Symphony PAT +26% YoY to ₹24 Cr, but margins compress; gain mostly one-off

Symphony's consolidated PAT came in at ₹24 Cr for Q2 FY27 (quarter ended September 2026), up 26.3% from the ₹19 Cr originally reported a year ago, on consolidated revenue of ₹275 Cr (+68.7% YoY from ₹163 Cr). This filing also carries its own restated Q2 FY26 comparative — ₹210 Cr revenue and ₹17 Cr PAT — after the board reversed a planned divestment of CHPL (Australia) and IMPCO (Mexico) and pulled them back from 'held for sale' into continuing operations; measured against that apples-to-apples base, YoY growth is a more modest +31% revenue and +41% PAT. Sequentially both lines fell sharply — revenue -27.2% and PAT -40% QoQ from Q1 FY27's ₹378 Cr/₹40 Cr — but that is the normal seasonal cadence for an air-cooler-led portfolio (Q1 captures peak summer demand, Q2 tapers off), not a sign of deterioration. Standalone (India) PAT was ₹29 Cr on ₹170 Cr revenue, up a comparatively modest 3.6%/9.7% YoY — consolidated growth is being driven almost entirely by the international business.

The reported PAT also includes a ₹6 Cr exceptional gain — recovery against a previously written-off M/s Pathways Retail Pvt Ltd receivable (part-recovery of a ₹50.22 Cr FY25 write-off) — absent in the year-ago quarter. Stripping it out, adjusted PAT is roughly ₹18 Cr against last year's ₹19 Cr — essentially flat, not the +26% reported headline. Margins back this up: consolidated net margin eased to 8.6% from 10.2% in Q1 FY27 and 10.8% a year ago, while operating margin (pre-exceptional PBT/total income) slipped to ~11.5% from 12.2% and 14.7% respectively, consistent with the cost/geopolitical pressure management flagged last quarter. The squeeze is not uniform by geography: India's pre-exceptional PBIT fell to ₹30 Cr from ₹38 Cr a year ago even as India revenue grew 12.6% (₹161 Cr vs ₹143 Cr), while the Rest-of-World segment swung to a ₹3 Cr profit from a ₹12 Cr loss — the Mexico-led recovery management had guided to after 'two mild summers.'

The stock went into the print at ₹540.7, down 8.5% over the past month of trading.

Management's Q1 FY27 call gave no numeric FY27 revenue target but flagged near-term margin pressure, a 'robust' FY27 for Mexico, and weather-dependent US growth — all three show up in this print, so the quarter reads as a 'met' against guidance rather than a beat or miss. No verifiable street consensus estimate for this specific quarter was found, so vsStreet is unknown rather than assumed; no separate management press release accompanied this filing to cross-check company framing beyond the result notes. Alongside the result, the board declared a second interim dividend of ₹2/share (record date November 4, 2026), a continuation of its dividend cadence rather than a reaction to this quarter specifically.