Symphony financials and balance sheet

NSE: SYMPHONYBSE: 517385Consumer DurablesSmall Cap

₹494.50₹30.75 (5.85%)BSE ₹494.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹525.25.

52-week range of traded prices to 23 Oct 2026

₹486.95Low, 23 Oct 2026₹970.45High, 3 Feb 2026

Next results date: the board meets on 29 Oct 2026 to consider: financial results and dividend.

Market cap: ₹3,396 Cr747th largest listed
P/E: Earlier quarters restated in the year
P/B: 6.2
Dividend yield: 1.82%
ROCE: 19.2%
Debt to equity: 0.26
Volume, NSE: 1,35,64047.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Symphony annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in the year to Mar 2026, −₹141 CrA loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 7.2% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2026, the company's revenue for that year, ₹1,131 Cr, differs from its quarters added, ₹931 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,131
Materials and goods−592
Employee costs−136
Other expenses−279
Operating profit124
Depreciation−20
Other income+61
One-off items−208
Finance costs−16
Profit before tax−59
Tax−82
Net profit−141

What the company owns

Plant, investments and other assets₹399 Cr
Inventory₹312 Cr
Receivables₹151 Cr
Current investments₹114 Cr
Cash and bank₹53 Cr

What pays for it: net worth and liabilities

Net worth₹545 Cr
Other liabilities₹211 Cr
Borrowings₹144 Cr
Owed to suppliers₹129 Cr

Symphony business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Symphony segment results by quarter

Revenue by segment

₹1,192 CrTotal

Air Cooling and Other Appliances₹1,158 Cr97.1% of total
Corporate Funds₹34 Cr2.9% of total

