Key Metrics of Simplex Infrastructures Limited
About Simplex Infrastructures Limited
Sectors
Company details
- Registered office
- Simplex House 27 Shakespeare Sarani, Kolkata, In-wb, 700017
- Listed
- NSE: SIMPLEXINF Β· βΉ252.11
Operational Areas of Simplex Infrastructures Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
WatchIssuer not cooperating with CARE (rating based on limited information)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 14 Nov 2025 | CARE | Non-cooperating | D | β | β | βΉ11,070 Cr | View |
| 19 Nov 2024 | CARE | Non-cooperating | D | β | β | βΉ11,070 Cr | View |
| 23 Nov 2023 | CARE | Non-cooperating | D | β | β | βΉ11,070 Cr | View |
| 28 Nov 2022 | CARE | Non-cooperating | D | β | β | βΉ22,141 Cr | View |
| 02 Dec 2021 | CARE | Non-cooperating | D | β | β | βΉ495 Cr | View |
| 10 Dec 2020 | CARE | Reaffirmed | D | β | β | βΉ10,575 Cr | View |
| 11 Dec 2019 | CARE | Revised (from BB+) | D | A4+ | Negative | βΉ10,500 Cr | View |
| 25 Nov 2019 | CARE | Revised (from BBB) | BB+ | A3+ | Negative | βΉ10,500 Cr | View |
| 14 Aug 2019 | CARE | Revised (from A) | BBB | A2+ | Negative | βΉ10,500 Cr | View |
| 10 Jun 2019 | CARE | Revised (from A) | A- | A2+ | Negative | βΉ10,524 Cr | View |
Credit strengths (CARE, Nov 2023)
β
Credit challenges
β Delay in servicing of debt obligations
There are on-going delays in debt servicing obligation of the company. The slowdown in recoveries from clients, delays in approvals of bills from government clients resulted in stretched liquidity position of the company, thus resulting in delays.
Could lead to an upgrade
ο· Regularization of debt servicing for a continuous period of 3 months. ο· Company earning sufficient cash accruals so as to meet its debt repayment obligations.
Agency-reported financials (CARE, 14 Nov 2025)
| Metric | March 31, 2024 | March 31, 2025 | Q1FY26 |
|---|---|---|---|
| Total operating income | βΉ1,002 Cr | βΉ724 Cr | βΉ154 Cr |
| PBILDT | βΉ20.98 Cr | βΉ14.59 Cr | βΉ15.63 Cr |
| PAT | βΉ-71.89 Cr | βΉ9.63 Cr | βΉ3.52 Cr |
| Overall gearing (times) | 32.96Γ | 4.29Γ | β |
| Interest coverage (times) | 0.26Γ | 0.94Γ | β |
| Revenue growth (YoY) | β | β27.7% | β |
| EBITDA margin | 2.1% | 2.0% | 10.2% |
| Implied interest cost (EBITDA Γ· coverage) | βΉ80.69 Cr | βΉ15.52 Cr | β |
| PAT margin | β7.2% | 1.3% | 2.3% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| crore) ISSUER NOT continues to remain under Long Term Bank Facilities | Working capital & bank lines | β | βΉ2,675 Cr | β | D | Other | CARE |
| Long Term Short Term Bank ISSUER continues to remain under Facilities NOT | Working capital & bank lines | β | βΉ7,900 Cr | β | D | Non-cooperating | CARE |
| ISSUER NOT continues to remain under Non-Convertible Debentures | Debentures & bonds | β | βΉ170 Cr | β | D | Other | CARE |
| ISSUER NOT continues to remain under Non-Convertible Debentures | Debentures & bonds | β | βΉ200 Cr | β | D | Non-cooperating | CARE |
| ISSUER NOT continues to remain under Non-Convertible Debentures | Debentures & bonds | β | βΉ75.0 Cr | β | D | Non-cooperating | CARE |
| ISSUER NOT continues to remain under Non-Convertible Debentures | Debentures & bonds | β | βΉ50.0 Cr | β | D | Non-cooperating | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE059B07013 | Jun Jun ISSUER NOT | Debentures & bonds | β | β | β | β | β | Not stated |
| INE059B07021 | Dec Dec ISSUER NOT | Debentures & bonds | 12.75% | β | β | β | β | Not stated |
| INE059B07039 | Dec Dec ISSUER NOT | Debentures & bonds | 12.75% | β | β | β | β | Not stated |
| INE059B07047 | Feb Feb ISSUER NOT | Debentures & bonds | 14.25% | β | β | β | β | Not stated |
| INE059B07120 | Jan Jan ISSUER NOT | Debentures & bonds | 15.65% | β | β | β | β | Not stated |
| INE059B07138 | Jul Jun ISSUER NOT | Debentures & bonds | 15.05% | β | β | β | β | Not stated |
| INE059B07146 | Jun Jun ISSUER NOT | Debentures & bonds | 15.05% | β | β | β | β | Not stated |
