SYMPHONYNSEQ4FY26May 22, 2026

Symphony Limited

4,602words

67turns

7analyst exchanges

4executives

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Management on call

Achal Bakeri

CHAIRMAN AND MANAGING

Nrupesh Shah

MANAGING DIRECTOR,

Rajesh Mishra

CHIEF GROWTH OFFICER – SYMPHONY LIMITED

Manan Goyal

ICICI SECURITIES

Key numbers — 40 extracted

₹1,131 crore

consolidation. So, coming to financials. On a consol basis, for the year FY26, top line stood at ₹1,131 crores, down by 28% Y-o-Y, leading to PBT (before exceptional items) of ₹149 crores, down from ₹326 c

28%

ing to financials. On a consol basis, for the year FY26, top line stood at ₹1,131 crores, down by 28% Y-o-Y, leading to PBT (before exceptional items) of ₹149 crores, down from ₹326 crores. After pro

₹149 crore

top line stood at ₹1,131 crores, down by 28% Y-o-Y, leading to PBT (before exceptional items) of ₹149 crores, down from ₹326 crores. After providing for exceptional onetime impairment provision and net of

₹326 crore

31 crores, down by 28% Y-o-Y, leading to PBT (before exceptional items) of ₹149 crores, down from ₹326 crores. After providing for exceptional onetime impairment provision and net of some of the write-back,

₹141 crore

tional onetime impairment provision and net of some of the write-back, the PAT stands at negative ₹141 crores. The capital employed in the core business on a consol basis stands at ₹384 crores. Mainly this

₹384 crore

ds at negative ₹141 crores. The capital employed in the core business on a consol basis stands at ₹384 crores. Mainly this capital deployed was in Australia and Australia-related business, and ROCE, which i

34 %

xceptional items) divided by capital employed based on monthly average capital employed stands at 34 %. Coming to stand-alone performance of Symphony India, Revenue is ₹765 crores, down from ₹1,182

₹765 crore

apital employed stands at 34 %. Coming to stand-alone performance of Symphony India, Revenue is ₹765 crores, down from ₹1,182 crores. PBT (before exceptional items) stands at ₹164 crores, down from ₹329 c

₹1,182 crore

at 34 %. Coming to stand-alone performance of Symphony India, Revenue is ₹765 crores, down from ₹1,182 crores. PBT (before exceptional items) stands at ₹164 crores, down from ₹329 crores and profit after ta

₹164 crore

India, Revenue is ₹765 crores, down from ₹1,182 crores. PBT (before exceptional items) stands at ₹164 crores, down from ₹329 crores and profit after tax after exceptional items stands at negative ₹166 cror

₹329 crore

crores, down from ₹1,182 crores. PBT (before exceptional items) stands at ₹164 crores, down from ₹329 crores and profit after tax after exceptional items stands at negative ₹166 crores. About exceptional

₹166 crore

164 crores, down from ₹329 crores and profit after tax after exceptional items stands at negative ₹166 crores. About exceptional items, we will deal with it later on. And capital employed on the core busine

Guidance — 20 items

Manan Goyal

opening

“On behalf of ICICI Securities, we welcome you all to Q4 and FY26 Results Conference Call of Symphony Limited.”

Achal Bakeri

opening

“And as is our custom, my colleague, Nrupesh Shah, Managing Director (Corporate Affairs) will be making a brief presentation, following which we'll take your questions.”

Nrupesh Shah

opening

“Thanks for joining Symphony Limited’s FY26 Investor Call and Earnings Presentation, coupled with Q4 FY26.”

Nrupesh Shah

opening

“On a consol basis, for the year FY26, top line stood at ₹1,131 crores, down by 28% Y-o-Y, leading to PBT (before exceptional items) of ₹149 crores, down from ₹326 crores.”

Nrupesh Shah

opening

“49 % of FY26 Consolidated revenue, in a way through partly through product diversification and geographical diversification, derisking the business.”

