NSE: SIMPLEXINF · BSE: 523838 · CSE: 29053 · CIN L45209WB1924PLC004969 · Data as of 13 Oct 2026 close (Screener); latest reported quarter Q1 FY27 (Jun-26); FY26 Annual Report filed 29-Aug-2026. Q2 FY27 not yet reported. Units ₹ Cr unless stated.
Conflict of interest disclosure. Per Simplex's NSE "Allotment of Securities" filing dated 29-May-2025, an entity named Aamara Capital Private Limited was a non-promoter preferential allottee of 1,00,000 Simplex equity shares at ₹289 (≈₹2.89 Cr; ≈0.13% of ~7.9 Cr post-issue shares [Est.]). Whether that entity still holds the shares today is not known from public data. Readers should treat this report's views accordingly. The analysis and verdict are deliberately evidence-based and have not been tilted in either direction.
Badges are identical on Tab 13. "Negative" = the price already discounts a successful re-rating, while the downside tails (NARCL snap-back, Oman guarantee, DTA, aged receivables) are unpriced. [Analyst View]
CARE D (13-Nov-2025) / IVR D (22-Sep-2025) — default grade
Auditor
Binayak Dey & Co. (sole proprietor), FY23–FY27; unmodified opinion; going concern is a KAM
Restructuring
NARCL Master Restructuring Agreement (MRA) signed 15-Jan-2025, implemented 31-Mar-2025
Plain-English description
Simplex is a 101-year-old Kolkata civil-engineering contractor that was once one of India's best-known piling and power-plant-civil specialists (tall slipform chimneys up to 275 m, cooling towers, deep foundations, ports). It defaulted on its debt from roughly FY20, was rated D, and in 2024–25 went through a NARCL-led resolution: lenders holding 85.44% of debt assigned it to NARCL (which paid ₹640 Cr for ~₹5,650 Cr of exposure), and under the MRA NARCL accepted ₹1,250 Cr of "sustainable debt" over 7 years plus 15% of equity; if the company defaults, NARCL can reinstate ₹8,046.36 Cr (Note 11(D)). The company has since raised ₹281.59 Cr of fresh equity and returned to small profits. It is now a sub-scale contractor (standalone revenue ₹670 Cr, still shrinking) whose consolidated revenue is padded by a near-zero-margin domestic coal-mine MDO subsidiary (PC Patel Mahalaxmi, ~35% of revenue), whose net worth is 58% deferred tax asset, and which carries ~₹1,015 Cr of exposure to an insolvent Omani associate. Order inflows have recovered in FY27 (₹1,175 Cr YTD per the 5-Oct-2026 NSE filing), including a ₹255.52 Cr Oil India drilling contract.
Reconciled headline figures (used identically in every tab)
#
Item
Figure used
Label
Alternative / note
1
FY27 YTD order inflow (to 5-Oct-2026)
≈₹1,175 Cr (₹920 Cr + Oil India ₹255.52 Cr)
[Fact] NSE filing
₹1,920 Cr (Screener/Arthneeti), ₹3,125.52 Cr (Arthneeti), ₹2,175.52 Cr (EquityBulls) are unsupported by the filing text
2
Order book Mar-26
~₹1,200 Cr (Ind AS 115 standalone RPO ₹1,194.7 Cr)
[Fact]
Group RPO ₹3,705.7 Cr includes mining-SPV gross-up (~₹2,511 Cr)
3
Implied current order book
~₹1,700–1,900 Cr
[Est.]
Mechanical roll-forward with zero attrition ≈₹2,050 Cr (upper bound)
4
Mining revenue
~₹357 Cr (~35% of consol.), PAT ₹0.88 Cr (~0.25%)
[Fact]
PC Patel Mahalaxmi Simplex Consortium (51%), domestic coal-mine MDO — not an overseas subsidiary
Single aggregator (ScanX); not corroborated by AR/Trendlyne holder lists
Data freshness: market data 13-Oct-2026; financials to Q1 FY27 (results 11-Aug-2026); shareholding Sep-26 quarter; ratings as per AR FY26 (CARE 13-Nov-2025, IVR 22-Sep-2025). Primary AR text was relied on via the five research inputs and the coordinator's verification note; it was not re-grepped for this assembly.
