Sirca Paints India Limited (SIRCA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-363.5%

-₹1,087.30

vs ₹412.60 price

Levered DCF

-₹109.20

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	34.51×	27.69×	33.8×	38.32×	45.93×	52.13×	20.16×	20.36×
P/B	4.72×	3.89×	5.63×	6.65×	5.66×	4.29×	2.75×	2.7×
P/S	4.56×	3.63×	5.57×	6.6×	6.37×	6.05×	3.76×	3.61×
EV / EBITDA	21.72×	18.65×	22.59×	26.09×	29.15×	31.98×	12.47×	9.77×
Gross margin	33.2%	48.0%	33.5%	44.9%	37.8%	37.3%	44.7%	44.2%
Operating margin	17.9%	16.6%	20.2%	22.2%	17.3%	14.5%	22.3%	24.4%
Net margin	13.2%	13.1%	16.5%	17.2%	13.9%	11.6%	18.6%	17.7%
Current ratio	5.21×	4.78×	6.8×	5.42×	5.52×	3.96×	6.17×	5.05×
Debt / equity	0.09×	0.14×	0×	0×	0×	0.07×	0×	0×
Interest coverage	18×	356.46×	3,124.9×	1,529.8×	444.84×	199.49×	300.85×	263.27×
Dividend yield	0.4%	0.6%	0.5%	0.3%	0.3%	0.0%	1.6%	0.0%
Payout ratio	12.6%	16.8%	16.0%	11.9%	14.8%	0.0%	32.7%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.7%	14.0%	16.7%	17.4%	12.3%	8.2%	13.6%	13.3%
Return on invested capital	12.6%	11.6%	15.2%	16.6%	11.3%	7.1%	12.1%	12.6%
Return on assets	11.0%	10.9%	14.7%	14.8%	10.6%	6.5%	12.0%	11.1%
Free cash flow yield	0.7%	-3.9%	1.1%	-1.6%	1.0%	1.7%	-5.9%	-0.4%
Earnings yield	2.9%	3.6%	3.0%	2.6%	2.2%	1.9%	5.0%	4.9%
Enterprise value	₹22.3B	₹13.5B	₹16.9B	₹17.4B	₹12.3B	₹8.4B	₹4.6B	₹3.7B
Net debt / EBITDA	-0.13×	-0.06×	-0.57×	-0.45×	-1.07×	-0.96×	-1.36×	-2.14×
Cash conversion cycle (days)	179	218	192	230	198	260	278	176