Profit by segment

Corporate Funds₹33.0 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Air Cooling and Other Appliances
Revenue, ₹ crore
853
1,114
904
1,053
1,202
1,167
1,582
1,158
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
129
205
116
151
127
151
250
−76
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Corporate Funds
Revenue, ₹ crore
30
43
27
26
36
40
41
34
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
8
40
26
26
35
40
40
33
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	883	1,157	931	1,079	1,238	1,207	1,623	1,192
Company revenue, as in its results	844	1,103	900	1,039	1,188	1,156	1,576	1,131
Revenue	853	1,114	904	1,053	1,202	1,167	1,582	1,158
Revenue growth	–	30.6%	−18.9%	16.5%	14.2%	−2.9%	35.6%	−26.8%
Profit	129	205	116	151	127	151	250	−76
Profit growth	–	58.9%	−43.4%	30.2%	−15.9%	18.9%	65.6%	–
Margin	15.1%	18.4%	12.8%	14.3%	10.6%	12.9%	15.8%	−6.6%
Return on capital	68.3%	86.5%	41.0%	43.6%	37.5%	40.2%	79.1%	−28.0%
Assets	590	658	739	868	862	845	889	755
Liabilities	401	421	456	522	523	469	573	484
Capital employed	189	237	283	346	339	376	316	271
Revenue	30	43	27	26	36	40	41	34
Revenue growth	–	43.3%	−37.2%	−3.7%	38.5%	11.1%	2.5%	−17.1%
Profit	8	40	26	26	35	40	40	33
Profit growth	–	400.0%	−35.0%	0.0%	34.6%	14.3%	0.0%	−17.5%
Margin	26.7%	93.0%	96.3%	100.0%	97.2%	100.0%	97.6%	97.1%
Return on capital	1.7%	9.9%	5.4%	5.2%	6.5%	10.7%	9.1%	12.3%
Assets	481	406	481	499	542	373	439	268
Liabilities	0	0	0	0	0	0	0	0
Capital employed	481	406	481	499	542	373	439	268
	–	–	–	–	–	–	0	–
Profit	–	–	–	–	–	–	0	–
Return on capital	–	–	–	–	–	–	0.0%	–
Assets	–	–	–	–	–	–	6	–
Liabilities	–	–	–	–	–	–	0	–
Capital employed	–	–	–	–	–	–	6	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Symphony quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 30 May	Mar 2021Filed 27 Apr	Mar 2022Filed 4 May	Mar 2023Filed 8 May	Mar 2024Filed 2 May	Mar 2025Filed 24 Jun	Mar 2026Filed 15 May
Revenue from operations	768	798	844	1,103	900	1,039	1,188	1,156	1,576	1,131
	570	579	712	891	761	878	1,050	988	1,265	1,007
Materials and goods bought	364	385	453	583	497	571	667	601	801	592
Employee costs	–	–	103	113	103	116	124	122	126	136
Other expenses	–	–	156	195	161	191	259	265	338	279
Operating profit before depreciation	198	219	132	212	139	161	138	168	311	124
Operating margin	25.7%	27.5%	15.6%	19.2%	15.4%	15.5%	11.6%	14.5%	19.7%	11.0%
Materials, % of revenue	–	–	53.7%	52.9%	55.2%	55.0%	56.1%	52.0%	50.8%	52.3%
Employee costs, % of revenue	–	–	12.2%	10.2%	11.4%	11.2%	10.4%	10.6%	8.0%	12.0%
Other expenses, % of revenue	–	–	18.5%	17.7%	17.9%	18.4%	21.8%	22.9%	21.4%	24.7%
Depreciation and amortisation	7	7	10	21	21	24	26	26	22	20
Operating profit after depreciation	191	212	122	191	118	137	112	142	289	104
Other income	43	54	39	54	31	40	50	51	47	61
Finance costs	0	2	7	11	11	9	10	10	10	16
Profit before one-off items and tax	234	265	154	234	138	168	152	183	326	149
One-off items	0	0	−24	−4	−7	0	0	−2	−46	−208
Profit before tax	234	265	130	230	131	168	152	181	280	−59
	68	72	39	48	24	47	36	33	67	82
Current tax	66	67	40	56	35	36	51	48	78	47
Deferred tax	2	5	−1	−8	−11	11	−15	−15	−11	35
	166	193	91	182	107	121	116	148	213	−141
Belonging to the company's shareholders	166	193	92	182	107	120	117	148	212	−141
Belonging to outside owners of subsidiaries	–	–	−1	0	0	1	−1	–	–	0
Other comprehensive income	–	–	0	−1	5	4	−9	1	−1	8
Total comprehensive income	–	–	91	181	112	125	107	149	212	−133
Net margin	21.6%	24.1%	10.8%	16.5%	11.9%	11.6%	9.8%	12.8%	13.5%	−12.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 23 May	Mar 2020Filed 30 May	Mar 2021Filed 27 Apr	Mar 2022Filed 4 May	Mar 2023Filed 8 May	Mar 2024Filed 2 May	Mar 2025Filed 24 Jun	Mar 2026Filed 15 May
	670	643	764	845	881	749	761	545
	666	639	759	840	881	749	761	545
Share capital	14	14	14	14	14	14	14	14
Reserves	652	625	745	826	867	735	747	531
Belonging to outside owners of subsidiaries	4	4	5	5	0	0	0	0
	187	174	184	221	197	147	128	144
Repayable after a year	123	72	140	113	83	54	0	0
Repayable within a year	64	102	44	108	114	93	128	144
	265	305	274	363	400	385	544	454
Trade payables	130	115	130	149	166	149	179	129
Other financial liabilities	8	18	16	17	19	17	14	38
Other liabilities	47	55	70	71	80	99	184	115
Provisions	13	12	11	15	20	22	33	23
Tax owed	3	3	3	3	1	5	6	5
	136	116	182	159	123	84	29	30
Other financial liabilities	0	28	26	22	21	9	6	17
Provisions	7	9	10	10	10	13	11	13
Deferred tax	6	7	6	14	9	8	12	0
	1,071	1,064	1,220	1,367	1,404	1,218	1,334	1,029
Held for sale or for a demerger	2	–	–	–	–	–	6	–
	457	438	527	532	682	599	659	338
Plant in use, after depreciation	90	135	137	137	139	118	117	136
Plant being built	6	2	1	0	0	0	0	0
Intangible assets	5	47	55	55	52	51	50	29
Goodwill	143	136	161	163	159	158	155	0
Property held to earn rent	0	0	0	0	0	0	0	6
Investments	186	113	159	169	310	236	285	155
Other financial assets	1	1	1	1	1	2	1	0
Deferred tax	19	0	9	6	20	33	48	7
Other assets	7	4	4	1	1	1	3	5
	612	626	693	835	722	619	669	691
Inventories	119	118	119	173	250	231	284	312
Trade receivables	105	121	166	208	115	168	141	151
Cash and cash equivalents	26	21	35	64	54	41	35	50
Other bank balances	28	5	4	4	3	2	2	3
Current investments	272	299	325	331	217	137	155	114
Other financial assets	2	1	1	7	6	9	4	2
Tax paid in advance	0	0	0	0	1	0	1	1
Other assets	60	61	43	48	76	31	47	58
Net debt	−139	−151	−180	−178	−77	−33	−64	−23

