SYMPHONY · price
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Symphony reported a significant decline in FY 2025-26 performance with consolidated revenue falling 28% to ₹1,131 crore and EBITDA dropping 60% to ₹128 crore. Standalone revenue declined 35% to ₹765 crore with EBITDA margin contracting to 15% from 24.2% due to operating deleverage. The company proposed a final dividend of ₹5 per share (total payout ~₹62 crore). The Board approved a balance sheet reset for its Australia business, recognising impairments of ~₹298 crore standalone and ~₹259 crore consolidated due to prolonged housing cycle weakness and regulatory challenges. The company also announced acquisition of CTPL's intellectual property rights for ~₹23 crore and 100% equity in Bonaire USA LLC for ~₹30 crore, both funded through treasury. Business momentum showed early signs of improvement from April 2026.
The steep revenue and margin decline reflects channel inventory overhang and a high base effect from FY25. The Australia impairment and acquisitions signal a strategic restructuring to cut losses and consolidate profitable U.S. operations under the listed parent. Shareholders should monitor recovery in domestic demand and the performance of newly acquired U.S. assets.