Accumulate Symphony; target of Rs 1519: Geojit Financial Services

Geojit Financial Services recommended accumulate rating on Symphony with a target price of Rs 1519 in its research report dated November 26, 2024.

Broker Research

November 26, 2024 / 16:44 IST

Accumulate

26 Aug, 2025 12:21

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Geojit Financial Services research report on Symphony

Symphony Ltd. and its subsidiaries manufacture and trade in residential, commercial and industrial air coolers in the domestic and international markets. The company operates through the air coolers and corporate funds segments and offers residential, packaged and central air coolers. Symphony’s consolidated revenue rose 14.5% YoY in Q2FY25 to Rs. 315cr, supported by strong domestic sales. Symphony’s revenue in India rose 24.5% YoY, reaching Rs. 239cr, while international revenue declined 8.4% YoY to Rs. 76cr. This growth in the domestic market highlights Symphony’s strong presence in India despite challenges in global markets. The air cooling and other appliances segment saw a 16.3% YoY increase in revenue to Rs. 321cr, on the back of strong brand value, a diverse product portfolio and robust market presence. Symphony’s corporate funds segment grew 40.0% YoY, reaching Rs. 14cr, driven by the addition of a product to its portfolio. The company’s EBITDA surged 56.1% YoY in Q2FY25 to Rs. 64cr, primarily driven by a robust revenue base and an optimised cost structure, with fixed costs remaining stable. As a result EBITDA margin expanded 540bps YoY to 20.3% on account of better realisation at the subsidiary level.

Outlook

Despite recent share buybacks and elevated valuation, we believe the stock offers value at current levels. Hence, we upgrade our rating on the stock from REDUCE to ACCUMULATE with a revised target price of Rs. 1,519, based on 37x FY26E adjusted EPS.

For all recommendations report, click here