Q1 2027 Symphony Ltd Earnings Call

August 4, 2026

Speaker #1: With your virtual hand, and then we will unmute you. Please note that this call is being recorded. Over to you, Aditya.

Speaker #2: Thanks, Swapna. hello everyone. A warm India, to Q1 FY27 earnings call of Symphony. We have with us the Senior Management Team, represented by Mr. Achal Bakeri, Chairman and Managing Director; Mr. Nupesh Shah, Managing Director, Corporate Affairs; and Mr. Rajesh Mishra, Chief Growth Officer.

Speaker #2: Now, I'll 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.

Speaker #3: 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 harbor clause applies, and as we have done in the past, my colleague Nupesh Shah, who is the Managing Director, Corporate Affairs, will take us through a presentation post which we are all here to take questions.

Speaker #3: Thank you.

Speaker #4: Yeah, thank you. Nupesh Shah here. Yeah. So, if we summarize the quarter of June 26, domestic momentum, absolute margin discipline, and as far as overseas subsidies are concerned, the robust performance of US and China cushioned the reduced export and influenced CT headwinds.

Speaker #4: So, on a consolidated basis, for June 26, revenue stands at 378 crore, up by 8% year over year, EBITDA stands at 48 crore, up from 38 crore.

Speaker #4: Up by 26%, while console pad stands at 40 crore, down from 42 crore. However, EBITDA and pad I wish to look at from the point of view of, in June 26, there has been one time non-cash expenditure of rupees 5 crore, while in June 25 there was exceptional 9 crore of higher income, so if we ignore that, then April to April, EBITDA for June 26 is 53 crore versus 38 crore, while console pad 43 crore versus 35 crore, that is up by 23%.

Speaker #4: 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 to 12.60%, coming to further specifics of June 27 quarter, June 27, for consolidated as well as standalone, has witnessed second highest revenue as well as EBITDA vis-à-vis any historical June quarter, the performance is laid by domestic performance duly supported by gross profit margin and EBITDA margin expansion, as shared earlier.

Speaker #4: Also noteworthy thing feature is BISP segment, that is beyond India summer products, that is the sales product-wise, or segment-wise, not dependent upon Indian summer, constituted about 560 crore on a console basis, in trailing 12 months, that is almost 48%, reinforcing our strategic deal scheme and diversification from Indian summer.

Speaker #4: On a USA is now back to track, and revenue grew by 35%, with a robust profitability, y, 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 GSK China on a standalone basis is completely debt-free, including has repaid all the debt along with interest to Symphony India, just like as it happened many years before with Info Mexico.

Speaker #4: CTPL Australia: it is continuing revenue softened, but our commitment, we are reinforcing, 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.

Speaker #4: And for June 27, 26 quarter, the board of directors have announced interim dividend of rupees 1 per share on a face value of rupees 2, with a total payout of about 7 crore.

Speaker #4: On a standalone basis, that is Symphony India, revenue stands at 241 crore, versus 229 crore, while EBITDA stands at 30 crore versus 24 crore, and pads 28 crore versus 37 crore.

Speaker #4: Again, just like consolidated, if we take out exceptional or one-time in both the quarters, the June 25 pad stands at 24 crore, versus June 26 of 28 crore.

Speaker #4: Just like consolidated top line, even on standalone, this is the second highest June quarter performance by the way domestic sales that is 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.

[Company Representative] (Symphony): 8%, while EBITDA to 12.60%. Further specifics of June 2027 quarter. June 2027, for consolidated as well as standalone, has witnessed second-highest revenue as well as EBITDA vis-à-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, that is Beyond India Summer Products. That is the sales product-wise or segment-wise not dependent upon Indian summer, constituted about INR 560 crore on a consolidated basis in trailing 12 months, that is almost 48%, reinforcing our strategic de-risking and diversification from Indian summer. 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.

Speaker #1: 28%, while EBITDA took 12.60%. Coming to further specifics of the June 27 quarter, June 27 for consolidated as well as standalone, has witnessed the second highest revenue as well as EBITDA vis-à-vis any historical June quarter.

Speaker #4: And has a huge potential to scale up. As of 30 June 26, that is year-end, a 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 top line of 179 crore in TTM, that is 23%, and importantly, yet at EBITDA level, it is profitable almost close to double-digit percentage.

Speaker #1: The performance is led by domestic performance, newly supported by gross profit margin and EBITDA margin expansion. As shared earlier, another noteworthy feature is the BISP segment, which is beyond India summer products—that is, the sales are product-wise or segment-wise and not dependent upon the Indian summer.

Speaker #1: Constituted about ₹560 crore on a consolidated basis, in trailing 12 months, that is almost 48%, reinforcing our strategic deal scheme and diversification from Indian summer.

Speaker #4: However, standalone exports from India declined mainly on account of geopolitical and shipping disruptions. Next, about some of the financial ratios so by the way, as on 30 June, our capital employed as well as network has further reduced and rationalized on account of impairment done in FY 26.

Speaker #1: Bonnet USA is now back on track, and revenue grew by 35% with robust profitability. Mainly on account of a successful scale-up of new models of air cooler, GSK China revenue grew by 43%, and operating leverage lifted the profitability as well. Now, GSK China on a standalone basis is completely debt-free, including having repaid all the debt along with interest to Symphony India, just like it happened many years before with Info Mexico.

[Company Representative] (Symphony): GSK China revenue grew by 43%, operating leverage lifted the profitability, as well as now GSK China on a standalone basis is completely debt-free, including has repaid all the debt along with interest to Symphony India, just like as it happened many years before with IMPCO Mexico. CTPL Australia, it is continuing revenue soften, but our commitment, we are reinforcing. There won't be any further capital allocation. In terms of the impairment and write-off, it is completely behind us as it was recorded in FY2026. For June 2026 quarter, the board of directors have announced interim dividend of INR 1 per share on a face value of INR 2, with a total payout of about INR 7 crore.

Speaker #4: So as on 30 June 26, core capital employed on standalone is 73 crore versus 136 crore, translating into ROC 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 30 June of approximately 225 crore.

Speaker #1: CTPL Australia, the revenue continues to soften, but our commitment is that we are reinforcing 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 FY26.

Speaker #4: In other words, after repaying 225 crore of debt treasury stands at 345 crore, almost in line with 30 June 25, while on consolidated basis, capital employed is now almost half, 206 versus 409, as climate technology was taking away substantial capital translating into console ROCE percentage of 67, and return on net worth of 18%.

Speaker #1: And for the June 27–26 quarter, the Board of Directors have announced an interim dividend of ₹1 per share on a face value of ₹2, with a total payout of about ₹7 crore.

Speaker #1: On a standalone basis, that is, Symphony India revenue stands at ₹241 crore versus ₹229 crore, while EBITDA stands at ₹30 crore versus ₹24 crore, and PAT at ₹28 crore versus ₹37 crore. Again, just like consolidated, if we take out exceptional or one-time items in both the quarters, the June 25 PAT stands at ₹24 crore versus June 26 of ₹28 crore.

[Company Representative] (Symphony): On a standalone basis, that is Symphony India, revenue stands at INR 241 crore versus INR 229 crore, while EBITDA stands at INR 30 crore versus INR 24 crore and PAT INR 28 crore versus INR 37 crore. Again, just like consolidated, if we take out exceptional or one-time in both the quarters, the June 2025 PAT stands at INR 24 crore versus June 2026 of INR 28 crore. Just like consolidated top line, even on standalone, this is the second-highest June quarter performance. By the way, domestic sales, that is India revenue grew by 15% despite huge inventory overhang before the summer. 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.

Speaker #4: So thank you, with this we can take questions

Speaker #1: Aditya, over to you.

Speaker #2: Hi sir, maybe I'll start with the 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.

Speaker #1: Just like consolidated top line, even on standalone, this is the second highest June quarter performance. By the way, domestic sales—that is, India revenue—grew by 15%, despite huge inventory overhang before the summer. 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.

Speaker #3: No, so due to competitive reasons, we don't divulge. however, year after year, it registers very robust growth, and profitably.

Speaker #2: Understood, sir. and we club it as a part

Speaker #3: of the modern trade, which of course apart from e-commerce and D2C, includes large format stores, and large, regional stores. So what I can say, modern trade constitutes almost or in excess of one-third of our top line in India, while, general trade constitutes 60, 65 percentage.

Speaker #1: And has a huge potential to scale up. As of 38 June 26 that is year end 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 top line of 179 crore in TTM that is 23% and importantly at EB data level it is profitable almost close to double digit percentage.

Speaker #2: Understood. That's that's helpful, sir. And in terms of profitability, will it be as good as our traditional channels, or it it lags by a wide margin?

