Please find Enclosed the Transcript of the Earnings Conference Call held in 17 November, 2025.
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Simplex Castings held its first-ever earnings call to discuss Q2 FY26 results, posting 89% YoY revenue growth to INR 55.4 crores and net profit of INR 5.57 crores (H1 FY26 revenue INR 100.99 crores, profit INR 10.31 crores). The company unveiled its 'Simplex 2.0' transformation, pivoting away from commodity steel castings into railways (development orders for 4 fabricated bogie sets; RDSO approval for casted bogies expected this month), defense (naval castings plus trial orders from Gun Carriage Factory Jabalpur for Dhanush artillery fabrication/machining), power, and engineering assemblies. Management targets a 40-50% CAGR to reach INR 500 crores in revenue, with 60% eventually coming from railway and defense, and EBITDA margins expanding from the current 17-18% to above 20% as the mix improves. Debt has been cut sharply from INR 130 crores in 2018 to about INR 50 crores now, with Kotak Mahindra Bank as sole lender easing prior banking stress.
The call outlines a clear shift toward higher-margin, less cyclical segments (railways and defense) which could re-rate the stock if execution matches the bullish guidance; near-term catalysts are RDSO approval for casted bogies (expected this month), first deliveries of fabricated bogies for trials, and confirmation of the railway-segment acquisition management is actively scouting. Retail investors should view this as a positive transformation story, but the 40-50% CAGR target is aggressive and depends on the company winning and executing much larger orders than its current base.