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Sirca Paints Q3 FY26 Revenue Up 27% YoY; EBITDA Jumps 49% Despite Regional Headwinds
Sirca Paints reported a robust year-on-year performance for Q3 FY26, with revenue growing 27.23% to ₹112.79 crore and PAT increasing 31.24% to ₹15.04 crore. EBITDA margins expanded significantly to 20.40% from 17.42% YoY, driven by a superior product mix and raw material softening. While sequential growth was hampered by construction bans in Delhi NCR (GRAP III & IV), the company is on track to commission its integrated Wembley facility in February 2026. Furthermore, domestic production of advanced Italian technology coatings is slated to begin in April 2026, which is expected to reduce import dependence.
Key Highlights
Revenue from operations increased 27.23% YoY to ₹112.79 crore.
EBITDA grew 49% YoY to ₹23.02 crore with margins improving to 20.40%.
PAT rose 31.24% YoY to ₹15.04 crore, despite a 16.91% sequential decline due to seasonal and regulatory factors.
New Wembley manufacturing facility is ready for commissioning by February 2026.
Technology transfer from Sirca S.p.A (Italy) for domestic production is targeted for April 2026.
💼 Action for Investors
Investors should focus on the upcoming commissioning of the Wembley facility and the shift to domestic manufacturing, which are key catalysts for margin expansion. The strong YoY growth despite regional construction bans indicates resilience in the premium segment.
Sirca Paints Q3 PAT Grows 31% YoY to ₹15.03 Cr; 9M Revenue Up 31%
Sirca Paints India Limited reported a strong year-on-year performance for Q3 FY26, with revenue from operations rising 27.2% to ₹112.78 crore. Net profit for the quarter increased by 31.2% YoY to ₹15.03 crore, although it experienced a sequential decline from Q2 FY26. For the nine-month period ended December 31, 2025, the company showed robust growth with PAT surging 35.5% to ₹47.34 crore. The company maintains a healthy growth trajectory in its core wood and wall paints segment.
Key Highlights
Q3 Revenue from operations grew 27.2% YoY to ₹11,278 Lakhs from ₹8,864.54 Lakhs.
Net Profit (PAT) for Q3 increased by 31.2% YoY to ₹1,503.45 Lakhs.
9M FY26 Revenue reached ₹35,819.25 Lakhs, a 31.3% increase over 9M FY25.
9M FY26 PAT rose significantly by 35.5% to ₹4,734.05 Lakhs compared to ₹3,494.82 Lakhs.
Earnings Per Share (EPS) for the quarter improved to ₹2.69 from ₹2.09 in the previous year's corresponding quarter.
💼 Action for Investors
Investors should take note of the strong double-digit YoY growth in both revenue and profitability, which indicates market share gains. While there was a sequential dip in Q3 compared to Q2, the overall nine-month performance remains very healthy for long-term holders.
Sirca Paints Reports 33% H1 Revenue Growth; Targets ₹1,000 Cr Revenue Scale
Sirca Paints India Limited reported a robust H1 performance with revenue growing 33% YoY to ₹245 crore and EBITDA increasing 51% to ₹49.9 crore. The company has maintained a sustainable EBITDA margin guidance of 19-21% and expects to reach 100% capacity utilization by Q2 FY27. Management highlighted that current manufacturing facilities, supported by a recent ₹9 crore capex, are capable of scaling revenue from the current ₹500 crore level to ₹1,000 crore. The integration of the Wembley brand and expansion into Southern and Western Indian markets remain key growth drivers.
Key Highlights
H1 Revenue grew 33% YoY to ₹245 crore; EBITDA surged 51% to ₹49.9 crore with a 37% rise in PAT.
Sustainable EBITDA margins projected at 19-21% despite planned increases in marketing and advertisement budgets.
Current capacity utilization stands at 70% of 16,000 tons/year, with 100% utilization expected by Q2 FY27.
Management estimates existing infrastructure can support a revenue scale-up to ₹1,000 crore.
Digital loyalty program 'Sirca Parivar Pro' has successfully registered over 25,000 contractors to drive retail stickiness.
💼 Action for Investors
Investors should monitor the company's progress in the Southern and Western markets and the successful consolidation of Wembley units, which are expected to improve gross margins. The strong operating leverage and clear path to doubling revenue with existing capacity make this a high-growth prospect in the premium coatings space.