Company Profile

Sirca Paints India Ltd. is one of India's leading premium wood coatings and surface solutions companies, bringing together Italian innovation, advanced technology, and design-driven finishes for the Indian furnishing and décor industry. The company has a diverse portfolio of brands including 'Sirca', 'Unico', 'Oikos', 'Wembley', and 'Welcome' across wood coatings, decorative paints, luxury textures, and surface protection solutions. SPIL serves architects, interior designers, contractors, OEMs, and modern furniture manufacturers through an extensive pan-India distribution network.

Sirca S.p.A (Italy), established in 1973, is a key player in the Durante Group specializing in Italian wood paints with 4 production plants and over 20% of staff dedicated to technical roles. Sirca Paints India Limited is the sole and exclusive licensee of the globally established 'Sirca' brand for India.

Business Operations

Distribution Network: Nationwide presence with 20+ operational Sirca Studios across India

Customer Segments: Retail (70% revenue contribution) and OEM (30% revenue contribution) with 900+ OEM clientele including Godrej, Jindal Stainless, Indoline, Space Wood, Pyramid, MAS Furniture, Alsorg, Soundarya Decorators

Digital Presence: Sirca Parivaar Pro app with 25,000+ contractors registered, 20,000+ average daily product scans, and 5,000+ average daily users

Board of Directors

  • Mr. Sanjay Agarwal: Chairman & Managing Director, Chartered Accountant, oversees finance, strategy, and overall business direction
  • Mr. Gurjit Singh Bains: Non-Executive Director, co-founder with expertise in product strategy and quality standards
  • Mr. Apoorv Agarwal: Joint Managing Director, leads Sales and Marketing and nationwide distribution expansion
  • Mr. Guido Scappini: Non-Executive Director, Global Business Director at Sirca S.p.A, Italy
  • Mr. Sanjay Kapoor: Non-Executive & Independent Director, pediatric medical professional
  • Mr. Aman Arora: Non-Executive & Independent Director, Chartered Accountant, Partner at Popli & Associates
  • Mr. Shyam Lal Goyal: Non-Executive & Independent Director, over three decades of financial audit and governance experience
  • Mrs. Anu Chauhan: Non-Executive & Independent Director, over 10 years of management and business operations experience

Q1 FY27 Financial Performance

(₹ in crores)

| Metric | Q1 FY27 | Q4 FY26 | Q1 FY26 | YoY Growth | QoQ Growth |

| Total Income | 130.01 | 134.29 | 114.24 | 13.80% | -3.19% |

| Total Operating Exp | 131.61 | 135.51 | 114.45 | 14.99% | -2.88% |

| Operating Expenses | 105.8 | 108.55 | 91.5 | 15.63% | -2.53% |

| EBITDA (Excl. OI) | 24.21 | 25.74 | 22.74 | 6.46% | -5.94% |

| EBITDA % | 18.62 | 19.17 | 19.90 | -6.43% | -2.87% |

| Interest Cost | 1 | 1 | 1.28 | -21.88% | 0.00% |

| Dep & Amortisation | 2.69 | 2.93 | 2.48 | 8.47% | -8.19% |

| PBT | 22.14 | 23.03 | 19.19 | 15.37% | -3.86% |

| PAT | 16.21 | 17.71 | 14.21 | 14.07% | -8.47% |

| EPS | 2.85 | 3.17 | 2.59 | 10.04% | -10.09% |

Management Commentary

Market Conditions: Geopolitical conflicts, shifting tariff regimes, and Red Sea freight disruption created volatility in ocean freight, container availability, and EUR-INR rate, keeping landed costs on imports and raw material elevated. Industry-wide price correction and channel discounting compressed EBITDA margins.

Supply Chain: Intermittent availability of resins, solvents, hardeners and select pigments was managed through multi-sourcing, higher safety stocks and production consolidation at the integrated Wembley facility. Order fill rates were fully protected.

Product Performance: Acrylic coatings sustained strong traction as the fastest-growing premium wood coatings segment. Luxury and super-premium portfolio widened across Sirca, Oikos, Unico and Wembley Valentino. Formula transfer for acrylic and polyester systems is complete with commercial production commenced during Q1 FY27.

Manufacturing: The new dedicated Wembley manufacturing facility is fully operational, consolidating multiple production lines into one integrated setup improving efficiency, quality consistency, supply-chain agility and cost economics.

Strategic Priorities

1. Scaling Wembley across India through trade, contractor, project and institutional channels

2. Manufacturing-led localization with acrylic and polyester formula transfers commercialized and UV systems in progress

3. Continued premiumization expanding acrylics, decorative textures, water-based and high-performance systems

4. Distribution & market penetration through Tier-2 and Tier-3 expansion via new depots, dealer appointments and Sirca Studios

5. OEM & institutional expansion scaling offerings for furniture, modular kitchen, wardrobe and institutional customers

6. Supply-chain resilience through multi-sourcing, higher safety stocks and forward cover on currency and freight exposure

7. Export market expansion initiating exports under Wembley Valentino brand with polyurethane-based coatings

Outlook

The company expects margin recovery as localization and premium mix scale, targeting double-digit revenue growth with EBITDA. Near-term demand remains moderate but premiumization, renovation demand and organized furniture growth remain intact.