Singer India FY26: Sewing Machines Drive Growth as Fans and Make in India Plans Take Shape

Singer India Limited closed FY26 with a sharp improvement in growth and profitability, led by its core sewing machine business and supported by tighter cost discipline. For the full year ended 31 March 2026, revenue from operations rose to INR 557.3 crore, up 29.1 percent year on year. EBITDA climbed to INR 21.5 crore, up 70.0 percent, while PAT increased to INR 12.8 crore, up 72.7 percent.

Q4 FY26 also stayed strong. Revenue grew 36.7 percent year on year to INR 166.3 crore. EBITDA increased 48.8 percent to INR 9.3 crore, and PAT rose 45.7 percent to INR 5.9 crore. Management acknowledged that the quarter saw headwinds from geopolitical-driven commodity price spikes and labour shortages in parts of the country, which created supply constraints and demand disruption. Even so, the company said it maintained its growth trajectory and continued gaining market share.

A business still anchored in sewing machines

Singer India operates through two major segments: Sewing Products and Home Appliances. The product mix remains heavily skewed to sewing machines. In FY26, the presentation shows sewing machines at 81 percent of mix and appliances at 19 percent. In Q4, sewing machines accounted for 82 percent and appliances 18 percent.

Management does not expect the mix to change meaningfully in the next one to two years. On the earnings call, the Managing Director said the company typically operates with appliances at 20 to 25 percent and sewing machines at 75 to 80 percent, depending on seasonality. The implication is that the company is not positioning appliances as a near-term replacement for its sewing machine franchise, but rather as a second growth engine that must be made profitable.

The sewing machine business has been the standout. In the call, management stated it recorded around 45 percent growth in Q4 and more than 40 percent for the year, with growth across trade, e-commerce, and government channels. The company attributed this performance to execution actions built over the past three years: deeper dealer engagement, training frontline teams toward value selling rather than price-led selling, technician capability building, and service improvements such as reduced turnaround time through Live Assist.

Financial snapshot (as reported)

Note: FY26 includes a one-time exceptional expense of INR 0.73 crore related to labour code changes. Management stated PBT before the exceptional item was INR 18.1 crore.

Appliances: revenue signs improve, but profitability still lags

The appliances segment was described as under pressure through FY26 due to unfavorable weather conditions, blocked inventory in trade, muted demand, and rising commodity costs that forced price increases. Management also pointed to tight dealer cash flows affecting the category.

Even where revenue improved, profitability did not follow immediately. Management said appliances revenue growth of around 10 percent in Q4 was supported by the new e-commerce range and the fan business. Despite this, the segment result was lower by around INR 2 crore, primarily due to the impact of EPR and investment in building the fan business.

Singer’s response has been explicit: reduce dependence on high-cost channels such as modern trade and strengthen presence in faster-growing e-commerce. The company said products designed with an e-commerce-first approach are gaining acceptance. On the call, management cited traction for its premium steam iron product Steaminator and for exhaust fans on e-commerce platforms, with more listings planned.

Fans: the clearest appliance growth bet

A major FY26 theme is the build-out of a broad fan portfolio. The presentation lists launches across ceiling fans (BLDC and induction), TPW fans, exhaust fans and ventilators, with multiple models positioned across economy to premium.

The company linked this product expansion and distribution push to a sharp Q4 performance. The investor deck states that the new fan line-up and distribution expansion resulted in 49 percent growth in the fan segment in Q4. On the earnings call, management rounded this to around 50 percent growth and said early traction is positive, with strong distributors partnering with the company.

Management also cautioned that supply chain execution remains a constraint due to labour shortages and commodity inflation. That matters in fans because product availability and seasonality can determine whether a brand’s channel build-out translates into sales.

Make in India: Bhiwadi factory and a phased manufacturing roadmap

Singer’s most concrete forward-looking manufacturing plan is the new factory in Bhiwadi, Rajasthan. Management said the premises have already been leased, with production expected to commence from the second half of the year. The factory will primarily focus on manufacturing ZigZag machines. Over time, it is expected to be capable of assembling and manufacturing industrial sewing machines and selected consumer appliances.

The capex plan is framed as disciplined and phased. Management described a three-year journey where the company starts lean, beginning with assembly while outsourcing components, and then progressively bringing critical components in-house after stabilization. Over three years, management said capex can go as high as INR 90 crore, while also noting it is not committing upfront and will proceed step by step.

This approach fits a company that is currently debt-free and cash-rich. The FY26 balance sheet shows cash and cash equivalents of INR 83 crore, with total interest-bearing borrowings at nil.

Government supplies: execution underway but exposed to inflation

Management confirmed that government supplies are currently in progress and that more than 60 percent of the order has been completed, with the balance 40 percent expected to be completed before the beginning of the second half.

However, the call also clarified a key risk: these are fixed-price orders, and the company cannot pass raw material inflation to the government. In an environment of commodity volatility, this can compress margins if the cost environment moves against the company during execution.

What to watch from here

Singer India’s FY26 outcome shows a company benefiting from a strong sewing machine franchise, improving operating leverage, and a sharper focus on channels and service. The challenge is translating product and channel actions in appliances into sustained profitability, particularly as the company invests in building the fan category.

The next phase is likely to be defined by three measurable markers that management has already outlined: execution of the remaining government supply over the next two quarters, the start of production at Bhiwadi in the second half of the year, and continued scaling in fans and e-commerce while controlling cost and margin volatility.

Singer’s performance in FY26 suggests that the company has regained momentum. Whether it can convert this momentum into structurally higher returns will depend on disciplined capex execution, margin protection in inflationary periods, and the speed at which the appliances business moves from traction to profitability.