Consumer Durables
Valuation | |
|---|---|
| Market Cap | 6.14 kCr |
| Price/Earnings (Trailing) | 47.43 |
| Price/Sales (Trailing) | 5.14 |
| EV/EBITDA | 31.09 |
| Price/Free Cashflow | 25.78 |
| MarketCap/EBT | 34.9 |
| Enterprise Value | 6.12 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -1% |
| Price Change 1M | 4% |
| Price Change 6M | -22.9% |
| Price Change 1Y | -28.3% |
| 3Y Cumulative Return | -2.1% |
| 5Y Cumulative Return | -2.8% |
| 7Y Cumulative Return | -3.4% |
| 10Y Cumulative Return | -1.3% |
| Revenue (TTM) |
| 1.2 kCr |
| Rev. Growth (Yr) | -47.5% |
| Earnings (TTM) | 130 Cr |
| Earnings Growth (Yr) | -66.1% |
Profitability | |
|---|---|
| Operating Margin | 18% |
| EBT Margin | 15% |
| Return on Equity | 16.6% |
| Return on Assets | 9.17% |
| Free Cashflow Yield | 3.88% |
Cash Flow & Liquidity | |
|---|---|
| Cash Flow from Investing (TTM) | -41 Cr |
| Cash Flow from Operations (TTM) | 259 Cr |
| Cash Flow from Financing (TTM) | -224 Cr |
| Cash & Equivalents | 18 Cr |
| Free Cash Flow (TTM) | 236 Cr |
| Free Cash Flow/Share (TTM) | 34.37 |
Balance Sheet | |
|---|---|
| Total Assets | 1.42 kCr |
| Total Liabilities | 634 Cr |
| Shareholder Equity | 783 Cr |
| Current Assets | 470 Cr |
| Current Liabilities | 306 Cr |
| Net PPE | 93 Cr |
| Inventory | 125 Cr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.00 |
| Debt/Equity | 0.00 |
| Interest Coverage | 34.2 |
| Interest/Cashflow Ops | 38 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 12 |
| Dividend Yield | 1.34% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | -1.8% |
Balance Sheet: Strong Balance Sheet.
Size: Market Cap wise it is among the top 20% companies of india.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Profitability: Recent profitability of 11% is a good sign.
Past Returns: Underperforming stock! In past three years, the stock has provided -2.1% return compared to 12.5% by NIFTY 50.
Growth: Declining Revenues! Trailing 12m revenue has fallen by -19.1% in past one year. In past three years, revenues have changed by -3.6%.
Balance Sheet: Strong Balance Sheet.
Size: Market Cap wise it is among the top 20% companies of india.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Profitability: Recent profitability of 11% is a good sign.
Past Returns: Underperforming stock! In past three years, the stock has provided -2.1% return compared to 12.5% by NIFTY 50.
Growth: Declining Revenues! Trailing 12m revenue has fallen by -19.1% in past one year. In past three years, revenues have changed by -3.6%.
Investor Care | |
|---|---|
| Dividend Yield | 1.34% |
| Dividend/Share (TTM) | 12 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 18.86 |
Financial Health | |
|---|---|
| Current Ratio | 1.54 |
| Debt/Equity | 0.00 |
Technical Indicators | |
|---|---|
| RSI (14d) | 69.78 |
| RSI (5d) | 18.63 |
| RSI (21d) | 58.6 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Buy |
| RSI21 Signal | Hold |
| SMA 5 Signal | Sell |
| SMA 10 Signal |
Summary of Symphony's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
In the Q2 FY '26 earnings conference call, management at Symphony Limited provided a mixed outlook amidst challenging market conditions. Achal Bakeri, Chairman and Managing Director, acknowledged the performance for the preceding quarter as disappointing, attributing it largely to an unfavorable summer in 2025 compared to a strong performance in 2024. The company reported a standalone revenue of Rs.155 crores for the quarter, down from Rs.259 crores in September 2024, with EBITDA dropping to Rs.27 crores from Rs.72 crores, and profit after tax decreasing to Rs.28 crores from Rs.67 crores. For the first half of FY '26, the top line remained relatively strong at Rs.384 crores, marking the third highest in the company's history, despite a year-on-year decline.
