We attended the analyst meet of SYMPHONY where the leadership team discussed industry outlook, competition, supply chain agility, evolving distribution, growth prospects in large-space air cooling, and export potential. SYMPHONY is the market leader in air coolers in India and global leader in residential, commercial and industrial air cooling given its 1) wide range of coolers and global brands, 2) exports to 60+ countries, and 3) leadership team focused on building a future-ready, high-growth organization.
The company saw strong demand across all channels in FY25. While summer sales had strong start in Q4FY25, sales slowed due to erratic weather in Apr’25. Secondary sales were below expectations, resulting in an increase in channel inventory. However, the management remains optimistic that sales will pick up in the coming weeks. The company is also exiting from two subsidiaries – CT, Australia, and IMPCO, Mexico – but will continue to do business in these geographies with minimal capital deployment.
SYMPHONY reported revenue/EBITDA growth of 36.3%/85.1% and adj PAT growth of 72.7% in FY25. Air Cooling and Other Appliances segment grew by 35.6%, while its revenue from India and rest of the world (RoW) grew by 45.5% and 20.5%, respectively. The company is currently trading at 36x FY25 earnings. We don’t have a rating on the stock.