Symphony Ltd(SYMPHONY)

NSE: SYMPHONYBSE: 517385

₹ 486-1.79%refreshed 26 Oct, 03:53 pm ISTMarket cap: ₹ 3,337 crNext results: 29 Oct 2026Website: www.symphonylimited.comUpdated: 24 Oct 2026

About

Symphony Ltd is the world's No. 1 air cooler brand globally (excluding China) by retail volume sales in 2025, designing and marketing evaporative air-cooling solutions for household, commercial and large-space applications alongside adjacent categories such as water heaters, tower fans and kitchen cooling fans. The company operates through a standalone India business and overseas subsidiaries in Mexico, China and Australia, reporting consolidated revenue of ₹1,131 Crores in FY26. Its asset-light model sources 96.6% of inputs from within India and assembles products at a single facility in Gujarat.^[1][2]

Business segments

Air Cooling and Other Appliances generated ₹1,158 cr (97.1% of consolidated revenue) in FY26; the remaining 2.9% (₹34 cr) came from Corporate Funds (treasury income).^[3]
Beyond India Summer Products (BISP) - comprising LSV, tower fans, kitchen fans, water heaters, exports and overseas subsidiaries - contributed ₹558 cr or 49% of FY26 consolidated revenue, reducing dependence on Indian summer seasonality.^[4]
On a trailing-12-month basis to Q1 FY27, BISP reached ~₹560 cr, or ~48% of consolidated TTM revenue; on a standalone basis BISP was ₹179 cr (23%) of TTM revenue.^[5]

Products and brands

Core portfolio covers evaporative air-cooling solutions across household, commercial and large-space applications; adjacent categories include storage and instant water heaters, tower fans, kitchen cooling fans and personal cooling fans.^[1]
Air coolers, tower fans, water heaters and spares account for 100% of Symphony's turnover.^[1]
The Air Force cooler range was expanded from 3 to 7 SKUs in H1 FY26, targeting mass, semi-urban and rural consumers converting from metal to plastic coolers; 8 new water heater models (6 storage, 2 instant) were also launched.^[6]

Operations and facilities

Symphony has 1 plant and 34 office/CFA locations in India, and 4 plants and 1 office internationally across its subsidiaries in Mexico, China and Australia.^[1]
The India assembly and storage facility is at Thol, Gujarat; the corporate office is in Ahmedabad.^[1]
Symphony commissioned India's only captive NABL-accredited Psychrometric Laboratory at Thol, capable of testing airflow up to 6,000 CMH aligned with IS 3315 standards.^[1]
73% of input material is sourced from MSMEs/small producers and 96.6% is sourced from within India as of FY26.^[1]
Global workforce including overseas subsidiaries was approximately 700 employees as of 31 March 2026; standalone permanent headcount was 479.^[1]

Key operating metrics

India domestic revenue grew 15% YoY in Q1 FY27 - described as the second-highest June-quarter performance in Symphony's history - with modern trade channels growing in excess of 100% YoY.^[5]
Consolidated gross margin was 49.8% in Q1 FY27 and 46.4% in Q4 FY26 (vs 46.3% in Q4 FY25), showing resilience through the revenue downturn.^[5][4]
Standalone ROCE was 164% in Q1 FY27 and 149% in FY26, reflecting the asset-light model.^[5][4]
Standalone treasury stood at ₹345 cr as of 30 June 2026.^[5]
Symphony is the volume-share leader in India's organised air cooler segment, with volume share exceeding the next five competitors combined; market share has been stable within a ~1 - 1.5% band over the past 3 - 4 years.^[7]

Overseas subsidiaries performance

Bonaire USA revenue grew 35% YoY to ₹36 cr in Q1 FY27, with EBITDA rising from ₹7 cr to ₹18 cr, driven by scale-up of the Air Force model through Home Depot and Lowe's.^[5]
GSK China revenue rose 43% YoY to ₹34 cr in Q1 FY27, EBITDA improved to ₹6 cr from ₹2 cr, and the entity fully repaid all inter-company debt to Symphony India.^[5]
IMPCO Mexico revenue fell to ₹54 cr from ₹66 cr in Q1 FY27, with EBITDA halving to ₹3 cr from ₹7 cr, following two consecutive historically mild summers in FY25 and FY26.^[5]
CTPL Australia revenue softened to ₹27 cr from ₹31 cr in Q1 FY27, EBITDA remained at -₹4 cr; the Board has committed to no further capital allocation, with all impairments recorded in FY26.^[5]

Customers and distribution

In India, Symphony reaches consumers through 25,000+ retail touchpoints across dealers, distributors and retail partners, plus modern trade, e-commerce, D2C and quick-commerce channels.^[1]
India distribution spans 27 States and 6 Union Territories; international distribution spans 60+ countries across Asia, the Americas, Australia, Europe and Africa.^[1]
Exports account for 11% of Symphony's total turnover in FY26.^[1]
D2C channel turned PAT-profitable since FY25, with EBITDA margins in line with general trade.^[7]
Modern trade's share of India topline exceeded one-third in Q1 FY27.^[5]

Recent developments

In FY26, Symphony impaired its entire ₹348 cr cumulative equity investment in Climate Holdings Australia and infused ₹165 cr to repay CT Australia loans; the Board decided no further capital will be allocated to Australia.^[4]
Symphony India acquired Bonaire USA equity for ~₹30 cr and related IPRs for ~₹23 cr (~₹52 cr total) in FY26, ring-fencing the profitable US business as a direct subsidiary separate from the Australia drag.^[4]
The Board rolled back a banker-led divestiture process for IMPCO Mexico and Climate Holdings Australia in Q3 FY26, citing a valuation gap and strategic considerations; both entities will be retained and nurtured.^[7]
Standalone export shipments remained disrupted as of Q1 FY27, with the Middle East specifically affected by elevated logistics costs, keeping export volumes below normalised levels.^[5]
Water heater rollout expanded from South India (Karnataka, AP, Telangana) to ~8 states including select North Indian markets by Q3 FY26, with wider geographic rollout planned for FY27.^[7][4]

Market Cap

₹3,337 Cr

High / Low

₹968 / 489

Stock P/E

-24.4

Price / Book

6.2

Book Value

₹79

EPS

₹-20.5

No. of Shares

6.87 Cr

ROCE

20.6%

ROE

-21.6%

OPM

13.8%

Debt / Equity

0.26

Sales

₹1,131 Cr

Net Profit

₹-141 Cr

Promoter holding

73.4%

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Symphony Ltd(SYMPHONY)

About

Business segments

Products and brands

Operations and facilities

Key operating metrics

Overseas subsidiaries performance

Customers and distribution

Recent developments

Signal history

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