Analyst Notes
One-line read: a post-NARCL-restructuring EPC contractor with genuine operating-margin repair and recovering order inflow, sitting on a low-quality balance sheet that can still unwind, run by a board with documented compliance contradictions, and priced at the richest EV/EBITDA and FY26 P/E in its peer group on the weakest fundamentals. [Analyst View]
What happened. Between March 2024 and March 2025 Simplex went from an insolvent-looking contractor with ₹7,184.5 Cr of standalone debt and negative ex-DTA net worth to a "resolved" company. NARCL bought ~₹5,650 Cr of lender exposure for ₹640 Cr (AR FY25 MD&A), then under the 15-Jan-2025 MRA accepted ₹1,250 Cr of sustainable debt over 7 years plus 15% fully diluted equity; the reinstatement amount on default is ₹8,046.36 Cr (Note 11(D)). ₹4,565.5 Cr of unsustainable debt was written back in FY25 and ₹169.8 Cr in FY26. Those write-backs were almost exactly consumed by write-offs of ~₹5,777 Cr (FY25) and ~₹438 Cr (FY26) of unbilled revenue, claims, receivables, DTA, inventory and plant, so net exceptional gains were only ₹14.3 Cr and ₹0.77 Cr. The restructuring cleaned the balance sheet by netting lender forgiveness against years of uncollectable revenue — which tells you something about the quality of revenue booked before FY25. [Fact]
The real improvement. Operating margin repair is genuine: standalone operating EBITDA went from ₹21.6 Cr (3.0%) in FY25 to ₹54.4 Cr (8.1%) in FY26, and standalone OPM was 12.6% in Q4 FY26 and 13.3% in Q1 FY27. Subcontracting fell from 44.5% to 32.1% of revenue. Finance cost collapsed from ₹755–839 Cr (FY22–23, largely accrued) to ₹12.8 Cr. Fresh equity of ₹281.59 Cr arrived; ₹110 Cr sits in FDs. FY27 YTD inflows of ≈₹1,175 Cr (₹920 Cr + Oil India ₹255.52 Cr, NSE filing 5-Oct-2026) already exceed FY26's ₹529.5 Cr by 2.2x — and came before any rating upgrade. Consolidated Q1 FY27 revenue grew 19.8% to ₹291 Cr. These are real positives. [Fact]
But the top line is not the business. The Q1 FY27 growth came from the PC Patel Mahalaxmi coal-mine MDO SPV (51%), which bills ~₹357 Cr a year at ~0.25% PAT, has no staff of its own and is a pass-through. Standalone revenue — the work Simplex actually executes — fell 2.6% YoY and 18% QoQ in Q1 FY27 to ₹150 Cr, after falling 28% in FY25 and 8% in FY26. Standalone order book shrank from ~₹1,700 Cr to ~₹1,200 Cr in FY26 with ~₹350–475 Cr of unexplained attrition. The FY27 inflows should reverse that, and the implied current book of ~₹1,700–1,900 Cr [Est.] is ~2.5–2.8x TTM standalone revenue — healthy if it is executable, which depends on bank-guarantee lines a D-rated company does not have.
Balance-sheet quality is the core problem. Reported standalone net worth of ₹956.3 Cr includes a ₹559.4 Cr deferred-tax asset (58%) that needs ~₹2,220 Cr of future taxable profit — roughly 45 years at FY26 PBT — and is not being consumed. Ex-DTA net worth is ₹396.9 Cr. Against that sits ~₹1,015 Cr of exposure to the 45% Oman associate (zero revenue, equity −₹425 Cr), defended only by management's view that "expected arbitration claims" cover the ₹744.9 Cr guarantee. Add ₹1,601.6 Cr of receivables, unbilled revenue and retention (~29 months of revenue; ~70% of gross trade receivables older than 3 years), ₹416 Cr of claims, ₹51.7 Cr of unpaid MSME interest and ₹341.9 Cr of disputed taxes. Operating cash flow (₹176 Cr FY25, ₹107 Cr FY26) came from liquidating working capital, not from ₹54 Cr of core EBITDA, and DSCR is 0.28x.
The restructuring can unwind. ₹697.8 Cr of "unsustainable" debt is still carried; on MRA default NARCL can reinstate ₹8,046.36 Cr plus interest. Ratings remain CARE D / IVR D; Srei Equipment Finance's ₹46.16 Cr has been in default >365 days, and the chairman's "by September 2026" settlement is unconfirmed as of 13-Oct-2026, putting the "by January 2027" upgrade at risk. The FY27 current maturity is only ₹63.8 Cr, so near-term liquidity is fine; the risk is the back-ended ₹1,012 Cr beyond 4 years and the dependence on arbitration recoveries that are hypothecated to NARCL anyway.
Governance contradictions. On the same day (28-May-2026) the practising company secretary certified four of eight directors (three independents and one NED) "in violation of Section 164", while the statutory auditor certified none disqualified. Two of those independents were re-appointed for second terms on 22-Apr-2026. Board's Reports in FY25 and FY26 stated there were no audit qualifications when there were. The auditor is a sole proprietorship auditing a ₹3,700 Cr balance sheet with Middle East operations. The CFO sits on the Audit Committee; there is no MD/CEO.
