BSE: 533019
SIMPLEX PAPERS LTD.
Operates as a paper manufacturer that has shut its manufacturing plant at Gondia, Maharashtra. Filings show no revenue from operations in FY26, with only Rs 1.31 lakh of other income recorded against a net loss of Rs 11.38 lakhs. The board has approved selling about 0.61 hectare of vacant land at the closed Gondia plant to unlock idle capital, though no buyer or consideration has been finalised. The balance sheet is critically weak: total assets of Rs 147.80 lakhs are far exceeded by current liabilities of Rs 1,364.65 lakhs, of which borrowings are Rs 1,248.26 lakhs, and accumulated losses of Rs 1,517.29 lakhs have fully eroded net worth to negative Rs 1,216.85 lakhs. Statutory auditors Khandelwal & Mehta LLP issued an unmodified opinion but included an Emphasis of Matter flagging a material going concern uncertainty. The company is classified under Paper & Paper Products and is listed on BSE. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paper manufacturing, Other income. Dormant paper manufacturer with closed plant and fully eroded net worth
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | 0 | (0) | (0) |
| margin % | — | — | — | — | — |
| Owners' profit | (0) | (0) | 0 | (0) | (0) |
| EPS, as reported (₹) | (0.55) | (0.74) | 38.11 | (53.23) | (37.92) |
| ROE % · ROCE % | 1.4 · 1.4 | 1.8 · 1.8 | (1.0) · (1.0) | 1.3 · 1.3 | 0.9 · 0.9 |
| Debt / equity (x) | (1.03) | (1.03) | (1.05) | (1.03) | (1.03) |
| Cash from operations | (0) | (0) | (0) | (0) | (0) |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| Net profit | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| EPS (₹) | (12.43) | (15.27) | (11.40) | (14.17) | (9.86) | (10.26) | (9.63) | (8.18) |
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. % |
|---|---|---|---|---|---|---|---|---|
| JK PAPER LIMITED | 6,799 | 20.5 | 1.17 | 9.4 | 4.7 | 4.4 | 20.8 | 17.0 |
| WEST COAST PAPER MILLS LT | 5,402 | 23.5 | 1.29 | 10.8 | 3.7 | 5.0 | 13.8 | 23.6 |
| ANDHRA PAPER LIMITED | 1,309 | 47.4 | 0.68 | — | 1.0 | 1.2 | — | 17.9 |
| SESHASAYEE PAPER & BOARDS | 1,210 | 12.2 | 0.59 | 8.3 | 4.0 | 4.1 | 16.9 | 11.3 |
| N R AGARWAL INDS LTD | 1,156 | 18.6 | 1.42 | — | 5.4 | 3.9 | — | 12.4 |
| TAMILNADU NEWSPRT & PAPER | 886 | 3.4 | 0.38 | — | 10.7 | 1.4 | — | 11.2 |
| PUDUMJEE PAPER PRO. LTD | 822 | 9.0 | 1.23 | — | 14.0 | 16.2 | — | 25.2 |
| EMAMI PAPER MILLS LIMITED | 696 | 7.4 | 1.21 | — | 10.7 | 8.1 | — | 14.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 0.9 | 4.4 | 36 of 45 | 21% |
| Profit growth | 42.4 | 60.9 | 23 of 42 | 46% |
| Market cap | 4 | 55 | 46 of 48 | 4% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set for Q2 and half-year results | results | low | — | — |
| 23 Oct 2026 · Special window to convert physical shares into electronic form | compliance | minimal | — | — |
| 5 Oct 2026 · RTA compliance certificate for Q2 FY27 - no demat activity | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closed till Q2 FY27 results declaration | compliance | minimal | — | — |
| 2 Sept 2026 · Simplex Papers sells land of closed Gondia Paper Plant for Rs 25 lakh | strategic transactions | medium | — | — |
| 7 Aug 2026 · Corrigendum to newspaper publication - date corrections | compliance | minimal | — | — |
| 5 Aug 2026 · AGM 2026: All 4 resolutions passed unanimously, including land sale approval | board shareholder meetings | low | — | — |
| 4 Aug 2026 · Simplex Papers publishes Q1 FY27 unaudited results in newspapers | compliance | minimal | — | — |
| 4 Aug 2026 · 32nd AGM held; 4 resolutions passed including land disposal approval | board shareholder meetings | low | — | — |
| 4 Aug 2026 · Simplex Papers 32nd AGM: 4 resolutions passed including land sale approval | board shareholder meetings | medium | — | — |
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.