Symphony Limited (SYMPHONY) AI Stock Analysis

• Market Cap: ₹50.02B
• Dividend Yield: 1.43%
• Average Volume (3M): 4.52K
• Price to Earnings (P/E): 73.5
• Beta (1Y): 0.40
• Revenue Growth: -19.72%
• EPS Growth: -44.03%
• Country: IN
• Employees: 450
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): 3.60
• Shares Outstanding: 68,671,400
• 10 Day Avg. Volume: 3,346
• 30 Day Avg. Volume: 4,522
• PEG Ratio: 0.82
• Price to Book (P/B): 10.13
• Price to Sales (P/S): 4.89
• P/FCF Ratio: 32.66
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 23.14
• Revenue Forecast (FY): ₹10.31B

• Rating: 70 Outperform
• Price Target: ₹802.00 ▼(-13.90% Downside)
• Action: Upgraded Date: 10/23/25
• Date: Action: Upgraded 10/23/25

Symphony Limited's strong financial performance is the primary driver of its stock score, supported by robust revenue growth and financial stability. However, technical indicators suggest potential bearish trends, and the valuation appears high, which tempers the overall score.

Positive Factors

High profitability and margins

Sustained high gross and operating margins indicate structural cost efficiency and pricing power in core products. Strong margins cushion against input cost swings, enable reinvestment in product development and distribution, and support durable profit generation across cycles.

Robust cash generation

Material free cash flow growth and cash-to-income ratios show the business converts earnings into cash reliably. That strengthens financing flexibility, funds capex and working capital needs, and lowers reliance on external debt for expansion or shareholder returns.

Low leverage and strong equity base

Low leverage and a high equity ratio provide resilience to demand downturns and interest rate shocks. High ROE signals efficient capital use, enabling organic growth and safer capital allocation, while low debt preserves financial flexibility for strategic investments.

Negative Factors

Product concentration risk

Heavy dependence on air coolers concentrates revenue exposure to a single product category. That limits diversification, raises vulnerability to product-specific competition or technology shifts, and constrains revenue stability if demand or preferences change.

Seasonal demand sensitivity

Strong seasonality in core products creates lumpy revenue and working capital cycles, requiring inventory build-up and strong distributor coordination. This structural cadence complicates capacity planning, cash flow smoothing, and consistent utilization of factory and service resources.

Inconsistent recent growth signals

Negative recent revenue and EPS growth metrics indicate volatile performance across reporting windows. Such swings suggest demand sensitivity or one-off impacts, increasing forecasting difficulty and risking inconsistent free cash flow and reinvestment capacity over medium term.

Symphony Limited Business Overview & Revenue Model

Company Description

Symphony Limited manufactures and trades in residential, commercial, and industrial air coolers and other appliances in India and internationally. The company offers large and medium space coolers, and spot coolers for household use; and industrial air coolers for use in classrooms, factories, offices, religious places, residences, restaurants, retail stores, shopping malls, showrooms, warehouses, and workshops. It sells its products primarily under the Symphony brand name in approximately 60 countries. The company serves banking, automobile, packaging, distilleries, and railways. Symphony Limited was incorporated in 1988 and is headquartered in Ahmedabad, India.

How the Company Makes Money

Symphony Limited makes money primarily by selling consumer durable goods—most notably air coolers—and other home appliances to customers in Bangladesh. Revenue is generated from the sale of finished products through a network of distributors, dealers, and retail outlets, as well as direct sales via company-managed channels where applicable. The company’s earnings are therefore driven by product volume, product mix (e.g., different models and price tiers), seasonal demand (air coolers typically peak in warmer months), and the effectiveness of its distribution and marketing. Additional details on specific revenue breakdown by product line, service/after-sales income, export contributions, or major strategic partnerships are null.

Symphony Limited Financial Statement Overview

Summary

Symphony Limited shows strong financial performance with significant revenue growth, solid profitability, and efficient cash flow management. The company maintains low leverage, enhancing financial stability.

Income Statement

Symphony Limited has demonstrated strong revenue growth with a 36.34% increase from 2024 to 2025. The gross profit margin for 2025 is 49.17%, and the net profit margin is 13.51%, indicating efficient cost management and solid profitability. The EBIT margin stands at 34.89%, and the EBITDA margin is 19.73%, both reflecting robust operational performance.

Balance Sheet

The company maintains a healthy balance sheet with a debt-to-equity ratio of 0.19, suggesting low leverage and financial stability. The return on equity (ROE) is 27.99%, indicating effective use of equity to generate profits. The equity ratio is 57.03%, showcasing a strong equity base relative to total assets.

