Sirca Paints India Ltd. (SIRCA) AI Stock Analysis

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Sirca Paints India Ltd.

(NSE:SIRCA)

Select Model

Rating:62Neutral

Price Target:INR 431.00▲(5.51% Upside)

Action:downgraded

Date:11/10/26

Strong financial performance with consistent growth and healthy balance sheet is the primary positive driver, offset by weak technical momentum and stretched valuation.

Positive Factors

Revenue Growth and ProfitabilityThe company has delivered substantial multi-year revenue expansion while preserving healthy profitability. This combination indicates increasing scale and sustained demand for its offerings, providing a stronger foundation for reinvestment, operating resilience, and continued earnings growth over the next several quarters.

Negative Factors

Inconsistent Cash GenerationCash conversion has not consistently matched reported earnings, and the sharp free-cash-flow swing shows that working capital or investment needs can materially affect liquidity. This reduces predictability, potentially limiting internally funded expansion and making earnings quality less dependable.

Sirca Paints India Ltd. (SIRCA) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 23.38B
Dividend Yield: 0.49%
Average Volume (3M): 11.24K
Price to Earnings (P/E): 34.4
Beta (1Y): 0.77
Revenue Growth: 24.10%
EPS Growth: 22.46%
Country: India
Employees: 724
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

Sirca Paints India Ltd. Business Overview & Revenue Model

Company Description

Sirca Paints India Limited engages in the import and distribution of wood, glass, and metal coatings in India. The company provides wood coatings, PU products, stains, special effects, acrylic PU, polyster, wallpaints, U.V Products, N.C products, mel...

Sirca Paints India Ltd. Financial Statement Overview

Summary

Strong revenue and net income growth with a robust low-debt balance sheet; cash flow volatility from capital spending is a minor offset.

Income Statement

82Very Positive

Balance Sheet

88Very Positive

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	5.08B	4.92B	3.74B	3.12B	2.68B	2.00B
Gross Profit	2.00B	1.64B	1.80B	1.04B	1.20B	755.74M
EBITDA	1.04B	1.03B	726.04M	750.35M	665.53M	421.54M
Net Income	670.19M	650.18M	490.57M	514.34M	461.07M	277.23M
Balance Sheet
Total Assets	0	5.89B	4.51B	3.51B	3.12B	2.62B
Cash, Cash Equivalents and Short-Term Investments	1.08B	1.08B	562.03M	1.14B	860.00M	826.03M
Total Debt	0	439.32M	500.00M	20.00K	3.29M	0
Total Liabilities	-4.75B	1.14B	1.01B	422.14M	465.14M	372.20M
Stockholders Equity	4.75B	4.75B	3.50B	3.09B	2.65B	2.25B
Cash Flow
Free Cash Flow	70.14M	153.17M	-526.68M	199.21M	-287.79M	130.15M
Operating Cash Flow	91.01M	431.31M	542.65M	323.96M	-187.00M	351.59M
Investing Cash Flow	-548.12M	-733.61M	-453.25M	-214.14M	93.76M	-110.55M
Financing Cash Flow	541.08M	437.28M	-83.95M	-82.42M	-55.20M	-173.85M

Sirca Paints India Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price408.50

Price Trends

50DMA416.29Negative

100DMA415.79Negative

200DMA426.21Negative

Market Momentum

MACD-2.37Positive

RSI45.61Neutral

STOCH31.33Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SIRCA, the sentiment is Negative. The current price of 408.50 is below the 20-day moving average (MA) of 415.42, below the 50-day MA of 416.29, and below the 200-day MA of 426.21, indicating a bearish trend. The MACD of -2.37 indicates Positive momentum. The RSI at 45.61 is Neutral, neither overbought nor oversold. The STOCH value of 31.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SIRCA.

Sirca Paints India Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:SIRCA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:INDIGOPNTS	66Neutral	INR 43.76B	30.94	―	0.52%	11.95%	3.49%
IN:KANSAINER	66Neutral	INR 162.50B	27.28	―	1.21%	9.83%	-46.61%
IN:ASIANPAINT	64Neutral	INR 2.40T	50.52	―	1.13%	12.37%	24.22%
IN:SIRCA	62Neutral	INR 23.10B	34.41	―	0.49%	24.10%	22.46%
IN:BERGEPAINT	56Neutral	INR 549.54B	45.25	―	0.84%	7.93%	13.81%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:SHALPAINTS	48Neutral	INR 6.80B	-8.09	―	―	-11.84%	-36.60%

* General Sector Average

Performance Comparison

IN:SIRCA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:SIRCA	Sirca Paints India Ltd.	408.50	-100.89	-19.81%
IN:ASIANPAINT	Asian Paints Ltd.	2545.95	-297.20	-10.45%
IN:BERGEPAINT	Berger Paints India Limited	476.85	-97.61	-16.99%
IN:INDIGOPNTS	Indigo Paints Ltd	967.25	-321.13	-24.93%
IN:KANSAINER	Kansai Nerolac Paints Limited	206.35	-39.77	-16.16%
IN:SHALPAINTS	Shalimar Paints Ltd	84.80	11.38	15.50%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 10, 2026

Sirca Paints India Ltd. AI Stock Analysis