| INE059B07088 | Mar Mar ISSUER NOT | Debentures & bonds | 14.50% | β | β | β | β | Not stated |
| INE059B07070 | Mar Mar ISSUER NOT | Debentures & bonds | 14.50% | β | β | β | β | Not stated |
| INE059B07062 | Mar Mar ISSUER NOT | Debentures & bonds | 14.50% | β | β | β | β | Not stated |
| INE059B07054 | Dec Dec ISSUER NOT | Debentures & bonds | 14.50% | β | β | β | β | Not stated |
| INE059B07104 | Jul Jul ISSUER NOT | Debentures & bonds | 13.15% | β | β | β | β | Not stated |
| INE059B07096 | Jul Jul ISSUER NOT | Debentures & bonds | 13.15% | β | β | β | β | Not stated |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | βΉ7,900 Cr | CARE D / CARE D; ISSUER NOT COOPERATING* |
| Cash Credit | βΉ2,600 Cr | CARE D; ISSUER NOT COOPERATING* |
| Commercial Paper (Carved out) | β | Withdrawn |
| CP/STD | β | Withdrawn |
| Long Term | β | Withdrawn |
| Non Convertible Debentures | βΉ495 Cr | CARE D; ISSUER NOT COOPERATING* |
| Term Loan | βΉ75.4 Cr | CARE D; ISSUER NOT COOPERATING* |
Lenders
| Fund-based - LT | Cash Credit | Allahabad Bank |
| Fund-based - LT | Cash Credit | Andhra Bank |
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | Bank of India |
| Fund-based - LT | Cash Credit | Bank of Maharashtra |
| Fund-based - LT | Cash Credit | Canara Bank |
| Fund-based - LT | Cash Credit | Central Bank of India |
| Fund-based - LT | Cash Credit | DCB Bank Ltd. |
| Fund-based - LT | Cash Credit | Dena Bank |
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT | Cash Credit | IDBI Bank Ltd. |
| Fund-based - LT | Cash Credit | Indian Bank |
| Fund-based - LT | Cash Credit | Induslnd Bank Ltd. |
| Fund-based - LT | Cash Credit | Karnataka Bank Ltd. |
| Fund-based - LT | Cash Credit | Karur Vysya Bank Ltd. |
| Fund-based - LT | Cash Credit | Lakshmi Villas Bank |
| Fund-based - LT | Cash Credit | Oriental Bank of Commerce |
| Fund-based - LT | Cash Credit | Proposed |
| Fund-based - LT | Cash Credit | Punjab National Bank |
| Fund-based - LT | Cash Credit | RBL Bank Limited |
| Fund-based - LT | Cash Credit | Standard Chartered Bank |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Cash Credit | Syndicate Bank |
| Fund-based - LT | Cash Credit | UCO Bank |
| Fund-based - LT | Cash Credit | Union Bank of India |
| Fund-based - LT | Cash Credit | United Bank of India |
| Fund-based - LT | Cash Credit | Yes Bank Ltd. |
| Fund-based - LT | Term Loan | Induslnd Bank Ltd. |
| Fund-based - LT | Term Loan | Proposed |
| Non-fund-based - LT/ ST | BG/LC | Allahabad Bank |
| Non-fund-based - LT/ ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Bank of Baroda |
| Non-fund-based - LT/ ST | BG/LC | Bank of India |
| Non-fund-based - LT/ ST | BG/LC | Canara Bank |
| Non-fund-based - LT/ ST | BG/LC | Central Bank of India |
| Non-fund-based - LT/ ST | BG/LC | DCB Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Dena Bank |
| Non-fund-based - LT/ ST | BG/LC | Export Import Bank of India |
Credit assessment Β· Manufacturing
Rating Methodology β Manufacturing Companies (Mar 2025) Β· Standalone accounts Β· FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | In default (CARE D) |
| Issuer cooperation | Not cooperating since 02 Dec 2021 (58 months) β investment grade cannot be retained |
| Credit enhancement | None β standalone rating |
| Next action stable or better (model) | 26% |
| Information on file | 78% Β· missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 26% chance the next rating action is stable or better
- Current rating D (below investment grade)
- Interest coverage 0.94Γ
- Issuer not cooperating with the rating agency
Rated limits by facility
Timeline
From the report
The company incurred cash loss of Rs.572 crore in FY21 vis-Γ -vis debt repayment obligation of Rs.305.38 crore in FY21.
From the report
The company incurred cash loss of Rs.572 crore in FY21 vis-Γ -vis debt repayment obligation of Rs.305.38 crore in FY21.
