Symphony is the largest air cooler manufacturer with a market share of ~50% in the organised market in India, a testimony of its strong brand equity. Symphony enjoys a strong R&D; advantage, thereby enabling the company to launch more than 40 new products in the last six years. Its asset light business model has enabled the company to sustain its EBITDA margin level above 20% and ROCE above 40% over the years. Introduction of premium range of air coolers will prove to be margin accretive in the long run. Hence, we estimate EBITDA margin of 27.6%/ 28% in FY18E/19E....