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1. At a Glance
Simplex Infrastructures is a construction contractor of 102 years’ standing, and each headline figure this quarter moved up. Revenue came to ₹291 crore, against ₹242.59 crore in the June 2025 quarter. Operating profit was ₹20.78 crore, where the same quarter a year earlier held ₹7.65 crore. Profit after tax, the money left once everything including tax is paid, was ₹10.44 crore against ₹4.64 crore.
The larger movement sits on the balance sheet. Borrowings stood at ₹7,180 crore in March 2024 and at ₹1,642 crore two years later. That is roughly ₹5,500 crore of debt leaving a company inside twenty-four months. Deleveraging is the polite word for paying debt down; this was closer to a controlled demolition with paperwork. The June-quarter results disclose a Master Restructuring Agreement with the National Asset Reconstruction Company Limited, which buys distressed loans from lenders. Under that agreement, the company reports that the major portion of non-assigned debts has been settled.
Total assets fell alongside, from ₹10,414 crore to ₹3,881 crore. The interest line tells the same story from another angle. It was ₹839 crore in the year to March 2023 and ₹12.79 crore in the year to March 2026. For a decade the finance cost was the loudest thing in this profit and loss account.
CARE Ratings, a credit-rating agency, said in a November 2025 press release that it continues to rate the company’s facilities CARE D. That grade means delays in servicing debt, and it carries the ISSUER NOT COOPERATING label, which means the agency asked for information and got none. CARE also serves as monitoring agency for the company’s ₹423.69 crore preferential issue, a sale of new shares to chosen buyers.
Working capital days measure how long cash sits tied up in a business before it comes back. The ratios table puts them at 518, against 195 before.
2. Introduction
Simplex Infrastructures was incorporated in 1924, a year when a listed Indian contractor was a generously ambitious idea. It works in engineering, procurement and construction, the trade that builds to a client’s order and hands the thing over. The company belongs to the Mundhra family of Kolkata and works out of Simplex House on Shakespeare Sarani. More than 2,600 completed projects sit behind the name, and the 108th annual general meeting is scheduled for 23 September 2026.
The recent chapters have been busier than the first eighty years put together. Sales peaked at ₹6,117 crore in the year to March 2019, then fell in every year that followed. The year to March 2020 brought ₹4,026 crore and the next one ₹2,200 crore. By the year to March 2023 sales were ₹1,874 crore, and by the year to March 2026 they were ₹1,021 crore. Across those five years sales shrank at about 14% a year.
Four loss years ran consecutively, at ₹321 crore, ₹469 crore, ₹528 crore and ₹471 crore. A further loss of ₹72 crore followed in the year to March 2024. Screener’s Key Points state the position plainly: continuous losses resulting in substantial erosion of net worth, defaults to lenders, and overdue payments to operational creditors. Some of those creditors applied to the National Company Law Tribunal, the forum that hears insolvency cases, and none of those applications has been admitted so far.
The year to March 2025 turned that arithmetic, with profit after tax of ₹11.58 crore, and the following year brought ₹40.01 crore. Then came the capital raising, filed at the pace of somebody clearing a very long list. BSE approved 1.008 crore shares in April 2025 and NSE approved the same in May. An intimation of a ₹424 crore preferential raise went out on 12 May, and in-principle approval for equity and warrants worth ₹498.56 crore followed on 23 May. Audited results and the debt restructuring were approved on 27 May. The allotment on 29 May covered 72.39 lakh equity shares and 74.21 lakh convertible warrants, the warrants paid a quarter upfront, with a further 25.91 lakh shares going to the National Asset Reconstruction Company. In July 2025, 8.65 lakh warrants were converted, and 11.73 lakh shares went to that company and a lender against ₹34.48 crore of loans.
Equity share capital rose from ₹11.47 crore in March 2024 to ₹15.86 crore in March 2026. Reserves over the same stretch went from ₹220 crore to ₹960 crore.
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3. Business Model: WTF Do They Even Do?
Simplex builds things, and the list of things is long enough to be organised into seven segments. That is what happens when civil construction is allowed to grow unsupervised for a century.
Roads, Railways and Bridges covers track, station buildings, culverts, metro and light rail. Buildings covers residential towers, IT blocks, hotels, hospitals and mass housing. Facilitating Industry designs CFR tanks and raw water intake and delivery systems, a segment whose name explains nothing and whose contents explain everything. Power and Transmission covers thermal, hydel and nuclear infrastructure, including Ultra Mega Power Projects, and has moved into transmission and distribution. Marine does underwater piling, steel piling included, at many of India’s major ports, so somebody here puts on a diving suit for a living.
Ground Engineering sinks columns into the ground to give a structure something firm to stand on. It handles pre-cast and jointed piling, cast-in-situ work, and driven and bored piling. Soil investigation, soil compaction,
