Symphony Limited (517385) Q2 25/26 earnings summary

Executive summary

• Revenue and profitability declined significantly year-over-year across both standalone and consolidated operations for Q2 and H1 FY26, mainly due to a weak summer, high channel inventory, and product mix shifts, though H1 was still the third highest in company history.

• Diversification into year-round and counter-seasonal products (industrial coolers, water heaters, tower fans, kitchen coolers, exports) contributed significantly, making up 24% of Q2 and 26% of trailing 12-month revenue.

• Strategic focus is on omnichannel acceleration, targeted market penetration, dynamic product expansion, and export-led growth to mitigate seasonality and drive future performance.

• Discontinued operations reflect strategic divestment initiatives in Australia and Mexico subsidiaries.

• Board declared a second interim dividend of ₹1 per share, with total payout of ₹14 crore in H1.

Financial highlights

• Standalone Q2 revenue was ₹155 crore, down from ₹259 crore YoY; EBITDA was ₹27 crore, and PAT ₹28 crore, down from ₹67 crore.

• H1 FY26 standalone revenue was ₹384 crore, EBITDA ₹50 crore, and PAT ₹65 crore, all down sharply YoY.

• Consolidated Q2 revenue was ₹163 crore (down from ₹289 crore), EBITDA ₹25 crore (down from ₹76 crore), and PAT ₹25 crore.

• H1 consolidated revenue was ₹414 crore (down from ₹682 crore), EBITDA ₹50 crore, and PAT ₹61 crore.

• Total income for H1 FY26 was ₹448 crore, up from ₹307 crore YoY; EPS from continuing and discontinued operations for H1 FY26 was ₹8.11, up from ₹2.76 YoY.

Outlook and guidance

• Management expects normalization of channel inventory and improved performance as the season approaches.

• Emphasis on expanding the "Air Force" range, increasing SKUs, and scaling RTY (Round-The-Year) product ecosystem for consistent demand.

• Strategic focus on divestment/monetization of international subsidiaries to streamline operations.

• Anticipates rebound in sales if summer conditions return to normal, with positive sentiment expected post-festive season.

• Continued shift from in-house manufacturing to an outsourced model in Australia.