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Last Updated: April 2, 2026, 3:41 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 543686 | NSE: SIRCA

Sirca Paints India Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹363.88Overvalued by 13.98%vs CMP ₹423.00

P/E (39.0) × ROE (14.9%) × BV (₹78.00) × DY (0.35%)

₹195.26Overvalued by 53.84%vs CMP ₹423.00
MoS: -116.6% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹425.0923%Fair (+0.5%)
Graham NumberEarnings₹139.0117%Over (-67.1%)
Earnings PowerEarnings₹63.7711%Over (-84.9%)
DCFCash Flow₹229.4811%Over (-45.7%)
Net Asset ValueAssets₹78.057%Over (-81.5%)
EV/EBITDAEnterprise₹150.639%Over (-64.4%)
Earnings YieldEarnings₹110.107%Over (-74%)
ROCE CapitalReturns₹80.397%Over (-81%)
Revenue MultipleRevenue₹98.316%Over (-76.8%)
Consensus (9 models)₹195.26100%Overvalued
Key Drivers: Wide model spread (₹64–₹425) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 16.8%

*Investments are subject to market risks

Investment Snapshot

67
Sirca Paints India Ltd scores 67/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health77/100 · Strong
ROCE 20.0% GoodROE 14.9% GoodD/E 0.06 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money70/100 · Strong
FII holding up 2.64% (6mo) AccumulatingPromoter holding at 65.2% Stable
Earnings Quality40/100 · Moderate
OPM stable around 20% SteadyWorking capital: 161 days Capital intensive
Quarterly Momentum90/100 · Strong
Revenue (4Q): +29% YoY AcceleratingProfit (4Q): +30% YoY Strong
Industry Rank60/100 · Moderate
P/E 39.0 vs industry 38.5 In-lineROCE 20.0% vs industry 23.0% Average3Y sales CAGR: 24% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:41 am

Market Cap 2,401 Cr.
Current Price 423
Intrinsic Value₹195.26
High / Low 539/231
Stock P/E39.0
Book Value 78.0
Dividend Yield0.35 %
ROCE20.0 %
ROE14.9 %
Face Value 10.0
PEG Ratio2.32

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Sirca Paints India Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Sirca Paints India Ltd 2,401 Cr. 423 539/23139.0 78.00.35 %20.0 %14.9 % 10.0
Shalimar Paints Ltd 342 Cr. 40.9 119/34.4 34.00.00 %12.8 %22.6 % 2.00
Akzo Nobel India Ltd 13,077 Cr. 2,872 3,916/2,64934.7 4953.48 %41.7 %32.2 % 10.0
Kansai Nerolac Paints Ltd 14,197 Cr. 176 275/15823.0 80.11.42 %13.0 %10.4 % 1.00
Berger Paints India Ltd 48,716 Cr. 418 605/39143.5 53.90.91 %24.9 %20.3 % 1.00
Industry Average48,705.17 Cr1,025.9838.50157.501.21%23.02%20.17%4.17

All Competitor Stocks of Sirca Paints India Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 6568738472837910589101114131113
Expenses 515556625966658673829210490
Operating Profit 14131721141614191519232723
OPM % 22%19%24%25%19%20%18%18%17%19%20%21%20%
Other Income 1111221121011
Interest 0000000000111
Depreciation 1112222222233
Profit before tax 14131821141714181618192420
Tax % 26%27%27%26%24%26%27%26%26%22%26%26%26%
Net Profit 1191316111310131114141815
EPS in Rs 1.921.732.352.831.922.281.862.422.092.582.593.192.65

Last Updated: February 4, 2026, 4:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 8:46 pm

MetricMar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2965718389116134141196264311372459
Expenses 276061626384103128158202243305367
Operating Profit 261020263231123862696892
OPM % 7%9%14%25%29%27%23%9%20%23%22%18%20%
Other Income 04224661445654
Interest 0000000000004
Depreciation 00101124446710
Profit before tax 291122303734233862696582
Tax % 32%35%35%36%34%30%26%27%27%26%26%25%
Net Profit 16714192625172846514962
EPS in Rs 45.00206.00242.67456.674.824.734.593.035.068.419.398.9611.01
Dividend Payout % 0%0%0%0%0%7%16%25%20%9%16%17%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)16.67%100.00%35.71%36.84%-3.85%-32.00%64.71%64.29%10.87%-3.92%
Change in YoY Net Profit Growth (%)0.00%83.33%-64.29%1.13%-40.69%-28.15%96.71%-0.42%-53.42%-14.79%

