Wikipedia:Articles for deletion/Symphony Limited


 * The following discussion is an archived debate of the proposed deletion of the article below. Please do not modify it. Subsequent comments should be made on the appropriate discussion page (such as the article's talk page or in a deletion review).  No further edits should be made to this page.

The result was keep. Yunshui 雲 水 10:39, 2 October 2018 (UTC)

Symphony Limited

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Alleged G11 article, with corresponding alleged company input in its creation, however the company itself may be notable enough to warrant an article. Listing here for community input. TomStar81 (Talk) 09:11, 15 September 2018 (UTC)
 * Note: This discussion has been included in the list of Companies-related deletion discussions.  CAPTAIN RAJU (T) 10:44, 15 September 2018 (UTC)
 * Note: This discussion has been included in the list of India-related deletion discussions.  CAPTAIN RAJU (T) 10:44, 15 September 2018 (UTC)

*Delete None of the references meet the criteria for establishing notability (intellectual independence) and fails ORGIND. Topic fails GNG and WP:NCORP.  HighKing++ 15:06, 20 September 2018 (UTC)
 * Speedy delete--That was a horrible decline.It is sheer self-sourced spam, edited by a bunch of conflicted SPAs. &#x222F; WBG converse 12:50, 15 September 2018 (UTC)
 * Delete - While (if true - I can't find any independent sources) the maker of the world's largest air cooler is probably worth an article, the existing one is pretty irredeemably bad. I'll try to improve it between now and deletion if I can find some time, but I won't pretend I'll be able to bring it up to standard on my own. Mockingbus (talk) 02:36, 20 September 2018 (UTC)
 * Comment I would say that in the case of the world's largest air cooler, the notability lies with the product, not the manufacturer.  HighKing++ 15:09, 20 September 2018 (UTC)
 * Comment That's fair. Symphony Limited would probably be a redirect in that case. Mockingbus (talk) 00:43, 22 September 2018 (UTC)

