1. At a Glance
Simmonds Marshall Ltd is that 64-year-old uncle in the auto component party who quietly lifts weights while everyone else flexes on Instagram. Market cap of ₹158 Cr, current price ₹141, and a Q3 FY26 PAT jump of 229% YoY — yet the stock trades at a modest P/E of ~12, while the industry median is chilling at ~28.
Quarterly sales clocked ₹59.9 Cr, up 21.7% YoY, operating margins expanded to 13.2%, and quarterly EPS hit ₹3.88. Annualised, that’s roughly ₹15.5 EPS, which makes the valuation look… suspiciously cheap.
Debt? Yes, ₹75 Cr, with a debt-to-equity of 1.51 — not pretty, but not panic-button ugly either. Promoters hold ~59.6%, zero pledge. ROE suddenly woke up at 21.6% after years of being half asleep.
So the obvious question: is this a genuine turnaround or just one good quarter doing a Bollywood item number? Let’s find out.
2. Introduction
Simmonds Marshall has been manufacturing industrial fasteners since 1960. That’s before liberalisation, before Maruti, before most current auto OEM CEOs were born. And like many old-school engineering companies, it had its mid-life crisis — FY20 to FY22 were… let’s just say character-building years.
Losses showed up, ROCE went negative, ROE looked like it needed CPR. Then suddenly, from FY23 onwards, things started moving. Margins improved, profits returned, and by FY25, PAT hit ₹13 Cr on ₹226 Cr sales.
Now in Q3 FY26, the company has delivered its strongest quarterly performance in years. The market noticed — price jumped ~8% in a day — but still hasn’t fully believed the story.
Is Simmonds Marshall just benefitting from a cyclical auto upswing, or has something structurally changed inside the factory gates? That’s the detective work
today.
3. Business Model – WTF Do They Even Do?
In simple words: nuts and bolts. Literally.
Simmonds Marshall manufactures industrial fasteners — self-locking nuts, wheel nuts, flange nuts, cage nuts, bolts, studs, sleeves, bushes, spacers — basically the stuff that keeps your motorcycle, truck, or bus from shaking itself apart on Indian roads.
Their key OEM clients include Hero MotoCorp, Bajaj Auto, TVS Motor, Honda Two Wheelers, and Ashok Leyland. These are not customers you accidentally get. Once approved, you usually stay — unless you mess up quality or pricing badly.
They also have a UK joint venture with Francis Kirk & Son Ltd, focused on fasteners for the UK market, with a capacity of ~5,500 tonnes per annum. Exports contribute roughly 14% of revenue, while 86% comes from India.
Revenue mix is boring (and that’s good): ~98% fasteners, ~2% other operating income. No crypto, no NFTs, no random real estate plots.
The business runs on volume, quality consistency, and OEM relationships. Margins improve when capacity utilisation improves — which is exactly what seems to be happening now.
4. Financials Overview
Quarterly Performance Table (₹ Cr)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr (Dec FY25) | Prev Qtr (Sep FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 59.90 | 49.23 | 58.63 | 21.7% | 2.2% |
| EBITDA | 7.88 | 5.35 | 7.64 | 47.3% | 3.1% |
| PAT | 4.34 | 1.32 | 3.79 | 228.8% | 14.5% |
| EPS (₹) | 3.88 | 1.18 | 3.38 | 228.8% | 14.8% |