Management highlighted high inventory levels and expressed confidence that inventory normalization would occur as the summer season approaches. They expect improved performance in the next summer, predicting that it will not be as poor as the summer of 2025, and expressed optimism that even a "normal summer" will lead to favorable results.
As part of their strategic response, management emphasized diversification into non-seasonal product categories, which contributed approximately 26% of the top line in the last twelve months. This includes products like industrial coolers, water heaters, and tower fans. They plan to optimize their sales strategy, focusing on semi-urban and rural markets, while also enhancing their omnichannel presence.
Notably, Symphony aims to maintain its market share amidst rising competition from unorganized players and has initiated several schemes to build distributor confidence and boost sales as the market prepares for the upcoming summer season. Through these efforts, management expects a rebound in growth, driven by effective channel management and sustained product innovation.
Understand Symphony ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| ACHAL ANIL BAKERI | 41.93% |
| SANSKRUT TRADECOM PRIVATE LIMITED | 17.89% |
| RUPA ACHAL BAKERI | 10.16% |
| HDFC MUTUAL FUND | 7.12% |
| ACHAL ANIL BAKERI - HUF (ACHAL ANIL BAKERI KARTA) | 3.44% |
| SCARLET LIVING PRIVATE LIMITED | 0% |
| HARMONY HOLDINGS PRIVATE LIMITED | 0% |
Detailed comparison of Symphony against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| HAVELLS | Havells India | 89.45 kCr | 21.96 kCr | +2.10% | -8.50% | 61.13 | 4.07 | - | - |
| VOLTAS | Voltas | 46.7 kCr | 14.44 kCr |
Comprehensive comparison against sector averages
SYMPHONY metrics compared to Consumer
| Category | SYMPHONY | Consumer |
|---|---|---|
| PE | 47.94 | 58.07 |
| PS | 5.19 | 2.22 |
| Growth | -19.1 % | 3.8 % |
Symphony Limited, together with its subsidiaries, manufactures and trades in residential, commercial, and industrial air coolers and other appliances in India and internationally. The company offers residential and commercial coolers; large space venti-cooling; tower fans; and personal, desert, tower, and portable coolers. It sells its products primarily under the Symphony brand name. The company was formerly known as Symphony Comfort Systems Limited and changed its name to Symphony Limited in March 2010. Symphony Limited was founded in 1939 and is based in Ahmedabad, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Sell |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
SYMPHONY vs Consumer (2021 - 2026)
Q: What is the current inventory holding in the GT and the B2B channel versus the normalized levels? When do we expect this to normalize?
A: The inventory is indeed higher than last year, but this is amidst reduced sales. A segment of the general trade is feeling cautious, but we anticipate that the inventory will normalize as we approach the sales season.
Q: How much is the contribution of our round-the-year portfolio to our revenue?
A: For the first half of FY '26, our round-the-year product portfolio contributed about 26% to total sales, highlighting the significance of our diversified product range amidst seasonal challenges.
Q: Can you quantify how many days of inventory are currently held in terms of Q3 sales? Will higher channel inventory impact Q3 and Q4 performance?
A: Historically, the inventory levels might be around 25-30% of seasonal sales at this time, and currently, they are slightly elevated. However, we expect that by the end of Q2, the inventory will start to normalize, positively impacting our Q3 and Q4 performances.
Q: How has the growth been in your non-seasonal products year-on-year?
A: We have seen healthy double-digit growth in our non-seasonal products, which include tower fans and water heaters, and this segment has been contributing significantly to our resilience amidst the challenges faced in the air-cooler market.
Q: What is the status of the divestment of your two subsidiaries?
A: We are actively pursuing divestment. We've received letters of interest from potential buyers, which is promising. However, it's too early to disclose specific timelines for any transactions.
Q: Are there any schemes offered to channel partners given the current inventory situation?
A: Yes, we have tailored schemes for both distributors and dealers this year, designed to address the challenges faced by the channel. These are currently in the market and will enhance traction as we move forward post-festive season.
Q: What is the channel's feedback regarding the AC GST cut? Will there be margin pressure due to the reduced delta between coolers and ACs?
A: While a pricing pressure can arise naturally in the market, the impact on our margins has not been material. The gap between coolers and ACs remains significant, helping to cushion any potential margin effects.
Q: How are you positioned to ramp up production for potential future strong summers?
A: We have made significant preparations to enhance scalability and operational agility, ensuring that we can quickly ramp up production should we encounter another exceptional summer season.
