Please find enclosed the Quarterly results for the Quarter and Half Year ended on 30th September, 2025.
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Simplex Castings reported strong topline growth for Q2 FY26, with revenue from operations rising about 89% year-on-year to Rs 55.4 crore versus Rs 29.4 crore in Q2 FY25. For the half-year, revenue grew nearly 77% to Rs 100.6 crore versus Rs 56.9 crore. Profit after tax jumped about 53% in the quarter to Rs 5.58 crore and roughly doubled for the half-year to Rs 10.32 crore, pushing half-year EPS to Rs 13.72 versus Rs 6.67. However, a large part of the revenue jump came from drawing down existing inventory (raw material consumption spiked while inventory levels fell sharply), and EBITDA margins compressed to roughly 19% in H1 from 23% a year ago. The company raised around Rs 14.2 crore through two preferential issues in August 2025 and used the entire proceeds to repay debt, bringing total borrowings down from about Rs 77 crore at March 2025 to around Rs 66 crore.
Short term this is a strong headline print that may support the stock, especially because the equity-funded deleveraging improves balance sheet strength. But investors should watch the margin compression and the fact that growth was partly fed by inventory liquidation rather than fresh production, which is not sustainable.