[Company Representative] (Symphony): As of 30 June 2026, that is 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 top line of INR 179 crore in TTM, that is 23%. 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. Next. About some of the financial ratios. By the way, as on 30 June, our capital employed as well as net worth has further reduced and rationalized on account of impairment done in FY2026. As on 30 June 2026, core capital employed on standalone is INR 73 crore versus INR 136 crore, translating into ROC percentage of 164%, while return on net worth at 22%.

Speaker #3: Profitability to MT versus GT. No, I so it's almost comparable.

Speaker #2: Understood. Okay, sure. So my second question is, on on the cost side, do you think that I mean, in in this quarter we have recorded very good, margins, but of course some costs have gone up, and I guess, something like plastic cost itself would have gone up.

Speaker #2: So do you anticipate some impact, in the next few quarters on margins because of costs going up, or is it a case that, because inventory in the channel is so low, that everything should essentially get passed on and, we should really be seeing any impact on profitability?

Speaker #1: However, standalone exports from India declined mainly on account of geopolitical and shipping disruptions. Next, about some of the financial ratios—by the way, as of 30th June, our capital employed as well as net worth has further reduced and rationalized on account of impairment done in FY26. So, as of 30th June '26, core capital employed on standalone is ₹73 crore versus ₹136 crore, translating into ROC percentage of 164, while return on net worth is at 22%. 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 of approximately ₹225 crore.

Speaker #3: No, so we will, frankly, it all depends on how long the war lasts, and when the sort of costs begin to normalize. so as of now, the costs are still fairly elevated, so, at least in the short term, we expect there to be margin pressure.

Speaker #3: although we would be passing on, passing on some of it to the market, not all of it, because we don't know how long this is going to last.

Speaker #3: so, in anticipation of a normalization, which has to happen sooner or later, we will pass on some, but not all of it. So in the short term, margins are likely to be impacted.

[Company Representative] (Symphony): Treasury stands at INR 345 crore versus INR 363 crore. This is after remitting to Australia and repaying their acquisition loan as well as working capital loan until 30 June of approximately INR 225 crore. In other words, after repaying INR 225 crore of that, treasury stands at INR 345 crore, almost in line with 30 June 2025. While on consolidated basis, capital employed is now almost half, INR 206 versus INR 409, as Climate Technologies was taking away substantial capital, translating into consolid ROC percentage of 67% and return on net worth of 18%. Thank you. With this, we can take questions. Aditya, over to you.

Speaker #2: Understood, sir. Understood.

Speaker #3: Despite all the value engineering, despite all the cost reduction that we will be attempting to do, there will be some impact. Difficult to quantify as yet how much, but they, is likely to be some impact.

Speaker #2: Sure, sir. I'll come back in the Q, and in the meantime we can take, take some questions from the participants. Swapna?

Speaker #1: In other words, after repaying ₹225 crore of debt, treasury stands at ₹345 crore, almost in line with June 30, 2025. While on a consolidated basis, capital employed is now almost half—₹206 crore versus ₹409 crore—as climate technology was taking away substantial capital, translating into a consolidated ROCE percentage of 67% and return on net worth of 18%.

Speaker #4: Yeah, thanks, Aditya. a gentle reminder to everybody who, we have opened the Q&A flow for everyone to ask their questions. you have the opportunity to raise your virtual hand, and when you when I unmute you, please may state your name and the, fund that you represent, for our, understanding.

Speaker #4: with that, I will now request, Mr. Balasubramanian, sir, go ahead, but please mention the fund that, you are from. I've unmuted you, sir. Please unmute yourself.

Speaker #1: So, thank you. With this, we can take questions.

Speaker #4: Thank you.

Speaker #5: good evening. I'm audible.

Speaker #3: Yeah, me.

Speaker #5: Yeah. thank you so much for the opportunity. sir, modern trade is growing over 100%, like, could you explain the drivers, behind this, search, whether it is a market share gain from, unorganized trade, or increased, like, or, like, increased, in the market itself, or, we have, like, changed our strategy, or is that a fa low base from, last Q1?

Speaker #2: Aditya over to you.

Operator: Aditya, over to you.

Speaker #3: Hi, sir. Maybe I'll start with the first initial questions. It would be helpful if you could guide us on what could be the proportion of sales that are generated from modern trade and e-commerce channels.

[Analyst] (Investec): 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.

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.

Speaker #5: Like, how sustainable, this growth rate, in the coming quarters are yes?

Speaker #1: No, so due to competitive reasons, we don't divulge that. However, year after year, it registers very robust growth and profitability.

[Company Representative] (Symphony): No, due to competitive reasons, we don't divulge. However, year after year, it registers very robust growth and profitably.

Speaker #4: Bala sir, you are from which fund, sir? Sorry, I'm going to ask again.

Speaker #5: Bala from Ariane Capital.

Speaker #4: Right.

Speaker #3: Understood sir

[Analyst] (Investec): Understood, sir.

Aditya Bhartia: Understood, sir.

Speaker #3: So, it's a combination of factors. One is, that the modern trade just like e-com or D2C didn't have any, you know, any channel inventory unlike the general trade which had elevated levels of channel inventory carried over from the previous year.

Speaker #1: And we club it as a part of modern trade, which of course, apart from e-commerce and D2C, includes large format stores and large regional stores. So, what I can say is modern trade constitutes almost, or in excess of, one-third of our top line in India, while general trade constitutes 60–65%.

[Company Representative] (Symphony): We club it as a part of the modern trade, which of course, apart from e-commerce and D2C, includes large format stores and larger regional stores. What I can say, modern trade constitutes almost or in excess of one-third of our top line in India, while general trade constitutes 60% to 65%.

Speaker #3: had the the the general trade not had the kind of, inventory that they that they had, maybe their sales would have also been, you know, 100% or whatever.

Speaker #3: so it is really a function of the inventory that the channel was carrying. that's one. And, secondly, we cannot expect, you know, this kind of a growth.

Speaker #3: Understood, that's helpful. So, in terms of profitability, will it be as good as our traditional channel, or does it lag by a wide margin?

[Analyst] (Investec): Understood. That's helpful, sir. In terms of profitability, will it be as good as our traditional channel or it lags by a wide margin?

Aditya Bhartia: Understood. That's helpful, sir. In terms of profitability, will it be as good as our traditional channel or it lags by a wide margin?

Speaker #1: Oktape to MT versus GT—oh, so it's almost comparable.

Speaker #3: We will be very happy if if, you know, this kind of a growth continues, but that's very unlikely to happen. So, I think we shouldn't, expect that going forward.

[Company Representative] (Symphony): Okay, to MT versus GT.

[Company Representative] (Symphony): No. It's almost comparable.

Speaker #3: Understood, okay, sure. So my second question is on the cost side. Do you think that, I mean, in this quarter we have recorded very good margins, but of course some costs have gone up, and I guess something like plastic cost itself would have gone up. So do you anticipate some impact in the next few quarters on margins because of costs going up, or is it a case that, because inventory in the channel is so low, that everything should essentially get passed on and we shouldn't really be seeing any impact on profitability?

[Analyst] (Investec): Understood. Okay, sure. My second question is on the cost side. In this quarter we have recorded very good margins. Of course, some costs have gone up and I guess something like plastic cost itself would have gone up. Do you anticipate some impact in the next few quarters on margins because of costs going up? Or is it a case that because inventory in the channel is so low, that everything should essentially get passed on and we should really be seeing an impact on profitability?

Aditya Bhartia: Understood. Okay, sure. My second question is on the cost side. In this quarter we have recorded very good margins. Of course, some costs have gone up and I guess something like plastic cost itself would have gone up. Do you anticipate some impact in the next few quarters on margins because of costs going up? Or is it a case that because inventory in the channel is so low, that everything should essentially get passed on and we should really be seeing an impact on profitability?

Speaker #3: right, what was your question? Yeah, that's it, right, Mr. Balasubramanian?

Speaker #5: yes, sir. sir, my second question, I think, I will say.

Speaker #3: I already took that. Yeah, just related to that, Bala Subramanian. So, as, general trade was carrying the inventory, obviously there was a subdued performance at a company-level in terms of sales to them, but obviously at their level there was a phenomenal sales.

Speaker #3: That is number one. And number two, and hence here as a whole, as inventory has normalized, we expect general trade in particular and, all other, trade channels should register growth, which, is also our expectation and business plan.