Keep per the significant coverage in multiple independent reliable sources. From Notability (organizations and companies) (my bolding): "There has been considerable discussion over time whether publicly traded corporations, or at least publicly traded corporations listed on major stock exchanges such as the NYSE and other comparable international stock exchanges, are inherently notable. Consensus has been that notability is not automatic in this (or any other) case. However, sufficient independent sources almost always exist for such companies, so that notability can be established using the primary criterion discussed above. Examples of such sources include independent press coverage and analyst reports. Accordingly, article authors should make sure to seek out such coverage and add references to such articles to properly establish notability." Analyst reports   The analyst report notes: "Symphony Limited manufactures and sells consumer durable products in India. The company provides domestic, commercial, and industrial air coolers across various models under the Symphony name. The company also provides storage and instant water heaters under the Sauna name. In addition, Symphony Limited holds intellectual property comprising 8 patents, 49 designs, 108 trademarks, and 7 copyrights. The company also exports its products to approximately 60 countries. It offers its products through a network of approximately 750 distributors and approximately 15,000 dealers across India. The company was formerly known as Symphony Comfort Systems Limited and changed its name to Symphony Limited in March 2010. Symphony Limited was founded in 1988 and is based in Ahmedabad, India. The Company’s subsidiaries include Sylvan Holdings Pte. Ltd., Singapore, (Sylvan) and Symphony Air Coolers Inc. USA. Sylvan." The analyst report also notes: "Symphony has increased prices in a range 5-15% in the month of September and if summers pan out well, we believe FY14 will be a good year for the Company as even exports have higher probability to rebound in coming year. With strong brand leadership, variable business model, large external opportunity and high ROI’s, we believe long term growth picture of Symphony remains intact. Given leadership position in the domestic air cooler industry (~ 30% market share), healthy growth track record (38% Revenue and PAT CAGR over FY08- FY13), strong growth potential, asset light business model, healthy return ratios – (>40% ROCE), robust operating & free cash flow generation, net cash balance sheet, healthy dividend payout and attractive valuations at 16.7x FY15E. At the current market price, the stock is trading at 17.6x its FY14E EPS of Rs. 23.0 and 14.5x its FY15E EPS of Rs. 27.8. We recommend ‘BUY’ on the stock with a target price of Rs. 500, arrived at 27.9x FY15E EPS which implies potential upside of ~24% to the CMP from long term (1 year) perspective." <li> The analyst report notes: "A successful business model adopted by Symphony, has worked wonders for the air cooler-maker, turning it into an asset-light, capital-light, zero- debt company; which has enabled the business to generate very high RoE (38.4%) and RoCE (51.7%) in FY15. Under this model, the company has been outsourcing its component and product manufacturing to OEMs with an established track record. This has left the company with adequate resources - people, time and cash - to concentrate on product design, development, value engineering, innovation, marketing, branding and distribution. Symphony’s intellectual property comprises of 8 patents, 49 designs, 108 trademarks and 7 copyrights. After acquiring MKE – Chinese company, Symphony will now additionally enjoy more than 80 Intellectual Property Rights (IPRs including 51 patents) with a large 3 year innovation pipeline. It has been the company’s strategy to keep on innovating new features and designs so frequently, that the oldest product of the company has the maximum age of 4 years."</li> <li> The analyst report notes: "4QFY16 results below estimates; Strong summer to drive sales in FY17 Sales growth in 4QFY16 fails to generate excitement: Symphony’s revenue (standalone) for 4QFY16 grew by 11% YoY to INR1,529m (vs. our estimate of INR1,719m), led largely by a volume growth of 9% YoY. Domestic revenue grew by 11% YoY, while exports rose by 10% YoY. EBITDA margin expanded by 710bp YoY to 37.9% on account of lower raw material prices, better operational efficiency and economies of scale. PAT for the quarter grew by 27% YoY to INR465m. According to the management, Symphony remains the leader in the air coolers market, though the growth for the quarter was below its expectation due to lower dealer off take."</li> <li> The analyst report notes: "Symphony is India’s leading evaporative air cooler manufacturer with a market share of ~55% (value terms) in the organised product category. Over the years, it has been able to create a strong brand name, which has become synonymous with air coolers in India. With its focus on R&D and innovations, the company constantly innovates in its products to enhance design, technology and post sales services. Symphony has launched more than one new model annually for six years. Over the years, it has established a robust distribution network comprising ~750 dealers (152 in 2007), ~16,500 retail dealers (3,308 in 2007) and ~4,500 towns (1430 in 2007). Also, the company has consistently invested in brand building through advertisement campaigns (~4% of sales over the last three years and ~6% during FY15), strengthening its brand recall."</li> <li> The analyst report notes: "We expect Symphony's consolidated Net Revenue and PAT to grow by 18.4% & 23.9% CAGR respectively over FY17-20E, led by robust demand outlook of organized air coolers market (Symphony is a market leader, commanding >50% market share) and company's efforts towards innovative launches, brand building initiatives and anticipated turnaround in the overseas operations. Volume growth would remain healthy. EBITDA margin expansion would continue on the back of new product launches in the premium category, operating leverage and better profits from subsidiaries. Premium valuations are justified, considering company's market leadership, its cash rich and debt free status, superior return ratios and high dividend payouts. We recommend BUY on the stock with revised target price of Rs 2,160."</li> <li> The analyst report notes: "Symphony posted healthy growth in standalone revenue in Q3FY18 (↑21% YoY) primarily on the back of robust growth in volumes despite being off-season due to inventory built-up by distributors. Notably around one-fourth of retail dealers have stocked-up products during the quarter. Further increase in prices on certain models by ~23% YoY and withdrawal of introductory prices on the Touch range of coolers launched last year also aided to the growth. The spurt in volumes was mainly due to the launch of six new models under two new range - Diamond and Silver which have received extremely strong response. Further the earlier launches under Cloud, Sense, and Touch models are also doing well."</li> <li> The analyst report notes: "Symphony posted disappointing 1Q performance on all fronts. Domestic revenue contracted by 41% (exp. 5% down) despite a favorable base (18% decline in 1QFY18). Standalone EBITDA/PAT was down by 95/79%. On the brighter side, subsidiaries (Mexico and China) revenues grew by ~10%. Erratic summer (two consecutive seasons) impacted the air cooler industry, with the branded market declining by ~15%. Weak consumer offtake led to carry forward of higher than normal inventory (for all players) to the new season. Symphony’s off-season (2QFY19 and 3QFY19) performance will be impacted by higher inventory. New product launches (‘tech-rich’) which are generally launched at the start of the season will now be delayed to FY20. ... Our bullishness on Symphony is based on (1) Rising demand for cooling products driven by growing disposable incomes, cheaper financing options and increasing up-country penetration of electricity, (2) A large unorganised air cooler market, (3) Untapped opportunities in RoW."</li> </ol>There is sufficient coverage in reliable sources to allow Symphony Limited to pass Notability, which requires "significant coverage in reliable sources that are independent of the subject". Cunard (talk) 05:07, 22 September 2018 (UTC) </li></ul>
 * There are numerous analyst reports about Symphony Limited at https://trendlyne.com/research-reports/stock/1341/SYMPHONY/symphony-ltd/Internet Archive. Cunard (talk) 05:07, 22 September 2018 (UTC)
 * The analyst reports from Ashika Stock Broking, Karvy Corporate, Motilal Oswal Group, ICICI Securities Limited, Religare, Geojit Financial Services, and HDFC securities are sufficient to establish notability per Notability (organizations and companies). Cunard (talk) 05:07, 22 September 2018 (UTC)


