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Last Updated on: 04 March, 2024|Author: Getaka | Social: X Twitter Profile
Stock Ticker - BSE: 543686 | NSE: SIRCA

Fundamental Analysis of Sirca Paints India Ltd

About the Company - Sirca Paints India Ltd

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. 200.02 Cr. and Equity Capital is Rs. 27.40 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Paints/VarnishesG-82, Kirti Nagar, New Delhi Delhi 110015info@sircapaints.com
https://www.sircapaints.com
Management
NamePosition Held
Mr. Sanjay AgarwalChairman & Managing Director
Mr. Apoorv AgarwalJoint Managing Director
Mr. Gurjit Singh BainsNon Executive Director
Mr. Ugo PelosinNon Executive Director
Mr. Shyam Lal GoyalInd. Non-Executive Director
Dr. Sanjay KapoorInd. Non-Executive Director
Mrs. Anu ChauhanInd. Non-Executive Director
Mr. Anil Kumar MehrotraInd. Non-Executive Director

Sirca Paints India Ltd. Share Price Update

Share PriceValue
Today₹376.05
Previous Day₹375.25

Basic Stock Data of Sirca Paints India Ltd

Market Cap 1,911 Cr.
Current Price 349
High / Low444/288
Stock P/E39.5
Book Value 52.1
Dividend Yield0.43 %
ROCE25.3 %
ROE18.8 %
Face Value 10.0

Data Source: screener.in

Competitors of Sirca Paints India Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Berger Paints India Ltd 68,670 Cr. 589680/47160.8 41.50.46 %23.8 %20.4 % 1.00
Asian Paints Ltd 2,73,352 Cr. 2,8503,568/2,70650.1 1730.90 %34.4 %27.7 % 1.00
Shalimar Paints Ltd 1,498 Cr. 179226/133 37.90.00 %4.00 %10.3 % 2.00
Kansai Nerolac Paints Ltd 23,645 Cr. 292357/24736.5 65.70.62 %14.5 %10.7 % 1.00
Industry Average91,791.25 Cr977.5036.8579.530.50%19.18%17.28%1.25

Sirca Paints India Ltd Quarterly Results

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales46483261535461736568738472
Expenses37382947414546545155566259
Operating Profit9931312915191413172114
OPM %19%20%9%22%23%17%25%26%22%19%24%25%19%
Other Income11211111211112
Interest0000000000000
Depreciation1111111111122
Profit before tax92131412915201413182114
Tax %26%26%26%26%25%32%24%26%26%27%27%26%24%
Net Profit615210961214119131611
EPS in Rs1.162.780.401.851.671.132.132.631.921.732.352.831.92

Sirca Paints India Ltd Quarterly Chart

Sirca Paints India Ltd Profit & Loss

MonthMar 2011Mar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales222965718389116134141196264297
Expenses20276061626384103128158202232
Operating Profit226102026323112386266
OPM %8%7%9%14%25%29%27%23%9%20%23%22%
Other Income0042246614455
Interest000000000000
Depreciation000101124446
Profit before tax229112230373423386265
Tax %36%32%35%35%36%34%30%26%27%27%26%
Net Profit11671419262517284648
EPS in Rs37.3345.00206.00242.67456.674.824.734.593.035.068.418.83
Dividend Payout %0%0%0%0%0%0%7%16%25%20%9%

Sirca Paints India Ltd Profit & Loss Yearly Chart

Sirca Paints India Ltd Growth

Compounded Sales Growth
10 Years:%
5 Years:24%
3 Years:25%
TTM:17%
Compounded Profit Growth
10 Years:%
5 Years:19%
3 Years:23%
TTM:13%
Stock Price CAGR
10 Years:%
5 Years:39%
3 Years:30%
1 Year:17%
Return on Equity
10 Years:%
5 Years:15%
3 Years:14%
Last Year:19%

Sirca Paints India Ltd Balance Sheet

MonthMar 2011Mar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital0000013182727272755
Reserves3413203454150157174198238231
Borrowings291211450013000
Other Liabilities478142322232540374740
Total Liabilities92033456195191210255262312326
Fixed Assets1222820255041535460
CWIP000000902150
Investments022320000000
Other Assets81529405175157160212208252266
Total Assets92033456195191210255262312326

Sirca Paints India Ltd Reserves and Borrowings Chart

Sirca Paints India Ltd Cash Flow

MonthMar 2011Mar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 00511-112-81935-19
Cash from Investing Activity 00-1-5-13-71515-119
Cash from Financing Activity 00-1-71668-8-0-17-6
Net Cash Flow002-219-11347-15

Sirca Paints India Ltd Free Cash Flow

MonthMar 2011Mar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow0.00-7.00-6.00-1.0016.0021.0032.0031.00-1.0038.0062.00

Sirca Paints India Ltd Free Cash Flow Chart

Sirca Paints India Ltd Financial Efficiency Indicators

MonthMar 2011Mar 2012Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days8911162831061371251241128571
Inventory Days264576120144265282217248
Days Payable22447056921051519890
Cash Conversion Cycle891116784112201177285242204229
Working Capital Days6291445864145157223235159209
ROCE %21%40%63%54%31%19%11%18%25%

