NSE: SIMPLEXINF · BSE: 523838
SIMPLEX INFRASTRUCTURES L
Revenue comes primarily from civil construction contracts, which accounted for 97.3% of segment revenue with 'Others' contributing 2.7% (segment data for the year ended March 2019). FY26 revenue stood at Rs 1,021.19 crore with an EBITDA margin of 8.9% and net profit of Rs 40.44 crore on total assets of Rs 3,880.85 crore. Operating costs are dominated by other operating expenses at 73.3% of revenue, followed by materials at 11.4% and employee costs at 10.6%. The business entered a Master Restructuring Agreement with NARCL on 15 January 2025 to settle a major portion of its debt; overdue amounts to non-assigned lenders fell from Rs 29,670 lakh to Rs 4,616 lakh and the debt-equity ratio improved from 4.29 to 1.81. Care Ratings assigns CARE D (INC) due to ongoing delays in debt servicing obligations. Promoters hold 35.99% of paid-up equity, with about a third of that holding pledged to NARCL. In April 2026, the chairman stated the project pipeline is being rebuilt around lower working capital projects across multiple sectors. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Construction (97%), Others (3%). Asset-heavy, leveraged civil construction under ongoing debt restructuring
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,047 | 1,874 | 1,388 | 1,076 | 1,021 |
| EBITDA (ex other income) | 41 | 19 | 28 | 37 | 56 |
| margin % | 2.0 | 1.0 | 2.0 | 3.4 | 5.5 |
| Owners' profit | (528) | (471) | (72) | 12 | 40 |
| EPS, as reported (₹) | (92.42) | (82.41) | (12.65) | 2.02 | 5.20 |
| ROE % · ROCE % | (70.2) · (2.2) | (155.9) · 5.7 | (31.0) · (6.8) | 2.3 · 1.6 | 4.1 · 2.4 |
| Debt / equity (x) | 7.13 | 19.81 | 30.77 | 4.14 | 1.68 |
| Cash from operations | (447) | (432) | (83) | 208 | 74 |
| Capex | (3) | (4) | (10) | (31) | (57) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 268 | 230 | 282 | 243 | 248 | 248 | 283 | 291 |
| Profit before tax | (14) | (12) | 57 | 7 | 13 | 13 | 15 | 15 |
| Net profit | (11) | (11) | 43 | 5 | 9 | 8 | 19 | 11 |
| EPS (₹) | (1.88) | (1.97) | 7.60 | 0.66 | 1.10 | 1.00 | 2.44 | 1.32 |
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. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.6 | 14.6 | 84 of 101 | 17% |
| P/B | 2.0 | 1.4 | 54 of 85 | 37% |
| ROCE | 1.9 | 10.0 | 86 of 107 | 20% |
| ROE | 4.1 | 9.1 | 59 of 87 | 33% |
| Debt / Equity | 1.7 | 0.4 | 83 of 87 | 5% |
| EBITDA margin | 8.3 | 12.4 | 65 of 88 | 26% |
| Revenue growth | 19.8 | 6.2 | 28 of 86 | 68% |
| Profit growth | 116.4 | 2.7 | 11 of 84 | 88% |
| Market cap | 1935 | 468 | 33 of 107 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Compliance certificate under Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Simplex Infra wins Rs.255.52 Cr Oil India contract, plus Rs.920 Cr other orders YTD | business updates | high | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 Results Period | compliance | minimal | — | — |
| 24 Sept 2026 · AGM voting results: All resolutions passed by shareholders on September 23, 2026 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · AGM voting results: all 4 resolutions passed with over 98 percent support | compliance | minimal | — | — |
| 23 Sept 2026 · Simplex Infra 108th AGM held; 4 resolutions moved via e-voting | board shareholder meetings | low | — | — |
| 30 Aug 2026 · Newspaper Publication of AGM Notice for FY 2025-26 | compliance | minimal | — | — |
| 29 Aug 2026 · Annual Report FY26 and AGM Notice submitted to exchanges | board shareholder meetings | medium | — | — |
| 29 Aug 2026 · Simplex Infrastructures files FY26 Annual Report and AGM Notice | compliance | medium | — | — |
| 29 Aug 2026 · AGM on 23 Sep 2026; book closure 17 to 23 Sep; e-voting 19 to 22 Sep | board shareholder meetings | low | — | — |
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.