 * Comment: Thank you,, for declining the speedy deletion. The article was ineligible for db-spam because the spam content added by single-purpose accounts could have been removed (thank you for doing that) and there are earlier non-spam versions like this one.Cunard (talk) 05:07, 22 September 2018 (UTC)
 * , the latter version is non-spammy? &#x222F; <b style="color:#070">WBG</b> converse 08:05, 1 October 2018 (UTC)
 * This version of the article does not use promotional language so I consider it non-spammy. Cunard (talk) 06:52, 2 October 2018 (UTC)

<div class="xfd_relist" style="border-top: 1px solid #AAA; border-bottom: 1px solid #AAA; padding: 0px 25px;"> Relisted to generate a more thorough discussion and clearer consensus.
 * Keep As per the intellectually independent analyst reports as per Cunard above, more than enough references to meet WP:NCORP. <b style="font-family: Courier; color: darkgreen;"> HighKing</b>++ 12:55, 22 September 2018 (UTC)
 * Keep notable and popular company in India. The sources by Cunard are helpful in deciding the notability. WP:NCORP is satisfied. -- D Big X ray ᗙ  21:13, 22 September 2018 (UTC)
 * Delete - No independent sources to support the statement --Jay (talk) 14:23, 24 September 2018 (UTC)

Please add new comments below this notice. Thanks,  MBisanz  talk 00:58, 25 September 2018 (UTC)
 * Keep — AfD isn't cleanup, per sources provided by, this organisation does seem to qualify WP:NCORP. Regards, SshibumXZ (talk · contribs). 18:19, 26 September 2018 (UTC)
 * Oops, meant, not . Regards, SshibumXZ (talk · contribs). 18:20, 26 September 2018 (UTC)


 * Keep--Per Cunard and there exists other good sources too.Though, I would prefer a nuke and a de-novo start. &#x222F; <b style="color:#070">WBG</b> converse 08:03, 1 October 2018 (UTC)
 * Keep per the determined effort by Cunard. Sam Sailor 01:55, 2 October 2018 (UTC)


 * The above discussion is preserved as an archive of the debate. <b style="color:red">Please do not modify it.</b> Subsequent comments should be made on the appropriate discussion page (such as the article's talk page or in a deletion review). No further edits should be made to this page.