India · Delayed Price · Currency is INR Symphony Earnings Call Transcripts
Fiscal Year 2026
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Q1 FY27 saw 8% revenue growth and margin expansion, with strong US and China performance offsetting input cost and export headwinds. Modern trade and BISP products drove diversification, while margin pressure is expected to persist due to elevated costs.
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Revenue and profit declined sharply year-over-year due to a weak summer, but non-seasonal products and exports showed robust growth. High channel inventory is expected to normalize only by next summer, while asset-light transformation and international divestitures are progressing.
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Q2 and H1 FY 2026 saw sharp revenue and profit declines due to a weak summer and high channel inventory, though year-round products cushioned the impact. Management expects normalization and improved performance as the season approaches, with strong treasury and stable market share among organized players.
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Consolidated revenue grew 36% YoY to INR 1,576 crore, with record EBITDA and PAT despite exceptional items. Strong growth in rural, semi-urban, and adjacent categories, while divestment of two subsidiaries is underway. U.S. market presents new export opportunities.
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Q3 FY26 saw flat standalone revenue and improved PAT due to exceptional recoveries, while consolidated revenue and margins declined YoY. Non-core products and D2C channels are growing, and the company rolled back its planned divestment of international subsidiaries due to valuation gaps.
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FY2026 saw a 28% revenue decline and a negative PAT due to full impairment of the Australia business, while core India and other subsidiaries remained profitable. BISP products contributed nearly half of revenue, and the company maintained strong gross margins and a high dividend payout.
Fiscal Year 2025
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Board approved divestment of Australian and Mexican subsidiaries to boost capital efficiency and focus on high-growth markets. GSK China will sell IPRs to IMPCO Mexico, optimizing capital and tax structure. International growth will be export-driven, with robust ESG and governance practices in place.
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Nine-month revenue grew 32% YoY to INR 1,088 crore, but Q3 was muted due to sales spillover, exceptional items, and forex losses. Strong Q4 and summer 2025 are expected, with new product launches and tightened credit risk controls following a distributor default.
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Q2 and H1 FY25 saw record revenue and profit growth, with strong margins and robust subsidiary performance. Legal action is underway for a significant overdue receivable, and new product launches and asset monetization are expected to support future growth.
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Record quarterly revenue and profit growth driven by strong summer demand, new product launches, and improved subsidiary performance. Strategic expansion into water heaters and robust capital allocation signal confidence in future growth.