Symphony Limited's Board of Directors, at its meeting held on May 15, 2026, approved the audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2026. The statutory audit was conducted by B S R & Co. LLP, which issued unmodified audit reports. The board also approved a comprehensive strategic reset of its Australia business, including significant balance sheet impairments, the acquisition of intellectual property rights from its Australian subsidiary Climate Technologies Pty Ltd (CTPL), and the direct acquisition of Bonaire USA LLC.

FY26 Consolidated Financial Performance

The annual results reflect structural headwinds in the Australia business, including prolonged COVID-related disruptions, weakness in the housing and construction cycle, and the Victorian Government's ban on new gas connections effective January 1, 2024. These factors disproportionately impacted CTPL's legacy ducted gas heater portfolio. On a consolidated basis, the Group reported a net loss of ₹141 crore for FY26, compared to a net profit of ₹213 crore in FY25. The following table summarises the key consolidated financial metrics:

FY26 Standalone Financial Performance

On a standalone basis, Symphony reported revenue from operations of ₹765 crore for FY26, compared to ₹1,182 crore in FY25. Profit before exceptional items and tax stood at ₹164 crore versus ₹329 crore in the prior year. Exceptional items of ₹291 crore — primarily comprising impairment of investments in Climate Holdings Pty Limited (CHPL) amounting to ₹298.12 crore — resulted in a standalone net loss of ₹166 crore for FY26, against a net profit of ₹176 crore in FY25. The standalone Basic & Diluted EPS stood at ₹(24.20) for FY26 versus ₹25.57 in FY25.

Q4 FY26 Performance and Dividend

For the fourth quarter ended March 31, 2026, the company posted a consolidated profit before tax (before exceptional items) of ₹52 crore, down 53% from ₹110 crore in Q4 FY25. Consolidated revenue for the quarter declined to ₹338 crore from ₹488 crore in Q4 FY25. On a standalone basis, Q4 revenue stood at ₹199 crore versus ₹368 crore in Q4 FY25. The Board recommended a final dividend of ₹5 per share (face value ₹2), taking the total FY26 dividend to ₹9 per share (₹5 final + ₹4 interim paid during the year), aggregating to ₹61.80 crore.

Segment Performance

The Group operates two reportable segments: Air Cooling and Other Appliances, and Corporate Funds. For FY26, the Air Cooling and Other Appliances segment reported revenue of ₹1,158 crore versus ₹1,582 crore in FY25, while Corporate Funds contributed ₹34 crore against ₹41 crore in FY25. After accounting for exceptional items of ₹208 crore, the Air Cooling segment posted a loss before interest and taxes of ₹76 crore for FY26, compared to a profit of ₹250 crore in FY25.

Geographical Segment

Geographically, India contributed consolidated revenue of ₹684 crore in FY26 versus ₹1,065 crore in FY25, while the Rest of the World contributed ₹447 crore against ₹511 crore in FY25. The India segment reported a profit before exceptional items, interest, and taxes of ₹154 crore for FY26, while the Rest of the World segment reported ₹11 crore before exceptional items. After exceptional items of ₹215 crore, the Rest of the World segment recorded a loss of ₹204 crore for FY26.

Cash Flow Summary

On a consolidated basis, net cash from operating activities stood at ₹(81) crore for FY26, compared to ₹259 crore in FY25. Net cash from investing activities was ₹190 crore, supported by proceeds on sale of non-current investments of ₹147 crore. Net cash used in financing activities was ₹(94) crore, primarily on account of dividend payments of ₹82 crore. Cash and cash equivalents at the end of the year stood at ₹50 crore versus ₹35 crore at the beginning of the year.

Exceptional Items

The exceptional items for FY26 include multiple components at both standalone and consolidated levels. At the standalone level, the company impaired its entire investment in CHPL by ₹298.12 crore (FY25: ₹50.15 crore). Additionally, during the quarter ended December 31, 2025 and year ended March 31, 2026, the company recovered ₹8.50 crore from M/s Pathways Retail Pvt Ltd (against a prior-year write-off of ₹50.22 crore), which is presented as an exceptional item credit. An incremental liability of ₹1.40 crore as past service cost under the New Labour Codes (effective November 21, 2025) was also recognised as an exceptional item. At the consolidated level, exceptional items of ₹208 crore for FY26 include impairment of goodwill (₹173.09 crore), impairment of PPE and intangible assets (₹35.47 crore), severance costs (₹3.75 crore), and loss on asset disposal (₹2.30 crore), partially offset by the Pathways Retail recovery.

Australia Balance Sheet Reset

The Board approved a balance sheet reset to align legacy carrying values with the current operating reality of the Australia business. CTPL has recorded a cumulative standalone loss of approximately ₹60 crore over the last two years, including approximately ₹33 crore in FY 2025-26. In March 2026, Symphony infused A$25 million (₹165 crore) into its Australian holding company CHPL, of which A$20 million (₹132 crore) was used to fully prepay the acquisition loan at CHPL, making it long-term debt-free, while the remaining A$5 million (~₹33 crore) was applied toward reduction of CTPL's working capital borrowings. This reduced the Australian subsidiaries' annual interest burden by approximately ₹12 crore.

