🧠 At a Glance
Symphony Ltd, once the undisputed king of air coolers, still flexes a 33% ROE and 37% ROCE. But over the last 5 years, topline growth has felt like a desert breeze—hot in spurts, mostly dry. With 27M+ coolers sold globally and 55+ patents, the IP is strong—but is investor patience cooling off?
🏭 1. Business Model: It’s Always Cooler Inside
- 🧊Product:Residential, commercial, and industrialevaporative air coolers
- 🌍Global Play:India, Mexico (IMPCO), China (MKE), Australia (Climate Technologies)
- 📦Channel:Mix of B2C retail, B2B commercial installations, and exports
- 🏛️IP Arsenal:
- 97+ designs
- 417+ trademarks
- 55+ patents (22 filed in FY24 alone)
It’s like theDyson of desi
cooling, minus the price tag and with a stock price chill.
📉 2. Financial Recap (FY21–FY25)
| ₹ in Crores | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 900 | 1,039 | 1,188 | 1,156 | 1,576 |
| Net Profit | 107 | 121 | 116 | 148 | 213 |
| ROCE (%) | 16% | 17% | 15% | 19% | 37% |
| ROE (%) | 15% | 17% | 16% | 21% | 33% |
| OPM (%) | 16% | 16% | 12% | 15% | 20% |
| EPS (₹) | 15.34 | 17.2 | 16.64 | 21.48 | 30.89 |
| Dividend Payout % | 33% | 52% | 30% | 61% | 43% |
🔥Highlights:
- Profit more thandoubledfrom FY21 to FY25
- FY25 margins returned to20%+, best in a decade
- ROCE hasspiked to 37%, showing return of operating leverage
- Cash flow from operations? ₹259 Cr in FY25—record high
🐢 3. What’s Not So Cool?
Despite great profit growth,sales CAGR over 5 years is just 7%.Why?
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