Nrupesh Shah

opening

“But another important feature is that during the current calendar year, GSK China, out of its internal accruals and realization from its assets, repaid ₹26 crores of loan to Symphony India and hence, as on date, net loan repayable to Symphony India is just ₹4 crores from peak of ₹60 crores plus and this ₹4 crores of loan repayment is expected in next 6 months, whereby GSK China will be debt- free in terms of the long-term loan.”

Nrupesh Shah

opening

“Coming to Symphony India in Q4 FY26, the revenue stands at ₹199 crores, down from ₹368 crores.”

Nrupesh Shah

opening

“March '25 was, of course, high base, but March '25 top line was also on account of huge unbilled advances as on 31st December, so high base and to an extent, extended billing to next quarter.”

Nrupesh Shah

opening

“The Board of Directors and company has very importantly and categorically decided that no further capital investment or allocation will be made to Australia business.”

Nrupesh Shah

opening

“And ₹52 crores will be remitted again out of Treasury of Symphony India in current week or next week.”

Risks & concerns — 6 flagged

So, company fully recognizes investors' concern about the performance of Australia, its capital efficiency, year after year, the losses it has posted, and investors always like to have disciplined capital allocation.

— Nrupesh Shah

Hence, to further reduce the financial overhang and carrying risk, Symphony infused ₹165 crores in March in Australia business to repay the long-term loan as well as working capital loan availed by the subsidiary which was by the comfort of and guaranteed by Symphony India.

— Nrupesh Shah

Sir, you said South, West and Central India have seen decent performance in April, but North has been weak.

— Ankur Kumar

And are you seeing any average selling price pressure at the trade level?

— Manan Goyal

In fact, it was Australia, which was a huge and consistent drag and had distorted the picture.

— Nrupesh Shah

So neither there has been a pricing pressure, and despite cost pressure, we have due to a variety of strategies and initiatives, maintained that.

— Nrupesh Shah

Q&A — 7 exchanges

Sir, you said South, West and Central India have seen decent performance in April, but North has been weak. So can you comment overall company level, how are things? And what percentage of our business comes from the Northern part?

Nrupesh Shah

No. So, it's not like every year, North contributes the most or East contributes the most. It varies year after year, depending upon the season. However, despite huge inventory until pre-season, in April, there has been a decent uptick in the fresh business in the month of April. And coming to North India, as I said, most of the inventory overhang is done so far despite turbulent season. However, it seems that starting from current week, there may be a decent summer as it was witnessed in some of the past years. If so, I think we may have a fairly good summer for company as a whole. Sir, when

I just wanted to know what is the size of your US business in terms of sales and EBITDA and PAT, if you can share that? And what is the loan outstanding?

Nrupesh Shah

So, size of US business in last 5 years have varied from, if I say in ₹, ranging from ₹30 crores to ₹140 crores. In other words, the potential is at least ₹140 crores i.e. the kind of the sales we achieved. In FY '26, U.S. business sales was about ₹45 crores. I don't have the EBITDA margin handy right now, but by and large, it is in line with our domestic business. Of course, that margin gets distributed among 2 or 3 companies. But ultimately, that is the level of EBITDA margin from USA business. And what sells most in USA? And what are the products that you sell there? Is it the same thing th

Hi. Thank you, sir for the opportunity. So, I have one question, like with multiple new entrants aggressively pricing the air coolers. So what's the company's strategy to defend their market share? And are you seeing any average selling price pressure at the trade level?

Achal Bakeri

So, Symphony has always been considered a sort of a premium brand, a mass premium brand, whereas all our other competitors have positioned themselves lower to Symphony for equivalent products. However, we have the widest range of products in the industry. And our products will be sort of positioned as various price points so that we are able to aggressively defend our market share and maybe even grow the market share. So, the advantage that we have of our product portfolio is that we are able to sort of have products at the value for the value segment as well as for the premium segment. Got it

Sir, thank you for the opportunity. Could you also provide the PAT numbers for your subsidiaries?

