Symphony Limited (517385) Q4 25/26 earnings summary

Executive summary

• FY26 consolidated revenue was between ₹1,131 crore and ₹1,158 crore, down 28% year-over-year, with a net loss of ₹141 crore due to major impairment provisions, especially in Australia.

• Standalone India revenue was ₹765 crore, with PAT after exceptional items at -₹166 crore, impacted by weather-led demand softness and one-off items.

• Strategic diversification advanced, with 49% of FY26 revenue from Beyond India Summer Portfolio (BISP), reducing reliance on core air coolers.

• Major balance sheet reset included full impairment of Australia business investments and acquisition of U.S. business and IPRs.

• Board declared a final dividend of ₹5 per share, with total payout for FY26 between ₹61.80 crore and ₹62 crore.

Financial highlights

• FY26 PBT was ₹149 crore, down from ₹326 crore year-over-year; consolidated EBITDA was ₹128 crore, down 60% YoY.

• Q4 FY26 consolidated revenue was ₹338 crore, down from ₹488 crore; Q4 PAT was -₹218 crore.

• Gross margin remained strong at 46.4%-47.6%, but EBITDA margin dropped to 15.5% (consolidated) and 17% (standalone).

• Standalone capital employed was ₹78 crore, with ROCE at 149%.

• Total treasury as of March 31, 2026, was ₹287 crore after repayments and investments.

Outlook and guidance

• Subsidiaries (excluding Australia) expected to incrementally contribute to profitability, with minimal capital deployment.

• BISP segment and new product categories expected to achieve margins in line with core air cooler business through operating leverage.

• Recovery signals emerging post mid-April, with inventory rationalization and improved channel position.

• Management expects to pass on cost increases from PVC and other inputs starting July.

• Divestment plans for Australian and Mexican subsidiaries rolled back due to lack of suitable proposals and evolving geopolitical conditions.