Analysts/Institutional Investor Meet/Con. Call Updates

November 03, 2026 To, To, National Stock Exchange of India Limited BSE Limited Symbol – Symphony Security Code – 517385 Sub.: Transcript of the earnings conference call of Q2FY27 Dear Sir/ Madam, We are submitting herewith the transcript of the earnings conference call for the second quarter and half year ended September 30, 2026, conducted on October 29, 2026. The above information is also available on the website of company at www.symphonylimited.com/quarterly-results. This is in due compliance of applicable regulations of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015. Thanking You, Yours Truly, For, Symphony Limited Mayur Barvadiya Company Secretary and Head – Legal (VP) Encl.: as above Registered Office: Symphony Limited, Symphony House, Third Floor, FP-12, TP-50, Off S.G. Highway, Bodakdev, Ahmedabad - 380 059, India T: +91-79-66211111, F: +91-79-66211139-40 l Email – companysecretary@symphonylimited.com I www.symphonylimited.com CIN - L32201GJ1988PLC010331 “Symphony Limited Q2 FY27 Earnings Conference Call” October 29, 2027 MANAGEMENT: MR. ACHAL BAKERI –CHAIRMAN AND MANAGING DIRECTOR – SYMPHONY LIMITED MR. NRUPESH SHAH – MANAGING DIRECTOR (CORPORATE AFFAIRS) – SYMPHONY LIMITED MR. RAJESH MISHRA – CHIEF GROWTH OFFICER – SYMPHONY LIMITED MODERATOR: MR. RABINDRA NATH NAYAK – NIRMAL BANG INSTITUTIONAL EQUITIES Page 1 of 15 Symphony Limited October 29, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Symphony Limited Q2 FY27 Earnings Conference Call hosted by Nirmal Bang Equities Pvt. Ltd. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and zero on your touch-tone phone. I now hand over the conference over to Mr. Rabindra Nath Nayak from Nirmal Bang Equities Pvt. Ltd. Thank you and over to you, sir. Rabindra Nath Nayak: Thank you, Ma’am. On behalf of Nirmal Bang Institutional Equities, I extend a warm welcome to everyone joining us for the Q2 Earnings Conference Call of Symphony Limited. I also thank the Management for giving us an opportunity to host this call. We are pleased to have with us the Senior Management Team of Symphony, represented by Mr. Achal Bakeri, Founder, Chairman & Managing Director; Mr. Nrupesh Shah, Managing Director (Corporate Affairs); and Mr. Rajesh Mishra, Chief Growth Officer. The Management will begin with an overview of the company's quarterly performance with a corporate presentation, following which we will open the floor for an interactive question- answer session. Without taking much time, I would now like to hand over the call to Mr. Achal Bakeri for his opening remarks. Over to you, sir. Thank you. Achal Bakeri: Thank you, Rabindra. And welcome to all the participants for this Q2 Symphony Earnings Call. This is Achal Bakeri. Our standard safe harbor statement applies. Our Managing Director (Corporate Affairs), Mr. Nrupesh Shah will be making a presentation. And post that, we will all be here to take your questions. Thank you very much. And over to Nrupesh Shah. Nrupesh Shah: Hello, welcome to Q2 and H1 FY27 Earnings Conference Call. So, there are three parts of the presentation. Performance Highlights, as announced earlier, Launch of New Products and details about that, and then Annexures. So, about the performance highlights: Page 2 of 15 Symphony Limited October 29, 2026 Overseas subsidiaries as a whole have registered robust consolidated performance. There has been a measured strategic India revenue growth. And despite cost pressure, there is EBITDA margin expansion on account of operating leverage and cost discipline. So, as far as consol revenue is concerned for September quarter, it stands at ₹275 crores versus ₹210 crores registering top line growth of 31%. EBITDA up from ₹13 to ₹36 crores and PAT up from ₹17 to ₹24 crores. Because when there is a movement from EBITDA to PAT, at a PAT level, there are various other components also. So, if we look at the PAT bridge, it shows that at a consol level, the PAT is up from ₹5 crores to ₹17 crores and remaining difference is on account of FOREX fluctuation, treasury income and exceptional gain. So, that has been highlighted and shared in the presentation. So, as far as Item #3, Beyond India Summer Products (BISP) on a consolidated basis, it contributed ₹625 crores of top line. As conveyed earlier and on a consol basis, BISP constitutes of all products and geography sales, which is not dependent on India Summer. So, basically, this is the de-risking from India Summer and that now constitutes 51% of top line on a consol basis, which includes LSV, Geyser, Tabletop Fan, exports from India, as well as sales in foreign countries by our overseas subsidiaries. EBITDA across BISP in all is now in high-single digit percentage. So, even though many of these new product categories were launched in last three years, individually each of the product category EBITDA wise is positive and all in all put together on a consol basis, it is in high single digit percentage, which in a medium term has a potential to improve further. So, BISP is certainly EBITDA and PAT accretive, consuming minimum capital employed and obviously reducing Indian seasonality. EBITDA margin expansion as conveyed earlier, despite on a consol basis due to input cost pressure gross margin is lower by about 4%, but EBITDA margin percentage stands at 13% vis- a-vis 6.4%, one on account of operating leverage and secondly, on account of cost discipline and product mix. Today, Board of Directors have declared second interim dividend of ₹2 per share on a face value of ₹2. In all, the payout will be about ₹13 crores. This is in addition to interim dividend of ₹1 announced post-June quarter, in all ₹3 and close to ₹21 crores of payout so far. On a standalone basis, the revenue stands at ₹170 crores vis-à-vis ₹155 crores, EBITDA at ₹ 30 crores versus ₹27 crores and PAT at ₹29 crores. So, as stated in the second table of PAT bridge, PAT is up from ₹18 crores to ₹20 crores representing a pure business PAT and remaining components last year and current year comprises of Forex, Treasury / other income and Exceptional Gain. And on a standalone basis, BISP products have contributed in all ₹192 crores of top line in trailing 12 months, that is 24% and BISP as a whole, EBITDA is around 10% and each component of the BISP category even on a standalone basis is also EBITDA positive and accretive with minimum capital employment. Page 3 of 15 Symphony Limited October 29, 2026 Also, would like to share that another channel of sales which is D2C which was nurtured over a period of last 4 to 5 years is not only generating decent contribution and gross margin but it is EBITDA positive in line with our traditional channel, in fact more than that and obviously also at a PAT level it is in line with that. And later on, we will also cover our progression towards calibrated launch of new product categories, i.e. room air conditioners, BLDC ceiling fans and air purifiers in current quarter. And before we move forward, I would like to highlight that on a standalone basis, even though gross margin percentage is down by about 2.3%, the EBITDA margin has been almost maintained. As far as first 6 months are concerned, on a consol basis, revenue stands at ₹653 crores up by 17%, EBITDA at ₹83 crores versus ₹51 crores and PAT at ₹64 crores versus ₹59 crores. So, on a consol basis, business PAT is up from ₹ 31 crores to ₹ 49 crores. And on a standalone basis, revenue stands at ₹411 crores versus ₹384 crores, while PAT at ₹57 crores versus ₹65 crores, but here if you look at PAT bridge, business PAT during 6 months is higher than previous year. The differential is purely on account of other components. And here we have taken trailing 12-month financials because if you remember in March’26, we t [Showing first 8,000 characters — download PDF for full document]