Symphony Ltd
Symphony was established in 1988, in Ahmedabad, India. The company is engaged in the manufacturing and trading of residential, commercial, and industrial air coolers in the domestic and international markets. It is the largest air cooler manufacturer in the world. [1]
97% of the revenue comes from the sale of Air coolers.[2]
- Market Cap ₹ 5,970 Cr.
- Current Price ₹ 869
- High / Low ₹ 1,455 / 847
- Stock P/E 34.9
- Book Value ₹ 114
- Dividend Yield 1.50 %
- ROCE 36.8 %
- ROE 32.4 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 44.2%
Cons
- Stock is trading at 7.62 times its book value
- The company has delivered a poor sales growth of 7.40% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 487 | 525 | 446 | 764 | 798 | 844 | 1,103 | 900 | 1,039 | 1,188 | 1,156 | 1,576 | 1,037 | |
| 364 | 393 | 309 | 565 | 579 | 711 | 889 | 759 | 877 | 1,048 | 985 | 1,264 | 859 | |
| Operating Profit | 123 | 132 | 136 | 199 | 220 | 133 | 213 | 140 | 162 | 140 | 171 | 312 | 178 |
| OPM % | 25% | 25% | 31% | 26% | 28% | 16% | 19% | 16% | 16% | 12% | 15% | 20% | 17% |
| 16 | 34 | 33 | 43 | 54 | 15 | 51 | 24 | 40 | 50 | 48 | 1 | 8 | |
| Interest | 0 | 1 | 0 | 1 | 2 | 8 | 13 | 12 | 10 | 12 | 12 | 11 | 2 |
| Depreciation | 4 | 4 | 4 | 7 | 7 | 10 | 21 | 21 | 24 | 26 | 26 | 22 | 13 |
| Profit before tax | 135 | 161 | 165 | 235 | 265 | 130 | 230 | 131 | 168 | 152 | 181 | 280 | 171 |
| Tax % | 22% | 28% | 28% | 29% | 27% | 30% | 21% | 18% | 28% | 24% | 18% | 24% | |
| 106 | 116 | 118 | 166 | 193 | 92 | 182 | 107 | 121 | 116 | 148 | 212 | 130 | |
| EPS in Rs | 15.10 | 16.56 | 16.91 | 23.77 | 27.52 | 13.19 | 25.94 | 15.34 | 17.20 | 16.64 | 21.48 | 30.94 | 18.93 |
| Dividend Payout % | 43% | 42% | 74% | 19% | 16% | 34% | 89% | 33% | 52% | 30% | 61% | 42% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 7% |
| 3 Years: | 15% |
| TTM: | -18% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 6% |
| 3 Years: | 27% |
| TTM: | -31% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | -2% |
| 5 Years: | -1% |
| 3 Years: | -2% |
| 1 Year: | -36% |
| Return on Equity | |
|---|---|
| 10 Years: | 23% |
| 5 Years: | 19% |
| 3 Years: | 21% |
| Last Year: | 32% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 269 | 299 | 312 | 451 | 598 | 652 | 625 | 745 | 825 | 867 | 735 | 747 | 769 |
| -0 | -0 | -0 | 19 | 26 | 188 | 210 | 219 | 254 | 232 | 170 | 142 | 5 | |
| 118 | 116 | 104 | 121 | 119 | 211 | 215 | 236 | 267 | 281 | 291 | 419 | 629 | |
| Total Liabilities | 393 | 423 | 422 | 605 | 757 | 1,065 | 1,064 | 1,214 | 1,361 | 1,394 | 1,210 | 1,322 | 1,417 |
| 70 | 68 | 77 | 79 | 82 | 237 | 318 | 354 | 355 | 351 | 327 | 322 | 94 | |
| CWIP | 8 | -0 | 3 | -0 | -0 | 6 | 2 | 0 | 0 | 0 | 0 | -0 | -0 |
| Investments | 199 | 242 | 162 | 292 | 422 | 458 | 412 | 484 | 500 | 527 | 373 | 440 | 565 |
| 117 | 112 | 180 | 234 | 252 | 363 | 332 | 375 | 506 | 516 | 510 | 560 | 758 | |
| Total Assets | 393 | 423 | 422 | 605 | 757 | 1,065 | 1,064 | 1,214 | 1,361 | 1,394 | 1,210 | 1,322 | 1,417 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 90 | 104 | 89 | 95 | 107 | 140 | 157 | 89 | 57 | 125 | 162 | 259 | |
| -60 | -37 | 70 | -65 | -102 | -250 | 78 | -53 | 6 | -12 | 193 | -41 | |
| -33 | -66 | -145 | -5 | -29 | 118 | -241 | -21 | -34 | -124 | -367 | -224 | |
| Net Cash Flow | -3 | 1 | 13 | 25 | -25 | 7 | -6 | 14 | 29 | -10 | -12 | -6 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2014 | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 31 | 23 | 38 | 25 | 28 | 45 | 40 | 67 | 73 | 35 | 53 | 33 |
| Inventory Days | 62 | 70 | 100 | 77 | 75 | 96 | 74 | 87 | 111 | 137 | 140 | 129 |
| Days Payable | 56 | 61 | 90 | 55 | 55 | 104 | 72 | 100 | 95 | 91 | 81 | 82 |
| Cash Conversion Cycle | 37 | 32 | 48 | 48 | 48 | 38 | 42 | 55 | 88 | 81 | 112 | 81 |
| Working Capital Days | -1 | -3 | 29 | 23 | 41 | 10 | -1 | 22 | 26 | 15 | 17 | -14 |
| ROCE % | 54% | 50% | 51% | 58% | 46% | 22% | 29% | 16% | 17% | 15% | 19% | 37% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Dec
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
6 Dec - One-on-one virtual meeting with YK2 Partners on 10 Dec 2025; presentation uploaded, no unpublished price-sensitive information.
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Disclosure Under Regulation 30
6 Dec - NCLT on 4 Dec 2025 dismissed Symphony's rectification appeal for fraudulently-transferred shares; SEBI had no objection.
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Reason For Resignation
4 Dec - Nitendra Patel resigned as Chief Human Resource Officer, effective December 3, 2025, to pursue better opportunity.
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Announcement under Regulation 30 (LODR)-Dividend Updates
3 Dec - SEBI Fifth Amendment Regulations 2025 effective 18 Nov 2025: dividends only via RBI-approved electronic modes; update bank details with DP/RTA.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Concalls
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Business Profile[1][2]
Symphony is a global leader in evaporative air cooling offering a diverse range of household, commercial, and industrial air coolers. As of 9M25, the company holds 97+ designs, 20+ copyrights, 55+ patents(22 applied in FY24), and 417+ trademarks, with 27.5+ million air coolers sold worldwide.