From a Humble Cooler in Ahmedabad to the World’s Comfort Specialist
The sweltering heat of Ahmedabad, a simple yet powerful idea was born, That idea didn’t just become a product, it became Symphony Limited, a company that would one day redefine comfort for millions.
Company Overview – Symphony Limited
Fast forward to today, and that small idea has grown into a global powerhouse. Symphony Limited is now the world’s largest air cooler manufacturer, with a presence in 60+ countries and six international subsidiaries. From cozy homes to massive warehouses, Symphony’s range of residential, commercial, and industrial coolers keeps the world breathing easier.
As of 9M FY25, Symphony has sold more than 27.5 million coolers worldwide, powered by a robust innovation engine—featuring 55+ patents, 97+ designs, and 417+ trademarks. The company earns a whopping 97% of its revenue from coolers alone, proving its unmatched dominance in the category.
FY25 was a milestone year: Symphony clocked ₹1,576 crore in revenue, riding on the back of a hot Indian summer, strong rural demand, and an international revival. But the Symphony isn't stopping in summer anymore. With the launch of BLDC coolers, tower fans, kitchen fans, and even storage water heaters, it's evolving into a year-round comfort solutions brand.
In short, Symphony isn’t just cooling homes—it’s creating a world where comfort meets innovation, every single day.
PRODUCT PORTFOLIO
NEW PRODUCT LAUNCHES
BLDC Technology Coolers-: Symphony introduced coolers with Brushless Direct Current (BLDC) motors, which consume up to 60% less energy than conventional motors. These are quiet, durable, and super efficient, perfect for today’s energy-conscious consumers.
Double Decker Air Cooler-: A unique innovation with two levels of airflow, this model ensures stronger and more uniform cooling—ideal for larger spaces or rooms with uneven temperature zones. It’s a cooling revolution in design and functionality.
Tower & Personal Cooling Fans-: Marking Symphony’s entry into year-round cooling, these sleek fans are designed for non-summer months too. Stylish, compact, and space-efficient—they offer cooling without the bulk.
Kitchen Cooling Fans-: Hot kitchens? Not anymore. Symphony introduced India’s first kitchen-specific fans—compact, steam-resistant, and tailored to make cooking more comfortable.
Storage Water Heaters-: Venturing into the water heating category for the first time, Symphony launched heaters that blend energy efficiency with fast heating—a smart cross-season move to reduce seasonality in revenue.
Manufacturing Overview – Symphony Limited
Symphony operates with a lean yet globally integrated manufacturing model, blending in-house capability with outsourced partnerships to stay agile and cost-efficient.
India Operations-: The company has one owned manufacturing facility in India, supported by 25 offices across the country. This is complemented by a strong OEM partner network, enabling flexible and scalable production to meet seasonal surges.
Global Manufacturing Presence-: Internationally, Symphony runs four manufacturing plants through its subsidiaries across Mexico, China, Brazil, and Australia. While there are no standalone overseas office locations, operations are managed via six subsidiaries strategically placed to cater to regional markets.
Asset-Light Global Strategy-: Symphony follows an asset-light “Symphonize” model, where global production is efficiently distributed. For instance, large venti-coolers are made in Mexico and China and exported worldwide, while product innovation and R&D are shared across locations.
Strategic Focus-: The company is increasingly localizing manufacturing to reduce lead times, manage logistics, and control working capital. This includes shifting more accessory and product production to India for domestic supply.
Innovation-Led Production-: Symphony’s plants focus on ESG-compliant, energy-efficient designs using its in-house R&D teams spread across India, China, Australia, and Mexico. These teams drive innovation like BLDC coolers, kitchen fans, and double-decker coolers, balancing sustainability with performance.
Symphony’s Global Subsidiaries – Expanding Cool Comfort Worldwide
Symphony has strategically built a global footprint by acquiring or setting up subsidiaries across key international markets. These subsidiaries not only expand reach but also support product innovation, regional customization, and diversification beyond India’s seasonal demand.
FINANCIALS
FUTURE OUTLOOK
Strong Growth Momentum to Continue-: Symphony crossed the ₹1,500 crore revenue mark for the first time in FY25 and aims to build on this momentum with further growth from both India and global markets.
Focus on Domestic Leadership & Rural Expansion-: The company is doubling down on semi-urban and rural market penetration, which contributed significantly to FY25’s growth. More towns will be added to ensure Symphony is the first brand buyers see in retail shelves.
New Product Categories to Drive Year-Round Revenue-: With launches like tower fans, kitchen fans, and water heaters, Symphony is moving beyond seasonality, aiming to become a 365-day appliance brand.
Innovation-Led Differentiation-: The launch of 17 new models in FY25 and heavy R&D investments (with 55+ patents) will continue. Products like BLDC coolers and Double Decker air coolers show its focus on energy efficiency and uniqueness.
Global Subsidiaries Set to Perform Better-: Subsidiaries like IMPCO Mexico and GSK China are now profitable and growing fast. The company expects international revenue to become more profitable and less weather-dependent going forward.
Risk And Strengths
If you an investor who keeps looking for such analysis on small & mid cap stocks, you can join our Emerging Titans model portfolio where we share detailed reports on such ideas.
We are SEBI registered Research Analyst (with Registration No. INH000019789)
Disclosure
This article is for educational purposes only and does not constitute investment advice. Readers should consult a SEBI-registered advisor before making investment decisions.
Standard warning
"Investment in securities market are subject to market risks. Read all the related documents carefully before investing.“
Disclaimers
"Registration granted by SEBI, enlistment with RAASB and certification from NISM in no way guarantee performance of the Research Analyst or provide any assurance of returns to investors."
I’m just wondering what would be its market share in the RAC segment?
Amber is 59%, Epack is 31%, PGEL was 8% last I saw, hardly anything left?
On the contrary if it’s vertically expanding, why isn’t it expanding into compressors which is an actual need of the hour?
How are the ROCEs so good? Others RAC non branded manufacturers can hardly cross 20%, what’s the sauce here? Or are they trading too?
Just an inquisitive reader, don’t have any personal holdings