From the report
The company has a scheduled debt repayment obligation of Rs.520.34 crore in FY22.
From the report
The company incurred cash loss of Rs.346 crore in FY20 vis -Γ -vis debt repayment obligation of Rs.175.46 crore in FY20.
From the report
The company incurred cash loss of Rs.346 crore in FY20 vis -Γ -vis debt repayment obligation of Rs.175.46 crore in FY20.
From the report
The company has a scheduled debt repayment obligation of Rs.305.38 crore in FY21. 1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications. 1 CARE Ratings Limited Press Release Analytical approach: Standalone Applicable Criteria Criteria on assigning βoutlookβ and βcredit watchβ to Credit Ratings CAREβs Policy on Default Recognition Criteria for Short Term Instruments Financial ratios β Non-Financial Sector Liquidity Analysis of Non-Financial Sector Entities Rating Methodology β Construction Sector CAREβs policy on Curing Period About th
From the report
Outlook: Negative) five crore only) Details of facilities/Instruments in Annexure Detailed Rationale and Key Rating Drivers The revision in the ratings assigned to Simplex Infrastructures Limited (Simplex) takes into account non infusion of equity of Rs.125 cr by promoters within the timelines as expected due to lapse of timelines for conversion of share warrants, moderation in profitability in Q2FY20 (refers to the period July 1 to September 30), continued elongation in already high collection period in Q2FY20 with increase in unbilled revenue leading to deterioration of working capital cycle
From the report
Besides, Simplex has issued corporate guarantee amounting to ~Rs.746 cr to its group entities.
From the report
In January 2019, promoters have further infused Rs.25 crore against the conversion of share warrant and the balance of Rs.125 crore was expected to be infused by November 15, 2019.
From the report
However as stated by the management the time period for conversion of balance amount of Rs.125 crore has lapsed and the same will not be infused and the upfront infusion of Rs.75 crore already done will be forfeited.
From the report
Further debt repayment obligation in FY20 stands at Rs. 178.46 crore (out of which ~Rs.66 crore already repaid till Sept 30, 2019 including put option of Rs.30 crore exercised) which is expected to be met out of cash accruals (GCA of Rs.107.89 crore during April 1, 2019 to September 30, 2019).
From the report
Average fund based utilization is high at ~96% for 12 month ended Sept. 2019 on account of high receivables.
From the report
The ratings also factor in companyβs pla n to monetize one of the SPVs by the end of March 2020 and equity infusion of Rs.125 cr in respect of balance share warrant proceeds by Nov 2019 which would most be utilized for reduction in debt levels.
From the report
Further there was an equity infusion of Rs.477 crore in FY19 which has resulted in marginal reduction in debt resulting in improvement in overall gearing albeit the debt level continues to remain higher than envisaged.
From the report
Besides, Simplex has issued corporate guarantee amounting to ~Rs.746 cr to its group entities.
From the report
Average fund based utilization is high at ~94% on account of high receivables.
From the report
Further there was an equity infusion of Rs.452 crore in Q1FY19 and Rs.25 crore in Q4FY19 which has resulted in marginal reduction in debt resulting in improvement in overall gearing though the debt continues to remain higher than envisaged.
From the report
Overall gearing (including mobilisation advances) improved to 2.27x as on March 31, 2019 as against 3.15x as on March 31, 2018 mainly on account of equity infusion of Rs.477 crore.
From the report
Liquidity The average fund based utilisation for the 12 month period ended April 30, 2019 was ~93% and it continued to remain high on account of slow pace of recovery from debtors.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Simplex Infrastructures Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 RELIANCE INFRASTRUCTURE LIMITED |
Real Estate & Infrastructure Β· Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
| LODHA DEVELOPERS LIMITED | Β· Construction | β | β | Mumbai, Maharashtra, India |
 IRCON INTERNATIONAL LIMITED |
Real Estate & Infrastructure Β· Real Estate & Construction | ircon.org | β | New Delhi, Delhi, India |
| DILIP BUILDCON LIMITED | Β· Construction | β | β | Bhopal, Madhya Pradesh, India |
| G R INFRAPROJECTS LIMITED | Β· Construction | β | β | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure Β· Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
 GMR POWER AND URBAN INFRA LIMITED |
Part of GMR Group. | gmrpui.com | β | Gurgaon, Haryana, India |
| KIRLOSKAR INDUSTRIES LIMITED | Β· Real Estate and Renting | β | β | Pune, Maharashtra, India |
| Plastic Pipes & Water Tanks Β· Cement, Building Materials & Polymers | astralltd.com | β | Ahmedabad, India | |
| EMBASSY DEVELOPMENTS LIMITED | Β· Construction | β | β | Gurgaon, Haryana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.