What the market is pricing. At ₹249 the stock trades at 43.5x TTM earnings (48.6x FY26), 2.0x reported book (4.7x ex-DTA) and ~40–66x EV/operating EBITDA. In a ten-company EPC peer set it is the most expensive on EV/EBITDA (even its most generous basis, ~30x, exceeds the next-highest, Cemindia at 20.2x) and on FY26 P/E (48.6x vs Afcons 35.9x); on TTM P/E it is level with Afcons (43.9x). NCC, KEC, PNC, JKIL and Capacite trade at 4–16x P/E and 4–8x EV/EBITDA; the four peers with P/B in our inputs (PNC 0.55x, Capacite 0.77x, NCC 0.98x, JKIL 1.0x) sit at roughly half Simplex's 2.0x. The market is valuing an option on rating normalisation, order-book rebuild and claims monetisation. Yet the smart-money anchor is ₹289–294 (Quant MF, NARCL, ICICI, preferential allottees) and the stock is ~14% below it; 65.56 lakh warrants worth ₹142.1 Cr at ₹289 expire 29-Nov-2026 out of the money.
What would change my mind. Positively: Srei settlement + CARE/IVR upgrade by Q4 FY27, warrant exercise (especially promoter Ajay Merchants' ₹37.5 Cr), standalone revenue growth visible in Q2–Q3 FY27, and any cash recovery on Oman arbitration. Negatively: lapse of warrants, slippage of the rating timeline, further write-offs netted against debt write-backs, or any step toward crystallisation of the Oman guarantee. [Analyst View]
Thesis map
Theme
Evidence
Direction
Debt resolved at deep haircut
NARCL paid ₹640 Cr for ~₹5,650 Cr; sustainable debt ₹1,250 Cr → ₹948.6 Cr outstanding; 99.55% of debt settled/restructured
Richest in peer set on EV/EBITDA and FY26 P/E (TTM P/E level with Afcons); 2.0x P/B vs 0.55–1.0x for the four peers with P/B data
Negative
Business Deep-Dive
Disclosure note. Simplex reports a single operating segment (Ind AS 108, "construction/project activities") and does not disclose segment revenue/EBITDA, top-customer concentration, named suppliers, equipment counts, patents or capacity. CARE/Infomerics ratings have been "Issuer Not Cooperating" since 2023. Proxies below are built from revenue-stream notes, Ind AS 115 RPO and the MD&A order-book mix and are labelled.
561 permanent on rolls (Annexure-1, 31-Mar-26); 1,166 total workforce; 726 reported for 31-Mar-25 (basis differs across sections). Employee cost +11% in FY26; no increments for non-managerial staff FY25/FY26; median remuneration +37.2% FY26 after −7% FY25
Certifications
ISO 9001:2015 (letterhead; website); ISO 45001:2018 (website). No ISO 14001 listed
Patents / R&D
No patents; R&D spend NIL (Annexure-4). IP = process know-how
Offices
Kolkata HQ; Delhi (Hemkunth, Nehru Place; Vaikunth Bldg flats 204/207/209 held in sellers' names since 1984–97); Mumbai; Navi Mumbai Vashi flat held in name of Amitabh Das Mundhra on company's behalf; Chennai (Chetpet)
Overseas (CARE Nov-2025)
Saudi Arabia, Bangladesh, Bahrain, UAE, Qatar, Ethiopia, Sri Lanka; Oman associate; Libya JV (dormant)
Services — vertical by vertical
Vertical
What Simplex does
Representative work
Mar-26 book share
Ground engineering / piling (legacy core)
Bored cast-in-situ, driven and precast piles, diaphragm walls, deep foundations for power, bridges, towers, buildings, ports
FY26 win: piling for overhead transmission line, Jeddah, Saudi Arabia
within sectors
Power — generation civil & transmission
Tall RCC chimneys and cooling towers (slipform); ACC columns; CW pump houses/forebays; WTP; BoP civil and prefab steel; pipe conveyors; EHV line foundations and tower erection; substations
FY26: chimney packages NTPC Nabinagar STPP Stage-II (3x800 MW, Bihar) and Gadarwara STPP Stage-II (2x800 MW, MP). FY25: Adani Power Raigarh Ph-II (2x800 MW) BoP civil + prefab steel. NTPC North Karanpura (3x660 MW): 7.5 km double-line pipe conveyor; ACC hollow columns 5.4 m dia x 54.8 m. 765 kV Anpara D–Jhusi line. Completed FY25: Godda TPP; NTPC Tandwa barrage & intake
36%
Roads & bridges
EPC highways, flyovers, major bridges (I-girder launching with in-house gantries), CTSB pavements, pavement marking
Mining services (MDO) via PC Patel Mahalaxmi Simplex Consortium Pvt Ltd (51%)
Domestic coal-mine development & operation contract billed through the SPV. Consolidated employee cost equals standalone exactly (₹108.4 Cr FY26), finance cost equal, D&A differs by ~₹0.1 Cr → SPV has no staff, fleet or debt; work performed by partner/subcontractors [INFERRED]
₹357.3 Cr revenue FY26 (~35% of consol.), PAT ₹0.88 Cr; SPV assets ₹239.3 Cr; mine and client not disclosed
Outside standalone book (~₹2,511 Cr of group RPO)
Oil drilling services
Onshore drilling with owned 2,000 HP rig; electric top drive TDS-11SA imported 2024
Revenue ₹6.2 Cr FY26 (₹14.2 FY25; ₹20.3 FY24). 5-Oct-2026: Oil India drilling contract ≈₹255.52 Cr [Fact]. 14-May-2025: JV with Breitling Drilling Pvt Ltd (Deep Industries subsidiary), Breitling 74% / Simplex 26% (DSIJ); whether Oil India work runs through the JV is [UNVERIFIED]
New FY27
Equipment hire / trading / scrap
Hiring out idle plant; small traded goods
₹22.5 Cr FY26
—
How they do it — process and technology
Operating model
Item-rate/EPC contracts executed at client sites; own heavy equipment and site engineers mobilised.
