NSE: SYMPHONY · BSE: 517385
SYMPHONY LIMITED
Makes and sells air coolers and other household cooling appliances in India and overseas. The Air Cooling and Other Appliances segment generated ₹1,158 crore, or 97.1% of segment revenue, in FY26, with the remaining 2.9% (₹34 crore) coming from a Corporate Funds segment that holds treasury income. Symphony also operates international subsidiaries — IMPCO Mexico earned ₹182 crore in revenue and GSK China ₹96 crore in FY26 — alongside the Bonaire brand in the USA, brought under a direct India subsidiary for ~₹52 crore. Beyond summer air coolers, the company runs a non-summer portfolio of kitchen fans, water heaters and large-space cooling products that contributed ₹558 crore, or 49% of consolidated revenue. The Australian subsidiary had its full ₹348 crore equity impaired, with no further capital earmarked for it. On a consolidated FY26 basis, total revenue was ₹1,131 crore; 'other operating expenses' is the largest cost line at 24.7% of revenue, followed by employee costs at 12.0% and materials at 9.6%. Gross margin held at 46.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Air Cooling and Other Appliances (97%), Corporate Funds (3%). Weather-dependent, seasonal consumer durables business with overseas subsidiaries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,039 | 1,188 | 1,156 | 1,576 | 1,131 |
| EBITDA (ex other income) | 161 | 138 | 166 | 265 | (84) |
| margin % | 15.5 | 11.6 | 14.4 | 16.8 | (7.4) |
| Owners' profit | 120 | 117 | 148 | 212 | (141) |
| EPS, as reported (₹) | 17.20 | 16.66 | 21.43 | 30.89 | (20.54) |
| ROE % · ROCE % | 14.3 · 17.6 | 13.2 · 16.1 | 19.8 · 22.9 | 28.0 · 36.7 | (25.9) · (7.5) |
| Debt / equity (x) | 0.26 | 0.22 | 0.20 | 0.17 | 0.26 |
| Cash from operations | 57 | 125 | 161 | 259 | (81) |
| Capex | (9) | (11) | (8) | (23) | (19) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 315 | 242 | 488 | 251 | 163 | 179 | 338 | 378 |
| Profit before tax | 76 | (18) | 110 | 50 | 34 | 37 | (157) | 50 |
| Net profit | 56 | (10) | 79 | 42 | 19 | 20 | (218) | 40 |
| EPS (₹) | 8.11 | (1.37) | 11.39 | 6.08 | 2.76 | 3.00 | (31.87) | 5.77 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Air Cooling and Other Appliances | 952 | 87.7 |
| Corporate Funds | 34 | 3.1 |
| Revenue from Discontinued Operations | 99 | 9.1 |
| Total, before eliminations | 1,085 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LG ELECTRONICS INDIA LTD | 1,18,677 | 65.0 | 15.48 | — | 22.0 | 27.2 | — | 13.8 |
| VOLTAS LTD | 34,208 | 76.2 | 5.35 | 40.1 | 5.8 | 9.9 | 13.8 | 7.6 |
| BLUE STAR LIMITED | 31,868 | 62.6 | 9.28 | 33.7 | 15.4 | 18.9 | 23.8 | 6.1 |
| AMBER ENTERPRISES (I) LTD | 22,713 | 236.0 | 3.91 | 24.4 | 3.9 | 5.3 | 32.1 | 6.1 |
| CROMPT GREA CON ELEC LTD | 13,298 | — | 3.87 | 96.3 | (6.7) | (2.1) | 11.0 | 11.0 |
| V-GUARD IND LTD. | 12,646 | 34.8 | 5.33 | 23.9 | 13.0 | 15.5 | 17.0 | 11.2 |
| WHIRLPOOL OF INDIA LTD | 10,281 | 41.0 | 2.47 | 14.8 | 7.1 | 8.1 | 6.4 | 7.6 |
| TTK PRESTIGE LTD | 7,048 | 36.5 | 3.57 | 22.4 | 7.9 | 10.2 | 6.3 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 6.8 | 4.6 | 17 of 23 | 27% |
| ROCE | (10.3) | 9.4 | 24 of 24 | 0% |
| ROE | (25.9) | 7.1 | 23 of 23 | 0% |
| Debt / Equity | 0.3 | 0.0 | 17 of 23 | 27% |
| EBITDA margin | 15.6 | 7.6 | 3 of 23 | 91% |
| Revenue growth | 50.6 | 15.4 | 2 of 22 | 95% |
| Profit growth | (4.8) | 38.1 | 14 of 21 | 35% |
| Market cap | 3707 | 3595 | 12 of 24 | 52% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Symphony submits quarterly certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Symphony to participate in Bharat Connect Conference on Sep 30 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Symphony to meet Equirus Securities on Sep 29 | business updates | low | — | — |
| 21 Sept 2026 · Trading window closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · Symphony to meet institutional investors on Sept 25 via Nirmal Bang | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Symphony to participate in Anand Rathi G-200 Summit on Sept 21 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Symphony CMD to interact with NDTV Profit on Sept 15 | business updates | low | — | — |
| 9 Sept 2026 · Symphony Chairman to interact with CNBC TV18 on Sep 10 | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Symphony CMD to interact with India Today on Sept 9, 2026 | investor communications | low | — | — |
| 9 Sept 2026 · Symphony MD to discuss business overview on India TV | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.