • Mar 17
Now 25% overvalued Over the last 90 days, the stock has fallen 11% to ₹428. The fair value is estimated to be ₹342, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 8.0%. Revenue is forecast to grow by 62% in 2 years. Earnings are forecast to grow by 69% in the next 2 years. Reported Earnings • Feb 01
Third quarter 2026 earnings released: EPS: ₹2.69 (vs ₹2.09 in 3Q 2025) Third quarter 2026 results: EPS: ₹2.69 (up from ₹2.09 in 3Q 2025). Revenue: ₹1.14b (up 29% from 3Q 2025). Net income: ₹150.3m (up 31% from 3Q 2025). Profit margin: 13% (in line with 3Q 2025). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Retail Distributors industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Announcement • Jan 23
Sirca Paints India Limited to Report Q3, 2026 Results on Jan 31, 2026 Sirca Paints India Limited announced that they will report Q3, 2026 results at 9:08 AM, Indian Standard Time on Jan 31, 2026 Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: ₹3.24 (vs ₹2.42 in 2Q 2025) Second quarter 2026 results: EPS: ₹3.24 (up from ₹2.42 in 2Q 2025). Revenue: ₹1.31b (up 24% from 2Q 2025). Net income: ₹181.0m (up 36% from 2Q 2025). Profit margin: 14% (up from 13% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Retail Distributors industry in Asia. Announcement • Oct 29
Sirca Paints India Limited to Report Q2, 2026 Results on Nov 10, 2025 Sirca Paints India Limited announced that they will report Q2, 2026 results on Nov 10, 2025 Announcement • Sep 22
Sirca Paints India Limited Approves Final Dividend for the Financial Year Ended March 31, 2025 Sirca Paints India Limited announced that at the AGM held on September 20, 2025, approved to declare a Final dividend of INR 1.5 (15%) per Equity Shares of Face value of INR 10 each for the financial year ended March 31, 2025. Declared Dividend • Aug 27
Dividend of ₹1.50 announced Dividend of ₹1.50 is the same as last year. Ex-date: 4th September 2025 Payment date: 20th October 2025 Dividend yield will be 0.3%, which is lower than the industry average of 1.1%. Sustainability & Growth Dividend is covered by earnings (17% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 6 years and payments have been stable during that time. EPS is expected to grow by 25% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 25
Sirca Paints India Limited, Annual General Meeting, Sep 20, 2025 Sirca Paints India Limited, Annual General Meeting, Sep 20, 2025, at 12:30 Indian Standard Time. Reported Earnings • Aug 03
First quarter 2026 earnings released: EPS: ₹2.59 (vs ₹1.86 in 1Q 2025) First quarter 2026 results: EPS: ₹2.59 (up from ₹1.86 in 1Q 2025). Revenue: ₹1.14b (up 45% from 1Q 2025). Net income: ₹142.0m (up 39% from 1Q 2025). Profit margin: 12% (in line with 1Q 2025). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Retail Distributors industry in Asia. Announcement • Jul 30
Sirca Paints India Limited to Report Q1, 2026 Results on Aug 02, 2025 Sirca Paints India Limited announced that they will report Q1, 2026 results at 12:08 PM, Indian Standard Time on Aug 02, 2025 Reported Earnings • May 23
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: ₹8.95 (down from ₹9.38 in FY 2024). Revenue: ₹3.79b (up 22% from FY 2024). Net income: ₹490.6m (down 4.6% from FY 2024). Profit margin: 13% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Retail Distributors industry in Asia. Announcement • May 15
Sirca Paints India Limited to Report Q4, 2025 Results on May 22, 2025 Sirca Paints India Limited announced that they will report Q4, 2025 results on May 22, 2025 Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹308, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 15x in the Retail Distributors industry in Asia. Total loss to shareholders of 3.0% over the past year. Price Target Changed • Feb 15
Price target decreased by 11% to ₹375 Down from ₹420, the current price target is provided by 1 analyst. New target price is 31% above last closing price of ₹286. Stock is down 23% over the past year. The company is forecast to post earnings per share of ₹9.00 for next year compared to ₹9.38 last year. Reported Earnings • Feb 12
