Company Overview

Singer India Limited (SIL) operates in two major business segments: Sewing Products (under brand names Singer & Merritt) and Home Appliances (under brand name Singer). The company has 455 service points pan-India, including over 225 home appliances service providers and over 230 sewing service providers (including 80 sewing machine walk-in centers). SIL is a widely held company with its equity shares listed on BSE since 1982 and on NSE since 19th March 2026. Market capitalization was INR 4.39 billion as of 30th June 2026. Promoter holding (Retail Holdings (India) B.V. Netherlands) stands at 30.49%, with public holding at 69.51%.

Q1 FY 2026-27 Performance Overview

Financial Performance:

  • Revenue from operations: ₹144.6 Cr (up 56.9% YoY from ₹92.1 Cr)
  • Gross margin: ₹39.8 Cr (up 52.0% YoY from ₹26.2 Cr)
  • EBITDA: ₹5.5 Cr (up 330.0% YoY from negative ₹2.4 Cr)
  • PBT: ₹4.0 Cr (up 224.7% YoY from negative ₹3.2 Cr)
  • PAT: ₹3.0 Cr (up 227.1% YoY from negative ₹2.4 Cr)

Operational Performance:

  • Sewing machine category grew >70% in Q1 vs previous year
  • Trade channel grew >25% in Q1
  • E-commerce channel grew >55% in Q1 due to market share gain and product expansion
  • Cast iron sewing machine category grew significantly by around 95% in Q1
  • AZZ sewing machines continued growth with >20% in Q1
  • Appliance segment reported business growth of 15% during Q1 vs LYQ1
  • Fan segment grew by >60% in Q1 due to new line-up and distribution expansion
  • E-commerce appliance segment grew by >25% in Q1

Margin Analysis:

  • Growth in AZZ and cast-iron machine category of >70% over previous year resulted in higher profit in sewing machine segment
  • Improved gross margin across categories and channels contributed to growth
  • Industrial machine gross margins improved by 15% in Q1
  • Despite commodity price inflation, gross margins sustained through strategic price positioning and cost optimization
  • Reduced dependence on low-margin modern trade channel to sustain overall profitability in appliances segment
  • SGA expenses increased by ₹6.3 Cr absolutely but reduced as percentage of revenue from 32.5% LYQ1 to 25.0% TYQ1 due to organizational strengthening initiatives

New Product Launches

Singer India launched seven new 'Made in India' sewing machine models in Q1 FY27:

  • FM 1307: Top-load bobbin system, automatic needle threader
  • FM1310: 4-step buttonhole, adjustable stitch length dial, front-loading bobbin mechanism
  • FM 4323: 40W BLDC Motor, heavy duty build for denim and canvas
  • FM 3432: 32 built-in stitches, independent length and width dials, automatic needle threader
  • FM 1410: Length adjustment control, front-loading bobbin system, 5mm maximum stitch width
  • FM 3323: Auto needle threader, stitch length & width adjustment, 80W motor for heavy fabrics
  • FM 3532: 32 built-in stitches (76 functions), 70W motor

Additionally launched:

  • Strom 24'' Fan: Aesthetic sleek blade, superior paint finish, double ball bearing motor
  • Nutrio Mixer: 3-speed control with pulse, overload protection, auto shut-off, advanced cooling system

Strategic Growth Drivers

  • Expansion of e-commerce channel with new product launches
  • Portfolio expansion in highest selling sewing machine ranges
  • Introduction of new portfolio in high growth potential appliance categories
  • Dealer engagement initiatives and schemes strengthened trade channel performance
  • Distribution expansion for fan segment
  • E-commerce focused product portfolio and strategic promotional initiatives

Financial Summary - Historical Trends

Five-Year P&L Trend (₹ Crores):

| Year | Revenue | Revenue Growth | Gross Margin | Gross Margin Growth | EBITDA | EBITDA Growth | PBT | PBT Growth | PAT | PAT Growth |

| 2026 | 557.3 | 29.1% | 149.5 | 21.7% | 21.5 | 70.0% | 18.1 | 79.9% | 13.3 | 79.9% |

| 2025 | 431.7 | 1.5% | 122.9 | 15.4% | 12.6 | 38.7% | 10.0 | 63.8% | 4.7 | 64.3% |

| 2024 | 425.4 | -7.6% | 106.5 | 4.5% | 9.1 | 44.1% | 6.1 | 65.0% | 4.5 | 50.5% |

| 2023 | 460.3 | 1.6% | 102.0 | 0.8% | 6.3 | -50.3% | 3.7 | -61.6% | 3.0 | -61.0% |

| 2022 | 453.0 | 9.3% | 101.2 | 3.6% | 12.7 | -38.9% | 9.7 | -39.8% | 7.7 | -27.7% |

Exceptional Items:

  • FY2026: Expense of ₹0.73 Cr (net of tax ₹0.54 Cr) relating to impact of labour code changes
  • FY2023: Income of ₹7.24 Cr (net of tax ₹5.33 Cr) on sale of surplus idle land at Jammu facility

ESOP Scheme:

The company introduced an Employee Stock Option (ESOP) scheme in FY2024 in accordance with Ind AS 102. ESOP expense of ₹2.37 Cr (previous year: ₹4.20 Cr) recognized in employee benefits, after tax impact of ₹1.74 Cr (previous year: ₹3.09 Cr).

Balance Sheet Summary - 5 Year Trend

Key Balance Sheet Items (₹ Crores):

| Year | Trade Receivables | Inventory | Other Current Assets | Non-current Assets | Trade Payables | Other Current Liabilities | Shareholders' Equity |

| 2026 | 39 | 105 | 22 | 41 | 69 | 38 | 178 |

| 2025 | 45 | 105 | 13 | 15 | 52 | 28 | 159 |

| 2024 | 35 | 100 | 13 | 10 | 76 | 24 | 145 |

| 2023 | 40 | 79 | 8 | 12 | 61 | 22 | 136 |

| 2022 | 50 | 73 | 14 | 12 | 65 | 28 | 77 |

Financial Ratios:

| Ratio | 2026 | 2025 | 2024 | 2023 | 2022 |

| Current Ratio (times) | 2.33 | 2.81 | 2.36 | 2.51 | 1.72 |

| Inventory Turnover Ratio (times) | 3.88 | 3.00 | 3.57 | 4.73 | 4.59 |

| Trade Receivable Turnover Ratio (times) | 13.39 | 10.79 | 11.34 | 10.26 | 9.26 |

| Trade Payable Turnover Ratio (times) | 8.10 | 6.27 | 5.92 | 7.43 | 6.11 |

| Net Capital Turnover Ratio (times) | 3.93 | 2.98 | 3.14 | 3.66 | 6.72 |

| Net Profit Ratio (%) | 2.29% | 1.71% | 1.06% | 1.81% | 1.69% |

| Return on Capital Employed (%) | 9.73% | 6.45% | 4.44% | 3.13% | 13.1% |