Large share subcontracted: subcontractor charges 44.2% (FY24), 44.5% (FY25), 32.1% (FY26) of standalone revenue.
Materials bought per project (steel, cement, aggregates, RMC, bitumen, structural steel); PSU clients sometimes supply free-issue materials [INFERRED].
Overseas work run as foreign branches inside the standalone entity (FCTR ₹132 Cr).
MD&A cites "asset-light operations" yet FY26 PPE additions were ₹47.9 Cr (P&E ₹43.9 Cr).
Technologies cited (Annexure-4)
Slipform design for 42 m base-dia x 275 m RCC chimney; slipform ACC hollow columns.
In-house lattice girders/overhead gantries to launch 28 m and 32 m I-girders.
GPS + fuel monitoring; site "petro-cards" against diesel pilferage.
Top-drive drilling on oil rigs; tunnel-form mass housing.
Captive crushers with energy-efficient motors; solar lighting masts; grid power replacing gensets.
Facilities and equipment (no manufacturing plants)
Asset
31-Mar-26 (₹ Cr)
Note
Plant & equipment — gross
904.8
Net 231.6; tools ₹10.4 Cr
P&E written off FY25
614.7 gross (~188.9 net)
Obsolete/idle fleet; further ₹43.95 Cr gross written off FY26
Capex FY26
47.9 (P&E 43.9)
vs 30.7 FY25; capital advances ₹12.1 Cr — fleet rebuilding
Freehold land / buildings (net)
4.65 / 5.26
Offices and flats
Total net PPE
251.5
Pledged; MRA mortgages unencumbered immovables
Equipment hire expense
28.2 (FY25 20.0)
+41% — renting more than owning
Fleet counts (piling rigs, cranes, batching plants, slipform sets, gantries, rigs) are not quantified in any accessible filing; the 2019 corporate presentation could not be parsed.
Geographic footprint and export intensity
₹ Cr
FY24
FY25
FY26
Foreign exchange earned
63.2
85.3
183.5
% of standalone revenue [Est.]
6.3%
11.7%
27.4%
Foreign exchange used
50.6
69.9
100.6
India: WB, Jharkhand, Bihar, MP, Chhattisgarh, UP, Assam, Maharashtra, Gujarat, Karnataka, Delhi, Goa. The Middle East is the fastest-growing geography (Jeddah transmission piling).
Overseas and group entities
Entity
Stake
Status (FY26)
Simplex (Middle East) Ltd, UAE
100%
Holding vehicle; assets ₹8.7 Cr; nil turnover; loss ₹0.2 Cr; parent of Simplex (Bangladesh) Pvt Ltd (95%, dormant; ₹4.7 Cr ICD to parent)
Simplex Infrastructures LLC, Oman
45% associate
Zero revenue FY25/FY26; equity −₹424.95 Cr; FY26 loss ₹59.8 Cr; liabilities ₹2,050.8 Cr vs assets ₹1,625.8 Cr. Simplex exposure ~₹1,015 Cr
Simplex Almoayyed WLL, Bahrain
49% JV
Revenue ₹31.6 Cr (₹20.1), PAT ₹5.8 Cr (₹3.1); paid dividend; only profitable overseas vehicle; share of profit ₹2.83 Cr
Simplex Infrastructures Libya JV Co.
65%
Dormant since 2011; net assets −₹5.7 Cr
Arabian Construction Co–Simplex Infra Pvt Ltd
50% JV
Dormant
Simplex Infra Development Pvt Ltd (SIDPL)
100%
Holds dormant BOT SPVs Maa Durga Expressways, Jaintia Highway; ₹83.4 Cr owed by Simplex to SIDPL
USP and moat
Real but eroding: a century of technical pre-qualifications in niches (tall chimneys, slipform, deep piling, marine) — evidenced by the NTPC Nabinagar/Gadarwara chimney wins. The binding constraint is financial PQ, bank guarantees and the D rating, which management itself says suppress its bid success rate. The know-how is replicable by Cemindia, Afcons and L&T. [Analyst View]
Segment Analysis
Company reports one segment. The proxy below is built from consolidated Note 19 revenue streams (AR FY25/FY26).