Third quarter 2025 earnings released: EPS: ₹2.09 (vs ₹1.92 in 3Q 2024) Third quarter 2025 results: EPS: ₹2.09 (up from ₹1.92 in 3Q 2024). Revenue: ₹887.1m (up 22% from 3Q 2024). Net income: ₹114.6m (up 9.0% from 3Q 2024). Profit margin: 13% (down from 14% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Retail Distributors industry in Asia. Announcement • Feb 07
Sirca Paints India Limited to Report Q3, 2025 Results on Feb 11, 2025 Sirca Paints India Limited announced that they will report Q3, 2025 results on Feb 11, 2025 Announcement • Nov 09
Sirca Paints India Limited to Report Q2, 2025 Results on Nov 14, 2024 Sirca Paints India Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Upcoming Dividend • Aug 16
Upcoming dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 22 August 2024. Payment date: 28 September 2024. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (1.2%). Reported Earnings • Aug 05
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₹9.38 (up from ₹8.41 in FY 2023). Revenue: ₹3.12b (up 16% from FY 2023). Net income: ₹514.3m (up 12% from FY 2023). Profit margin: 17% (in line with FY 2023). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 8.0%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Retail Distributors industry in Asia. Announcement • Aug 04
Sirca Paints India Limited to Report Q1, 2025 Results on Aug 10, 2024 Sirca Paints India Limited announced that they will report Q1, 2025 results at 12:08 PM, Indian Standard Time on Aug 10, 2024 Declared Dividend • Aug 02
Dividend of ₹1.50 announced Dividend of ₹1.50 is the same as last year. Ex-date: 22nd August 2024 Payment date: 28th September 2024 Dividend yield will be 0.4%, which is lower than the industry average of 1.1%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 15% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 58% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 01
Sirca Paints India Limited, Annual General Meeting, Aug 29, 2024 Sirca Paints India Limited, Annual General Meeting, Aug 29, 2024, at 12:30 Indian Standard Time. Price Target Changed • May 23
Price target decreased by 8.3% to ₹440 Down from ₹480, the current price target is provided by 1 analyst. New target price is 32% above last closing price of ₹333. Stock is up 10% over the past year. The company is forecast to post earnings per share of ₹12.30 for next year compared to ₹9.38 last year. Reported Earnings • May 20
Full year 2024 earnings released: EPS: ₹9.38 (vs ₹8.41 in FY 2023) Full year 2024 results: EPS: ₹9.38 (up from ₹8.41 in FY 2023). Revenue: ₹3.18b (up 19% from FY 2023). Net income: ₹514.3m (up 12% from FY 2023). Profit margin: 16% (in line with FY 2023). Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Retail Distributors industry in Asia. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹346, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 13x in the Retail Distributors industry in Asia. Total returns to shareholders of 7.7% over the past year. Reported Earnings • Feb 06
Third quarter 2024 earnings released: EPS: ₹1.92 (vs ₹1.92 in 3Q 2023) Third quarter 2024 results: EPS: ₹1.92 (in line with 3Q 2023). Revenue: ₹741.2m (up 14% from 3Q 2023). Net income: ₹105.1m (flat on 3Q 2023). Profit margin: 14% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Retail Distributors industry in Asia. Announcement • Jan 27
Sirca Paints India Limited to Report Q3, 2024 Results on Feb 05, 2024 Sirca Paints India Limited announced that they will report Q3, 2024 results on Feb 05, 2024 Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: ₹2.83 (vs ₹2.63 in 2Q 2023) Second quarter 2024 results: EPS: ₹2.83 (up from ₹2.63 in 2Q 2023). Revenue: ₹848.0m (up 16% from 2Q 2023). Net income: ₹155.1m (up 7.6% from 2Q 2023). Profit margin: 18% (down from 20% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Retail Distributors industry in Asia. Announcement • Nov 05