Speaker #1: So we will frankly it all depends on how long the war lasts and when the sort of costs begin to normalize so as of now the costs are still fairly elevated so at least in the short term we expect there to be margin pressure although we would be passing on passing on some of it to the market not all of it because we don't know how long this is going to last so in anticipation of a normalization which has to happen sooner or later we will pass on some but not all of it so in the short term margins are likely to be impacted

[Company Representative] (Symphony): Frankly, it all depends on how long the war lasts and when the sort of costs begin to normalize. As of now, the costs are still fairly elevated. At least in the short term, we expect there to be margin pressure. Although we would be passing on some of it to the market. Not all of it, because we don't know how long this is going to last. In anticipation of a normalization, which has to happen sooner or later, we will pass on some, but not all of it. In the short term, margins are likely to be impacted.

Speaker #5: got it, sir. sir, my second question in USA, I think the growth is 35%, I think it was, like a very good growth. Mentioned about, successful scale-up of, new air cooler SKUs.

Speaker #5: Like, could you please mentioned, what kind of SKUs, like, really picked up in the US market, these are especially designed for US market or, they are rebranded Indian SKUs?

Speaker #3: They are essentially rebranded Indian SKUs. we have one major customer in USA, USA, which is the Home Depot. and our other customer is Lowe's.

Speaker #3: Understood sir understood

[Analyst] (Investec): Understood, sir.

Aditya Bhartia: Understood, sir.

Speaker #1: Despite all the value engineering, despite all the cost reduction that we will be attempting to do, there will be some impact. It's difficult to quantify as yet how much, but there is likely to be some impact.

[Company Representative] (Symphony): Despite all the value engineering, despite all the cost reduction that we will be attempting to do, there will be some impact. Difficult to quantify as yet how much, but there is likely to be some impact.

Speaker #3: These are two are the largest, you know, sort of companies in retailers in US. of, in the home center, home care, kind of category.

Speaker #3: Sure, sir. I'll come back in the queue, and in the meantime, we can take some questions from the participants. Swapna?

[Analyst] (Investec): Sure, sir. I'll come back in the queue, and in the meantime, we can take some questions from the participants. Swapna?

Aditya Bhartia: Sure, sir. I'll come back in the queue, and in the meantime, we can take some questions from the participants. Swapna?

Speaker #3: And, the products that we sell to them are, are, the mostly go from India, some even go from Mexico. And, the products that has registered the greatest sales growth is a model called Air Force that we that is goes, goes by the name of Air Force in India.

Speaker #4: Yeah thanks Aditya a gentle reminder to everybody who we have opened the Q&A flow for everyone to ask their questions you have the opportunity to raise your virtual hand and when you when I unmute you please may state your name and the fund that you represent for our understanding with that I will now request Mr. Balasubramaniam sir go ahead but please mention the fund that you are from I've unmuted you sir please unmute yourself thank you

[Analyst] (Investec): Yeah. Thanks, Aditya. A gentle reminder to everybody, we have opened the Q&A floor for everyone to ask their questions. You have the opportunity to raise your virtual hand, and when I unmute you, please state your name and the fund that you represent for our understanding. With that, I will now request Mr. Bala Subramaniam. Sir, go ahead, but please mention the fund that you are from. I've unmuted you, sir. Please unmute yourself. Thank you.

Swapna Bhandarkar: Yeah. Thanks, Aditya. A gentle reminder to everybody, we have opened the Q&A floor for everyone to ask their questions. You have the opportunity to raise your virtual hand, and when I unmute you, please state your name and the fund that you represent for our understanding. With that, I will now request Mr. Balasubramanian. Sir, go ahead, but please mention the fund that you are from. I've unmuted you, sir. Please unmute yourself. Thank you.

Speaker #3: It also goes by the name of Air Force, but under our, USA brand, which is Bon Air. and, essentially that's what gave us the, the big uptick in numbers.

Speaker #5: Okay.

Speaker #3: That can also be that is the sales has also been aided by, you know, a very good summer in the USA, especially in the Southwest, which is our core market.

Speaker #3: it's fairly hot over there this year. so it's a combination of everything, you know, the right product at the right price, you know, in the right channel, you know, aided by the tailwind of, a good summer.

Speaker #5: good evening I'm Audible

Bala Subramaniam: Good evening. I'm audible?

Balasubramanian A: Good evening. I'm audible?

Speaker #1: Yes yeah thank you so much for the opportunities sir modern trade is growing over 100% like could you explain the drivers behind this search whether it is a market share gain from or unorganized trade or increased like or like increased in the market itself or we have like a changed our strategy or is that a faith low base from last Q1 like how sustainable this growth rate in the coming quarters are yes

[Company Representative] (Symphony): You're audible.

Bala Subramaniam: Yeah. Thank you so much for the opportunity. Sir, modern trade is growing over 100%. Could you explain the drivers behind this surge, whether it is a market share gain from unorganized trade or increased in the market itself, or we have changed our strategy, or is that a low base from last Q1? How sustainable is this growth rate in the coming quarters or years?

Balasubramanian A: Yeah. Thank you so much for the opportunity. Sir, modern trade is growing over 100%. Could you explain the drivers behind this surge, whether it is a market share gain from unorganized trade or increased in the market itself, or we have changed our strategy, or is that a low base from last Q1? How sustainable is this growth rate in the coming quarters or years?

Speaker #5: Okay, sir. Sir, this, distribution, strategy, how it is, differ from Australia?

Speaker #3: vastly differ from Australia. This is purely so we have a warehouse in USA, and this is a retailer that we sell to. whereas in Australia, the, the part of our, our business that comes from retailers is still very small.

Speaker #3: bulk of it still goes to, sort of the, the GT equivalent of India.

Speaker #4: Bala sir, you are from which fund? Sorry, I'm going to ask again.

[Analyst] (Investec): Bala, sir, you are from which fund, sir? Sorry, I'm going to ask again.

Swapna Bhandarkar: Bala, sir, you are from which fund, sir? Sorry, I'm going to ask again.

Speaker #5: Okay, installation.

Speaker #3: The installation companies. You know, the yeah, so I think the closest resemblance, semblance would be the GT channel for India.

Speaker #1: Bala from Ariane Capital

Bala Subramaniam: Bala from Aryan Capital.

Balasubramanian A: Bala from Aryan Capital.

Speaker #4: Right

[Analyst] (Investec): Right.

Swapna Bhandarkar: Right.

Speaker #1: So it's a combination of factors one is that the modern trade just like e-com or D2C didn't have any you know any channel inventory unlike the general trade which had elevated levels of channel inventory carried over from the previous year had the the the general trade not had the kind of inventory that they they had maybe their sales would have also been you know 100% or whatever so it is really a function of the inventory that the channel was carrying that's one and secondly we cannot expect you know this kind of a growth we will be very happy if if you know this kind of a growth continues but that's very unlikely to happen so I think we shouldn't expect that going forward right what was third question yeah that's it right Mr. Balasubramaniam

[Company Representative] (Symphony): It's a combination of factors. One is that the modern trade, just like e-com or D2C, didn't have any channel inventory, unlike the general trade, which had elevated levels of channel inventory carried over from the previous year. Had the general trade not had that kind of inventory that they had, maybe their sales would have also been maybe 100% or whatever. It is really a function of the inventory that the channel was carrying. That's one. Secondly, we cannot expect this kind of a growth. We'll be very happy if this kind of a growth continues, but that's very unlikely to happen. I think we shouldn't expect that going forward. Right. What was the third question? Yeah, that's it. Right, Mr. Bala Subramaniam?

Speaker #5: got it, sir.

Speaker #3: So vast difference, vast difference.

Speaker #5: Okay. So we learned most of the lessons from, Australia and market, and we implemented in the US. It's the right way to understand, sir?

Speaker #3: No, no, no. Not there's the two markets have been very different. So we couldn't even if it wanted to, we couldn't have implemented the US model in Australia, or the Australia model in USA.

Speaker #3: The markets are you know, the, the, the, the breakup of the markets is are very different.

Speaker #5: Got it, sir. Got it. Thank you.

Speaker #4: Thank you. in the interest of time, I will request everybody to limit your questions to maybe two, questions, and then come back in the queue.

Speaker #4: I would now, request Mr. Haider to please, inform us your company name and go ahead with your question. I'm unmuting you, sir. Mr. Haider, please let us know your company name and ask your question.

Speaker #4: Thank you.

Speaker #4: Yes, sir. Sir, my second question: I think you said—

Bala Subramaniam: Yes, sir. Sir, my second question.

Balasubramanian A: Yes, sir. Sir, my second question.

Speaker #2: good evening. Am I audible?

Speaker #3: Yeah.

