Transcript of the earnings conference call of Q1FY26
SYMPHONY · price
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Symphony Limited reported Q1 FY26 standalone revenue of ₹229 crores, down from ₹373 crores in the same quarter last year, with PAT falling to ₹37 crores from ₹69 crores. The decline was attributed to a subdued and rain-disrupted summer on a very high base of summer '24, with management stressing it is purely a seasonal issue, not structural. Despite the fall, the ₹229 crore June quarter revenue was the second-highest ever, 10% above June '22. The Board approved an interim dividend of ₹1 per share (~₹7 crores) and a final dividend of ₹8 per share is also due. Trailing 12-month revenue was ₹1,038 crores, with ROCE reported as 'infinite' on negative capital employed, RONW at 18%, and treasury at ₹363 crores. All-season and counter-seasonal categories (tower fans, kitchen cooling, LSV, water heaters) now contribute ~25% of India sales versus less than 10% earlier, growing at 50%+ CAGR.
Short-term pain is largely seasonal and likely priced in, but high channel inventory and a weak base mean Q2 FY26 may also see subdued sales before normalization ahead of next summer. Positive medium-term signals include a strong treasury, asset-light business model, robust export pipeline to the US, and growing non-cooler categories with better margins, which should support steady returns and continued dividends.