Sirca Paints India Ltd Financial Efficiency Indicators Chart

Sirca Paints India Ltd Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters67.55%67.55%67.55%67.55%67.55%67.55%67.55%67.55%67.55%67.55%67.55%67.55%
FIIs0.00%0.00%0.00%0.00%0.00%0.00%5.80%5.59%5.55%5.90%5.94%5.93%
DIIs5.63%5.39%4.46%5.71%5.57%5.90%3.81%4.41%3.88%0.00%0.00%0.80%
Public26.82%27.06%27.99%26.75%26.88%26.55%22.85%22.45%23.03%26.56%26.51%25.73%
No. of Shareholders5,8257,6619,47211,75513,05412,36914,50917,83120,88235,58345,02551,911

Sirca Paints India Ltd Shareholding Pattern Chart

No. of Sirca Paints India Ltd Shareholders

This stock is not held by any mutual fund

Sirca Paints India Ltd ROCE Trend

Sirca Paints India Ltd EPS Trend

Sirca Paints India Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20
FaceValue10.0010.0010.0010.00
Basic EPS (Rs.)8.4110.126.059.18
Diluted EPS (Rs.)8.4110.126.059.18
Cash EPS (Rs.)18.4311.627.3910.06
Book Value[Excl.RevalReserv]/Share (Rs.)96.8882.1573.5667.38
Book Value[Incl.RevalReserv]/Share (Rs.)96.8882.1573.5667.38
Revenue From Operations / Share (Rs.)97.7072.9952.2549.28
PBDIT / Share (Rs.)24.2915.389.6013.38
PBIT / Share (Rs.)22.6813.888.2712.51
PBT / Share (Rs.)22.6613.858.2312.47
Net Profit / Share (Rs.)16.8210.126.059.18
NP After MI And SOA / Share (Rs.)16.8210.126.059.18
PBDIT Margin (%)24.8521.0718.3827.15
PBIT Margin (%)23.2019.0115.8225.37
PBT Margin (%)23.1918.9715.7525.31
Net Profit Margin (%)17.2213.8511.5818.62
NP After MI And SOA Margin (%)17.2213.8511.5818.62
Return on Networth / Equity (%)17.3612.318.2213.62
Return on Capital Employeed (%)23.3516.8811.2218.54
Return On Assets (%)14.7710.566.5011.98
Total Debt / Equity (X)0.000.000.060.00
Asset Turnover Ratio (%)0.930.770.610.00
Current Ratio (X)5.425.513.966.28
Quick Ratio (X)3.243.642.734.22
Inventory Turnover Ratio (X)0.900.640.350.00
Dividend Payout Ratio (NP) (%)11.8814.820.000.00
Dividend Payout Ratio (CP) (%)10.8412.900.000.00
Earning Retention Ratio (%)88.1285.180.000.00
Cash Earning Retention Ratio (%)89.1687.100.000.00
Interest Coverage Ratio (X)1710.88540.44252.81412.06
Interest Coverage Ratio (Post Tax) (X)1186.26356.43160.29283.67
Enterprise Value (Cr.)1713.651191.29800.03457.26
EV / Net Operating Revenue (X)6.405.965.593.39
EV / EBITDA (X)25.7528.2630.4012.47
MarketCap / Net Operating Revenue (X)6.596.376.053.75
Retention Ratios (%)88.1185.170.000.00
Price / BV (X)6.655.664.292.75
Price / Net Operating Revenue (X)6.596.376.053.75
EarningsYield0.020.020.010.04

Sirca Paints India Ltd Profitability Ratios (%)

Sirca Paints India Ltd Liquidity Ratios

Sirca Paints India Ltd Liquidity Ratios (%)

Sirca Paints India Ltd Interest Coverage Ratios (X)

Sirca Paints India Ltd Valuation Ratios

Fair Value / Intrinsic Value of Sirca Paints India Ltd

Fair Value: ₹388.56

The stock is undervalued by 11.33% compared to the current price ₹349

*Investments are subject to market risks

Strength and Weakness of Sirca Paints India Ltd

StrengthWeakness
  1. The stock has a high average ROCE of 25.64%, which is a positive sign.
  2. The company has higher reserves (106.33 cr) compared to borrowings (4.67 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (125.58 cr) and profit (27.92 cr) over the years.
  1. The stock is trading at a high valuation with an average P/B ratio of 14.34 and average Dividend Yield of 20.85%.
  2. The stock has a high average Working Capital Days of 131.55, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 163.73, which may not be favorable.

Should I Buy Sirca Paints India Ltd Share Now?

  • Considering various financial indicators, investors might exercise caution regarding investment in Sirca Paints India Ltd:
    1. Net Profit Margin: 17.22%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 23.35% (Industry Average ROCE: 19.18%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. Interest Coverage Ratio (Post Tax): 1186.26
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    4. Quick Ratio: 3.24
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    5. ✗ Stock P/E: 39.4 (Industry average Stock P/E: 37.28)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    6. ✓ Total Debt / Equity: 0.00
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis suggests exercising caution. It's advisable to conduct further research or consult with financial experts before considering any investment.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

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