Consolidated revenue by stream (₹ Cr)
Stream
FY24
FY25
FY26
YoY FY25
YoY FY26
FY26 mix
EPC contract turnover
954.1
692.2
634.8
−27.5%
−8.3%
62.2%
Mining services (MDO SPV, pass-through)
387.2
353.1
357.3
−8.8%
+1.2%
35.0%
Oil drilling services
20.3
14.2
6.2
−30.0%
−56.7%
0.6%
Traded goods
3.4
0.6
0.5
—
—
0.05%
Other operating (hire, misc, scrap, bad-debt recovery)
Standalone EBITDA as reported (incl. other income)
45.6
74.5
90.0
Standalone other income
17.8
52.9
35.6
Standalone operating EBITDA ≈ EPC + drilling
27.9 (2.8%)
21.6 (3.0%)
54.4 (8.1%)
Consolidated EBITDA reported (incl. OI)
46.2
75.7
90.3
Consolidated operating EBITDA
28.2 (2.0%)
22.7 (2.1%)
55.2 (5.4%)
Mining SPV PAT (PBT)
n.a.
0.98
0.88 (1.18)
Implied mining EBITDA (consol. core − SA core) [Est.]
~0.3
~1.1
~0.8
Board's report "EBITDA margin 13.4%" (FY26) is inflated by other income (interest ₹22.4 Cr on deposits funded by the equity raise). FY26 standalone operating EBITDA still bears ₹10.4 Cr bad debts + ₹6.5 Cr ECL. Consolidated margin understates the core because ~₹350 Cr of pass-through revenue carries ~zero EBITDA.
Overseas / Middle East work: forex earnings 2.2x in FY26 to 27% of standalone revenue. Power transmission/generation up ~27% in the book [Est.]. Oil drilling resets with the ₹255.52 Cr Oil India award. The mining SPV's +58% Q1 growth is gross-up revenue with negligible profit.
Under pressure
Domestic EPC contract turnover (−33% over FY24–26); oil drilling (−70% FY24–26 before the new award). In the book: building & housing (−62%), industrial (−58%), urban (−51%).
Management's stated focus: "profitable and sustainable growth rather than volume-led expansion, with selective bidding and preference for projects offering better margins, shorter execution tenures and favourable risk-return profiles" (FY26 Chairman). No segment-level numeric guidance is given.
Financials: P&L
Consolidated five-year P&L (₹ Cr)
₹ Cr
FY22
FY23
FY24
FY25
FY26
TTM Jun-26
Revenue from operations
2,047
1,874
1,388
1,075.6
1,021.2
1,070
YoY growth
−7.0%
−8.5%
−25.9%
−22.5%
−5.1%
+5%
"Gross profit" (contribution)*
n.a.
n.a.
n.a.
288.4
347.0
n.a.
Gross margin
–
–
–
26.8%
34.0%
–
Operating EBITDA (excl. OI)
14
12
30
22.7
55.2
68
EBITDA margin
0.7%
0.6%
2.2%
2.1%
5.4%
6.4%
Other income
44
88
16
53.1
35.1
32
EBITDA incl. OI
58
100
46
75.7
90.3
100
Depreciation
105
86
70
54.8
29.2
30
Finance cost
755
839
80
15.0
12.8
12
EBIT**
−46
14
−23
22.5
63.9
–
EBIT margin
−2.2%
0.7%
−1.7%
2.1%
6.3%
–
Exceptional items (net)
–
–
–
+14.3
+0.8
–
PBT
−801
−825
−103
21.7
51.9
59
PBT margin
−39.1%
−44.0%
−7.4%
2.0%
5.1%
5.5%
PAT
−527
−471
−72
12.1
40.4
46
PAT to owners
–
–
−72.3
11.6
40.0
–
PAT margin
−25.7%
−25.1%
−5.2%
1.1%
4.0%
4.3%
EPS (₹)
−92.42
−82.41
−12.65
2.02
5.20
5.80
*Revenue − materials − traded goods − ΔWIP − subcontract; site overheads sit in other expenses, so a contribution margin. **PBT pre-exceptional + finance cost; includes JV/associate share (FY26 ₹2.8 Cr; FY25 ₹1.5 Cr). FY22–FY23 interest of ₹755–839 Cr was largely accrued and unpaid; accrual stopped after the 31-Mar-2024 MRA cut-off; Q4 FY24 included a −₹263 Cr interest reversal. Sources: FY24–26 AR; FY22–23 and TTM Screener.
Standalone five-year P&L — the core EPC business (₹ Cr)
Standalone revenue is still shrinking: Q1 FY27 −2.6% YoY, −18% QoQ. Consolidated growth (+19.8%) came from subsidiaries/joint operations (consol. minus standalone ₹141 Cr vs ₹89 Cr a year ago) — low-margin pass-through.
