Sirca Paints India Limited has informed the Exchange about Investor Presentation
February 11, 2025
To, The Managing Director National Stock Exchange of India Limited Exchange Plaza,5th Floor, Plot No. C/1 G-Block, Bandra-Kurla Complex, Bandra (E), Mumbai-400051 NSE Symbol-SIRCA
To, The General Manager BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001 BSE Scrip Code:543686
SUB: SUBMISSION OF INVESTOR PRESENTATION
Dear Sir/Ma’am,
Pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosures Requirements) Regulation, 2015, please find enclosed herewith Earnings Presentation of Q3& FY25 of the Company.
This is for your information and record.
Thanks & Regards, For Sirca Paints India Limited
Hira Kumar Company secretary & Compliance officer
Encl: As above
F E B , 2 0 2 5
EARNINGSPRESENTATION COMPANY PROFILE
INTRODUCTION
Sirca Paints India Limited (SPIL) is a leading manufacturer of wood coating products in India, with a history spanning
two decades. Offering premium quality wood finishes under brands like 'Sirca' and 'Unico', SPIL caters to the emerging
aesthetic needs of the furnishing market. With a new manufacturing facility in place, SPIL is poised to become a top
player in India's wood coatings sector. Eyeing global expansion, SPIL aims to export its products to countries like Nepal,
Bangladesh, and Sri Lanka from its advanced facility in Sonipat.
Exclusive License Products to Nepal, Bangladesh & Sri Lanka
Newly Commissioned Manufacturing Facility
About Sirca S.P.A (Italy)
Established in 1973, Sirca is a key player in the Durante Group specializing in Italian wood paints. With a global presence
in 85+ countries, the company boasts 2 production plants and over 800+ employees. Its focus on research and
development is evident with over 20% of staff dedicated to technical roles. Sirca's premium wood coatings are
developed in collaboration with Italy’s top furniture brands.
85+
Countries
779
Employees
2
Production Plant
€180+ Mn
Turnover
SPIL AT A GLANCE
EXCLUSIVE LICENSEE Of Globally Established ‘Sirca’ brand for India, Nepal, Bangladesh and Sri Lanka
02
Manufacturing Facilities
4
Display Units
MARKET LEADER Among the Top 3 Premium wood coatings brand in India Market Leader in North India
779
Team Strength
2,508
Nodes in Distribution Network
OEM VENDOR Preferred OEM Vendor on its way to become a Dominating Retail Brand
13
819
Branches & Depots
OEM’s Clientele
VALUE PROPOSITION
The promise and quality of ‘Made in Italy’ blended with innovation, research and
development to provide the most sophisticated and customized products and services in the
paints industry.
CORE OFFERING
Premium Italian Wood Coatings
Metal Coatings
Glass Coatings
EARNINGS PRESENTATION
sircapaints.com
VALUE PROPOSITION
Recent Additions to our Product Portfolio Expansion
WALL PAINTS RANGE
WOOD COATINGS
MASS MARKET RANGE
Nitrocellulose (NC), Melamine, PU
Coatings and Thinners
Hygiene Plus Additives
WALL PAINTS & OTHERS
OIKOS Portfolio
(Decorative, Solid Colour Finishes, and Texture Coatings)
DuranteVivan Portfolio (Adhesives)
BRAND PORTFOLIO
P R I C I N G
Sirca
Unico
Luxury Italian Wood Coatings
Mass-market Wood Coatings
High-end Wall Paints
products
I
T N E N T N O C B U S N A D N
I
OIKOS
Welcome
Colour Finishes and Texture
Paint Thinners & Reducers
Coatings High-end
Decorative, Solid
I
I
A D N
I
ECONOMIC
ENTRY-LEVEL
LUXURY
* Includes India, Bangladesh, Nepal and Sri Lanka SIRCA’S FOOTPRINT
MOHALI
KARNAL
RAI & SONIPAT
DELHI
GURUGRAM
INDORE
NAGPUR
MUMBAI
THRISSUR
2,508
13
Dealers & Distributors
Branches & Depot
4
Display Units
02
Manufacturing Facilities
JAGADHARI
NOIDA
AMBALA
NEPAL
DEHRADUN
SILLIGURI
GUWAHATI
BANGLADESH
KOLKATA
K E Y
Branches
EXPORT MARKETS
RAIPUR
Manufacturing Facilities
Sirca Studios
CHENNAI
SRI LANKA
CUSTOMER SEGMENTS CUSTOMER SEGMENTS
RETAIL RETAIL
~70%~70%
Revenue Contribution
2,508 2,508
Aggressively growing Distribution Network with 2,508* nodes
GROWTH STRATEGY
Chain of studios being opened across India,
currently 13 branches are operational.
