Transcript of the earnings conference call of Q4FY26
SYMPHONY · price
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Symphony Limited reported FY26 consolidated revenue of ₹1,131 crores, down 28% Y-o-Y, with PBT of ₹149 crores versus ₹326 crores last year. The company took a major impairment of ₹348 crores on its Australia investment, marking a complete write-off of equity investment. The Board has decided no further capital will be invested in the loss-making Australia business. US operations were restructured as a direct subsidiary of Symphony India for ₹30 crores. Gross margins remain healthy at 46.4%, though EBITDA margins declined to 15.5% from 21.2% due to operating leverage impact. Subsidiaries include IMPCO Mexico (PAT ₹6 crores) and GSK China (repaid most of its ₹60+ crore loan, now at ₹4 crores). Treasury stands at ₹287 crores, and the company declared dividend of ₹62 crores despite losses.
The massive Australia impairment and revenue decline reflect ongoing challenges in the core cooling business and international operations. However, the balance sheet reset eliminates further risk from Australia, and the strong treasury position provides flexibility. Focus now shifts to domestic summer performance and growing the non-seasonal BISP portfolio.