Sirca Paints India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Sirca Paints India Ltd filed with BSE on 16 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Sirca Paints reported Q4 FY26 standalone revenue of Rs 134.29 crore, up 33.07% year-on-year, with EBITDA of Rs 25.74 crore and PAT of Rs 17.71 crore. For FY26, revenue grew 31.79% to Rs 492.48 crore with EBITDA margin at 20.08% and PAT of Rs 65.05 crore, up 32.48% year-on-year. Management attributed the growth to acrylic and advanced coating systems, wider distribution, deeper market penetration, and the Wembley acquisition, while noting short-term margin pressure from raw material cost volatility.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR134.29 crores (Q4 FY26)
p. 2
“Revenue from operations increased to INR134.29 crores in Q4 FY '26 from INR100.92 crores in the same quarter last year.”
Ms. Shallu Arora, page 2 of the filed PDF · View the filing
EBITDA: INR 25.74 crores (Q4 FY26)
p. 2
“EBITDA for Q4 FY '26 increased to INR 25.74 crores from INR18.97 crores in the same quarter last year, reflecting a healthy growth of 35.69% year-on-year.”
Ms. Shallu Arora, page 2 of the filed PDF · View the filing
EBITDA margin: 19.17% (Q4 FY26)
p. 2
“Our EBITDA margin for the quarter stood at 19.17% compared to 18.8% in Q4 FY '25.”
Ms. Shallu Arora, page 2 of the filed PDF · View the filing
Profit after tax: INR17.71 crores (Q4 FY26)
p. 2
“profit after tax increased to INR17.71 crores this quarter from INR14.16 crores in Q4 FY '25.”
Ms. Shallu Arora, page 2 of the filed PDF · View the filing
Revenue from operations: INR 492.48 crores (FY26)
p. 2
“Revenue from operations increased to INR 492.48 crores in FY '26 from INR 373.68 crores in the previous financial year.”
Ms. Shallu Arora, page 2 of the filed PDF · View the filing
EBITDA: INR 98.88 crores (FY26)
p. 2
“EBITDA for FY '26 increased to INR 98.88 crores from INR 67.44 crores the previous financial year.”
Ms. Shallu Arora, page 2 of the filed PDF · View the filing
EBITDA margin: 20.08% (FY26)
p. 2
“Our EBITDA margin for the year stood at 20.08% compared to 18.05% in FY '25.”
Ms. Shallu Arora, page 2 of the filed PDF · View the filing
Profit after tax: INR65.05 crores (FY26)
p. 2
“profit after tax increased to INR65.05 crores this year from INR 49.10 crores in FY '25.”
Ms. Shallu Arora, page 2 of the filed PDF · View the filing
Welcome and Wembley combined revenue: approximately 120.5 crores (FY26)
p. 3
“the revenues combined from Welcome and Wembley were approximately 120.5 crores, out of which almost 46.5 was coming from, Welcome, and 74 was crore was coming from Wembley.”
Mr. Apoorv Agarwal, page 3 of the filed PDF · View the filing
Core Sirca wood coatings revenue: 372 crores (FY26)
p. 3
“out of 372 crores coming from our core business of Sirca wood coatings.”
Mr. Apoorv Agarwal, page 3 of the filed PDF · View the filing
Sirca facility capacity: 17,750 tons
p. 6
“the total capacity today almost stands at 7, you know, 17,750”
Mr. Apoorv Agarwal, page 6 of the filed PDF · View the filing
Sirca facility utilization: 12,000+ tons (FY26)
p. 6
“we have… this year, we have utilized almost 12,000… plus 12,000 tons”
Mr. Apoorv Agarwal, page 6 of the filed PDF · View the filing
Royalty to parent company: 0.75% of total reported revenue
p. 12
“The parent company gets 0.75% of our total reported revenue.”
Mr. Apoorv Agarwal, page 12 of the filed PDF · View the filing
Export revenue: about 9 crores (FY25)
p. 9
“last year was about 9 crores, majorly from Nepal and 1-2 customers from Sri Lanka.”