Creating a wider and self-sufficient product
portfolio expanding & strengthen the distribution
network.
OEM’s OEM’s
~30%~30%
Revenue Contribution
APPROACH
Dealing in Premium products.
Providing str ong technical support and after sales
services to OEM’s.
CLIENTELE (OF 819 OEM’S)
Key Clientele includes: Godrej, Jindal Stainless,
Indoline, Space Wood, Pyramid, MAS Furniture,
Alsorg, Soundarya Decorators, etc.
* EXCLUDING OEM’S MANUFACTURING FACILITIES MANUFACTURING FACILITIES
COMMISSIONED
CAPEX of ~33.20 CR
In Nov’2019, Sirca commissioned a manufacturing
facility for Nitrocellulose, Melamine, Economical
PU products, and PU thinner at Sonipat (NCR)
This unit has been established with a total CAPEX
of ~33.20 Crores, as a primary ‘Object of Issue’
from our initial public offer in 2018.
COMMISSIONED WALL PAINT & WALL PUTTY MANUFACTURING
In Q1FY21 the company shifted it’s wall paint
manufacturing unit to a new, bigger premises in
response to higher than originally anticipated
demand
MAXIMUM CAPACITY 225 CR
At peak capacity utilization this manufacturing
facility has the capacity to generate ~225 Crores
in revenue with an optimal product mix.
PRODUCTION CAPACITY
16,000 Tonnes For PU, NC, Melamine
and Thinner products 48 Lakh Liters
Wall Paints
MARKETING AND PROMOTIONAL ACTIVITIES MARKETING AND PROMOTIONAL ACTIVITIES
~1,420+ Shop boards installed for enhanced visibility. Refreshed
brand positioning as “Your Italian Autograph”.
MARKETING AND PROMOTIONAL ACTIVITIES MARKETING AND PROMOTIONAL ACTIVITIES SIRCA STUDIOS SIRCA STUDIOS
CONTRACTOR'S / SHOP MEETS CONTRACTOR'S / SHOP MEETS
Organised 28 meet-ups between contractors and shop owners to help them educate about the products and build healthy relations.
CONTRACTOR LOYALTY PROGRAM CONTRACTOR LOYALTY PROGRAM Sirca Parivaar 2.0 – App Update
~24,750
Contractors Registered
~17,600
Average Daily Product Scans
~3,300
Average Daily Users
Enhanced Version of Sirca Parivaar App
The main objective of this app is to automate the
process of loyalty program and streamline the process
of rewards and redemption.
Key Features
Specifically designed for architects, contractors, and dealers
using Sirca products
Bringing all industry stakeholders together on the application
Automate Sirca loyalty program
Maintain, view reward points easily on a real-time basis
Users can check account balance on a real-time basis
Users can redeem points at any given point
Users can access account statement & reports in the
application
BOARD OF DIRECTORS BOARD OF DIRECTORS
MR. SANJAY AGARWAL CHAIRMAN AND MANAGING DIRECTOR
MR. APOORV AGARWAL JOINT MANAGING DIRECTOR
MR. GURJIT SINGH BAINS NON-EXECUTIVE DIRECTOR
Mr. Agarwal is one of the co-founders of Sirca Paints India Limited, he has been working the Paints & Coatings industry for more than two decades. Under his able leadership, Sirca has risen the ranks as one of the most prominent brands of luxury wood coatings in the country. A Chartered Accountant by qualification, Mr. Agarwal currently looks after the finance and strategy functions of the organization.