Sirca Paints India Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2015-2016 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:19%
5 Years:23%
3 Years:24%
TTM:29%
Compounded Profit Growth
10 Years:23%
5 Years:15%
3 Years:21%
TTM:9%
Stock Price CAGR
10 Years:%
5 Years:29%
3 Years:20%
1 Year:36%
Return on Equity
10 Years:17%
5 Years:15%
3 Years:17%
Last Year:15%

Last Updated: September 5, 2025, 1:31 pm

Balance Sheet

Last Updated: December 4, 2025, 1:59 am

MonthMar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 0.100.100.100.10131827272727555557
Reserves 413203454150157174198238254295386
Borrowings 91211450013000045
Other Liabilities 7814232223254037474210171
Total Liabilities 2033456195191210255262312351451560
Fixed Assets 222820255041535458164174
CWIP 0000090215600
Investments 223200000044255
Other Assets 1529405175157160212208252243285330
Total Assets 2033456195191210255262312351451560

Reserves and Borrowings Chart

Cash Flow

MonthMar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 0511-112-81935-194254
Cash from Investing Activity + 0-1-5-13-71515-119-21-45
Cash from Financing Activity + 0-1-71668-8-0-17-6-8-8
Net Cash Flow 02-219-11347-15121
Free Cash Flow 045-14-2-292619-2932-53
CFO/OP 0%94%53%-5%76%13%204%121%0%80%105%

Free Cash Flow

MonthMar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-7.00-6.00-1.0016.0021.0032.0031.00-1.0038.0062.0069.0068.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 111628310613712512411285717792
Inventory Days 264576120144265282217248206198
Days Payable 224470569210515198907071
Cash Conversion Cycle 1116784112201177285242204229213218
Working Capital Days 9144448126157223200159209150161
ROCE %21%40%63%54%31%19%11%18%25%24%20%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 67.55%67.55%67.55%67.55%67.55%67.55%67.55%67.55%67.55%67.54%65.19%65.19%
FIIs 5.55%5.90%5.94%5.93%5.48%5.36%4.61%4.09%4.28%5.18%6.47%6.92%
DIIs 3.88%0.00%0.00%0.80%0.75%0.69%0.69%0.00%0.00%0.00%0.32%0.32%
Public 23.03%26.56%26.51%25.73%26.22%26.41%27.15%28.36%28.17%27.26%28.02%27.58%
No. of Shareholders 20,88235,58345,02551,91157,37657,68956,92653,07952,10146,02943,81640,526