Mr. Apoorv Agarwal, page 9 of the filed PDF · View the filing
Sirca revenue from northern India: 80%
p. 9
“So, 80% of the revenues are coming from these territories, and 20% is coming from the west and the south”
Mr. Apoorv Agarwal, page 9 of the filed PDF · View the filing
Sirca price increase: 10% combined
p. 10
“So, 2 price increases, combining to almost 10% on the whole range of Sirca products.”
Mr. Apoorv Agarwal, page 10 of the filed PDF · View the filing
Wembley/Welcome price increase: approximately 35 rupees per liter
p. 10
“on the Wembley and the Welcome side, the price increase has been approximately 35 rupees per liter.”
Mr. Apoorv Agarwal, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 25-30% CAGR · FY27 onward
stated firmly by Mr. Apoorv Agarwal
p. 5
“we are looking at a growth of almost 25-30% based on, you know, CAGR growth.”
Mr. Apoorv Agarwal, page 5 of the filed PDF · View the filing
EBITDA margin — 19-21% · FY27
stated firmly by Mr. Apoorv Agarwal
p. 5
“The EBITDA margin should stay, you know, in the range of 19-21%.”
Mr. Apoorv Agarwal, page 5 of the filed PDF · View the filing
Revenue — 1000 crores · FY29
stated as an aspiration by Mr. Apoorv Agarwal
p. 5
“Yes, 3 years from now.”
Mr. Apoorv Agarwal, page 5 of the filed PDF · View the filing
Capex — 5 to 6 crore · FY27
stated firmly by Mr. Apoorv Agarwal
p. 12
“we are only expecting a 5 to 6 odd crore CAPEX, which we will do to enhance our production of the Acrylic products”
Mr. Apoorv Agarwal, page 12 of the filed PDF · View the filing
Export contribution to revenue — 3-4% · this year
stated conditionally by Mr. Apoorv Agarwal
p. 15
“I think we will The export will become, you know,A part of contributor in the revenue, if not 5% we are expecting, should be near 3-4%.”
Mr. Apoorv Agarwal, page 15 of the filed PDF · View the filing
Wembley and Valentino revenue growth — 40% increase · this year
stated firmly by Mr. Apoorv Agarwal
p. 13
“There… we see, from the base that we have done this year, almost a 40% increase in the revenues coming from Wembley and Valentino this year.”
Mr. Apoorv Agarwal, page 13 of the filed PDF · View the filing
Acrylic and UV production localization — Q1 FY27
stated firmly by Mr. Apoorv Agarwal
p. 2
“Formula transfers for acrylic and polyester systems are complete; commercial trials are underway with production expected to commence in Q1 FY27.”
Mr. Apoorv Agarwal, page 2 of the filed PDF · View the filing
Middle East exports — this year
stated conditionally by Mr. Apoorv Agarwal
p. 4
“we are expecting, as the situation normalizes.Our exports to Middle East, including Dubai, should start, you know, in this year.”
Mr. Apoorv Agarwal, page 4 of the filed PDF · View the filing
Working capital — 15-20 crores inventory reduction · coming quarter
stated conditionally by Mr. Apoorv Agarwal
p. 16
“we are expecting almost 15-20 crores inventory going down from here”
Mr. Apoorv Agarwal, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management gave the split between core Sirca (372 crore, of which 124 crore imported and 252 crore India-made) and Welcome/Wembley (120.8 crore combined).
Answered by Mr. Apoorv Agarwal
Asked by Fenil Brahmbhatt: What is the segment-wise revenue mix between Sirca (imported and India-made), Welcome, Wembley and other brands?
p. 4
“492 crores, if I combine into two categories, core Sirca was approximately 372 crores, and wembley and welcome was approximately 120.8 crores.”
Mr. Apoorv Agarwal, page 4 of the filed PDF · View the filing
Management said there was short-term margin pressure from raw material costs but expected gross margins to be maintained after price increases and local manufacturing benefits.
Answered by Mr. Apoorv Agarwal
Asked by Fenil Brahmbhatt: What is the view on margins given the geopolitical environment and crude/raw material volatility?
p. 4
“we don't see any long-term contractions on the margin side.”
