Symphony

Symphony Limited received a consolidated penalty order of ₹21.05 crores from the Commissioner, Central GST and Central Excise Commissionerate, Daman, related to Show Cause Notices for valuation disputes from 2012-2017. The company plans to challenge the order through CESTAT appeal, citing previous favorable rulings in identical matters and external legal advisors' opinion that the findings lack substantive merit.

Symphony Limited reported a challenging second quarter with standalone revenue falling to ₹155 crores from ₹259 crores in the previous year. EBITDA dropped to ₹27 crores from ₹72 crores, while profit after tax declined to ₹28 crores from ₹67 crores. The company attributed the poor performance to an exceptionally weak summer season in 2025, contrasting with the phenomenal summer of 2024. Despite the quarterly decline, management noted that the first six months still represented the third-highest performance in company history. The air cooler industry experienced substantial degrowth across all players. Symphony's round-the-year product portfolio, including tower fans, kitchen cooling fans, water heaters, and exports, contributed 21% of quarterly revenue and 26% of trailing 12-month revenue. Channel inventory levels remain slightly higher than normal due to reduced sales, though management expects normalization as the season approaches. The company launched 9 new air cooler models in the AirForce range targeting mass and rural markets, along with 8 new water heater models. Symphony's treasury stands at ₹577 crores as of September 30, 2025, compared to ₹685 crores previously.

Symphony Limited's Board of Directors declared an interim dividend of ₹1.00 per equity share (50% on face value of ₹2.00 each) for financial year 2025-26 at their meeting held on November 6, 2025. The dividend will be payable to shareholders whose names appear in the Register of Members on the record date of November 12, 2025. Payment will be made through electronic credit to registered bank accounts, with demand drafts sent to registered addresses for shareholders without registered bank details. The company has issued detailed guidelines regarding Tax Deduction at Source (TDS) provisions following the abolition of Dividend Distribution Tax. TDS rates vary based on shareholder categories - 0% for SEBI-registered mutual funds and certain AIFs, 10% for other resident shareholders (with exemptions for dividends below ₹10,000 annually), and 20% for non-resident shareholders including FPIs and FIIs. Shareholders must ensure their residential status, PAN, category details, email, and address are updated by the record date. Required documentation for tax exemptions must be submitted to the company's registrar by November 12, 2025.