Mr. Agarwal has holds a bachelor's degree from Delhi University and a masters degree in Finance & Marketing from IIPM. He has a decade of experience & training in the Italian furnishing and Italian wood coatings space. He has worked with prominent Italian furnishing brands Italia, Reflex, Laura Meroni, Simon Cenedese, and many others. At Sirca Paints India, he looks after the Sales and Marketing functions. He has also been bestowed with the responsibilities of establishing Sirca's distribution presence network across the country.
like B&B
through
its
Mr. Gurjit Singh Bains is one of the co- founders of Sirca Paints India, he has more than two decades of experience in wood coatings and the Italian furniture industry. He was among the early introducers & promoter of branded Italian furniture in India.
BOARD OF DIRECTORS BOARD OF DIRECTORS
Mr. Shyam Lal Goyal NON-EXECUTIVE & INDEPENDENT DIRECTOR
Mrs. Anu Chauhan NON-EXECUTIVE & INDEPENDENT DIRECTOR
Mr. Sanjay Kapoor NON-EXECUTIVE & INDEPENDENT DIRECTOR
Mr. Aman Arora NON-EXECUTIVE & INDEPENDENT DIRECTOR
industries
Mr. Goyal was the Audit and Finance Advisor at Ghazanfar Bank. He leads each firm’s lines of business - Banking in an Sector and FMCG holds expeditious manner. experience of over 30 years and has held various senior positions in India and abroad. His experience in global financial Corporate operations, Governance, Enterprise-wide systems, and Financing is a proven asset.
He
Mrs. Chauhan has a vast experience of in management and over a decade team leadership skills. She has a proven track record of running successful operations and nurturing & growing businesses. Her core area of expertise includes - business management, directing and planning, supervising multi- disciplinary teams, processes, Control documentation, vendor checks, management.
business and
audits,
Mr. Kapoor is a doctor by profession, he has an MBBS and DCH (Diploma of Child years Health) with of over experience pediatrics in department. He was appointed on the board of the company in 2017.
the
20
Mr. Arora, a Chartered Accountant with is a 10 years of experience, over partner at Popli & Associates. He excels in auditing, accounting, and tax financial planning, ensuring clients' and accuracy His expertise optimize helps financial processes and make informed business decisions.
compliance. clients
5Y FINANCIAL SUMMARY
5 Y F I N A N C I A L S U M M A R Y
5Y PROFIT & LOSS SUMMARY 5Y PROFIT & LOSS SUMMARY
( ₹ i n c r o r e s )
PARTICULARS
9M FY25
FY24
FY23
FY22
FY21
Revenue from Operations
Total Income
Total Operating Expenses
EBITDA (Excluding OI)
EBITDA (Excluding OI) %
Interest Cost
Depreciation & Ammortisation
Profit Before Taxes
Profit After Taxes
272.89
277.05
224.42
48.47
17.76
0.02
5.19
47.43
34.95
311.72
267.75
200.02
143.18
318.08
272.59
204.43
157.32
243.04
206.03
162.27
121.37
68.68
22%
0.02
5.95
69.06
51.43
61.71
23%
0.04
4.41
62.11
46.11
37.76
21.81
18.90%
15.20%
0.08
4.13
0.01
3.65
37.95
22.58
27.73
16.61
Note:
1. FY21 EBITDA (Excluding OI) & Total Operating Expenses adjusted for net-loss of fire incident
5 Y F I N A N C I A L S U M M A R Y
5Y BALANCE SHEET SUMMARY 5Y BALANCE SHEET SUMMARY
PARTICULARS
H1 FY25
FY24
FY23
FY22
