1. At a Glance – 100-Year-Old Contractor, 400+ Working Capital Days
₹220 per share.
Market cap: ₹1,725 crore.
Stock P/E: 32.2.
ROCE: -0.05%.
ROE: -4.40%.
Debt: ₹1,844 crore.
Order book: ₹39,176 million.
Q3 FY26 Revenue: ₹247.71 crore.
Q3 FY26 PAT: ₹8.09 crore.
Simplex Infrastructures is that 100-year-old contractor uncle who has built half the city but forgot to collect payment on time. Sales over 5 years? Down 23.2%. ROE over 3 years? -52.5%. Promoter pledge? 33.1%. Working capital days? 406 days. That’s not a business cycle. That’s a waiting period for karma.
But Q3 FY26 shows a flicker — PAT up 170% YoY and positive quarterly EPS of ₹1.00. After years of red ink, even ₹8 crore feels like a festival bonus.
So is this the beginning of a balance sheet detox… or just another quarter of “other income magic”?
Let’s put on the auditor cap and investigate.
2. Introduction – A Century-Old Builder Fighting Modern-Day Fires
Incorporated in 1924, Simplex Infrastructures has survived British rule, License Raj, liberalization, and now… lenders.
The company operates across:
- Roads, Railways & Bridges
- Buildings
- Power & Transmission
- Marine
- Ground Engineering
- Urban Infrastructure
From Chennai Metro to airports in Jaipur and Udaipur, from marine piling to EPC power projects — they’ve done it all.
But here’s the twist.
Despite executing 2,600+ projects historically, the company has reported recurring losses over the past several years. It defaulted on lender payments. Operational creditors approached NCLT (none admitted yet). Net worth erosion happened. Promoters diluted. Preferential issues flew in like rescue helicopters.
In FY25 alone, the company approved preferential equity and warrant issues worth hundreds of crores, including debt-to-equity conversions with ICICI Bank and NARCL.
So the big question is:
Is this a phoenix slowly rising… or a construction company held together by refinancing?
Let’s break it down.
3. Business Model