Speaker #1: I took that, yeah, just related to that Balasubramaniam—so as general trade was carrying inventory, obviously there was a subdued performance at a company level in terms of sales to them. But obviously, at their level, there was phenomenal sales. That is number one. And number two, hence, as inventory has normalized this year as a whole, we expect general trade in particular, and all other trade channels, should register growth, which is also our expectation and business plan.

[Company Representative] (Symphony): Just related to that, Bala Subramaniam. As general trade was carrying the inventory, obviously, there was a subdued performance at a company level in terms of sales to them. Obviously at their level, there was a phenomenal sales. That is number one. Number two, year as a whole, as inventory has normalized, we expect general trade in particular and all other trade channels should register growth, which is also our expectation and business plan.

Speaker #2: so, good evening, sir. This is Haider from Yes Securities. my question was, could you just tell us the revenue emittant batch numbers for all the subsidies?

[Company Representative] (Symphony): Just related to that, Balasubramanian. As general trade was carrying the inventory, obviously, there was a subdued performance at a company level in terms of sales to them. Obviously at their level, there was a phenomenal sale. That is number one. Number two, year as a whole, as inventory has normalized, we expect general trade in particular and all other trade channels should register growth, which is also our expectation and business plan.

Speaker #3: Yes. So Bon Air USA, I'm, sharing in INR. 36 crore. versus 27 crore. top line. And EBITDA is 18 crore versus 7 crore. I will come to EBITDA number later on.

Speaker #3: Then Income Mexico, 54 crore versus 66 crore. And EBITDA of 3 crore versus 7. GST China, 34 versus 24 crore. And EBITDA 6 versus 2.

Speaker #4: Got it, sir. Sir, my second question: In the USA, I think the growth is 35%. I think it was a very good growth. You mentioned about a successful scale-up of new air cooler SKUs. Could you please mention what kind of SKUs have really picked up in the US market? Are these specially designed for the US market or are they rebranded Indian SKUs?

Bala Subramaniam: Got it, sir. Sir, my second question, in US, I think the growth is 35%, or I think it was a very good growth. Mentioned about a successful scale-up of new air cooler SKUs. Could you please mention, sir, what kind of SKUs are really picked up in the US market? These are specially designed for US market, or they are rebranded Indian SKUs?

Balasubramanian A: Got it, sir. Sir, my second question, in US, I think the growth is 35%, or I think it was a very good growth. Mentioned about a successful scale-up of new air cooler SKUs. Could you please mention, sir, what kind of SKUs are really picked up in the US market? These are specially designed for US market, or they are rebranded Indian SKUs?

Speaker #3: All these numbers are for June 26 quarter. Symphony Brazil, this is not a season, so nothing to talk about it. And as far as climate technology, Australia is concerned, 27 versus 31.

Speaker #3: And EBITDA negative 4 versus negative 2.

Speaker #1: They are essentially rebranded Indian SKUs we have one major customer in USA USA which is the Home Depot and other customer is Lowe's these are two are the largest you know sort of companies in retailers in US of in the home center home care kind of category and the products that we sell to them are are the mostly go from India some even go from Mexico and the product that has registered the greatest sales growth is a model called Air Force that we that is go goes by the name of Air Force in India it also goes by the name of Air Force but under our USA brand which is Bonaire and essentially that's what gave us the the big uptick in numbers

[Company Representative] (Symphony): They are essentially rebranded Indian SKUs. We have one major customer in US, which is The Home Depot, and other customer is Lowe's. These are two of the largest companies in retailers in US in the home center, home care kind of category. The products that we sell to them mostly go from India, some even go from Mexico. The product that has registered the greatest sales growth is a model called Airforce. That goes by the name of Airforce in India. It also goes by the name of Airforce, but under our US brand, which is Bonaire. Essentially, that's what gave us the big uptick in numbers.

Speaker #2: Sir, I think, you missed out on the batch numbers also if you could share that as well.

Speaker #3: Okay. So Bon Air USA, batch is 17 crore. Income Mexico, batch is 1 crore. GST China, batch is 5 crore. And, climate technology, Australia, because of exceptional income as, its shareholding in BUSA and IPRs were sold, so it is very high batch.

Speaker #3: But it is on account of one-time worth of about 42 crore of right back or gain on that, and hence batch is 36 crore.

Speaker #2: Okay, sir.

Speaker #3: And that needs to be excluded, and it has been. NATO of at a console level, cooperative level minus seven. Yes.

Speaker #2: Okay, sir. Thank you for that. Sir, and also what kind of price hikes have you taken in the quarter? Because we're seeing raw material going haywire, so what kind of price hikes have you taken, and what kind of price hikes are you yet to take in the coming quarters?

Speaker #4: Okay, sir. That is also Q1.

Bala Subramaniam: Okay.

Balasubramanian A: Okay.

[Company Representative] (Symphony): The sales has also been aided by a very good summer in the USA, especially in the Southwest, which is our core market. It's fairly hot over there this year. It's a combination of everything, the right product at the right price in the right channel, aided by the tailwind of a good summer.

Speaker #1: That is, the sales have also been aided by, you know, a very good summer in the USA, especially in the Southwest, which is our core market. It's been fairly hot over there this year, so it's a combination of everything—you know, the right product at the right price, in the right channel, aided by the tailwind of a good summer.

Speaker #3: As of now, we have not, you know, not really taken in the in the household cooler segment. In the other segments, we have taken, about 7 to 10 percent of a, price hike.

Speaker #3: you know, and in others, we will be taking hikes, in the days to come. but how to what extent we will, you know, continue raising remains to be seen, because you know, like I said previously, it all depends on how the, you know, when the war ends and when the costs normalize.

Speaker #4: Okay sir, this distribution strategy—how is it different from Australia?

Bala Subramaniam: Okay, sir. Sir, this distribution strategy, how would this differ from Australia?

Balasubramanian A: Okay, sir. Sir, this distribution strategy, how would this differ from Australia?

Speaker #1: vastly differs from Australia this is purely so we have a warehouse in USA and this is a retailer that we sell to whereas in Australia the the part of our business that comes from retailers is still very small bulk of it still goes to sort of the the GT equivalent of India installation the installation companies you know the yeah so I think the closest resemblance semblance would be the GT channel for India

[Company Representative] (Symphony): Vastly differs from Australia. We have a warehouse in USA, and this is a retailer that we sell to, whereas in Australia, the part of our business that comes from retailers is still very small. Bulk of it still goes to sort of the GT equivalent of India.

Speaker #2: Right. So, so you mean extra household products you have taken 7 to 10 percent price hikes.

Speaker #3: Yes.

Speaker #2: Okay, sir. Okay. thank you, sir. That is it from my side.

Speaker #3: Thank you.

Bala Subramaniam: Okay. Installation.

Balasubramanian A: Okay. Installation.

[Company Representative] (Symphony): The installation companies. Yeah. I think the closest resemblance would be the GT channel for India.

Speaker #4: thanks, Mr. Haider. before I move to the next participant, I would like to remind everyone that if you have a question, do raise your virtual hand, and we'll unmute you.

Speaker #4: I got it, sir. Vast difference, vast difference. Okay, so we learned most of the lessons from the Australian market, and we implemented them in the US. Is that the right way to understand, sir?

Bala Subramaniam: Got it, sir.

Balasubramanian A: Got it, sir.

[Company Representative] (Symphony): Vast difference.

Speaker #4: If you've joined through a dial-in, please, press star and five on your phone, to raise your hand. I will now move to Ms. Shraddha.

Bala Subramaniam: Okay. We learned most of the lessons from Australian market, and we implemented in the US. It's a right way to understand, sir?

Balasubramanian A: Okay. We learned most of the lessons from Australian market, and we implemented in the US. It's a right way to understand, sir?

Speaker #1: No, no, no, the two markets have been very different, so we couldn't, even if we wanted to, we couldn't have implemented the US model in Australia or the Australia model in the USA. The markets are, you know, the breakup of the markets is very different.

[Company Representative] (Symphony): No. The two markets have been very different. Even if we had wanted to, we couldn't have implemented the US model in Australia or the Australia model in USA. The breakup of the markets are very different.

Speaker #4: ma'am, you will have to tell us the fund that you're from, and, I'll, I will continue with the call. I've unmuted you, ma'am. Please go ahead.

Speaker #4: Got it, sir, got it, thank you, thank you. In the interest of time, I will request everybody to limit your questions to maybe two questions and then come back in the Q&A. I would now request Mr. Haider to please inform us of your company name and go ahead with your question. I'm unmuting you, sir. Mr. Haider, please let us know your company name and ask your question. Thank you.

Bala Subramaniam: Got it, sir. Thank you.

Balasubramanian A: Got it, sir. Thank you.