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 27 Apr	Mar 2022Filed 4 May	Mar 2023Filed 8 May	Mar 2024Filed 2 May	Mar 2025Filed 24 Jun	Mar 2026Filed 15 May
	89	57	125	161	259	−81
	123	93	179	204	337	−32
	−1	−77	−43	27	36	−162
Receivables	−54	−44	90	−44	−20	−11
Inventories	−1	−55	−77	19	−54	−28
Payables	19	17	−17	−17	46	−50
Other working capital	35	5	−39	69	64	−73
Tax paid	−34	−36	−54	−43	−78	−49
Capital spending	19	9	11	8	23	19
Free cash flow	70	48	114	153	236	−100
	−53	6	−12	192	−41	190
Plant and property sold	4	0	0	2	1	6
Interest received	9	9	24	4	3	3
	−22	−34	−123	−366	−224	−94
Borrowings raised	7	38	0	0	0	16
Borrowings repaid	0	0	−25	−49	−20	0
Interest paid	−11	−9	−10	−10	−10	−16
Lease payments	−10	−13	−14	−17	−15	−12
Dividends paid	8	50	70	42	89	82
Shares bought back	0	0	0	248	90	0
Shares issued	0	0	0	0	0	0
Net change in cash	14	29	−10	−13	−6	15

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Symphony dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 30 May	Mar 2021Filed 27 Apr	Mar 2022Filed 4 May	Mar 2023Filed 8 May	Mar 2024Filed 2 May	Mar 2025Filed 24 Jun	Mar 2026Filed 15 May
Earnings per share	₹23.67	₹27.52	₹13.09	₹25.98	₹15.35	₹17.20	₹16.66	₹21.43	₹30.89	−₹20.54
Diluted earnings per share	₹23.67	₹27.52	₹13.09	₹25.98	₹15.35	₹17.20	₹16.66	₹21.43	₹30.89	−₹20.54
	₹3.75	₹4.50	₹4.50	₹23.00	₹5.00	₹9.00	₹5.00	₹13.00	₹13.00	₹9.00
As declared that year	–	₹4.50	₹4.50	₹23.00	₹5.00	₹9.00	₹5.00	₹13.00	₹13.00	₹9.00
Book value per share	–	–	₹95.14	₹91.29	₹108.50	₹120.08	₹125.95	₹108.63	₹110.85	₹79.39
Dividend payout	15.8%	16.3%	34.2%	88.5%	32.7%	52.5%	29.9%	60.6%	42.1%	–
Shareholder yield	–	–	–	–	0.1%	0.7%	1.0%	5.0%	2.3%	1.7%
Market cap at the year end (₹ crore)	10,697	12,535	9,653	5,448	8,849	7,681	7,095	5,844	7,699	4,727

