Symphony Limited has officially confirmed the resignation of Mr. Amit Kumar from his position as Executive Director and Group CEO, with the resignation taking effect from the close of business hours on March 27, 2026. The company had initially notified the stock exchanges about this development on January 28, 2026.

Resignation Details

The resignation announcement provides comprehensive details about the leadership transition:

Reason for Departure

In his resignation letter dated January 27, 2026, addressed to the Board of Directors, Kumar stated his intention to move on and pursue other interests and opportunities. The resignation was described as being on a mutually agreed date following discussions with the company's leadership.

Impact on Board Committees

Following his resignation from the Board, Kumar will also cease to hold membership in the Risk Management Committee of the Board with immediate effect. This represents a complete severance of his formal roles within the company's governance structure.

Acknowledgments and Transition

In his resignation letter, Kumar expressed gratitude to the company's leadership, specifically thanking CMD Achalbhai and MD Corporate Affairs Nrupeshbhai, along with the entire Board for their trust, support, and guidance during his tenure. He committed to fully supporting the transition process as required by the Board and wished continued success to the company and its leadership.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015. The company has submitted the necessary documentation to both the National Stock Exchange of India Limited and BSE Limited, ensuring full regulatory compliance for this significant leadership change.

Symphony Limited has made a strategic investment of AUD 25 million (approximately ₹165 crores) in its wholly owned Australian subsidiary Climate Holdings Pty Limited (CHPL) on March 27, 2026. The investment represents a significant step in the company's debt rationalization strategy for its Australian operations.

Investment Allocation and Purpose

The AUD 25 million equity infusion will be strategically allocated to address the debt structure of Symphony's Australian subsidiaries:

The investment is fully funded through Symphony's surplus treasury, reflecting the company's strong financial position and strategic capital allocation approach.

Treasury Optimization Strategy

Symphony's decision stems from a comprehensive treasury optimization initiative. The company generated optimal returns on treasury investments supported by favorable monetary policy measures by the Reserve Bank of India during the investment period. With forward yields on these instruments now falling below the borrowing costs of Australian subsidiaries, Symphony undertook measured redemption of such investments.

The strategic reallocation is particularly timely given the recent cumulative 50 basis point policy rate hikes by the Reserve Bank of Australia in 2026, making the prepayment of higher-cost financing more attractive.

Australian Operations Transformation

Climate Holdings was incorporated in June 2018 to facilitate the acquisition of Climate Technologies Pty Ltd (CTPL) and its U.S. subsidiary Bonaire USA LLC. Over the years, Symphony undertook comprehensive transformation of Australian operations, including:

• Transition to asset-light model
• Expansion of product offerings and distribution reach
• Substantial reduction in Cost of Doing Business (CODB)

The transformation pace was moderated by external factors including COVID-related disruptions, housing-led macroeconomic weakness, and regulatory changes affecting gas-based ducted heating products in Victoria.

Financial Impact and Balance Sheet Changes

Following the Board's decision in January 2026 to roll back the divestment process due to valuation and strategic considerations, this capital allocation addresses residual financial issues of Australian subsidiaries. Upon completion, CHPL will be completely long-term debt-free, while CTPL's working capital borrowings will reduce to approximately AUD 14 million (₹92 crores).

*Net of provision for impairment (₹50 crores) in March 2025 quarter
^Considering forex rate as on 31/12/25

Company Profile and Performance

Climate Holdings maintains a paid-up share capital of AUD 33,400,000 divided into 33,400,000 equity shares of AUD 1 each. The subsidiary reported consolidated turnover of AUD 31,511,258 for the financial year ended March 31, 2025.

The company's recent financial performance shows:

Symphony remains committed to undertaking further strategic measures to reduce residual working capital borrowings at CTPL, demonstrating its long-term commitment to optimizing the Australian operations' financial structure.