Standalone OPM 12.6–13.3% in the last two quarters on a smaller base.
Other income weighted to 9M FY26 (₹35 Cr), falling to ₹2–3 Cr/quarter in Q4 FY26 and Q1 FY27 — PAT quality improved as OI fell.
Revenue growth is organic only (no acquisitions); price/volume split not disclosed.
Profit recovery is largely below-the-line: interest fell ₹80 Cr → ₹12.8 Cr; depreciation halved after the FY25 P&E write-off.
Earnings-quality check. Profits are cash-backed only via working-capital liquidation: OCF/PAT 18.3x (FY25) and 2.8x (FY26), but most of the contract-asset decline was write-off, not cash (unbilled revenue fell ₹333.9 Cr of which ₹298.8 Cr was written off; only ~₹35 Cr net reduction). Interest income (₹22.3 Cr received) is classified in investing CF while sitting in PAT. Screener flags "possible capitalisation of interest". See Tab 6.
Financials: Balance Sheet, Cash Flow & Ratios
Standalone balance sheet (₹ Cr; 31-Mar)
₹ Cr
FY22
FY23
FY24
FY25
FY26
Net fixed assets (PPE+intangibles+CWIP)
627
532
463.9
239.1
251.5
Goodwill
nil
nil
nil
nil
nil
Investments (mostly SIDPL ₹83.4 Cr)
89
87
87.0
87.0
87.0
Deferred tax asset (net)
n.a.
n.a.
952.9
562.6
559.4
Inventories
n.a.
n.a.
292.7
97.9
105.8
Trade receivables (net)
~1,322
~1,288
1,261.6
588.3
436.5
Contract assets (unbilled + retention, net)
n.a.
n.a.
~4,687
1,478.5
1,165.1
Claims recoverable (net)
n.a.
n.a.
n.a.
547.5
414.9
Loans (Oman associate)
n.a.
n.a.
184.1
183.1
183.3
Cash & equivalents
n.a.
n.a.
53.7
77.3
50.1
Other bank balances (FDs, margin, escrow)
n.a.
n.a.
4.6
5.8
128.7
Total assets
9,680
10,272
10,273.1
4,173.9
3,715.9
Total debt
5,284
5,989
7,184.5
2,178.8
1,646.3
Trade payables
n.a.
n.a.
1,351.2
660.5
467.4
Net worth
769
286
218.0
508.1
956.3
Net worth ex-DTA
n.a.
n.a.
−734.9
−54.5
396.9
Book value/share (₹)
134.6
50.1
38.2
75.6
120.9
BV/share ex-DTA (₹)
n.a.
n.a.
neg.
neg.
50.2
Shares: 5.714 Cr to FY24, 6.723 Cr FY25, 7.910 Cr FY26. FY22–23 receivables derived from Screener debtor days; FY24 contract assets derived from FY25 KAM (UR+TR+retention ₹5,948.5 Cr less TR). Retained earnings −₹1,118.4 Cr; standalone NW = share capital ₹15.9 Cr + other equity ₹940.5 Cr (incl. ₹47.4 Cr warrant money).
Gross vs ECL (₹ Cr)
FY26
FY25
Unbilled revenue gross / ECL
1,112.1 / 129.9
1,446.0 / 188.9
Retention gross / ECL
220.4 / 37.5
257.9 / n.a.
Trade receivables gross / ECL
502.3 / 65.8
669.1 / 80.8
Claims gross
416.4
549.0
Total ECL
301.2
374.9 (FY24 647.9)
Statutory advances (govt)
159.8
–
TR ageing Mar-26 (gross ₹502.3 Cr)
Total
>3 yrs
Undisputed
248.2
112.7
Disputed
254.2
242.6
Total
502.3
355.3 (~70%)
Trade payables >3 yrs (others / MSE)
—
151.8 / 28.2
Consolidated balance sheet (₹ Cr)
₹ Cr
FY22
FY23
FY24
FY25
FY26
Fixed assets (incl. CWIP)
629
533
465
239.5
251.8
Inventories
n.a.
n.a.
n.a.
97.9
105.8
Trade receivables
n.a.
n.a.
n.a.
647.0
522.5
Cash + other bank balances
n.a.
n.a.
n.a.
118.5
181.4
Total debt
5,354
5,984
7,180
2,174.4
1,641.6
Net worth (owners)
749
300
231
523.8
975.4
NCI
–
–
–
1.8
2.7
Total assets
9,868
10,373
10,414
4,338.9
3,880.9
Consolidated also carries other non-current financial liabilities ₹126.7 Cr and non-current other financial assets ₹148.2 Cr. Consolidated accumulated losses ₹1,095.9 Cr; holding-company receivables/unbilled/retention ₹1,686.74 Cr (consolidated KAM basis).
Cash flow — standalone (₹ Cr)
₹ Cr
FY22
FY23
FY24
FY25
FY26
PAT
−526
−506
−71.9
9.6
37.7
Operating profit before WC change
n.a.
n.a.
