Symphony Q1 FY27 Results (NSE: SYMPHONY)
Signal: Growth reaccelerated
The read
The operating recovery is real but incomplete: consolidated revenue reached ₹378 crore, +8.0% YoY and +11.8% QoQ, and EBITDA was ₹59 crore at a 15.6% margin, yet PAT fell 4.8% YoY to ₹40 crore and included ₹13 crore of other income, while segment assets contracted 25.0% YoY despite higher depreciation.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹378 Cr | +8.0% | +11.8% |
| EBIT | ₹53 Cr | N/A | |
| Net profit | ₹40 Cr | -4.8% | |
| EPS | ₹5.77 | -5.1% | |
| EBIT margin | 15.6% |
P&L walk
Revenue increased to ₹378 crore, +8.0% YoY and +11.8% QoQ, while EBITDA was ₹59 crore at a 15.6% margin; PAT was ₹40 crore, -4.8% YoY but sharply better than the prior quarter's ₹218 crore loss after the prior-period impairment charge disappeared.
Segments
The Air Cooling and Other Appliances segment generated ₹383 crore revenue and ₹45 crore PBIT, while Corporate Funds contributed ₹8 crore PBIT; consolidated PAT of ₹40 crore versus standalone PAT of ₹28 crore shows subsidiaries added ₹12 crore to group earnings.
Key positives
- Consolidated revenue was ₹378 crore, +8.0% YoY and +11.8% QoQ, reversing the prior quarter's ₹218 crore loss environment.
- Gross margin expanded to 50.0%, +170bps YoY, as raw-material consumption fell to 9.5% of revenue from 18.3%; the filing does not identify the cause, so persistence remains unproven.
- Standalone revenue grew 21.1% YoY to ₹241 crore, while subsidiaries lifted consolidated PAT to ₹40 crore from standalone PAT of ₹28 crore.
- Employee cost remained ₹34 crore YoY despite revenue increasing from ₹350 crore to ₹378 crore, supporting the 15.6% current EBITDA margin.
Key concerns
- PAT declined 4.8% YoY to ₹40 crore despite revenue growth of 8.0%, indicating limited bottom-line conversion.
- Other income of ₹13 crore represented 26% of consolidated PBT, making reported PAT less representative of recurring operating earnings.
- Segment assets fell to ₹940 crore from ₹1,253 crore YoY while depreciation increased to ₹6 crore from ₹4 crore, requiring monitoring of asset utilisation and depreciation adequacy.
- EPS of ₹5.77 declined 5.1% YoY, broadly tracking PAT and offering no per-share growth despite the revenue recovery.
Earnings quality: includes non-operating other income
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