Symphony Ltd (SYMPHONY)
🎯 Key Takeaways
- Symphony Ltd is navigating a strategic shift from domestic seasonal demand toward international markets and diversified product lines like BISP, as evidenced by 15% YoY revenue growth and 35%+ growth in US and China. However, persistent losses (ROE -25.
- Revenue grew 11.8% QoQ to ₹378 in Q1FY27.
- ⚠️ 1) Persistent losses and negative ROE/ROCE indicate ongoing operational challenges despite revenue growth. 2) Margin pressure from elevated input cost
- Market Cap
- ₹4,017
- P/B Ratio
- 7.37
- ROE
- -25.7%
- ROCE
- -4.9%
- Debt/Equity
- 0.26
- Div Yield
- 1.54%
- Promoter
- 73.4%
📖 The Story
Symphony Ltd is navigating a strategic shift from domestic seasonal demand toward international markets and diversified product lines like BISP, as evidenced by 15% YoY revenue growth and 35%+ growth in US and China. However, persistent losses (ROE -25.7%, ROCE -4.9%) and margin pressure from input costs indicate a turnaround phase with limited profitability yet, despite improving operational scale.
📰 What's Happening
In Q1 FY27, Symphony reported consolidated revenue of ₹378 crore (+8% YoY) and EBITDA of ₹48 crore (+26% YoY), with adjusted EBITDA rising to ₹53 crore and PAT to ₹43 crore. Management highlighted strong US (+35%) and GSK China (+43%) growth, while domestic sales grew 15% due to modern trade and digital channels. The company declared an interim dividend of ₹1 per share (50% of face value), payable by August 31, 2026, following board approval on August 4, 2026. Management expects robust summer demand in US and Mexico to drive future growth, though no formal guidance was provided. Board meetings on August 4, 2026, included management interactions with CNBC TV18 and CNBC Bajar to discuss results and outlook.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 163 | 233 | 338 | 378 |
| Operating Profit | 21 | 19 | 44 | 40 |
| OPM % | 12.9% | 8.2% | 13.0% | 10.6% |
| Net Profit | 19 | 19 | -218 | 40 |
| EPS | ₹2.76 | ₹2.74 | ₹-31.87 | ₹5.77 |
Revenue grew steadily from ₹163 crore in Sep 2025 to ₹378 crore in Jun 2026, with operating profit turning positive and improving to ₹40 crore in Q1 FY27. However, profitability remains volatile — NP was ₹-218 crore in Mar 2026 due to one-offs, though it recovered to ₹40 crore in Jun 2026. Operating margins expanded slightly to 10.6% in Q1 FY27 from 8.2% in Dec 2025, but remain below historical levels. Despite revenue growth, net losses in Q4 FY26 and weak margins suggest ongoing restructuring costs and external headwinds, including geopolitical export pressures and one-off expenses.