Standalone Financial Statement (₹ Crore):

*In addition, ₹50 crore already impaired in FY 2024-25.

Consolidated Financial Statement (₹ Crore):

Going forward, Symphony intends to transition CTPL to an asset-light operating model by appointing regional distribution partners who will directly import products from Symphony and its subsidiaries. The company has also stated that beyond the capital deployed for the IPR acquisition and Bonaire USA LLC acquisition, it does not intend to allocate incremental capital to the Australian subsidiaries.

Acquisition of CTPL's Intellectual Property Rights

The Board approved the acquisition of intellectual property rights — including patents, trademarks, and designs — owned, licensed to, or used by CTPL, covering key markets such as Australia, New Zealand, and the USA. The transaction is valued at A$3.3 million (₹23 crore), payable entirely in cash from Symphony's treasury, and remains subject to requisite regulatory approvals. CTPL will utilise the proceeds entirely toward prepayment of its working capital borrowings, reducing outstanding borrowings to approximately A$8.7 million (₹61 crore).

Acquisition of Bonaire USA LLC

The Board also approved the acquisition of 100% equity in Bonaire USA LLC (BUSA), Delaware, from CTPL, at an arm's length valuation of A$4.3 million (₹30 crore), funded entirely from Symphony's treasury. Upon completion, BUSA will become a direct wholly owned subsidiary of Symphony, separating the U.S. business from the legacy Australian holding structure. The acquisition is expected to be completed within 60 days, subject to customary and regulatory approvals. BUSA reported a turnover of US$ 5,117,991 for the financial year ended March 31, 2026, and has an established presence in leading U.S. retail channels including Home Depot, Lowe's, and Amazon. CTPL will use the proceeds to prepay its working capital borrowings, reducing them to approximately A$5.4 million (₹38 crore).

Board-Level Development

Based on the recommendations of the Nomination and Remuneration Committee, and subject to member approval, the Board reappointed Mr. Nrupesh Shah as Managing Director – Corporate Affairs for a further period of five years, effective November 1, 2026. Mr. Shah possesses over 38 years of professional experience in corporate affairs, strategic management, finance, accounting, legal, and secretarial matters. He joined Symphony in 1993 as Finance Controller and advanced to Executive Director by 2002. Mr. Shah is not related to any of the Directors of the Company.

Earnings Call Highlights

In the earnings conference call conducted on May 18, 2026, management provided insights into the financial performance and strategic initiatives. The capital employed in the core business on a consolidated basis stands at ₹384 crore, with a Return on Capital Employed (ROCE) of 34%. On a standalone basis, capital employed in Symphony India was ₹78 crore, translating into an ROCE of 149%. The total treasury as on March 31, 2026, stands at ₹287 crore after remitting and investing approximately ₹165 crore in Australia to repay loans.

Management highlighted that the Beyond India Summer Products (BISP) portfolio, which includes large space ventilated air cooling, tower fans, kitchen fans, and water heaters, constituted ₹558 crore of sales, or 49% of FY26 consolidated revenue. This diversification strategy aims to derisk the business. GSK China repaid ₹26 crore of loan to Symphony India during the year, reducing the outstanding loan to ₹4 crore, which is expected to be repaid in the next six months.

Regarding the Australia reset, management clarified that the entire equity investment of ₹348 crore (including ₹298 crore in FY26 and ₹50 crore in FY25) has been impaired. The company has ring-fenced the U.S. business by acquiring Bonaire USA equity for ~₹30 crore and IPRs for ~₹23 crore. The Board has decided that no further capital investment will be made to the Australian business. The U.S. business reported sales of approximately ₹45 crore in FY26, with profitability intact despite geopolitical issues.

Subsidiary performance for FY26 included IMPCO Mexico with revenue of ₹182 crore and EBITDA of ₹21 crore, and GSK China with revenue of ₹96 crore and EBITDA of ₹8 crore. Climate Technologies Australia reported a PAT of negative ₹11 crore before exceptional items. Management noted that the Australia business will transition to an asset-light model with distributors, reducing fixed costs to approximately ₹500,000 to ₹600,000 per month.

Earnings Call Recording

In compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Symphony informed the exchanges that the audio recording of the Q4 and FY26 earnings call, held on May 18, 2026, is now available on its official website. The disclosure was signed by Mayur Barvadiya, Company Secretary and Head - Legal.

Symphony Limited has informed the stock exchanges of its scheduled interactions with institutional investors and analysts, to be held on Wednesday, May 20, 2026, in Mumbai. The meetings are being conducted in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and have been disclosed under Regulation 30. The company's management will participate in both one-on-one and group meeting formats as part of a Non-Deal Domestic Roadshow.

Meeting Details

The following table outlines the key details of the scheduled investor interactions:

Disclosure and Compliance

Symphony Limited has stated that the presentation to be made by the management at the said meetings has already been placed on the company's website at www.symphonylimited.com . Full details of the meeting, as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, have also been uploaded to the company's website. The company has explicitly confirmed that no unpublished price-sensitive information will be shared during the meetings or calls.

The company has also noted that the date and place of the meetings are subject to change, and that meetings or calls may be postponed or cancelled by either the investor or the company due to exigencies. The disclosure was signed by Mayur Barvadiya, Company Secretary and Head - Legal, on May 16, 2026.