Q: Is there any current improvement in demand?
A: Currently, consumer demand remains low, primarily driven by advanced planning with channel partners. We anticipate clearer consumer demand emerging around January and February when seasonal sales typically pick up.
Q: Is the inventory level higher year-on-year for H2?
A: Our assessment shows that as of September '25, the overall channel inventory is largely in line with September '24 levels. The relationship between sales and inventory has adjusted appropriately due to the drop in sales this quarter.
| JONAKI ACHAL BAKERI JT. ACHAL ANIL BAKERI | 0% |
| HIRVA ACHAL BAKERI | 0% |
| ACHAL BAKERI FAMILY TRUST (TRUSTEE - ACHAL BAKERI JT. RUPA BAKERI) | 0% |
| RUPA BAKERI FAMILY TRUST (TRUSTEE - ACHAL BAKERI JT. RUPA BAKERI) | 0% |
| JONAKI BAKERI FAMILY TRUST (TRUSTEE ACHAL BAKERI JT. RUPA BAKERI JT. JONAKI BAKERI) | 0% |
| HIRVA BAKERI FAMILY TRUST (TRUSTEE - ACHAL BAKERI JT. RUPA BAKERI JT. HIRVA BAKERI) | 0% |
| MORGAN STANLEY DEAN WITTER INVESTMENT MANAGEMENT INC, A/C INDIA SPECIAL SITUATIONS FUND | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| +2.20% |
| -11.10% |
| 85.28 |
| 3.23 |
| - |
| - |
| BLUESTARCO | Blue Star | 37.14 kCr | 12.29 kCr | -1.10% | -6.60% | 68 | 3.02 | - | - |
| CROMPTON | Crompton Greaves Consumer Electricals | 16.18 kCr | 7.81 kCr | +0.80% | -30.40% | 34.18 | 2.07 | - | - |
| BAJAJELEC | Bajaj Electricals | 5.01 kCr | 4.79 kCr | -9.30% | -40.60% | 48.57 | 1.05 | - | - |
| 221 |
| 259 |
| 428 |
| 283 |
| Profit Before exceptional items and Tax | -25% | 34 | 45 | 28 | 76 | 112 | 58 |
| Exceptional items before tax | -125% | 0 | 5 | -46 | 0 | 0 | 0 |
| Total profit before tax | -32.7% | 34 | 50 | -18 | 76 | 112 | 58 |
| Current tax | 14.3% | 9 | 8 | 4 | 15 | 34 | 19 |
| Deferred tax | -150% | 0 | 3 | -12 | 5 | -10 | -9 |
| Total tax | -20% | 9 | 11 | -8 | 20 | 24 | 10 |
| Total profit (loss) for period | -56.1% | 19 | 42 | -10 | 56 | 88 | 48 |
| Other comp. income net of taxes | -30.8% | 10 | 14 | 1 | 0 | 0 | 1 |
| Total Comprehensive Income | -49.1% | 29 | 56 | -9 | 56 | 88 | 49 |
| Earnings Per Share, Basic | -65.4% | 2.76 | 6.08 | -1.37 | 8.11 | 12.76 | 7.02 |
| Earnings Per Share, Diluted | -65.4% | 2.76 | 6.08 | -1.37 | 8.11 | 12.76 | 7.02 |
| 77 |
| 72 |
| 73 |
| 63 |
| 51 |
| 55 |
| Finance costs | - | 0 | 0 | 1 | 1 | 0 | 0 |
| Depreciation and Amortization | 25% | 6 | 5 | 6 | 6 | 5 | 6 |
| Other expenses | 42.7% | 225 | 158 | 174 | 111 | 69 | 104 |
| Total Expenses | 40.8% | 902 | 641 | 715 | 533 | 377 | 521 |
| Profit Before exceptional items and Tax | 62.4% | 329 | 203 | 216 | 146 | 147 | 242 |
| Exceptional items before tax | -877.8% | -87 | -8 | 0 | 0 | 0 | -2 |
| Total profit before tax | 24.2% | 242 | 195 | 216 | 146 | 147 | 240 |
| Current tax | 55.8% | 68 | 44 | 50 | 32 | 34 | 56 |
| Deferred tax | 0% | -2 | -2 | 1 | 3 | 1 | -2 |
| Total tax | 58.5% | 66 | 42 | 51 | 35 | 35 | 54 |
