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Swing Capital

Symphony Ltd

NSE: SYMPHONY BSE: 517385

Symphony was established in 1988, in Ahmedabad, India. The company is engaged in the manufacturing and trading of residential, commercial, and industrial air coolers in the domestic and international markets. It is the largest air cooler manufacturer in the world. [1] 97% of the revenue comes from the sale of Air coolers.[2]

₹730
52W: ₹684 — ₹1310
PE 61.9 · Book ₹75.7 · +864% vs book
Market Cap₹5,012 Cr
Stock P/E61.9Price to Earnings
ROCE25.4%Return on Capital
ROE12.6%Return on Equity
Div. Yield1.75%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 23.8%

Weaknesses

  • −Stock is trading at 9.62 times its book value
  • −The company has delivered a poor sales growth of 9.41% over past five years.
  • −Working capital days have increased from 36.4 days to 94.5 days

Shareholding Pattern

Promoters73.42%
FIIs3.28%
DIIs8.72%
Public14.57%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters73.38%73.42%▲0.073.42%73.42%73.42%73.42%73.42%73.42%
FIIs4.83%6.11%▲1.36.78%▲0.76.17%▼0.66.47%▲0.35.98%▼0.55.3%▼0.73.28%▼2.0
DIIs9.98%8.96%▼1.08.45%▼0.58.68%▲0.28.6%▼0.18.84%▲0.28.74%▼0.18.72%▼0.0
Public11.8%11.51%▼0.311.33%▼0.211.71%▲0.411.49%▼0.211.77%▲0.312.51%▲0.714.57%▲2.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales177251373259182368229155182199
Expenses136189291187149269206128151168
Operating Profit41628272339923273131
OPM %23%25%22%28%18%27%10%17%17%16%
Net Profit43466967-444372834-265
EPS ₹6.246.6710.019.76-0.586.415.394.084.95-38.59

AI Insights

Revenue Trend

Mar 2026 revenue at ₹765Cr, down 35.3% YoY. OPM at 15%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Institutional Flow

DIIs: 8.72% (-1.97pp change). FIIs: 3.28% (-0.34pp change). Promoters hold 73.42%.

Margin & Efficiency

ROCE declining from 56% (Jun 2015) to 25% (Mar 2026). Working capital days: 94.

Valuation

PE 61.9x with 25.4% ROCE. Price is 864% above book value of ₹75.7. Dividend yield: 1.75%.

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