FY21
( ₹ i n c r o r e s )
Shareholders Fund
323.99
308.72
265.53
225.15
Non Current Liabilities
Current Liabilities
Trade Payables
Total
Non Current Assets
Current Assets
Inventories
Trade Receivables
Total
0.97
44.42
36.01
0.6
41.61
32.54
369.38
350.93
86.27
283.10
104.89
86.39
369.38
68.11
282.83
95.34
65.54
350.93
0.59
45.92
36.55
312.04
63.17
248.87
100.36
51.36
312.04
0.05
37.16
31.4
262.37
57.47
204.9
69.69
45.63
201.6
0.28
52.88
34.84
254.75
45.89
208.86
64.95
43.05
262.37
254.75
5 Y F I N A N C I A L S U M M A R Y
5Y CASH FLOW SUMMARY 5Y CASH FLOW SUMMARY
( ₹ i n c r o r e s )
PARTICULARS
H1 FY25
FY24
FY23
FY22
FY21
Cash from Operating Activities
27.99
32.4
-18.69
35.16
19.24
Cash from Investing Activities
-22.1
-11.81
9.38
-11.06
14.74
Cash from Financing Activities
-8.23
-8.24
-5.52
-17.38
0.1
Net Cash Flow
-2.34
12.35
-14.83
6.72
33.87
Net Cash at Beginning of Year
42.69
30.34
45.18
38.46
4.59
Net Cash at End of Year
40.35
42.69
30.35
45.18
38.46
Q3 FY25 RESULT Q3 FY25 RESULT DISCUSSION DISCUSSION
Q 3 F Y 2 5 R E S U L T D I S C U S S I O N
"STRONG PERFORMANCE IN A HIGHLY "STRONG PERFORMANCE IN A HIGHLY COMPETITIVE ENVIRONMENT." COMPETITIVE ENVIRONMENT."
88.71
72.49
22.4% Growth
15.44
13.77
12.2% Growth
(All Values in ₹ crores)
10.51
11.46
9.0% Growth
Q3FY24
Q3FY25
Q3FY24
Q3FY25
Q3FY24
Q3FY25
Revenue from Operations
EBITDA
PAT
Q 3 F Y 2 5 R E S U L T D I S C U S S I O N
PROFIT & LOSS SUMMARY PROFIT & LOSS SUMMARY S t a n d a l o n e
PARTICULARS
Q3 FY25
Q2 FY25
Q3 FY24
YoY %
QoQ %
( ₹ i n c r o r e s )
Revenue from Operations
Total Income
Total Operating Expenses
EBIDTA (Excluding OI)
EBIDTA (Excluding OI) %
Interest Cost
Depreciation & Ammortisation
Profit Before Taxes
Profit After Taxes
Earnings Per Share (₹)
88.71
90.61
73.27
15.44
17.41
0.01
1.80
15.54
11.46
2.09
105.50
106.34
86.54
18.96
17.97
0.01
1.82
17.97
13.28
2.42
72.49
74.12
58.72
13.77
18.99
0.01
1.56
13.83
10.51
1.92
22.4%
22.2%
24.8%
12.2%
-8.3%
0.0%
15.6%
12.4%
9.0%
8.9%
-15.9%
-14.8%
-15.3%
-18.5%
-3.1%
0.0%
-1.2%
-13.5%
-13.8
-13.6
Q 3 F Y 2 5 R E S U L T D I S C U S S I O N
MANAGEMENT COMMENTARY MANAGEMENT COMMENTARY Revenue from Operations:
Increased to INR 88.71 Cr in the current quarter from INR 72.49 Cr (Q3 FY24). Growth of 22.4%, despite 40 days of sales loss due to GARP measures in the NCR region
(Nov & Dec).
Growth driven by better product mix with a focus on high-value product sales.
EBITDA:
Increased from INR 13.77 Cr (Q3 FY24) to INR 15.44 Cr in the current quarter. Growth of 12%. EBITDA margin declined from 19% (same quarter last year) to 17.41% in the current quarter. Margin decline due to increased competition leading to higher schemes and discounts.
PAT (Profit After Tax):
Increased from INR 10.51 Cr (Q3 FY24) to INR 11.46 Cr in the current quarter. Growth of 9%.
Marketing & Branding:
Architect-level marketing & promotional activities enhanced brand visibility and stakeholder engagement.
Distribution Network: Continues to expand. Currently stands at 2,508 nodes (excluding OEMs).
CONNECT US CONNECT US
Hira Kumar COMPANY SECRETARY AND COMPLIANCE OFFICER Sirca Paints India Limited cs@sircapaints.com
Ipvinder Singh
Invesfly Private Limited info@invesfly.com 9015059001