BSE: 513472
SIMPLEX CASTINGS LTD.
A 60-year-old engineering firm runs fabrication, foundry and machining operations out of Bhilai and Tedesara in Chhattisgarh, making cast and fabricated steel components for steel plants, thermal power OEMs, Indian Railways, defence shipyards, and pump/valve makers. In steel, it casts coke oven doors — claiming ~70% of India's market — and supplies fabricated equipment to OEM customers such as ThyssenKrupp, SMS Group, Hindustan Zinc and SAIL (it is SAIL's official fabrication partner), with coke oven door revenue at ₹50-60 cr and SMS-group door orders of about ₹23 cr per battery. In power, it fabricates components for thermal plant builders; the pending power book stands at ₹150 cr including ₹35-40 cr from BHEL. In railways, RDSO approval has been received to restart cast wagon bogie production after a 5-6 year gap, with a planned capacity of 200-250 bogies per month at ₹3.5 lakh per bogie, alongside a developmental fabricated bogie order covering locomotives, Vande Bharat, metro and coaches. Defence/shipbuilding (orders from Mazgaon Dock) and pumps/valves are smaller, longer-tenor verticals. The order book crossed ₹130 cr in Q1 FY27 and is described as having 4-6 months execution visibility. Materials account for 76.3% of revenue, employees 4.9%, other opex 10.0%, depreciation 1.8%, and capex 9.6%; FY27 capex is guided at ₹25 cr. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel sector castings and fabrications, Power sector fabrications, Railways, Defence and shipbuilding, Pumps and valves. Capex-driven, multi-vertical industrial casting and fabrication, cyclical to steel and power capex.
Exhibit 1: Financial summary, FY19–FY21 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 |
|---|---|---|---|
| Revenue | 213 | 78 | 87 |
| EBITDA (ex other income) | 0 | (42) | 19 |
| margin % | 0.1 | (54.1) | 22.4 |
| Owners' profit | (16) | (29) | 7 |
| EPS, as reported (₹) | (25.96) | (46.61) | 10.76 |
| ROE % · ROCE % | (21.3) · (10.3) | (65.1) · (64.6) | 14.5 · 19.6 |
| Debt / equity (x) | 1.34 | 1.53 | 1.63 |
| Cash from operations | — | — | 4 |
| Capex | — | — | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY20 | Q4 FY20 | Q1 FY21 | Q2 FY21 | Q3 FY21 | Q4 FY21 | Q1 FY22 | Q2 FY22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14 | 16 | 13 | 21 | 14 | 39 | 18 | 20 |
| Profit before tax | (13) | (22) | (4) | (4) | 3 | 11 | 0 | 0 |
| Net profit | (11) | (22) | (3) | (3) | 2 | 10 | 0 | 0 |
| EPS (₹) | (18.33) | (35.73) | (4.54) | (4.39) | 3.49 | 16.20 | 0.16 | 0.13 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 20,800 | 22.5 | 9.40 | 17.8 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 19,042 | 74.7 | 17.04 | 49.6 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,559 | 38.6 | 19.93 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,665 | 28.1 | 3.75 | 13.2 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 4,341 | 27.4 | 2.21 | 12.3 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD | 4,257 | 27.5 | 3.04 | 16.5 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,734 | 24.1 | 4.93 | 19.7 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,655 | 30.1 | 4.08 | 22.2 | 12.4 | 15.2 | — | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.4 | 19.0 | 6 of 29 | 82% |
| P/B | 2.3 | 2.7 | 12 of 24 | 52% |
| ROCE | 0.3 | 12.3 | 27 of 31 | 13% |
| ROE | 0.4 | 10.3 | 20 of 24 | 17% |
| Debt / Equity | 1.4 | 0.2 | 21 of 24 | 13% |
| EBITDA margin | 18.6 | 10.8 | 6 of 23 | 77% |
| Revenue growth | (5.5) | (5.5) | 12 of 23 | 50% |
| Profit growth | 103.0 | (5.0) | 5 of 23 | 82% |
| Market cap | 105 | 108 | 17 of 31 | 47% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 18 Sept 2026 · Simplex Castings to host analyst plant visit on September 29 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Simplex Castings board to consider fundraise on Sept 23 | fund raising | medium | — | — |
| 18 Sept 2026 · Trading window closes from Oct 1 for Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · Simplex Castings 46th AGM: All 6 resolutions passed | board shareholder meetings | medium | — | — |
| 17 Sept 2026 · 46th AGM voting results: All 6 resolutions passed | board shareholder meetings | medium | — | — |
| 16 Sept 2026 · Simplex Castings 46th AGM held on Sept 16, 2026 via video conference | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Simplex Castings gets credit rating upgrade from Infomerics | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Newspaper publication of 46th AGM notice, book closure and e-voting | compliance | minimal | — | — |
| 26 Aug 2026 · Notice of 46th AGM and FY26 Annual Report sent to shareholders | compliance | minimal | — | — |
| 25 Aug 2026 · Simplex Castings submits FY26 Annual Report; revenue crosses 200 crore | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.