Transcripts of the earnings conference call of Q1FY27

August 11, 2026 To, To, National Stock Exchange of India Limited BSE Limited Symbol – Symphony Security Code – 517385 Sub.: Transcript of the earnings conference call of Q1FY27 Dear Sir/ Madam, We are submitting herewith the transcript of the earnings conference call for the first quarter ended June 30, 2026, conducted on August 04, 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 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 PRESENTS Q1 FY27 Earnings Conference Call” August 04, 2026 MANAGEMENT Mr. Achal Bakeri, Chairman and Managing Director Mr. Nrupesh Shah, Managing Director (Corporate Affairs) Mr. Rajesh Mishra, Chief Growth Officer MODERATOR Mr. Aditya Bhartia, Investec Capital Services Ms. Swapna Bhandarka, Investec Capital Services Page 1 of 10 Symphony Limited Aug 04, 2026 Swapna Bhandarkar: Good afternoon, ladies and gentlemen, welcome to the Q1 FY '27 Earnings Conference Call of Symphony Limited. I have with me my colleague Aditya Bhartia, who is the Co-Head of Research to take us through this call and introduce to the management. Before I hand over to Aditya, please note that all of you all are in the listen-only mode and we will give an opportunity to ask the management a question. Do raise your virtual hand and then we will unmute you. Please note that this call is being recorded. Over to you, Aditya. Aditya Bhartia: Thanks, Swapna. Hello, everyone. A warm welcome on behalf of Investec India to Q1 FY '27 earnings call of Symphony. We have with us the senior management team represented by Mr. Achal Bakeri, Chairman and Managing Director; Mr. Nrupesh Shah, Managing Director (Corporate Affairs); and Mr. Rajesh Mishra, Chief Growth Officer. Now, I hand over the call to Mr. Bakeri for initial comments post which we'll open the floor for Q&A. Thank you, and over to you, sir. Achal Bakeri: Thank you very much, Aditya. And thank you all participants for joining this earnings call of Symphony on this lovely cloudy afternoon. The customary safe harbour clause applies. And as we have done in the past, my colleague, Nrupesh Shah, who's the Managing Director (Corporate Affairs), will take us through a presentation, post which we are all here to take questions. Thank you. Nrupesh Shah: Yes. Thank you, Nrupesh Shah here. So, if we summarize the quarter of June '26, domestic momentum, absolute margin discipline, and as far as overseas subsidiaries are concerned, the robust performance of US and China cushioned the reduced export, and IMPCO and CTPL headwinds. So, on a consolidated basis for June '26, revenue stands at ₹378 crore, up by 8% YoY, EBITDA stands at ₹48 crore, up from ₹38 crore, up by 26%, while Consol PAT stands at ₹40 crore, down from ₹42 crore. However, EBITDA and PAT, I wish to look at from the point of view of - in June '26, there has been onetime non-cash expenditure of ₹5 crore, while in June 25, there was exceptional ₹9 crore of higher income. So, if we ignore that then apple to apple, EBITDA for June '26 is ₹ 53 crore versus ₹38 crore, while Consol. PAT ₹43 crore versus ₹ 35 crore i.e. up by 23%. As you can observe the gross margin despite all headwinds and geopolitical situation and pressure on commodity prices and also inventory overhang due to bad summer of '25, we have marginally increased the gross margin percentage to 49.8%, while EBITDA margin percentage to 12.6%. Coming to further specifics of June '26 quarter. June '26 for consolidated as well as standalone has witnessed second highest revenue vis-a-vis any historical June quarter. The performance is led by domestic performance duly supported by gross profit margin and EBITDA margin expansion, as shared earlier. Also, noteworthy feature is BISP segment i.e. Beyond India Summer Products i.e. the sales, product wise or segment wise, not dependent upon Indian summer, constituted about ₹560 crore on a consol basis in trailing 12 months i.e. almost 48% reinforcing our strategic derisking and diversification from Indian summer. Page 2 of 10 Symphony Limited Aug 04, 2026 Bonaire USA is now back to track and revenue grew by 35% with a robust profitability mainly on account of successful scale-up of new models of air- cooler. GSK China revenue grew by 43% and operating leverage lifted the profitability, as well as now, GSK China on a standalone basis is completely debt free and has repaid all the debt along with interest to Symphony India just like as it happened many years before with IMPCO Mexico. CTPL Australia revenue continues to soften, but we are reinforcing our commitment, there won't be any further capital allocation. So, in terms of the impairment and write- off, it is completely behind us as it was recorded in FY '26. For June '26 quarter, the Board of Directors had announced interim dividend of ₹1 per share on a face value of ₹2 with a total payout of about ₹7 crore. On a standalone basis i.e. Symphony India, revenue stands at ₹241 crore versus ₹229 crore, while EBITDA stands at ₹30 crore versus ₹24 crore and PAT ₹28 crore versus ₹37 crore Again, just like consolidated, If we take out exceptional or one-time in both the quarters, the June '25 PAT stands at ₹24 crore versus June '26 of ₹28 crore. Just like consolidated topline, even on standalone, this is the second highest June quarter performance. By the way, domestic sales i.e. India revenue grew by 15%, despite huge inventory overhang before the summer and importantly all different segments of modern trade grew in excess of 100%, while digital channels including D2C are highly profitable, in excess of our normal domestic business and has a huge potential to scale up. As of 30th June '26 i.e. our season-end, there is no inventory overhang either at a trade level or at a company level, it is completely normalized. While on a standalone basis, BISP accounts for topline of ₹179 crore in TTM i.e. 23% and importantly, at EBITDA level, it is profitable almost close to double digit percentage. However, standalone exports from India declined mainly on account of geopolitical and shipping disruptions. About some of the financial ratios. As on 30 June, our capital employed as well as net worth has further reduced and rationalized on account of impairment done in FY '26. So, as on 30th June '26, core capital employed on standalone is ₹73 crore versus ₹136 crore, translating into ROCE percentage of 164, while return on net worth at 22% and treasury stands at ₹345 crore versus ₹363 crore. This is after remitting to Australia and repaying their acquisition loan as well as working capital loan until 30th June ‘26 of approximately ₹225 crore. In other words, after repaying ₹225 crore of that, treasury stands at ₹345 crore, almost in line with 30th June '25. While on consolidated basis capital employed is now almost half ₹206 crore versus ₹409 crore as CTPL Australia was taking away substantial capital, translating into consol ROCE percentage of 67 and return on net worth of 18%. So, thank you. With this, we can take questions. Aditya Bhartia: Hi, sir. Maybe I'll start with the first initial questions. It would be helpful if you could guide us what could be the proportion of sales that are generated from modern trade and e-commerce channels Nrupesh Shah: So, due to competitive reasons, we don't divulge. However, year after year, it registers very robust growth and profitably. And we club it as a part of the modern trade, which of course, apart from e-commerce and D2C includes large format sto [Showing first 8,000 characters — download PDF for full document]