Sirca Paints India

What Sirca Paints India does

Sirca Paints India Ltd is a Delhi-headquartered, publicly listed coatings manufacturer (BSE/NSE ticker SIRCA), founded in 2006 and operating with 501-1000 employees. The company specializes in premium wood finishes, producing polyurethane and acrylic coatings for India's luxury housing and furniture premiumization segments, alongside decorative paints and protective coating products. Its addressable market is the INR 95-100 billion Indian premium wood coatings market.

The company's core technology is rooted in specialized polyurethane and acrylic coating formulations for high-end wood surfaces, with technical depth reinforced by an extended partnership with Italy-based parent Sirca S.p.A. Product surface includes core wood finishes, decorative paints, protective products, and the acquired Wembley brand portfolio covering thinners, enamels, and sealers. No patents, certifications, or proprietary digital platforms are disclosed in the available data.

Commercially, Sirca operates a dual-channel distribution model: approximately 70% of revenue flows through retail distribution networks for premium wood finishes, while roughly 30% comes from institutional OEM clients providing volume stability. For FY26 (ended March 2026), the company reported revenue from operations of INR 4,924.84 crore (up 31.8% YoY) and net profit of INR 650.53 crore (up 32.5% YoY), with brokerage projections calling for 27-30% annualized growth and 19-21% operating margins over the medium term. Market capitalization stood around INR 2,660.17 crore in Q3 FY26, and the board recommended a INR 2 per share final dividend.

Name

Sirca Paints India

Legal name

Sirca Paints India Ltd

Website

https://sircapaints.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Sirca Paints India is a Delhi-based public coatings manufacturer specializing in premium polyurethane and acrylic wood finishes. It serves India's luxury housing and furniture markets through a dual-channel model combining retail distribution (~70% of revenue) and institutional OEM sales.

Ownership category

akta.pro rank

Product category

Wood Coatings and Paints

NAICS

Paint and Coating Manufacturing (325510)

SIC

Paints, Varnishes, Lacquers, Enamels & Allied Prods (2851)

akta.pro primary industry

Wood Coatings & Finishes (IMAEAHAF)

akta.pro secondary industries

Wood Coatings & Finishes (IMADAKAD), Wood Coatings & Finishes (IMAEAGAG)

Keywords

• Wood coatings
• Polyurethane finishes
• Acrylic paints
• Decorative paints
• Protective coatings

Headquarters

HQ city

Delhi

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales

Revenue model

1. Wood Coatings Manufacturing and Distribution: Manufacturing and distributing wood coatings including polyurethane and acrylic finishes for premium applications
2. Decorative Paints: Decorative paint products for residential and commercial applications
3. Protective Products: Protective coating products for various industrial and consumer applications

Go-to-market motion1 record

Distribution channels2 records

Core offering

Sirca Paints India manufactures and distributes premium wood coatings including polyurethane and acrylic finishes, along with decorative paints and protective coating products. The company operates a dual-channel model, with approximately 70% of revenue coming from retail distribution and the remaining from institutional OEM clients. Portfolio was expanded via the acquisition of the Wembley brand into thinners, enamels, and sealers.

Product overview

Sirca Paints India is a specialized coatings manufacturer focused on premium wood finishes including polyurethane and acrylic coatings, with recent portfolio expansion through the acquisition of the Wembley brand into related categories such as thinners, enamels, and sealers. The company also produces decorative paints and protective products, with approximately 70% of revenue coming from retail channels and the remainder from institutional OEM clients. Operating margins are expected to remain around 19-21% as the company reinvests for growth in India's Rs 95-100 billion premium wood coatings market.

Differentiator

Problem solved

Functional benefit

Products and services

• Wood Finishes
• Decorative Paints
• Protective Products
• Wembley Brand Products

Quantifiable outcome

• 32.5% increase in net profit for FY26
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Sirca S.p.A. (Italy)coreStrategic or Co-development Partner · 25 February 2026Sirca Paints India extended its partnership with Italy's Sirca S.p.A., the parent company. This partnership extension positions the company to leverage international expertise in coatings technology and strengthen its position in the premium wood coatings market in India.

Scale indicators13 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Shalimar Paints: Heritage Indian paint manufacturer with wood finishes, decorative paints, and industrial coatings. Comparable as a domestic player overlapping in wood finishes and decorative paints targeting similar project and retail customers.
• Indigo Paints: Indian mid-sized decorative paints company with growing distribution and similar scale band to Sirca. Comparable as a publicly listed challenger in the Indian paint market pursuing share gains against incumbents with differentiated products.
• Renner Wood Coatings: Brazilian-based global manufacturer of wood finishes including polyurethane and water-based coatings for furniture and flooring. Comparable as a focused wood-coatings specialist competing in similar premium OEM and project segments.
• ICA Group: Italian wood coatings manufacturer specializing in polyurethane and acrylic finishes for furniture and joinery. Comparable as a specialist wood-finishes peer with similar technology profile and customer type (furniture OEMs and premium woodworkers).
• Sirca S.p.A. (Italy): Italian parent company and original technology partner focused on wood coatings and finishes globally. Comparable as the source of Sirca India's technology, formulations, and brand license, and a directly comparable wood-coatings specialist business.

Broad incumbents

• Asian Paints: India's largest decorative paints and coatings company with deep retail distribution across premium and mass segments. Comparable as the dominant player in Sirca's adjacent decorative paints market and a benchmark for scale, distribution, and brand power.
• Berger Paints India: Major Indian paint manufacturer with strong presence in decorative, industrial, and protective coatings. Comparable as a scaled incumbent competing across the same customer base Sirca targets, including wood finishes and OEM clients.
• Kansai Nerolac Paints: Large Indian paint company with strength in industrial coatings and automotive finishes alongside decorative paints. Comparable as a broad-line coatings manufacturer with overlapping OEM and retail exposure, and a credible entrant into premium wood finishes.
• Akzo Nobel India: Indian subsidiary of global coatings major Akzo Nobel, offering Dulux decorative paints and specialty industrial coatings. Comparable as a multinational broad-line coatings player serving overlapping retail and OEM customers.
• PPG Asian Paints (PPG-AP): Joint venture between PPG Industries and Asian Paints serving Indian automotive, industrial, and protective coatings markets. Comparable as a scaled industrial coatings player competing for OEM volume that Sirca also targets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sirca Paints India