74.8
40.8
80.8
Working-capital change
n.a.
n.a.
−191.7
+141.0
+35.2
Tax (paid)/refund
n.a.
n.a.
+37.1
−5.6
−9.0
OCF
−454
−348
−79.8
176.2
106.9
Capex (gross)
~14
~21
10.3
30.8
57.1
FCF
−440
−327
−90.1
145.4
49.8
OCF / PAT
n.m.
n.m.
n.m.
18.3x
2.8x
FCF yield on mcap ₹1,964 Cr
–
–
−4.6%
7.4%
2.5%
Term deposits placed
–
–
–
–
−125.3
Equity + warrant money raised
–
–
–
–
281.6
Short-term borrowings, net
–
–
+121.5
−124.3
−255.3
Finance cost paid in cash
–
–
38.2
3.2
7.0
Cash flow — consolidated (₹ Cr)
₹ Cr
FY22
FY23
FY24
FY25
FY26
OCF
−447
−432
−83
207.9
74.4
Capex
n.a.
n.a.
n.a.
30.8
57.2
FCF
n.a.
n.a.
n.a.
177.1
17.2
FCF yield (current mcap)
–
–
–
9.0%
0.9%
Investing CF
22
206
2
−23.6
−156.9
Financing CF
404
259
83
−127.4
18.7
PAT vs OCF divergence — FY26 contract-asset movement (gross, ₹ Cr)
Item
Balance change
Written off (exceptional)
Net reduction ex write-offs
Trade receivables
−166.8
87.3 net (88.5 gross)
~78 (CF line +75.9)
Unbilled revenue
−333.9
298.8 gross (226.6 net)
~35 only
Claims recoverable
−132.6
88.6
~44
Retention
−37.5
31.0 gross (24.8 net)
~6.5
FY22–FY24: OCF −₹348 to −₹454 Cr per year even before interest — the business burned ~₹350–450 Cr a year, funded by unpaid lenders and stretched creditors (Screener payable days >1,100).
FY25: OCF ₹176 Cr vs PAT ₹9.6 Cr = WC liquidation (receivables +₹129.1 Cr, other assets +₹68.8 Cr, creditors −₹57.2 Cr); PAT included ₹25.2 Cr PPE gain and ₹14.3 Cr net exceptional.
FY26: OCF ₹106.9 Cr vs PAT ₹37.7 Cr: D&A ₹29.1, ECL/bad debts ₹17.0, receivables +₹75.9, other assets +₹81.4, offset by creditor paydown −₹76.4 and other liabilities −₹32.1.
Screener's negative CCC is misleading: it ignores unbilled revenue, retention and claims. Net receivables + contract assets = ₹1,601.6 Cr ≈ 29 months of FY26 revenue; gross incl. claims ~₹2,251 Cr ≈ 40 months. Consolidated WC days 518 (Screener). Claims and arbitration awards are hypothecated to NARCL's security trustee; no project-by-project arbitration list is disclosed.
Ratios
Ratio
FY22
FY23
FY24
FY25
FY26
Basis
RoE (PAT/avg equity)
−51%
−96%
−29%
2.6%
5.2%
SA
RoE consolidated
–
–
–
3.1%
5.3% (Screener 5.1%)
Consol.
RoCE (EBIT/avg equity+debt)
−0.9%
−0.4%
−0.3%
0.4%
2.3% (Screener 2.4%)
SA
Gross D/E
6.9x
20.9x
33.0x
4.29x
1.72x
SA
Net D/E (company definition)
–
–
–
4.14x
1.76x
SA (consol. reported 1.71x)
Net D/E incl. FDs
–
–
–
4.12x
1.53x
computed
Net D/E on ex-DTA equity
n.m.
n.m.
n.m.
neg.
3.70x
computed
Interest coverage (EBIT/finance cost)
<0
<0
<0
1.3x
4.8x
n.m. — debt rate "N.A."
DSCR
–
–
–
0.20x
0.28x
SA AR Note 45 (consol. 0.29x)
Current ratio
–
–
0.87x
1.84x
2.35x
AR
Asset turnover
0.18x
0.16x
0.10x
0.10x
0.17x
SA
Fixed-asset turnover
2.5x
2.7x
2.0x
2.1x
2.7x
SA
Trade receivables turnover
–
–
–
0.71x
1.14x
AR
Net capital turnover
–
–
–
−17.69
0.48
AR
Debt composition (standalone)
Item (₹ Cr)
Mar-26
Mar-25
Secured TL from financial companies (NARCL MRA; incl. current maturities 63.8 / 201.1)
1,367.7
1,525.0
Unsecured TL from financial companies
195.4
289.5
NCDs (GIC and others; Series I–III)
0
35.0
Rupee TL from banks
0
7.5 NC + 63.3 current
Foreign-currency TL (Bank Muscat; assignment of overseas receivables)
5.8
35.3
Secured TL, current — Srei (in default)
40.0
40.0
Working-capital loans repayable on demand
32.6
178.8
ICD from Simplex (Bangladesh) Pvt Ltd
4.7
4.4
Total borrowings
1,646.3
2,178.8
of which MRA sustainable debt outstanding
948.6
–
of which unsustainable debt retained (incl. non-assigned lenders)
697.8
–
Interest accrued on borrowings
9.2
142.6
~98% is term debt (essentially NARCL book); WC/CC only ₹32.6 Cr. FY26 fixed/floating split blank in Note 27 (FY25: 99.66% fixed). Finance cost FY26 ₹12.8 Cr = interest ₹6.7 Cr + other borrowing costs ₹6.1 Cr.
