Revenue and Profitability Trends
Over the seven-year period ending March 2025, Symphony's net sales have shown a consistent upward trend, rising from ₹844 crores in 2019 to ₹1,256 crores in 2025. Despite a slight dip in 2020, likely influenced by broader economic factors, the company rebounded strongly, surpassing the ₹1,200 crore mark in the latest fiscal year. Total operating income mirrored this growth, reflecting the absence of other operating income throughout the period.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income improved significantly, reaching ₹296 crores in 2025 from ₹132 crores in 2019. When including other income, operating profit rose to ₹340 crores in 2025, up from ₹171 crores six years prior. This improvement is also evident in the operating profit margin, which expanded to 23.57% in 2025 from 15.64% in 2019, indicating enhanced operational efficiency.
Profit after tax (PAT) followed a positive trajectory, increasing from ₹91 crores in 2019 to ₹211 crores in 2025. The PAT margin similarly improved, reaching 16.8% in the latest fiscal year compared to 10.78% in 2019. Earnings per share (EPS) reflected this growth, rising from ₹13.14 in 2019 to ₹30.43 in 2025, signalling stronger returns for shareholders.
Our latest weekly pick is live! This Large Cap from Diamond & Gold Jewellery comes with clear entry and exit targets. See the detailed report with target price now!
- - Clear entry/exit targets
- - Target price revealed
- - Detailed report available
Cost Structure and Expense Management
Symphony's expenditure profile reveals a strategic shift in raw material costs, which decreased markedly from ₹248 crores in 2019 to ₹44 crores in 2025. Conversely, the purchase of finished goods increased substantially, reaching ₹630 crores in 2025 from ₹221 crores in 2019, suggesting a possible change in sourcing or production strategy. Employee costs remained relatively stable, fluctuating modestly around ₹100-124 crores over the years.
Selling and distribution expenses rose steadily, reflecting the company's expanding market reach, climbing from ₹33 crores in 2019 to ₹95 crores in 2025. Other expenses also increased but at a controlled pace, indicating disciplined cost management amid growth. Total expenditure excluding depreciation rose from ₹712 crores in 2019 to ₹960 crores in 2025, consistent with the company's revenue expansion.
Balance Sheet and Financial Position
Symphony's shareholder funds have grown from ₹639 crores in 2020 to ₹761 crores in 2025, underscoring a strengthening equity base. The company has notably reduced its long-term borrowings to zero by 2025, down from ₹139 crores in 2021, signalling a focus on deleveraging. However, short-term borrowings increased to ₹128 crores in 2025, reflecting a shift in financing structure.
Total liabilities rose moderately to ₹1,286 crores in 2025 from ₹1,064 crores in 2020, while total assets increased to ₹1,286 crores in 2025 from ₹1,064 crores in 2020, maintaining balance sheet stability. The book value per share adjusted for equity stood at ₹110.79 in 2025, up from ₹91.38 in 2020, indicating enhanced net asset value per share.
Cash Flow and Liquidity
Cash flow from operating activities showed a robust increase, reaching ₹258 crores in 2025 compared to ₹156 crores in 2020, reflecting improved cash generation capabilities. Investing activities fluctuated, with a negative cash flow of ₹41 crores in 2025 following a positive inflow in 2024, indicating ongoing investment cycles. Financing activities consistently showed outflows, with ₹223 crores in 2025, largely due to debt repayments and other financing adjustments.
Net cash inflow/outflow remained close to neutral in recent years, with a slight outflow of ₹6 crores in 2025, suggesting prudent liquidity management. Closing cash and bank balances stood at ₹35 crores in 2025, down from ₹67 crores in 2022 but still maintaining a comfortable liquidity buffer.
Symphony or something better? Our SwitchER feature analyzes this Smallcap Electronics & Appliances stock and recommends superior alternatives based on fundamentals, momentum, and value!
- - SwitchER analysis complete
- - Superior alternatives found
- - Multi-parameter evaluation
Summary of Historical Performance
In summary, Symphony has exhibited a commendable financial performance over the past several years. The company has steadily increased its revenue base while enhancing profitability margins, reflecting operational improvements and effective cost control. The reduction in long-term debt alongside a stable equity base points to a healthier financial structure. Cash flow trends further support the company’s ability to sustain operations and invest in growth opportunities.
Investors observing Symphony's historical data will note the consistent rise in earnings per share and book value, which are key indicators of shareholder value creation. While certain expense categories have shifted, the overall expenditure management has supported margin expansion. The company’s liquidity position remains adequate, with positive operating cash flows and manageable financing outflows.
These factors collectively suggest that Symphony has maintained a stable and improving financial profile, positioning it well for future growth prospects in the competitive electronics and appliances sector.
Get 2 full years of MojoOne Premium for only Rs. 12,999. Subscribe for 1 year and we'll add another year FREE. Offer valid for a limited time. Start Saving Now →