Nrupesh Shah

So for Climate Technologies Australia, at PAT level, it was negative ₹11 crores before exceptional item. For IMPCO Mexico, it is positive ₹6 crores. For GSK China, before exceptional item, it is positive ₹3 crores and post exceptional item, it is ₹49 crores and Symphony Brazil, it is negative ₹3 crores. Thank you for that, sir. And what do you expect the growth like looking forward in these subsidiaries? What would you guide for? How should we look at them? No. So very clearly, with this Australia reset, balance sheet reset, subsidiaries will incrementally contribute to the profitability. And

Yes, thanks for the opportunity again. Just 2 questions on the Indian business. When you said overall business was around ₹1,100 crores and ₹558 crores coming from BISP, the balance ₹542 crores, I presume would be from the Indian operations alone. So when I look at how is the EBITDA level playing in these 2 segments?

Nrupesh Shah

No, of course, in household residential coolers, it is significantly better. However, in BISP category also, even though we have built and growing it with substantial advertisement and sales promotion expenses in last 3, 4 years, at an EBITDA level, it is in a decent high-single-digit margin percentage. Okay. And you see that growing through operating leverage going forward? Or how exactly will BISP EBITDA margin cross and come closer to your normal EBITDA margins? No. So for sure, it has the potential to be in line with our air cooler business, and with operating leverage. By the way, as far

Thank you so much for the opportunity. So I just wanted to know the round-the-year portfolio sales of Q4. You have mentioned for the full year, if you could just help with the Q4 percentage also?

Nrupesh Shah

So we don't have the separate figure for that. But as I said earlier, round-the-year product portfolio, EBITDA on a stand-alone level as well as console level is high single-digit percentage. This is despite we are intentionally building with a lot of onetime costs, but they are totally booked to P&L, including trade channel-related costs, advertisement sales promotion costs and a variety of other launching costs. But still, it is in high single-digit percentage and has a great potential to be in line with our air cooler category. And in some of the categories, in fact, it has already reached,

Okay. Thank you very much for your participation early this morning, and we look forward to hosting you next quarter. Thank you, and have a great summer..

Management

Speaking time

Nrupesh Shah

Vinay Nadkarni

Achal Bakeri

Moderator

Manan Goyal

Ankur Kumar

Haider Kachwalla

Shraddha Kapadia

Opening remarks

Manan Goyal

Thank you. On behalf of ICICI Securities, we welcome you all to Q4 and FY26 Results Conference Call of Symphony Limited. Today, we have with us senior management represented by Mr. Achal Bakeri, Chairman and Managing Director; Mr. Nrupesh Shah, Managing Director (Corporate Affairs); Mr. Rajesh Mishra, Chief Growth Officer. Now I hand over the call to the management for their initial comments on the quarterly performance and a small presentation. Then we will open the floor for Q&A session. Thank you, and over to you, sir.

Achal Bakeri

Thank you very much. Good morning, everybody. This is Achal Bakeri, Chairman and Managing Director of Symphony. I welcome you all to this earnings call of Symphony Limited. And as is our custom, my colleague, Nrupesh Shah, Managing Director (Corporate Affairs) will be making a brief presentation, following which we'll take your questions. The customary Safe Harbor rules apply, and I thank ICICI Securities for hosting this call. Over to Nrupesh Bhai.

Nrupesh Shah

Hello. Good morning to everybody. Thanks for joining Symphony Limited’s FY26 Investor Call and Earnings Presentation, coupled with Q4 FY26. So, we'll take you through performance highlights. Second is Australia reset, U.S. business and the related IPR consolidation. So, coming to financials. On a consol basis, for the year FY26, top line stood at ₹1,131 crores, down by 28% Y-o-Y, leading to PBT (before exceptional items) of ₹149 crores, down from ₹326 crores. After providing for exceptional onetime impairment provision and net of some of the write-back, the PAT stands at negative ₹141 crores. The capital employed in the core business on a consol basis stands at ₹384 crores. Mainly this capital deployed was in Australia and Australia-related business, and ROCE, which is PBIT (before exceptional items) divided by capital employed based on monthly average capital employed stands at 34 %. Coming to stand-alone performance of Symphony India, Revenue is ₹765 crores, down from ₹1,182 crores.

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