[Analyst] (Investec): Thank you. In the interest of time, I will request everybody to limit your questions to maybe two questions and then come back in the queue. I would now request Mr. Haider to please inform us your company name and go ahead with your question. I'm unmuting you, sir. Mr. Haider, please let us know your company name and ask your question. Thank you.

Swapna Bhandarkar: Thank you. In the interest of time, I will request everybody to limit your questions to maybe two questions and then come back in the queue. I would now request Mr. Haider to please inform us your company name and go ahead with your question. I'm unmuting you, sir. Mr. Haider, please let us know your company name and ask your question. Thank you.

Speaker #4: Mr. Shraddha, can you hear us? We are unable to hear you. you are unmuted.

Speaker #3: Let's move to the next question.

Speaker #4: we'll have to wait for some time, sir. for the next question. meanwhile, I have my colleague Vineet, Vineet, go ahead. Ask your question.

[Analyst] (Yes Securities): Good evening. Am I audible?

Haider Kachwalla: Good evening. Am I audible?

[Company Representative] (Symphony): Yeah.

[Analyst] (Yes Securities): Good evening, sir. This is Haider from Yes Securities. My question was, could you just tell us the revenue, EBITDA, and PAT numbers for all the subsidiaries?

Haider Kachwalla: Good evening, sir. This is Haider from YES Securities. My question was, could you just tell us the revenue, EBITDA, and PAT numbers for all the subsidiaries?

Speaker #5: Hi. Hi. sir, I have one question on, Australian subsidy. we've had some challenges, there for, for some time now. I understand we've had COVID and all, supply chain issues, etc., but how what are what is our strategy there to turn operations around?

[Company Representative] (Symphony): Yeah. Bonaire USA, I am sharing in INR 36 crore versus INR 27 crore.

[Analyst] (Yes Securities): There it is.

Haider Kachwalla: There it is.

[Company Representative] (Symphony): Top line. EBITDA is INR 18 crore versus INR 7 crore. I will come to EBITDA number later on. IMPCO Mexico, INR 54 crore versus INR 66 crore, and EBITDA of INR 3 crore versus INR 7 crore. GSK China, INR 34 versus INR 24 crore, and EBITDA INR 6 versus INR 2. All these numbers are for Q2 2026. Symphony Brazil, this is not a season, so nothing to talk about it. As far as Climate Technologies Australia is concerned, INR 27 versus INR 31, and EBITDA -INR 4 versus -INR 2.

Speaker #3: First and foremost, our strategy is not to defer any additional capital and whatever base can be done, without deploying any additional capital in our Australian business.

Speaker #3: The point is, we are very clear internally and also to assure all the shareholders that, whatever impairment or cash losses or write-off is the history that's not going to happen.

[Analyst] (Yes Securities): Sir, I think you missed out on the PAT numbers also, if you could share that as well.

Haider Kachwalla: Sir, I think you missed out on the PAT numbers also, if you could share that as well.

[Company Representative] (Symphony): Okay. Bonaire USA, PAT is ₹17 crore. IMPCO Mexico, PAT is ₹1 crore. GSK China, PAT is ₹5 crore. Climate Technologies Australia, because of exceptional income as its shareholding in BUSA and IPS were sold, so it is very high PAT. It is on account of one time worth of about ₹42 crore of write back or gain on that, and hence PAT is ₹36 crore.

Speaker #3: So without that, whatever can be done, we will be doing it, and, as it unfolds, we will keep you informed.

Speaker #5: Understood. And, sir, anything, incremental on product introduction, or distribution, manufacturing, anything on those lines?

Speaker #3: Where, in Australia or India?

Speaker #5: Australia. Australia.

Speaker #3: Australia. No, no, no. Just more of the same. Nothing, nothing new.

[Analyst] (Yes Securities): Okay, sir.

Haider Kachwalla: Okay, sir.

[Company Representative] (Symphony): That needs to be excluded, and it has been netted off at a consolidated level. Operating level minus that. Yes.

Speaker #5: Understood. Understood. Okay. and my second question is on, the BISP products. which, which we sell. if you can highlight, some of the larger, apart from exports, within India, which are some of the larger categories, and if you can give a ballpark number how much would they contribute and how's the traction and, customer response on those products?

[Analyst] (Yes Securities): Okay, sir. Thank you for that. Sir, what kind of price hikes have you taken in the quarter? We are seeing raw material going haywire. What kind of price hikes have you taken, and what kind of price hikes are you yet to take in the coming quarters?

Haider Kachwalla: Okay, sir. Thank you for that. Sir, what kind of price hikes have you taken in the quarter? We are seeing raw material going haywire. What kind of price hikes have you taken, and what kind of price hikes are you yet to take in the coming quarters?

[Company Representative] (Symphony): As of now, we have not really taken in the household cooler segment. In the other segments, we have taken about 7% to 10% of price hike. In others, we will be taking hikes in the days to come. To what extent we will continue raising remains to be seen because like I said previously, it all depends on when the war ends and when the costs normalize.

Speaker #3: First consists of large space that is centralized and pulling. And apart from exports, it consists of tabletop spend, which says around the year, water heater, and exports.

Speaker #5: Right.

Speaker #3: And this is on a standalone basis. And when it comes to consolidated level, eventually in, our mind, whatever sales happens, which is not dependent on Indian firms, all that is beyond Indian summer products, that is BISP, so on a console basis, sales by our subsidies is all because that is a geographical diversification.

[Analyst] (Yes Securities): Right. You mean ex of household products, you have taken 7% to 10% price hikes?

Haider Kachwalla: Right. You mean ex of household products; you have taken 7% to 10% price hikes?

[Company Representative] (Symphony): Yes.

[Analyst] (Yes Securities): Okay, sir. Thank you, sir. That is it from my side.

Haider Kachwalla: Okay, sir. Thank you, sir. That is it from my side.

[Company Representative] (Symphony): Thank you.

[Analyst] (Investec): Thanks, Mr. Haider. Before I move to the next participant, I would like to remind everyone that if you have a question, do raise your virtual hand and we'll unmute you. If you've joined through a dial-in, please press star and five on your phone to raise your hand. I will now move to Ms. Shraddha. Ma'am, you will have to tell us the fund that you're from, and I will continue with the call. I've unmuted you, ma'am. Please go ahead. Ms. Shraddha, can you hear us? We are unable to hear you. You are unmuted.

Swapna Bhandarkar: Thanks, Mr. Haider. Before I move to the next participant, I would like to remind everyone that if you have a question, do raise your virtual hand and we'll unmute you. If you've joined through a dial-in, please press star and five on your phone to raise your hand. I will now move to Ms. Shraddha. Ma'am, you will have to tell us the fund that you're from, and I will continue with the call. I've unmuted you, ma'am. Please go ahead. Ms. Shraddha, can you hear us? We are unable to hear you. You are unmuted.

Speaker #3: So, on a console level, about 48 percent is BISP, while on a standalone basis, you know, on a trailing 12 months, it is 23 percentage.

Speaker #5: Understood. And, sir, particularly, LSV, we are quite aware about, even, exports. but just, to harp on the other two products, tabletop fans and water heaters, is it largely, online, which we are, which we are doing, and how do we plan to scale this, these products up, across the country?

Speaker #5: Any plans to get into, Q3, etc.? And maybe, launch in other, states as well?

Speaker #3: We've already launched, in other channels. modern retail and as well as GT. It's not everywhere yet. it's just a matter of time. But with by which it will be, everywhere.

[Company Representative] (Symphony): Let's move to the next question.

[Analyst] (Investec): We'll have to wait for some time, sir, for the next question. Meanwhile, I have my colleague, Vineet. Vineet, go ahead, ask your question.

Swapna Bhandarkar: We'll have to wait for some time, sir, for the next question. Meanwhile, I have my colleague, Vineet. Vineet, go ahead, ask your question.

Speaker #3: But, we are already you know, we are already present in, in, in, in, in the in the top cities, cities across the country. In GT as well.

[Company Representative] (Symphony): Hi. Sir, I have one question on Australian subsidiary. We've had some challenges there for some time now. I understand we've had COVID and all supply chain issues, et cetera, what is our strategy there to turn operations around?

Vineet Prasad: Hi. Sir, I have one question on Australian subsidiary. We've had some challenges there for some time now. I understand we've had COVID and all supply chain issues, et cetera, what is our strategy there to turn operations around?

Speaker #5: Understood. Understood. Thank you. Thank you so much, sir.

Speaker #3: Thank you.

Speaker #4: thanks, Vineet. My next, person on the queue is Mr. Pratik Talwatkar. I have unmuted you, Pratik. Please go ahead and ask your question. Mr. Pratik, can you ask the question?