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. The dividend as declared is blank for the year to Mar 2017: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.Symphony PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 30 May	Mar 2021Filed 27 Apr	Mar 2022Filed 4 May	Mar 2023Filed 8 May	Mar 2024Filed 2 May	Mar 2025Filed 24 Jun	Mar 2026Filed 15 May
Revenue growth	–	3.9%	5.7%	30.7%	−18.4%	15.4%	14.3%	−2.7%	36.3%	–
Operating profit growth	–	11.0%	−39.8%	60.6%	−34.4%	15.8%	−14.3%	21.7%	85.1%	–
Net profit growth	–	16.3%	−52.7%	100.0%	−41.2%	13.1%	−4.1%	27.6%	43.9%	–
Earnings per share growth	–	16.3%	−52.4%	98.5%	−40.9%	12.1%	−3.1%	28.6%	44.1%	–
	–	–	13.8%	27.9%	15.3%	15.0%	13.6%	18.2%	28.1%	−21.6%
	–	–	–	14.1 pts	−12.6 pts	−0.3 pts	−1.4 pts	4.6 pts	9.9 pts	−49.7 pts
From the net margin	–	–	–	7.1 pts	−7.8 pts	−0.4 pts	−2.2 pts	4.1 pts	0.9 pts	−54.1 pts
From asset turnover	–	–	–	6.5 pts	−4.8 pts	0.3 pts	0.9 pts	0.5 pts	7.6 pts	5.9 pts
From borrowing	–	–	–	0.5 pts	0.0 pts	−0.1 pts	−0.1 pts	0.0 pts	1.4 pts	−1.4 pts
Return on capital employed	–	–	14.2%	23.4%	12.4%	12.9%	10.4%	15.8%	32.5%	15.1%
Cash conversion	–	–	–	–	83.2%	47.1%	107.8%	108.8%	121.6%	–
Interest cover	6,351.3	118.7	17.4	17.4	10.7	15.2	11.2	14.2	28.9	6.5
Debt to equity	–	–	0.28	0.27	0.24	0.26	0.22	0.20	0.17	0.26
Receivable days	–	–	45	40	67	73	35	53	33	49
Inventory days	–	–	96	74	87	111	137	140	129	192
Payable days	–	–	105	72	95	95	91	90	82	80
Cash conversion cycle, days	–	–	37	42	59	88	81	103	81	162
Working capital days	–	–	37	32	40	64	50	46	14	69
Asset turnover	–	–	0.79	1.03	0.79	0.80	0.86	0.88	1.24	0.96
Assets per rupee of net worth	–	–	1.61	1.64	1.63	1.62	1.61	1.61	1.69	1.81
Sales per rupee of plant	–	–	9.38	8.17	6.57	7.58	8.55	9.80	13.47	8.32
Capital spending to depreciation	–	–	–	–	0.90	0.38	0.42	0.31	1.05	0.95
Plant being built, % of plant in use	–	–	6.7%	1.5%	0.7%	0.0%	0.0%	0.0%	0.0%	0.0%

Revenue growth and operating profit growth are left blank for the year to Mar 2026: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −11.9%
Cash from operations against operating profit: −65.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	4.7%	−1.6%
Return on equity, average	–	10.7%	8.2%
Return on capital employed, average	–	17.3%	21.2%
Operating margin, average	17.6%	14.5%	15.1%
Net margin, average	12.0%	7.1%	4.6%
Asset turnover, average	–	0.95	1.02
Cash conversion cycle, days, average	–	103	115
Interest cover, average	659.2	15.2	16.5
Debt to equity, average	–	0.22	0.21

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	521	339	−81
Cash from investing	335	341	190
Cash from financing	−841	−684	−94
Capital spending	70	50	19
Dividends paid	333	213	82
Shares bought back	338	338	0
Shares issued for cash	0	0	0
Borrowings raised	54	16	16
Borrowings repaid	94	69	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	6	6	7	8	3
Altman Z-scorePublished threshold 1.81	–	–	16.90	10.74	14.03	11.28	10.51	10.02	10.85	7.82
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.85	−2.16	−2.86	−2.08	−2.70	−2.91
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	6.22	4.48	0.22	−15.64	−0.39	−21.16
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.79	0.89	1.14	1.54
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−15.45	55.59	9.86	−59.05	48.78	−52.40	35.33
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−29.54	15.60	30.49	27.70	2.30	−10.33	35.95
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.00	−2.00	1.06	2.36	−3.72	0.76	0.80
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.03	0.04	0.00	0.00	0.00	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	29.15	27.28	30.00	20.87	18.32	27.98	23.68	18.23	23.93	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	6.55	−11.84	−5.52	−3.93	–

A threshold marked as ours has no published figure; it is the line we read the check against.