| Total profit (loss) for period | 15.1% | 176 | 153 | 165 | 111 | 112 | 186 |
| Other comp. income net of taxes | - | -1 | 0 | -9 | 4 | 5 | 0 |
| Total Comprehensive Income | 14.5% | 175 | 153 | 156 | 115 | 117 | 186 |
| Earnings Per Share, Basic | 16.2% | 25.57 | 22.15 | 23.56 | 15.84 | 16.06 | 26.57 |
| Earnings Per Share, Diluted | 16.2% | 25.57 | 22.15 | 23.56 | 15.84 | 16.06 | 26.57 |
| 79 |
| 68 |
| 72 |
| 72 |
| 73 |
| Capital work-in-progress | - | 0 | 0 | 0 | 0 | 2 | 0 |
| Non-current investments | 4.6% | 298 | 285 | 276 | 236 | 228 | 310 |
| Loans, non-current | -82.5% | 22 | 121 | 86 | 77 | 106 | 69 |
| Total non-current financial assets | -21% | 321 | 406 | 362 | 314 | 334 | 379 |
| Total non-current assets | -34% | 413 | 625 | 621 | 572 | 511 | 555 |
| Total assets | 0.7% | 1,053 | 1,046 | 1,205 | 956 | 1,008 | 1,099 |
| Total non-current liabilities | 125% | 10 | 5 | 10 | 7 | 6 | 9 |
| Borrowings, current | - | 0 | 0 | 0 | 0 | 0 | 22 |
| Total current financial liabilities | -30.5% | 67 | 96 | 113 | 78 | 85 | 99 |
| Provisions, current | -16.7% | 16 | 19 | 14 | 13 | 11 | 13 |
| Current tax liabilities | - | 2 | 0 | 13 | 2 | 0 | 0 |
| Total current liabilities | 0% | 270 | 270 | 435 | 175 | 289 | 178 |
| Total liabilities | 1.8% | 280 | 275 | 445 | 182 | 295 | 187 |
| Equity share capital | 0% | 14 | 14 | 14 | 14 | 14 | 14 |
| Total equity | 0.3% | 773 | 771 | 760 | 774 | 713 | 912 |
| Total equity and liabilities | 0.7% | 1,053 | 1,046 | 1,205 | 956 | 1,008 | 1,099 |
| 70 |
| 41 |
| 51 |
| 35 |
| - |
| - |
| Net Cashflows From Operating Activities | 30.6% | 253 | 194 | 136 | 8 | - | - |
| Cashflows used in obtaining control of subsidiaries | -101.2% | 0 | 82 | 4 | 0 | - | - |
| Proceeds from sales of PPE | - | 0 | 0 | 7 | 0 | - | - |
| Purchase of property, plant and equipment | 300% | 21 | 6 | 6 | 12 | - | - |
| Purchase of other long-term assets | - | 31 | 0 | 0 | 0 | - | - |
| Cash receipts from repayment of advances and loans made to other parties | -20% | 21 | 26 | 0 | 0 | - | - |
| Interest received | -100% | 1 | 4 | 24 | 9 | - | - |
| Other inflows (outflows) of cash | -97.9% | 5 | 191 | -25 | 4 | - | - |
| Net Cashflows From Investing Activities | -183.9% | -77 | 94 | -11 | -8 | - | - |
| Payments to acquire or redeem entity's shares | -64% | 90 | 248 | 0 | 0 | - | - |
| Proceeds from borrowings | - | 0 | 0 | 0 | 40 | - | - |
| Repayments of borrowings | -104.8% | 0 | 22 | 19 | 0 | - | - |
| Dividends paid | 114.6% | 89 | 42 | 70 | 50 | - | - |
| Interest paid | - | 0 | 0 | 1 | 1 | - | - |
| Net Cashflows from Financing Activities | 42.5% | -179 | -312 | -90 | -11 | - | - |
| Net change in cash and cash eq. | 84% | -3 | -24 | 35 | -11 | - | - |
Analysis of Symphony's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Sep 30, 2025
| Description | Share | Value |
|---|---|---|
| Air Cooling and Other Appliances | 96.0% | 169 Cr |
| Corporate Funds | 4.0% | 7 Cr |
| Total | 176 Cr |