Shareholding Pattern Chart

No. of Shareholders

Sirca Paints India Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 8.959.388.4110.126.05
Diluted EPS (Rs.) 8.959.388.4110.126.05
Cash EPS (Rs.) 10.2210.4718.4311.627.39
Book Value[Excl.RevalReserv]/Share (Rs.) 63.7856.3296.8882.1573.56
Book Value[Incl.RevalReserv]/Share (Rs.) 63.7856.3296.8882.1573.56
Revenue From Operations / Share (Rs.) 68.2456.8797.7072.9952.25
PBDIT / Share (Rs.) 13.2513.6924.2915.389.60
PBIT / Share (Rs.) 11.9812.6022.6813.888.27
PBT / Share (Rs.) 11.9512.6022.6613.858.23
Net Profit / Share (Rs.) 8.959.3816.8210.126.05
NP After MI And SOA / Share (Rs.) 8.959.3816.8210.126.05
PBDIT Margin (%) 19.4124.0724.8521.0718.38
PBIT Margin (%) 17.5522.1623.2019.0115.82
PBT Margin (%) 17.5022.1523.1918.9715.75
Net Profit Margin (%) 13.1116.4917.2213.8511.58
NP After MI And SOA Margin (%) 13.1116.4917.2213.8511.58
Return on Networth / Equity (%) 14.0316.6617.3612.318.22
Return on Capital Employeed (%) 16.7322.3323.3516.8811.22
Return On Assets (%) 10.8814.6514.7710.566.50
Total Debt / Equity (X) 0.000.000.000.000.06
Asset Turnover Ratio (%) 0.930.940.930.770.61
Current Ratio (X) 4.786.805.425.513.96
Quick Ratio (X) 2.924.513.243.642.73
Inventory Turnover Ratio (X) 3.681.020.900.640.35
Dividend Payout Ratio (NP) (%) 16.7515.9811.8814.820.00
Dividend Payout Ratio (CP) (%) 14.6714.3210.8412.900.00
Earning Retention Ratio (%) 83.2584.0288.1285.180.00
Cash Earning Retention Ratio (%) 85.3385.6889.1687.100.00
Interest Coverage Ratio (X) 417.033714.621710.88540.44252.81
Interest Coverage Ratio (Post Tax) (X) 282.772547.221186.26356.43160.29
Enterprise Value (Cr.) 1270.531489.101713.651191.29800.03
EV / Net Operating Revenue (X) 3.404.786.405.965.59
EV / EBITDA (X) 17.5019.8525.7528.2630.40
MarketCap / Net Operating Revenue (X) 3.545.006.596.376.05
Retention Ratios (%) 83.2484.0188.1185.170.00
Price / BV (X) 3.795.056.655.664.29
Price / Net Operating Revenue (X) 3.545.006.596.376.05
EarningsYield 0.030.030.020.020.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Sirca Paints India Ltd. is a Public Limited Listed company incorporated on 19/01/2006 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L24219DL2006PLC145092 and registration number is 145092. Currently Company is involved in the business activities of Wholesale of paints, varnishes, and lacquers. Company's Total Operating Revenue is Rs. 374.00 Cr. and Equity Capital is Rs. 54.81 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Paints/VarnishesG-82, Kirti Nagar, New Delhi Delhi 110015Contact not found
Management
NamePosition Held
Mr. Sanjay AgarwalChairman & Managing Director
Mr. Apoorv AgarwalJoint Managing Director
Mr. Gurjit Singh BainsNon Executive Director
Mr. Guido ScappiniNon Executive Director
Mr. Shyam Lal GoyalInd. Non-Executive Director
Dr. Sanjay KapoorInd. Non-Executive Director
Mrs. Anu ChauhanInd. Non-Executive Director
Mr. Aman AroraInd. Non-Executive Director

FAQ

What is the intrinsic value of Sirca Paints India Ltd and is it undervalued?

As of 20 April 2026, Sirca Paints India Ltd's intrinsic value is ₹195.26, which is 53.84% lower than the current market price of ₹423.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (14.9 %), book value (₹78.0), dividend yield (0.35 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Sirca Paints India Ltd?

Sirca Paints India Ltd is trading at ₹423.00 as of 20 April 2026, with a FY2026-2027 high of ₹539 and low of ₹231. The stock is currently in the middle of its 52-week range. Market cap stands at ₹2,401 Cr..

How does Sirca Paints India Ltd's P/E ratio compare to its industry?

Sirca Paints India Ltd has a P/E ratio of 39.0, which is above the industry average of 38.50. The premium over industry average may reflect growth expectations or speculative interest.

Is Sirca Paints India Ltd financially healthy?

Key indicators for Sirca Paints India Ltd: ROCE of 20.0 % indicates efficient capital utilization. Dividend yield is 0.35 %.

Is Sirca Paints India Ltd profitable and how is the profit trend?

Sirca Paints India Ltd reported a net profit of ₹49 Cr in Mar 2025 on revenue of ₹372 Cr. Compared to ₹28 Cr in Mar 2022, the net profit shows an improving trend.

Does Sirca Paints India Ltd pay dividends?

Sirca Paints India Ltd has a dividend yield of 0.35 % at the current price of ₹423.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Sirca Paints India Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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