Transcript of the Investor Conference Call

Singer India held its first-ever earnings call for Q1 FY26 (quarter ended June 30, 2025), where management described the quarter as 'highly unusual' due to a drop in revenue. Sewing machine revenue fell 4% as the traditional cast iron segment declined, though the zigzag segment grew 38% and the company secured a large 2.8 lakh machine (~Rs 200+ crore) order under the PMY Vishwakarma Rozgar Yojana, representing 70% of the scheme's total requirement; deliveries have commenced though the order is sub judice. Appliances revenue dropped 14% due to a weak cooling season, pushing the domestic appliances segment to a Rs 2.36 crore loss, but management aims for break-even this fiscal and profitability thereafter. Industrial sewing machines grew 29% in FY25 but were flat in Q1; management targets industrial's share rising from 17% to 30% of sewing mix in 2-3 years and appliances reaching 30% of overall mix. Long-term margin aspiration is 8-10% EBITDA in sewing machines, with double-digit sewing machine growth targeted through innovation and market share gains (market growth only ~4%).