🔮 Management Outlook & What's Next
Management expressed confidence in near-term growth driven by robust summer demand in US and Mexico, particularly for cooling products. However, no formal forward guidance on revenue, margins, or capex was provided in the latest filings. The focus remains on diversifying beyond Indian summer demand through BISP and international markets, with an emphasis on sustaining growth in US and China. No specific targets or timelines were disclosed for margin improvement or profitability breakeven.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 |
| Reserves | 747 | 716 | 531 | 769 |
| Borrowings | 142 | 172 | 144 | 5 |
| Total Liabilities | 1,334 | 1,463 | 1,030 | 1,417 |
| Fixed Assets | 117 | 118 | 165 | 93 |
| Investments | 440 | 677 | 274 | 565 |
| Total Assets | 1,334 | 1,463 | 1,030 | 1,417 |
The balance sheet shows stable equity at ₹14 crore but rising reserves to ₹769 crore as of Mar 2026, indicating cumulative retained losses are being absorbed through reserves. Borrowings remain low at ₹5 crore (down from ₹142 crore in Mar 2025), suggesting minimal debt pressure. Total assets peaked at ₹1,417 crore in Mar 2026, up from ₹1,334 crore a year ago, reflecting growth in operations. The company holds ₹345 crore in treasury post repayments, signaling active capital management and limited reliance on external financing.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | -81 |
| Investing | +190 |
| Financing | -95 |
| Net Cash Flow | +14 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 73.4% | 73.4% | 73.4% | 73.4% |
| FII | 6.0% | 5.3% | 3.3% | 2.4% |
| DII | 8.8% | 8.8% | 8.7% | 8.5% |
| Public | 6.6% | 7.2% | 8.9% | 9.8% |
| # Shareholders | 1,36,778 | 1,35,023 | 1,37,467 | 1,36,586 |
Promoter holding remains stable at 73.43% over the last four quarters. FII ownership declined from 5.98% in Q2FY26 to 2.44% in Q1FY27, while DII increased slightly from 8.75% to 8.48%. Public shareholding rose from 6.58% to 9.84%, possibly reflecting retail interest. The growing number of shareholders (1,36,586 in Q1FY27) and stable promoter stake suggest improving retail participation, though foreign institutional interest has waned recently.
⚖️ Peer Comparison — Consumer Durables
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Persistent losses and negative ROE/ROCE indicate ongoing operational challenges despite revenue growth. 2) Margin pressure from elevated input costs is not fully offset by volume gains, limiting profitability recovery. 3) International exposure, particularly in US and China, introduces geopolitical and currency risks, with mixed performance in export markets. 4) One-off expenses and uneven international growth suggest structural headwinds may not resolve quickly without sustained demand or pricing power.
📋 Recent Filings
- 🔴 Announcement2026-09-25Symphony Ltd announced a scheduled one-on-one meeting with Equirus Securities on September 29, 2026, at its Ahmedabad office to discuss investor relat…
- 🔴 Announcement2026-09-25Symphony Ltd announced its management will attend the Bharat Connect Conference: Rising Stars 2026 on September 30, 2026, a virtual group meeting for …
- Announcement2026-09-21Symphony Ltd announced that its insider trading window will close on October 1, 2026, ahead of the Q2 FY2026 results announcement, restricting designa…
- 🔴 Announcement2026-09-16Symphony Ltd announced its participation in the Anand Rathi G-200 Summit 2026 on September 21, 2026, in Mumbai, where management will engage with inst…
- 🔴 Announcement2026-09-16Symphony Ltd announced a virtual investor meeting scheduled for September 25, 2026, organized by Nirmal Bang Institutional Equities, where management …
- Announcement2026-09-15Symphony Ltd announced that Chairman and Managing Director Achal Bakeri will appear on NDTV Profit on September 15, 2026 at 11:40 AM to discuss the co…
- Announcement2026-09-09Symphony Ltd announced that Chairman and Managing Director Achal Bakeri will appear on India TV on September 9, 2026 at 1:00 PM to discuss the company…
- Announcement2026-09-09Symphony Ltd announced that Chairman and Managing Director Achal Bakeri will appear on CNBC TV18 on September 10, 2026 at 11:05 AM to discuss the comp…
- Announcement2026-09-09Symphony Ltd announced that Chairman and Managing Director Achal Bakeri will interact with India Today on September 9, 2026 at 1:00 PM to discuss the …
- Announcement2026-09-07Symphony Ltd announced that founder promoter Achal Bakeri will gift approximately 343,000 shares, representing 0.5% of equity, valued at around INR 20…
🧠 Analyst's Read
Symphony is in a cautious turnaround phase, with revenue growth supported by international expansion and product diversification, but profitability remains fragile. Investors should monitor margin trends, US summer demand execution, and progress in BISP commercialization to assess sustainability of growth. The recent dividend signals short-term cash flow confidence, but long-term recovery hinges on achieving margin stability and reducing loss dependence.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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