Hold Symphony; target of Rs 2200: Religare

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26 Aug, 2025 12:21

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Religare's report on SymphonySYML reported a good set of numbers with Q1FY16 net sales/EBITDA/adj. PAT growing by 24.5%/42.7%/33% YoY, as volume growth recovered to 18.7% YoY from a decline of 20.9% in Q4FY15. Adjusted for a change in reporting method, topline growth beat our estimates at 25.6%. Higher gross margins and lower staff costs led to sharp EBITDA margin gains of 380bps YoY/1,165bps QoQ to 29.7%. We remain positive on SYML but valuations appear full at 36.1x/27.1x FY17E/FY18E earnings. Maintain HOLD.Maintain HOLD: We maintain our estimates for SYML and expect the company to deliver strong earnings CAGR of 34% over FY15-FY18 led by 17% growth in volumes. However, due to rich valuations of 36.1x/27.1x FY17E/FY18E earnings, we maintain our HOLD rating on the stock with a Sep’16 TP of Rs 2,200, says Religare research report.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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