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Awaiting price reaction for this filing.
Simplex Castings has informed the exchanges that Crisil Ratings has reaffirmed its credit ratings on the company's Rs.72 crore bank loan facilities — long-term rating at 'Crisil BB/Stable' and short-term rating at 'Crisil A4+'. Notably, the long-term rating had been upgraded earlier in 2025 (from BB- to BB in May 2025), so this reaffirmation confirms the recent upgrade. The company is into heavy engineering castings (grey cast iron, alloy cast iron, stainless steel) for railways, steel, oil and gas, power and defence. FY24 saw a sharp turnaround with PAT of Rs.2.39 crore versus a loss of Rs.16.99 crore in FY23, on operating income of Rs.122.83 crore. Q1 FY25 revenue was Rs.45.2 crore with around 18% operating margin. Key concerns flagged by Crisil include high working capital cycle (~253 GCA days), bank limit utilization above 90%, and exposure to raw material price volatility.
The reaffirmation signals continued lender confidence and near-term stability for Simplex Castings, but the BB rating still places it in the speculative grade. Investors should watch working capital cycle improvement and margins, as Crisil has flagged these as the main sensitivity factors for any future rating movement.