ICICI Direct has given Hold recommendation for Symphony with a target price of Rs. 1050 in its research report issued on Jul 27, 2021

ICICI Direct’s research report on Symphony

Symphony is the world’s largest manufacturer of air coolers with a presence in over 60 countries and provides air cooling products in the residential, industrial and commercial segments.Symphony is the market leader in the air-cooling business with a strong distribution network of ~30,000+ dealers, ~1000+ distributors and ~1000+ authorised service centres across the country  Asset light business model with strong RoE and RoCE of ~20% and ~21%, respectively (average in the past three years)


We maintain our HOLD rating on the stock  We value Symphony at Rs 1050 (33x P/E on FY23E EPS).



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