Symphony Limited (517385) Q3 25/26 earnings summary

Executive summary

• Standalone Q3 FY26 revenue was flat YoY at INR 182 crore; EBITDA declined to INR 31 crore from INR 34 crore due to higher ad spend; PAT improved to INR 34 crore from a loss of INR 4 crore, aided by recovery from Pathways write-off.

• For nine months, standalone revenue was INR 566 crore vs INR 814 crore YoY; PAT at INR 99 crore vs INR 132 crore, supported by treasury income, exceptional gains, and forex profits.

• Consolidated Q3 revenue was INR 233 crore vs INR 242 crore YoY; EBITDA at INR 24 crore vs INR 35 crore; PAT at INR 20 crore vs loss of INR 10 crore.

• Consolidated nine-month revenue was INR 793 crore, down 27% YoY; EBITDA at INR 76 crore; PAT at INR 81 crore vs INR 134 crore.

• Discontinued operations posted a net loss of INR 6 crore for the quarter and INR 10 crore for the nine months.

Financial highlights

• Standalone gross margin for nine months at 48.3%; EBITDA at INR 81 crore vs INR 188 crore YoY.

• Standalone EBITDA margin for 9M FY26 declined to 14.4%.

• Consolidated revenue for Dec'25 quarter was INR 233 crore (down 4%); EBITDA margin at 10.5%.

• Earnings per share (EPS) from continuing and discontinued operations for the nine months was INR 11.84, down from INR 19.50 YoY.

• Third interim dividend of INR 2/share declared, totaling INR 28 crore for the year.

Outlook and guidance

• Non-core/counter-seasonal products contributed over 25% of India business in nine months and are growing steadily; at the consolidated level, non-core is about 50% of the mix.

• Water heater business expanded to eight states and multiple channels; management expects further rollout and stabilization over the next two years.

• Board decided to roll back the divestment process for Australian and Mexican subsidiaries, focusing on their turnaround and integration.

• Direct presence to be maintained in Mexico and USA; Australia remains strategically important despite rolled-back divestment process.

• Management expects improvement in Climate Technologies Australia but cannot confirm profitability timeline.