Sirca Paints India Limited to Report Q2, 2024 Results on Nov 11, 2023 Sirca Paints India Limited announced that they will report Q2, 2024 results at 12:08 PM, Indian Standard Time on Nov 11, 2023 Announcement • Oct 11
Sirca Paints India Limited Informs Mr. Suraj Singh Resigns as Company Secretary, Compliance Officer and Nodal Officer Sirca Paints India Limited informed that Mr. Suraj Singh has resigned from the post of Company Secretary, Compliance officer and Nodal Officer of the Company due to personal reasons. Announcement • Sep 22
Sirca Paints India Limited Announces Resignation of Anil Kumar Mehrotra as Non-Executive and Independent Director Sirca Paints India Limited announced that Mr. Anil Kumar Mehrotra vide his letter dated September 16, 2023, has tendered his resignation as Non-Executive and Independent Director of the Company with effect from the close of business hours on September 20, 2023, due to pre-occupation and other personal commitments. Therefore, the Board of Directors of the Company at their meeting held September 20, 2023 took on record the resignation of Mr. Anil Kumar Mehrotra. He is director of English Helper Education Technologies Private Limited. Announcement • Aug 27
Sirca Paints India Limited Declares Final Dividend for the Financial Year Ended March 31, 2023 Sirca Paints India Limited announced that at the AGM was held on August 25, 2023, the company declared a final dividend of INR 1.50 (15%) per Equity Shares of Face value of INR 10/- each for the financial year ended March 31, 2023. Announcement • Aug 06
Sirca Paints India Limited to Report Q1, 2024 Results on Aug 14, 2023 Sirca Paints India Limited announced that they will report Q1, 2024 results on Aug 14, 2023 Reported Earnings • Jul 30
Full year 2023 earnings released: EPS: ₹8.41 (vs ₹5.06 in FY 2022) Full year 2023 results: EPS: ₹8.41 (up from ₹5.06 in FY 2022). Revenue: ₹2.68b (up 34% from FY 2022). Net income: ₹461.1m (up 66% from FY 2022). Profit margin: 17% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Retail Distributors industry in Asia. Announcement • Jul 27
Sirca Paints India Limited Proposes Final Dividend for the Financial Year Ended March 31, 2023 Sirca Paints India Limited proposed Final dividend of INR 1.50/- per equity share (15%) on par value of INR 10/- per share for the financial year ended March 31, 2023 to those members as on record date i.e. August 18, 2023 subject to the approval of members at the upcoming Annual General Meeting of the company to be held on August 25, 2023. The dividend will be paid within 30 days from the date of AGM. Announcement • Jul 25
Sirca Paints India Limited, Annual General Meeting, Aug 25, 2023 Sirca Paints India Limited, Annual General Meeting, Aug 25, 2023, at 12:30 Indian Standard Time. New Risk • Jul 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 42% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (42% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • May 17
Sirca Paints India Limited Recommends Final Dividend for the Financial Year 2022-23 Sirca Paints India Limited at its board meeting, held on May 16, 2023, has recommended final dividend @ 15% i.e. INR 1.50/- (Rupees One and fifty paise only) per equity share of the face value of INR 10 each for the financial year 2022-23 subject to approval of Shareholders at the ensuing 18th Annual General Meeting (AGM). Reported Earnings • Jan 26
Third quarter 2023 earnings released: EPS: ₹3.84 (vs ₹3.34 in 3Q 2022) Third quarter 2023 results: EPS: ₹3.84 (up from ₹3.34 in 3Q 2022). Revenue: ₹661.8m (up 21% from 3Q 2022). Net income: ₹105.3m (up 15% from 3Q 2022). Profit margin: 16% (in line with 3Q 2022). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Retail Distributors industry in Asia. Announcement • Jan 18
Sirca Paints India Limited to Report Nine Months, 2023 Results on Jan 25, 2023 Sirca Paints India Limited announced that they will report nine months, 2023 results on Jan 25, 2023 Board Change • Dec 14
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Non-Executive Independent Director Shyam Goyal was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.