[Company Representative] (Symphony): First and foremost, our strategy is not to deploy any additional capital. Whatever this can be done without deploying any additional capital in our Australian business. The point is we are very clear internally and also to assure all the shareholders that whatever impairment or cash losses or write-off is just history, that's not going to happen. Without that, whatever can be done, we will be doing it. As it unfolds, we will keep you informed.

Speaker #4: It will come back in queue for Pratik. I will I will allow Mr. Haider to come back again and ask the question. Mr. Haider, go ahead with your question.

Speaker #2: thank you for the follow-up, sir. Sir, I just wanted to understand one thing. So, we have been doing good growth in the US business, but this is more from a understanding the business perspective.

Speaker #2: the US is a much more developed market than India, right? And, the per-income capital and all is also significantly higher. So why would there be a need for an air cooler in somewhere like the US as compared to an India which is a developing economy and we, we need something more cheaper over here as compared to a, an RAC?

[Company Representative] (Symphony): Understood. Sir, anything incremental on product introduction, our distribution, manufacturing, anything on those lines?

Vineet Prasad: Understood. Sir, anything incremental on product introduction, our distribution, manufacturing, anything on those lines?

Speaker #2: So why is it that the sales in the US would, would be a good market as compared to a place like India or a Brazil or anywhere which is still

[Company Representative] (Symphony): Where? In Australia or India?

Speaker #3: Yes. Since this many times in the past that, you know, coolers is not viewed as a poor man's air conditioner, everywhere outside India. It's only in India that it is seen as an as a substitute for, air conditioners.

[Company Representative] (Symphony): Australia.

Vineet Prasad: Australia.

[Company Representative] (Symphony): Australia. No. Just more of the same, nothing new.

[Company Representative] (Symphony): Understood. Okay. My second question is on the BISP products which we sell. If you can highlight some of the larger, apart from exports within India, which are some of the larger categories. If you can give a ballpark number, how much would they contribute, and how's the traction and customer response on those products?

Vineet Prasad: Understood. Okay. My second question is on the BISP products which we sell. If you can highlight some of the larger, apart from exports within India, which are some of the larger categories. If you can give a ballpark number, how much would they contribute, and how's the traction and customer response on those products?

Speaker #3: You will find coolers being sold not only in the USA but even across Europe. the quantities are not much because, you know, the market for this is a relatively small market.

Speaker #3: Even for air conditioners or fans, but, but coolers are sold even in the Middle East, which has, you know, abundance of I mean, total abundance of energy and, cost is not a consideration price is not a consideration.

[Company Representative] (Symphony): It consists of large space that is centralized air cooling. Apart from exports, it consists of tabletop fan, which sells surrounding here, water heater, and exports.

Speaker #3: So it's only in India that, you know, we, we, we view coolers as a cheaper alternative to air conditioners. In the US, it is bought for, for usage outdoors because in the Southwest, all houses are centrally air conditioned.

[Company Representative] (Symphony): Right.

[Company Representative] (Symphony): This is our standalone basis. When it comes to consolidated level, essentially in our mind, whatever sales happens, which is not dependent on Indian summer. All that is Beyond India Summer Products, that is BISP. On a console basis, sales via our subsidiaries is all. Because that is a geographical diversification. On a console level, about 48% is BISP, while on a standalone basis, in our trailing 12 months, it is 23%.

Speaker #3: So despite that, air coolers are bought. Like I said, they are used mainly outdoors near the pool, near the backyard, and, you know, in, in people's garages, and, and there are some products which are even models are even sold as household coolant for, for whole house cooling.

Speaker #3: They are mounted on the ceiling and they are they cool through ducts across the house. there are some which are window-mounted coolers which cool the entire house again.

Speaker #3: So it's, it's a very good alternative to air conditioning, in, in the Southwest where it's very dry because air coolers provide that sort of little bit of humidity which is very, good to feel in very dry conditions.

[Company Representative] (Symphony): Sir, particularly, LSV, we are quite aware about even exports. Just to harp on the other two products, tabletop fans and water heaters. Is it largely online which we are doing? How do we plan to scale these products up across the country? Any plans to get into GT, et cetera, and maybe launch in other states as well?

Speaker #3: So it's a combination of factors. It's a combination of factors. And most importantly, it's a portable product. It's a plug-and-play product. so, you know, it's a so that's what the, the, the most compelling advantage of this product is.

Speaker #2: Okay, sir. Thank you. Thank you for the clarity on that. Thank you. That is it from my side.

Speaker #3: Sure.

Speaker #4: Thank you, very much, sir. I am, going to wait for another couple of minutes. before we move to the next attendee, we have we'll wait for a few questions.

[Company Representative] (Symphony): We've already launched in other channels, modern retail and as well as GT. It's not everywhere yet. It's just a matter of time by which it will be everywhere. We are already present in the top cities across the country. In GT as well.

Speaker #4: Thank you.

Speaker #2: Swapna in the meantime, I think there is some questions in the chat as well. So if you can read out for the management to respond to.

Speaker #4: Yes. Perfect. I will do that right now. So we have a question from, Ms. Shraddha. so firstly, she's apologized. There's some network issue. She's not able to ask directly.

[Company Representative] (Symphony): Understood. Thank you so much, sir.

[Company Representative] (Symphony): Thank you.

[Analyst] (Investec): Thanks, Virit. My next person on the queue is Mr. Pratik Talvadkar. I have unmuted you, Pratik. Please go ahead and ask your question. Mr. Pratik, can you ask the question? Right, we'll come back in queue for Pratik. I will allow Mr. Haider to come back again and ask the question. Mr. Haider, go ahead with your question.

Aditya Bhartia: Thanks, Virit. My next person on the queue is Mr. Pratik Talvadkar. I have unmuted you, Pratik. Please go ahead and ask your question. Mr. Pratik, can you ask the question? Right, we'll come back in queue for Pratik. I will allow Mr. Haider to come back again and ask the question. Mr. Haider, go ahead with your question.

Speaker #4: But I'll and she's got three questions. I'll ask them one by one. The first question is, could you, provide your Outlook for the ROW business over the next two to three quarters?

Speaker #4: Particularly for the USA and Mexico. With expectations of strong summer conditions in these markets, do you expect demand to improve meaningfully? That's her first question.

Speaker #3: so as far as Mexico is concerned, we were too consecutive you know, bad summers. so in the by, by that, we mean mild summers.

[Analyst] (Yes Securities): Thank you for the follow-up, sir. Sir, I just wanted to understand one thing. We have been doing good growth in the US business, this is more from understanding the business perspective. The US is a much more developed market than India, right? The per income capita and all is also significantly higher. Why would there be a need for an air cooler in somewhere like the US as compared to an India, which is a developing economy, and we need something more cheaper over here as compared to an RAC. Why is it that the sales in the US would be a good market as compared to a place like India or Brazil or anywhere which is still developing?

Haider Kachwalla: Thank you for the follow-up, sir. Sir, I just wanted to understand one thing. We have been doing good growth in the US business, this is more from understanding the business perspective. The US is a much more developed market than India, right? The per income capita and all is also significantly higher. Why would there be a need for an air cooler in somewhere like the US as compared to an India, which is a developing economy, and we need something more cheaper over here as compared to an RAC. Why is it that the sales in the US would be a good market as compared to a place like India or Brazil or anywhere which is still developing?

Speaker #3: So the summer of '25 and the summer of '26 have been both have been sort of mild summers and which have had an impact on sales.

Speaker #3: this is the first time in, in, in memory, you know, that this has happened. And we have people in Mexico who have been with the company for more than 30 years and they've never witnessed, two consecutively, mild summers.

Speaker #3: So we hope and we expect that the summer of '27, you know, should be certainly you know, statistically it will be, you know, almost impossible for it to be a mild summer.

Speaker #3: It should be certainly a, a fairly robust summer. And the sales should grow significantly. I cannot put a number on it yet, but we expect there to be significant growth.

[Company Representative] (Symphony): We have said this many times in the past that coolers is not viewed as a poor man's air conditioner everywhere outside India. It's only in India that it is seen as a substitute for air conditioners. You will find coolers being sold not only in the USA, even across Europe. The quantities are not much because the market for this is a relatively small market, even for air conditioners or fans. Coolers are sold even in the Middle East

Speaker #3: As far as USA is also concerned, you know, as you said, if we were to assume that the summer will be robust, if that's the assumption, then the sales should further increase, next summer.

Speaker #3: Even this year, you know, there was, so we, we could have so I'm for sure this next year will be significantly better if the summer is as good as this year.

