Sirca Paints Q1FY27: PAT +14% YoY to ₹16.2 Cr, but revenue growth trails 25-30% guidance
PAT +14.09% YoY · revenue +13.8% · margins compressing · miss vs street
₹130.01 Cr
+13.8% YoY
₹16.21 Cr
+14.09% YoY
12.32%
-0.1pp YoY
₹2.85
Sirca Paints posted Q1 FY27 (quarter ended June 30, 2026) revenue from operations of ₹130.01 Cr, up 13.80% YoY but down 3.19% sequentially from Q4 FY26's ₹134.29 Cr. PAT came in at ₹16.21 Cr, up 14.09% YoY (PBT +15.36% YoY to ₹22.14 Cr) but down 8.35% QoQ; EPS was ₹2.85 versus ₹2.59 a year ago and ₹3.17/₹3.16 (standalone/consolidated) last quarter. Standalone and consolidated numbers are identical this quarter, meaning subsidiary Sirca Industries added nothing incremental, and neither period carries exceptional items.
Q1 FY-2027 vs prior quarters
Operating margin came in at approximately 18.6% of revenue, down from 19.74% a year ago and 19.14% last quarter — a YoY and QoQ compression that sits below management's own 19-21% FY27 EBITDA-margin guidance. Net margin was roughly flat YoY at 12.47% (vs 12.41%) but down from 13.05% sequentially. Public reporting attributes the squeeze to elevated raw-material costs and channel discounting, only partly offset by the price hikes management had flagged on the last call.
The stock went into the print at ₹420.45, up 4.8% over the past month of trading.
Management guides for robust 25-30% revenue growth in FY27, with EBITDA margins expected to remain stable in the 19-21% range despite raw material headwinds, supported by recent price hikes. This growth will be driven by completing manufacturing localization of premium products, scaling the acquired Wembley brand natio
— This quarter: missed
On the two comparison benchmarks: revenue came in roughly 12% below analyst estimates (Simply Wall St), a clear miss on the Street; and against management's own Q4 FY26 guidance of 25-30% FY27 revenue growth with margins held in the 19-21% band, this quarter's 13.8% YoY growth and sub-19% margin both fall short — an early-quarter miss on the FY27 growth plan that leaned on Wembley's national rollout and West/South India distribution expansion, neither of which shows up yet in the Q1 numbers. No fresh press-release commentary from management accompanied this filing beyond the standard board-outcome intimation. Separately and administratively, the board fixed July 31 as the record date for a ₹2 final FY26 dividend, filed the FY26 annual report/BRSR, and confirmed no deviation in preferential-issue fund utilisation — none of these bear on the quarter's operating numbers.
W1
Revenue growth needs to roughly double from Q1's 13.8% YoY pace to reach management's 25-30% FY27 guidance — watch Q2/Q3 trajectory
W2
OPM at ~18.6% sits below the guided 19-21% band — confirm whether the flagged price hikes restore margin in H2 as raw-material pressure persists
W3
Progress on Wembley brand's national scale-up and West/South India distribution expansion — management's stated FY27 growth drivers, not yet visible in Q1 numbers
Standalone and consolidated figures are identical this quarter (subsidiary Sirca Industries' contribution immaterial); no exceptional items in current or year-ago period; auditor-report boilerplate pages have OCR garbling but the financial tables themselves are clean and arithmetic ties exactly.