Cash Flow

Symphony Limited exhibits a strong cash flow position with a free cash flow growth rate of 53.65% from 2024 to 2025. The operating cash flow to net income ratio is 1.22, and the free cash flow to net income ratio is 1.11, demonstrating efficient cash generation relative to earnings.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	11.44B	15.76B	11.56B	11.88B	10.35B	8.97B
Gross Profit	5.24B	7.75B	5.53B	5.17B	4.64B	4.00B
EBITDA	1.97B	3.11B	2.19B	1.90B	2.02B	1.65B
Net Income	1.30B	2.13B	1.48B	1.16B	1.20B	1.07B
Balance Sheet
Total Assets	14.17B	13.34B	12.18B	14.04B	13.67B	12.20B
Cash, Cash Equivalents and Short-Term Investments	2.87B	1.92B	1.77B	2.80B	3.23B	3.59B
Total Debt	70.00M	1.42B	1.70B	2.32B	2.54B	2.19B
Total Liabilities	6.34B	5.73B	4.69B	5.23B	5.22B	4.56B
Stockholders Equity	7.83B	7.61B	7.49B	8.81B	8.39B	7.59B
Cash Flow
Free Cash Flow	920.00M	2.36B	1.54B	1.14B	475.90M	689.90M
Operating Cash Flow	1.04B	2.59B	1.62B	1.25B	568.40M	886.60M
Investing Cash Flow	-1.15B	-413.00M	1.93B	-114.10M	62.80M	-533.70M
Financing Cash Flow	-20.00M	-2.24B	-3.67B	-1.24B	-337.60M	-213.30M

Symphony Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 931.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SYMPHONY, the sentiment is Negative. The current price of 931.5 is above the 20-day moving average (MA) of 794.51, above the 50-day MA of 853.17, and below the 200-day MA of 940.43, indicating a bearish trend. The MACD of -24.67 indicates Positive momentum. The RSI at 32.35 is Neutral, neither overbought nor oversold. The STOCH value of 18.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SYMPHONY.

Symphony Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SYMPHONY	70 Outperform	₹50.02B	73.49	―	1.43%	-19.72%	-44.03%
TTKPRESTIG	63 Neutral	₹62.42B	64.27	―	0.97%	4.48%	-49.18%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
STOVEKRAFT	61 Neutral	₹16.44B	114.54	―	0.50%	7.89%	32.07%
BAJAJELEC	59 Neutral	₹40.62B	-40.37	―	0.62%	0.80%	-4.31%
RENUKA	46 Neutral	₹51.36B	-36.29	―	―	-18.81%	-57.61%

Symphony Limited Corporate Events

Symphony Limited to Close Trading Window Ahead of FY 2026 Results

Symphony Limited has announced the closure of its trading window for designated persons and their immediate relatives from April 1, 2026, in compliance with SEBI’s Prohibition of Insider Trading Regulations and its own internal code. The window will reopen 48 hours after the company declares its audited financial results for the fourth quarter and full year ended March 31, 2026, reinforcing governance standards and ensuring orderly trading ahead of key financial disclosures.

Symphony to Hold Virtual One-on-One Meet With Institutional Investor

Symphony Limited has announced that its management will hold a one-on-one virtual meeting with Carnelian Asset Management & Advisors Pvt. Ltd. on March 12, 2026, as part of its ongoing engagement with institutional investors and analysts. The company noted that meeting details and the investor presentation are available on its website, emphasized that no unpublished price-sensitive information will be shared, and framed the disclosure as part of its regulatory compliance and efforts to ensure broad information dissemination to shareholders.

Symphony Margins Weaken but Dividend Flows as Overseas Exit Plan Put on Hold

Symphony Limited reported largely flat standalone quarterly revenue and a 4% decline in consolidated revenue year-on-year for the December 2025 quarter, alongside a notable contraction in EBITDA margins driven mainly by higher advertising and sales promotion spends in its water heater business. For the first nine months of FY26, both standalone and consolidated revenues and profits declined sharply versus the prior year, yet the board approved a third interim dividend of ₹2 per share, taking total payout to ₹27.5 crore, while management highlighted normalized trade inventory levels and additional recovery of ₹4 crore from Pathways (₹8.5 crore year-to-date) against an earlier write-off. The company also disclosed that its IB-led divestment process for Climate Holdings in Australia and IMPCO in Mexico did not yield offers that met its valuation or strategic criteria, and, in light of evolving geopolitical conditions, Symphony now considers it strategically important to retain a direct presence in Mexico, the USA and Australia.

Symphony Declares Interim Dividend and Details TDS Rules for Shareholders

Symphony Limited’s board of directors has declared an interim dividend of ₹2.00 per equity share of face value ₹2.00 for the financial year 2025-26, with eligibility based on shareholders whose names appear on the register as of February 3, 2026. The company has outlined that dividends will be paid only via electronic channels in line with Reserve Bank of India norms and has issued detailed guidance on mandatory updates to bank and tax details, as well as on tax deduction at source under the post-2020 dividend tax regime, underscoring the need for shareholders to ensure accurate records so that correct TDS rates are applied and dividend payments are processed smoothly.

Symphony to Close Trading Window Ahead of December-Quarter Results

Symphony Limited has announced that its trading window for dealing in the company’s shares by designated persons and their immediate relatives will be closed from 1 January 2026, in line with SEBI (Prohibition of Insider Trading) Regulations, 2015 and the company’s internal code for prevention of insider trading. The window will reopen 48 hours after the company declares its unaudited financial results for the quarter and nine-month period ending 31 December 2025, a standard compliance measure aimed at preventing misuse of unpublished price-sensitive information ahead of key financial disclosures.