[Company Representative] (Symphony): Which has total abundance of energy and cost is not a consideration, price is not a consideration. It's only in India that we view cooler as a cheaper alternative to air conditioners. In the US, it is bought for usage outdoors because in the Southwest all houses are centrally air-conditioned. Despite that, air coolers are bought. Like I said, they are used mainly outdoors, near the pool, near the backyard, and in people's garages. There are some products which are even sold, some of our models are even sold as household coolers for whole house cooling. They are mounted on the ceiling, and they cool through ducts across the house. There are some which are window-mounted coolers, which cool the entire house again.

Speaker #4: Thank you, sir. Her next question is, have export shipments now fully resumed or are you still facing logistic or, shipping-related disruptions? are geopolitical uncertainties continuing to affect order inflows or execution in key export markets?

Speaker #3: So, the Middle East, which is our primary you know, which was primarily impacted continues to remain affected. And from other reasons, the costs have shot up.

Speaker #3: Significantly. So that is that is impacting the overall demand. So overall, the, the costs have gone up and which is also impacting, the buyer sentiment.

Speaker #3: So people are more cautious because the landed costs have gone up and they are not able to pass on the entire increase. So therefore, the purchases now are a bit muted.

Speaker #3: So it's still not back to normal.

[Company Representative] (Symphony): It's a very good alternative to air conditioning in the southwest where it's very dry, because air coolers provide that sort of little bit of humidity, which is very good to feel in very dry conditions. It's a combination of factors. Most importantly, it's a portable product. It's a plug-and-play product. That's what the most compelling advantage of this product is.

Speaker #4: Okay. her next question is, Bon Air USA and GSK China. Delivered healthy growth during the quarter. While Mexico and Australia remained relatively weak. How should we think about the growth trajectory of each of these businesses over the next few quarters?

Speaker #4: During Q1, demand for air coolers was somewhat patchy. Particularly in North India, due to uneven weather patterns. Could you help us understand the impact this had on your sales and demand trends across regions?

[Analyst] (Yes Securities): Okay, sir. Thank you. Thank you for the clarity on that. Thank you. That is it from my side.

Haider Kachwalla: Okay, sir. Thank you. Thank you for the clarity on that. Thank you. That is it from my side.

Speaker #4: how have how have secondary sales trended in July and early August? Have you seen any improvement in off-take after the normalization of weather conditions?

[Company Representative] (Symphony): Sure.

Okay, sir. Thank you. Thank you for the clarity on that. Thank you. That is it from my side. Okay.

[Analyst] (Investec): Thank you very much, sir. I am going to wait for another couple of minutes before we move to the next attendee. We'll wait for a few questions. Thank you.

Aditya Bhartia: Thank you very much, sir. I am going to wait for another couple of minutes before we move to the next attendee. We'll wait for a few questions. Thank you.

Speaker #3: It's not a question. That's an essay.

Thank you very much, sir. I am going to wait for another couple of minutes.

Speaker #4: I agree. Would you want me to break it down further, or?

Speaker #3: no, it's okay. It's okay. It's okay. Hold on, Swapna. so maybe maybe?

Uh, before we move, uh, to the next attendee we have, we'll wait for a few questions. Thank you.

[Analyst] (Investec): Swapna, in the meantime, I think there is some questions in the chat as well. If you can read out for the management to respond to.

Aditya Bhartia: Swapna, in the meantime, I think there is some questions in the chat as well. If you can read out for the management to respond to.

Speaker #4: So essentially, Bon Air is the first part. So the growth trajectory. Second part is in Q1 was the patchy North India weather.

Uh, Swap, in the meantime, I think there are some questions in the chat as well, so if you can read them out for the management to respond to.

[Analyst] (Investec): Yes, perfect. I will do that right now. We have a question from Ms. Shraddha. Firstly, she's apologized, there's some network issue. She's unable to ask directly. She's got three questions. I'll ask them one by one. The first question is, could you provide your outlook for the ROW business over the next two to three quarters, particularly for the USA and Mexico? With expectations of strong summer conditions in these markets, do you expect demand to improve meaningfully? That's her first question.

Aditya Bhartia: Yes, perfect. I will do that right now. We have a question from Ms. Shraddha. Firstly, she's apologized, there's some network issue. She's unable to ask directly. She's got three questions. I'll ask them one by one. The first question is, could you provide your outlook for the ROW business over the next two to three quarters, particularly for the USA and Mexico? With expectations of strong summer conditions in these markets, do you expect demand to improve meaningfully? That's her first question.

Yes, perfect. I will do that right now.

Speaker #3: Yeah. Yeah. Okay. Hold on. So, so for you know, if in the next few quarters, see, again, this, this, this is likely to see sales in the summer.

Speaker #3: So the, the US summer sort of extends into the current quarter. So we will witness, revenue in the current quarter. But the next two quarters we'll see we won't see much revenue in the US market because primarily it's coolers and coolers are, you know, as you know, sold only in the, summer.

So, we have a question from Mr. RDA. Firstly, she has apologized—there’s some network issue and she’s not able to ask directly, but I’ll read out her questions. She has three questions; I’ll ask them one by one. The first question is: Could you provide your outlook for the ROW business over the next two to three quarters, particularly for the USA and Mexico, with expectations of strong summer conditions in these markets? Do you expect demand to improve meaningfully? That’s the first question.

Speaker #3: As far as China is concerned, that has more of an even thing even sales cycle because there's a lot of industrial coolers and the and plus exports which will continue.

[Company Representative] (Symphony): As far as Mexico is concerned, we've had two consecutive bad summers. By that we mean mild summers. The summer of 2025 and the summer of 2026 have been sort of mild summers, which have had an impact on sales. This is the first time in memory that this has happened, we have people in Mexico who have been with the company for more than 30 years, they've never witnessed two consecutively mild summers. We hope, we expect that the summer of 2027 should be certainly, statistically it will be almost impossible for it to be a mild summer. It should be certainly a fairly robust summer, the sales should grow significantly. I cannot put a number on it yet, we expect there to be significant growth.

Speaker #3: So we expect the GSK to continue, you know, the momentum and in the coming quarters, you know, based on how much export orders are, you know, are received, so we believe that, we should be able to, you know, do fairly, good in GSK.

Speaker #3: Bon Air USA coming quarter should be good. Coming quarter, which is the current quarter. But after that, it will be, you know, muted. so that is what as far as USA Bon Air USA and GSK China is concerned.

Speaker #3: as far as the second question is concerned, the, the Q1 was definitely patchy as far as North India and even East India is concerned.

Speaker #3: But in the coming quarter, we don't expect any secondary sales. But there will be primary sales, which, which is basically off-season buying which happens by our channel partners, which will happen in the in the current and the subsequent quarters.

Um, so as far as Mexico is concerned, we had 2 consecutive. Um, you know, bad Summers, uh, saying that by by that, we mean my Summers. So the summer of 25 and the summer of 26, have been both have been sort of mine Summers and which have had an impact on sales. Um, this is the first time in, in, in memory, uh, around that this has happened and we have people in Mexico who have been with the company for more than 30 years and they've never witnessed, uh, 2 consecutive mild Summers. So we hope and we expect that the summer of 27, um, you know, should be certainly, you know? Statistically it will be almost impossible for it to be a mild summer. It should be certainly, uh, a fairly robust Summer and the sales should grow

[Company Representative] (Symphony): As far as USA is also concerned, as you said, if we were to assume that the summer will be robust, if that's the assumption, the sales should further increase next summer. Even this year, I'm for sure this next year will be significantly better if the summer is as good as this year.

Speaker #4: All right. I think that's the last of it. I maybe I'll make the last announcement if there are any questions. We'll wait for one or two minutes, sir.

As far as the USA is also concerned, and as you said, if you were to assume that the summer will be robust...

Speaker #4: Otherwise, I would request you to make the closing remarks and before we end the call for today.

That's the assumption, then the sales should further increase. Uh, next summer, even this year, um, you know, there was, um, uh, so we could have—so, and for sure, this next year will be significantly better if the summer is as good as this year.

[Analyst] (Investec): Thank you, sir. Her next question is, have export shipments now fully resumed, or are you still facing logistic or shipping-related disruptions? Are geopolitical uncertainties continuing to affect order inflows or execution in key export markets?

Aditya Bhartia: Thank you, sir. Her next question is, have export shipments now fully resumed, or are you still facing logistic or shipping-related disruptions? Are geopolitical uncertainties continuing to affect order inflows or execution in key export markets?

Speaker #3: Wait for two minutes?

Speaker #4: Yes, sir. Just a couple of minutes. If there's any last-minute question. Otherwise, I think we are good to go. Yes, sir. Go ahead and I would request you to make the closing remarks.