Mr. Apoorv Agarwal, page 4 of the filed PDF · View the filing
Management detailed Sirca facility capacity of 17,750 tons with 12,000+ tons utilized, and Wembley's expanded capacity aimed at Rs 250-300 crore turnover.
Answered by Mr. Apoorv Agarwal
Asked by Kunal Tokas: What is the current capacity utilization across facilities?
p. 6
“we are sorted to, you know, reach to a turnover of about 250 to 300 crores with the right product mix of nitrocellulose and polyurethane.”
Mr. Apoorv Agarwal, page 6 of the filed PDF · View the filing
Management cited pre-acquisition advance billing by old distributors and a raw material shortage that cost about Rs 4-5 crore in lost orders in March.
Answered by Mr. Apoorv Agarwal
Asked by Resha Mehta: Why did Wembley brand revenue stay flat year-on-year despite acquisition?
p. 8
“we almost lost orders of 4 to 5 crores in March from Wembley.”
Mr. Apoorv Agarwal, page 8 of the filed PDF · View the filing
Management confirmed the shortage is specific to Wembley's NC cotton supply and expects it to normalize by June.
Answered by Mr. Apoorv Agarwal
Asked by Resha Mehta: Is the nitrocellulose raw material shortage specific to Wembley, and could it hamper growth?
p. 9
“Yes, because NC is under Wembley only.”
Mr. Apoorv Agarwal, page 9 of the filed PDF · View the filing
Management said credit terms in South and West retail are actually somewhat better than in the North, so no extended terms are expected.
Answered by Mr. Apoorv Agarwal
Asked by Resha Mehta: Will expansion into West and South require extended credit terms that could hurt margins or working capital?
p. 10
“the credit terms in the retail in South and West are a little better than what it is in North.”
Mr. Apoorv Agarwal, page 10 of the filed PDF · View the filing
Management attributed this to the Wembley/Welcome acquisition transition, higher inventory holding for imported acrylic products, and slower receivables collection during transition, expecting improvement going forward.
Answered by Mr. Apoorv Agarwal
Asked by Arnav Karn: Why is working capital nearly twice as high as peers like Asian Paints?
p. 16
“we are expecting both the inventory and also the debtors to come down, and which has been up from last two years, majorly following this acquisition”
Mr. Apoorv Agarwal, page 16 of the filed PDF · View the filing
Management said Wembley/Valentino products carry 10-15% lower gross margins than Sirca, though absolute EBITDA contribution is expected to be similar due to lower selling costs.
Answered by Mr. Apoorv Agarwal
Asked by Mahesh Attal: What are the gross margins on Wembley/Valentino products compared to Sirca's core business?
p. 13
“this business, has 10-12% less gross margins compared to, 15% less margins than compared to… gross margins compared to, you know, Sirca.”
Mr. Apoorv Agarwal, page 13 of the filed PDF · View the filing
Risks flagged
Raw material price volatility linked to crude oil and the global geopolitical situation causing short-term margin pressure
p. 4
“we are, you know, experiencing a short-term margin pressure because the raw material situation, as you rightly said, because of the global situation and, you know, crude oil”
Mr. Apoorv Agarwal, page 4 of the filed PDF · View the filing
Shortage of nitrocellulose cotton raw material for Wembley due to diversion to defense demand and supplier maintenance issues
p. 9
“there, we are still facing pressures from the supplier, because it is a product which also go in defense, and, you know, the defense demand has been increased, and some part of nitrous has been diverted to defense”
Mr. Apoorv Agarwal, page 9 of the filed PDF · View the filing
Logistics difficulty in shipping volatile, flammable material affecting export plans to Middle East
p. 4
“the shipment cost and, you know, finding the vessel for the volatile, highly, highly flammable material is a little difficult”
Mr. Apoorv Agarwal, page 4 of the filed PDF · View the filing
Weak overall demand sentiment in the building materials industry
p. 14
“the market sentiments, the demand side never was opening up, and still we are going through a rough patch or a stage where still, because of the current ongoing situation, the demands are, you know, not increasing to the expect that we do”
Mr. Apoorv Agarwal, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.