Sirca Paints India Ltd

Sirca Paints India Ltd

₹ 365 -2.46%
23 Feb - close price
About

Sirca Paints India Ltd is engaged in the business of manufacturing, selling and export of wood coatings and other decorative paints under the brand ‘Sirca’. [1]

Key Points

Products[1]
Range of Wall coating, Wood Coating, Metals, and Glass Coating products. Its offerings under various brands include:
Sirca: Luxury Italian Wood Coatings, High-end Wall Paints.
** Unico: Mass -market Wood Coating products.
Oikos: High-end Decorative, Solid Colour Finishes and Texture Coatings.
DuranteVivan: Adhesives Product Portfolio.
Co. is in the top 3 premium category wood coatings brand in India and Market leader in premium wood coatings in North India.[2] Sirca is the
Exclusive licensee for product sales to Nepal, Bangladesh & Sri Lanka**.[3]

  • Market Cap 1,998 Cr.
  • Current Price 365
  • High / Low 444 / 288
  • Stock P/E 41.3
  • Book Value 52.1
  • Dividend Yield 0.41 %
  • ROCE 25.3 %
  • ROE 18.8 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 17.8%
  • Debtor days have improved from 89.2 to 71.0 days.

Cons

  • Company has a low return on equity of 13.9% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Trading Industry: Trading

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
46 48 32 61 53 54 61 73 65 68 73 84 72
37 38 29 47 41 45 46 54 51 55 56 62 59
Operating Profit 9 9 3 13 12 9 15 19 14 13 17 21 14
OPM % 19% 20% 9% 22% 23% 17% 25% 26% 22% 19% 24% 25% 19%
1 12 1 1 1 1 1 2 1 1 1 1 2
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 1 1 2 2
Profit before tax 9 21 3 14 12 9 15 20 14 13 18 21 14
Tax % 26% 26% 26% 26% 25% 32% 24% 26% 26% 27% 27% 26% 24%
6 15 2 10 9 6 12 14 11 9 13 16 11
EPS in Rs 1.16 2.78 0.40 1.85 1.67 1.13 2.13 2.63 1.92 1.73 2.35 2.83 1.92
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
134 141 196 264 297
103 128 158 202 232
Operating Profit 31 12 38 62 66
OPM % 23% 9% 19% 23% 22%
6 14 4 5 5
Interest 0 0 0 0 0
Depreciation 2 4 4 4 6
Profit before tax 34 23 38 62 65
Tax % 26% 27% 27% 26%
25 17 28 46 48
EPS in Rs 4.59 3.03 5.06 8.41 8.83
Dividend Payout % 16% 25% 20% 9%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 25%
TTM: 17%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 23%
TTM: 13%
Stock Price CAGR
10 Years: %
5 Years: 37%
3 Years: 32%
1 Year: 18%
Return on Equity
10 Years: %
5 Years: %
3 Years: 14%
Last Year: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 27 27 27 27 55
Reserves 157 174 198 238 231
0 13 0 0 0
25 40 37 47 40
Total Liabilities 210 255 262 312 326
50 41 53 54 60
CWIP 0 2 1 5 0
Investments 0 0 0 0 0
160 212 208 252 266
Total Assets 210 255 262 312 326

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023
-8 19 35 -19
5 15 -11 9
-8 -0 -17 -6
Net Cash Flow -11 34 7 -15

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 124 112 85 71
Inventory Days 265 282 217 248
Days Payable 105 151 98 90
Cash Conversion Cycle 285 242 204 229
Working Capital Days 216 235 159 209
ROCE % 11% 18% 25%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
67.55% 67.55% 67.55% 67.55% 67.55%
5.59% 5.55% 5.90% 5.94% 5.93%
4.41% 3.88% 0.00% 0.00% 0.80%
22.45% 23.03% 26.56% 26.51% 25.73%
No. of Shareholders 17,83120,88235,58345,02551,911

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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