Speaker #3: Okay. All right. Once again, thank you all for your participation and for the interest that you have shown in our company. And, we look forward to, you know, seeing all of you again next quarter.

Thank you, sir. Her next question is: Have export shipments now fully resumed, or are you still facing logistic or shipping-related disruptions? Are geopolitical uncertainties continuing to affect order inflows or execution in key export markets?

[Company Representative] (Symphony): The Middle East, which was primarily impacted, continues to remain affected, and for other reasons the costs have shot up significantly. That is impacting the overall demand. Overall, the costs have gone up and which is also impacting the buyer sentiment. People are more cautious because the landed costs have gone up, and we are not able to pass on the entire increase. Therefore, the purchase is now a bit muted. It's still not back to normal.

Speaker #3: Thank you and have a great day. Bye-bye.

Speaker #2: And also, thank you to EnglishTech as well as Aditya and Swapna for organizing and coordinating this. Thank you.

Speaker #4: Thank you, sir. And on behalf of InvestTech, my colleague Aditya and Vidit and I, thank the Symphony management for giving us the opportunity to ho-host their earnings call.

So, um, the Middle East, which is our primary, you know, which was primarily impacted continues to remain affected, and from other reasons, the cost that shock significance. So that is, that is impacting the overall. So overall the the costs have gone and which is also impacting uh, the buyer sentiment. So people are more cautious because the landed costs have gone up and they are not able to pass on the entire week. So therefore the purchase is now a bit muted so it's still not back to normal.

[Analyst] (Investec): Okay. Her next question is, Bonaire USA and GSK China delivered healthy growth during the quarter, while Mexico and Australia remained relatively weak. How should we think about the growth trajectory of each of these businesses over the next few quarters? During Q1, demand for air coolers was somewhat patchy, particularly in North India, due to uneven weather patterns. Could you help us understand the impact this had on your sales and demand trends across regions? How have secondary sales trended in July and early August? Have you seen any improvement in offtake after the normalization of weather conditions?

Aditya Bhartia: Okay. Her next question is, Bonaire USA and GSK China delivered healthy growth during the quarter, while Mexico and Australia remained relatively weak. How should we think about the growth trajectory of each of these businesses over the next few quarters? During Q1, demand for air coolers was somewhat patchy, particularly in North India, due to uneven weather patterns. Could you help us understand the impact this had on your sales and demand trends across regions? How have secondary sales trended in July and early August? Have you seen any improvement in offtake after the normalization of weather conditions?

Okay. Her next question is: Bonaire USA and JSK China delivered healthy growth during the quarter, while Mexico and Australia remained relatively weak. How should we think about the growth trajectory of each of these businesses over the next few quarters?

During Q1, demand for air coolers was somewhat patchy, particularly in North India, due to uneven weather patterns.

Could you help us understand the impact this had on your sales and demand trends across regions? Uh, how have, how have sector sales trended in July and early August? Have you seen any improvement in uptake after the normalization of weather conditions?

[Company Representative] (Symphony): It's not a question, that's an essay.

[Analyst] (Investec): I agree. Would you want me to break it down further or?

Aditya Bhartia: I agree. Would you want me to break it down further or?

[Company Representative] (Symphony): No, it's okay. Hold on, Swapna.

It's not a question—that's an essay, I agree. Would you want me to break it down further, or no? It's okay, it's okay. Okay, hold on. So now, um, so maybe,

Maybe maybe.

[Analyst] (Investec): Essentially, Bonaire is the first part, so the growth trajectory. Second part is in Q1 was the patchy North India weather.

Aditya Bhartia: Essentially, Bonaire is the first part, so the growth trajectory. Second part is in Q1 was the patchy North India weather.

[Company Representative] (Symphony): Yeah, okay. Hold on. In the next few quarters, see, again, this is likely to see sales in the summer. The US summer sort of extends into the current quarter. We will witness revenue in the current quarter, but the next two quarters you won't see much revenue in the US market, because primarily it's coolers, and coolers are, as you know, sold only in the summer. As far as China is concerned, that has more of an even thing, even sales cycle because there's a lot of industrial coolers.

So, essentially, "born are" is the first part. So the growth trajectory, the second part, is in Q1. Was the patchy North Korea weather.

Yeah. Okay, hold on. So, um, so for—

[Analyst] (Investec): plus exports are-

Aditya Bhartia: plus exports are-

[Company Representative] (Symphony): Plus exports, which will continue with that. We expect the GSK to continue the momentum and in the coming quarters, based on how much export orders are received. We believe that we should be able to do fairly good in GSK. Bonaire USA coming quarter should be good.

You know, if in the next few quarters, uh, see, again this this this is likely to see sales in the summer. So the the US summer sort of extends into the current quarter. So we will witness uh Revenue in the current quarter. But the next 2 quarters will see, you won't see much revenue in the US market because primarily, it's cooler than coolers are, you know, as you know, sold only in the uh, summer as far as China is concerned that has more of an even thing even sales cycle because there's a lot of industrial coolers as a 64 plus 64, which will continue with that. So, we expect the GSK to continue, you know, the moment and in the coming quarters, uh, you know, based on how much export orders are, uh, you know, have received so we believe that uh, we should be able to, you know, to fairly uh good in GSK boiling.

[Analyst] (Investec): Current quarter.

Aditya Bhartia: Current quarter.

[Company Representative] (Symphony): Current quarter, which is the current quarter. After that it will be muted. That is what is as far as Bonaire USA and GSK China is concerned. As far as your second question is concerned, the Q1 was definitely patchy as far as North India and even East India is concerned. In the coming quarter, we don't expect any secondary sales, but there will be primary sales, which is basically off-season buying, which happens by our channel partners, which will happen in the current and the subsequent quarters.

Say the coming quarter should be good—that's important, which is the current quarter. But after that, it will be, you know, muted.

So that is what in as far as USA born in USA and USA. China is concerned, uh, as far as the second question is concerned, uh, for the q1 was definitely Factory as far as North India, and even East India is concerned, but in the coming quarter, we don't expect any secondary sales but there will be primary sales, which is basically offseason buying which happens by our Channel Partners which will happen in the in the current, an subsequent contract

[Analyst] (Investec): All right. I think that's the last of it. Maybe I'll make the last announcement if there are any questions. We'll wait for one or two minutes, sir. Otherwise, I would request you to make the closing remarks and before we end the call for today.

Swapna Bhandarkar: All right. I think that's the last of it. Maybe I'll make the last announcement if there are any questions. We'll wait for one or two minutes, sir. Otherwise, I would request you to make the closing remarks and before we end the call for today.

All right. I think that's the last of it. Maybe I'll make the final announcement. If there are any questions, we'll wait for one or two minutes, sir. Otherwise, I would request you to make the closing remarks before we end the call for today.

[Company Representative] (Symphony): Just one, two minutes? Excuse me.

2 minutes.

[Analyst] (Investec): Yes, sir. Just a couple of minutes if there's any last-minute question. Otherwise, I think we're good to go. Yes, sir, go ahead. I would request you to make the closing remarks.

Swapna Bhandarkar: Yes, sir. Just a couple of minutes if there's any last-minute question. Otherwise, I think we're good to go. Yes, sir, go ahead. I would request you to make the closing remarks.

Yes, sir. Just a couple of minutes if there's any last-minute questions. Otherwise, I think we're good to go.

[Company Representative] (Symphony): Okay. All right. Once again, thank you all for your participation and for the interest that you have shown in our company. We look forward to seeing all of you again next quarter. Thank you and have a great day. Bye-bye. Also thank you to Investec, as well as Aditya and Swapna, for organizing and coordinating this. Thank you.

[Analyst] (Investec): Thank you, sir. On behalf of Investec, my colleague Aditya, and Vidit and I thank the Symphony management for giving us the opportunity to host their earnings call. Thank you.

Swapna Bhandarkar: Thank you, sir. On behalf of Investec, my colleague Aditya, and Vineet and I thank the Symphony management for giving us the opportunity to host their earnings call. Thank you.

Yes, sir. Go ahead and I would request you to make the closing remarks, okay? All right, once again, thank you all for your participation and for the interest that you have shown in our company and we look forward to, um, you know, seeing all of you again next quarter. Thank you. And have a great day. Bye, bye. And also thank you to investigate, as well as other things working for organizing and coordinating with. Thank you.

Thank you, sir. And on, in behalf of investec, my colleague, Aditya and with it. And I thank the symphony, uh, management for giving us the opportunity to her host, their earnings call.

Thank you.

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Q1 2027 Symphony Ltd Earnings Call

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