Singer India Ltd

Financial Performance

• Ql revenue grew 57% to Rs. 144.S crores
• PBT up 225% to Rs. 4 crores
• EBITDA up 330% to Rs. 5.5 crores
• Sewing Machines growth 74% in Q1
• Zigzag Machines grew >20% in Q1
• E-commerce growth >5% in Q1
• Appliances revenue up ~15% in Q1
• Fans business grew ~61% in Q1

Operating Update

• Sewing Machines: trade channel up >25% in Q1
• ZigZag Made in India range launched in Jammu factory
• Appliances: EPR impact; revenue growth driven by trade, e‑commerce, and fans
• New Bhiwadi factory progressing; pilot production in H2

Balance Sheet and Cash Flow

• Operating cash before WC changes: Rs. 4.35 crores
• Closing cash balance: Rs. 58 crores
• Inventory build-up: Rs. 32 crores
• Advances: ZigZag Rs. 14.3 crores; Industrial Rs. 4 crores
• Advance payments: 30% upfront; rest on Bill of Lading
• Surplus cash as on 31 Mar 2026: ~Rs. 100 crores

Capex and Projects

• Bhiwadi factory: initial capacity 10,000+ per month
• Factory approach: asset-light, staged Capex; in-house plans later
• ZigZag machines manufactured domestically; ramp-up ongoing

Guidance and Outlook

• Appliances EBIT breakeven target: next year
• Dividend policy: board decision; management unavailable to comment this fiscal

Q&A Highlights

• IS 15449 BIS: Singer compliant; ZigZag machines manufactured as per new standards
• Kendriya Bhandar order value not disclosed; volume expansion possible
• EPR cost in quarter: Rs. 1.2 crores; appliances profitability impacted
• Exports not planned in near term; India focus with SVP Global understanding
• Capacity and inorganic growth: open to opportunities; asset-light factory build path
• Current product mix: ZigZag ~20%; Black sewing machines ~50%; Industrial ~30%

Business overview

• SIL operates Sewing Products and Home Appliances segments with a 175-year legacy.
• Made-in-India product launches and pan-India distribution bolster growth.
• Two core segments: Sewing Products and Home Appliances.
• Strong service network: 450+ centers, 21 exclusive stores, 6,500 dealers.

Operational highlights

• Q1 FY27 revenue Rs 144.6 Cr, up 56.9% YoY.
• Sewing machines growth >70% YoY; trade channel >25%; e-commerce >55%.
• AZZ and cast-iron machine categories grew ~70%+, boosting sewing margins.
• Appliance segment grew ~15% YoY; expanding product categories.
• New Made-in-India product launches across sewing and appliances.
• Fan category growth >60% due to new line-up and distribution expansion.
• E-commerce growth: sewing >55%, appliances >25%.
• Gross margins sustained despite commodity inflation via pricing and cost optimization.
• Industrial machine gross margins up 15% in Q1.
• SGA expense up Rs 6.3 Cr; SGA% of revenue declined to 25%.
• Organization strengthened with frontline sales onboarding; reduced modern-trade reliance in appliances.

Financial performance

• Q1 FY27 revenue Rs 144.6 Cr, up 56.9% YoY.
• Q1 gross margin 39.8%; EBITDA Rs 5.5 Cr; PAT Rs 3.0 Cr.
• FY2026 revenue Rs 557.3 Cr; YoY growth 29.1%.
• FY2026 EBITDA Rs 21.5 Cr; PBT Rs 18.1 Cr; PAT after ESOP Rs 12.8 Cr.

Capital structure & liquidity

• No interest-bearing borrowings.
• Cash and cash equivalents Rs 83 Cr; current ratio 2.33.
• Promoter stake 30.49%; public 69.51%.
• Listed on BSE and NSE from March 2026; market cap Rs 4.39 bn.

Strategic priorities & outlook

• Portfolio expansion in sewing and appliances; Made-in-India lines.
• Expand e-commerce with new categories and promotions.
• Strengthen distribution: 10,000+ retailers; 450+ service points pan-India.
• Maintain margin discipline via pricing and cost optimization.

Governance & leadership

• Promoter stake 30.49%; public 69.51%.
• BSE/NSE listing achieved March 2026; market cap Rs 4.39 bn.
• Board includes Rakesh Khanna (Executive MD) and independent directors.

Deviation status and fund utilisation

• Purpose: No deviation or variation in utilization of preferential issue proceeds.
• Mode of fund raising: Preferential Issue; Amount raised: Rs 4.49 crore.
• Monitoring agency: Not Applicable; Audit Committee: Not Applicable; Auditors: Not Applicable.
• Utilisation status: Partly utilised; remaining funds unutilised.
• Audit committee comments: Not applicable.

Financials

• Revenue from operations: Rs 14,455 lakhs in quarter ended 30 Jun 2026.
• Total income: Rs 14,647 lakhs; QoQ decline from Rs 16,855.
• Profit before tax: Rs 404 lakhs; tax expense: Rs 104 lakhs.
• Total comprehensive income: Rs 295 lakhs for the quarter.
• Unaudited results approved by Board on 12 Aug 2026; Limited Review Report unmodified.

Segment performance

• Segment revenue: Sewing machines & related accessories Rs 11,504 lakhs; Domestic appliances Rs 2,951.
• Total segment revenue: Rs 14,455 lakhs; segment PBT Rs 964 lakhs.
• Unallocated items: finance costs Rs 14 lakhs; depreciation Rs 68 lakhs; unallocated other expenses Rs 616 lakhs.

Dividends & equity actions

• Final dividend Rs 0.40 per equity share; AGM 7 Aug 2026.
• ESOP 2023: up to 3.6 million options; vested 2.14375m; exercised 0.4625m; expired 0.0625m; rest pending.

AGM details

• Date and time: August 7, 2026, 1:30 PM IST.
• Mode: VC/OAVM convened via video conferencing and other AV means.
• Record date/cut-off: July 31, 2026.
• Remote e-voting: Aug 4–6, 2026; unblocked at conclusion.

Resolutions put to vote

• Adoption of Audited Financial Statements and reports.
• Declaration of final dividend on equity shares.
• Reappointment of Gavin John Walker, retire-by-rotation director.

Voting outcomes

• All resolutions passed with overwhelming support.
• No material dissent observed in voting.

Dividend details

• Final dividend approved; per-share amount not disclosed in filing.

Director changes

• Gavin John Walker reappointed; retires by rotation.

Documents available for inspection

• Registers and all other documents referred in the Notice were open for inspection electronically during the AGM.

Resolution and outcome

• Special resolution approved remuneration for Mr. Rakesh Khanna (EVC and MD) with 99.98% in favour.
• Total votes: 25,118,074; 161 members; 4,693 against; 0 abstained.
• Postal ballot period: June 26 to July 25, 2026; record date June 19, 2026.

AGM Details

• AGM: 48th on Aug 7, 2026 at 1:30 PM IST via VC/OAVM.
• Deemed venue: registered office address.
• Record date: July 31, 2026.
• Remote e-voting: Aug 4–6, 2026, 09:00–17:00 IST.
• Share transfer books closed: Aug 1–7, 2026.

Key Resolutions

• Ordinary: adopt Audited financial statements for year ended Mar 31, 2026.
• Ordinary: declare final dividend of Rs 0.40 per equity share.
• Ordinary: re-appoint Gavin John Walker as director, retiring by rotation.

Dividend Proposal

• Final dividend proposed: Rs 0.40 per share; payable within 30 days after approval.

Director Changes

• Gavin John Walker to be re-appointed; non-executive, non-independent; retires by rotation.