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1. At a Glance
A 102-year-old construction company reported quarterly revenue of ₹291 crore, operating profit of ₹20.78 crore, and PAT of ₹10.44 crore. Against the June 2025 quarter — ₹242.59 crore, ₹7.65 crore and ₹4.64 crore respectively — every one of those lines moved up.
The more arresting number sits on the balance sheet, where borrowings went from ₹7,180 crore in March 2024 to ₹1,642 crore in March 2026. That is roughly ₹5,500 crore of debt leaving a company in twenty-four months, which is less a deleveraging and more a controlled demolition with paperwork. The mechanism was a Master Restructuring Agreement with the National Asset Reconstruction Company Limited, disclosed in the June-quarter results, under which 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 a different angle: FY23 interest of ₹839 crore, FY26 interest of ₹12.79 crore. For a decade the finance cost was the loudest thing in this P&L; it now rounds to a rounding error.
Meanwhile CARE Ratings, in its November 2025 press release, continues to rate the company’s facilities CARE D under the ISSUER NOT COOPERATING category. The same CARE also serves as monitoring agency for the company’s ₹423.69 crore preferential issue, which means one institution is simultaneously filing quarterly progress reports on the money coming in and flagging delays on the money going out.
Working capital days, per the ratios table, moved from 195 to 518.
2. Introduction
Simplex Infrastructures was incorporated in 1924 — a year when the idea of a listed Indian EPC contractor was, generously, ambitious. It belongs to the Mundhra family of Kolkata, operates out of Simplex House on Shakespeare Sarani, and has over 2,600 completed projects behind it. Very few Indian companies get to have a 108th Annual General Meeting; this one has scheduled its for 23 September 2026.
The recent chapters are more eventful than the first eighty years combined. Sales peaked at ₹6,117 crore in FY19 and have compounded downward ever since — FY20 ₹4,026 crore, FY21 ₹2,200 crore, FY23 ₹1,874 crore, FY26 ₹1,021 crore. The five-year sales CAGR is −14%. Alongside that came four consecutive loss years: −₹321 crore, −₹469 crore, −₹528 crore, −₹471 crore, then −₹72 crore in FY24. Screener’s Key Points state the position plainly: continuous losses resulting in substantial erosion of net worth, defaults to lenders, overdue payments to operational creditors, some of whom applied to the NCLT for debt resolution, none admitted so far.
FY25 turned that arithmetic: PAT of ₹11.58 crore. FY26 followed with ₹40.01 crore.
Then came the capital-raising sequence, which reads like a company filing announcements at the speed of a man clearing a very long to-do list. April 2025: BSE approves 1.008 crore shares. May 2025: NSE approves the same. 12 May: intimation of a ₹424 crore preferential raise. 23 May: in-principle approval for equity and warrants worth ₹498.56 crore. 27 May: audited FY25 results plus debt restructuring approved. 29 May: allotment of 72,39,447 equity shares at ₹289, 74,20,935 convertible warrants at ₹289 on 25% upfront, and 25,91,000 shares to NARCL. July 2025: 8,65,052 warrants converted; 11.73 lakh shares issued to NARCL and a lender against ₹34.48 crore of loans.
Equity share capital went from ₹11.47 crore in March 2024 to ₹15.86 crore in March 2026. Reserves 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 that the company has organised it into seven segments, which is what happens when “civil construction” is allowed to grow unsupervised for a century.
Roads, Railways & Bridges — tracks, station buildings, culverts, metro and light rail. Buildings — residential towers, IT buildings, hotels, hospitals, mass housing. Facilitating Industry — designing CFR tanks and raw water intake and delivery systems, a segment whose name explains nothing and whose contents explain everything. Power & Transmission — thermal, hydel and nuclear infrastructure, including Ultra Mega Power Projects, plus a move into T&D. Marine — underwater piling including steel piling, associated with many of India’s major ports; somebody at this company puts on a diving suit for a living. Ground Engineering — pre-cast and jointed piling, cast-in-situ, driven and bored piling, soil investigation, soil compaction, diaphragm walls, grouting, stone columns. That is nine distinct ways of dealing with the ground being in the way. Urban Infra — renovation of Jaipur and Udaipur airports, and a full greenfield airport built turnkey at Andal near Durgapur.
Revenue breakup for FY23: contract turnover ~77%, mining services ~17%, other operating revenue ~1%, net gain on sale of investments ~2%, other income ~3%.
The FY23 completed-projects list is a geography lesson with concrete in it: an international ship repair facility for Cochin Shipyard in Kerala, a pumping main for treated water in Falta, West Bengal, the Tirunelveli Sewerage Project Phase III in Tamil Nadu, an elevated viaduct for Chennai Metro, four-laning from Dolabari to Jamuguri at Tezpur for NHAI, and — the outlier that makes the list — charter hire of