Restructuring history (MRA / OTS)
Date
Event
~FY20 onward
Defaults on bank/FI facilities; RBI-framework restructuring attempts failed; lead bank PNB took case to NARCL
6-May-2023
NCLT Kolkata rejected Central Bank of India's Sec 7 petition, citing temporary cash-flow stress and ~₹554 Cr arbitration awards receivable
28-Mar-2024
Deed of Assignment: lenders with 85.44% of debt assign to NARCL (cut-off 31-Mar-2024); NARCL paid ₹640 Cr for ~₹5,650.37 Cr of fund/non-fund exposure (AR FY25 MD&A); IDRCL service agent
15-Jan-2025
MRA signed (effective 28-Mar-2024): sustainable debt ₹1,250 Cr over 7 years; NARCL 15% fully diluted equity; promoters pledge 11% FD equity until exit; company to raise ≥₹100 Cr preferential
28-Mar-2025
NARCL conversion 1,00,84,027 sh @ ₹281.36 (₹283.72 Cr debt)
31-Mar-2025
MRA implemented; ₹4,565.5 Cr unsustainable debt written back (FY25)
2-Apr-2025
NCD holders paid ₹20 Cr (OTS)
22-Jul-2025
ICICI Bank OTS: 10,00,000 sh @ ₹294 (₹29.4 Cr debt converted)
FY26
₹169.8 Cr further unsustainable debt written back; 99.55% of debt settled/restructured
Sep-2026 (target)
Last non-assigned lender (<0.5%; Srei ₹46.16 Cr) — closure not verified as of 13-Oct-2026
Additional MRA security: mortgage of unencumbered immovables; hypothecation of arbitration-award and conciliation receivables, disputed claims, specific investments; existing pari-passu charges. On default NARCL may revoke the MRA and reinstate the "assigned outstanding debt amount of ₹8,046.36 Cr" (Note 11(D)) less amounts repaid/converted, plus interest at last sanction terms. Debenture trustee: Vistra ITCL (no NCDs outstanding at Mar-26).
Note: two different "assigned" figures appear in the sources — ~₹5,650.37 Cr of fund/non-fund exposure NARCL acquired for ₹640 Cr (AR FY25 MD&A) and the ₹8,046.36 Cr reinstatement amount (AR FY26 Note 11(D)). The inputs do not reconcile the gap (it may reflect accrued interest, non-fund exposure or a different measurement date); it is not estimated here.
"Issuer Not Cooperating" status per business input. CRISIL/ICRA/India Ratings: not rated. A CARE PDF with 07-May-2026 metadata may be a later action — content not extractable [UNVERIFIED]. Chairman expects upgrade "by January 2027" after Sep-2026 final settlement + 3-month cooling.
Equity dilution / share-count history
Date
Event
Shares
Price ₹
Consideration
Post-issue
to Mar-2025
Base
–
–
–
5,71,42,820
28-Mar-2025
Debt→equity NARCL (15% FD)
1,00,84,027
281.36
₹283.72 Cr debt
6,72,26,847
29-May-2025
Preferential equity, non-promoters
72,39,447
289
₹209.22 Cr cash
29-May-2025
Debt→equity NARCL top-up
25,91,000
289
₹74.88 Cr debt
29-May-2025
Convertible warrants (promoter group + non-promoters)
74,20,935 w
289
25% upfront ₹53.62 Cr (total ₹214.47 Cr)
21-Jul-2025
Warrant conversion (non-promoter; Quant MF)
8,65,052
289
₹18.75 Cr balance (₹25 Cr total)
22-Jul-2025
OTS conversion ICICI Bank
10,00,000
294
₹29.40 Cr debt
22-Jul-2025
Debt→equity NARCL top-up
1,73,000
294
₹5.09 Cr debt
7,90,95,346
by 29-Nov-2026
Outstanding warrants (₹216.75 each due)
65,55,883 w
289
~₹142.1 Cr potential
8,56,51,229 FD
Pre-restructuring holders keep ~66.7% fully diluted. NARCL 1,28,48,027 sh = 16.24% now = exactly 15.0% FD.
Lapse risk: ₹289 strike is ~16% above CMP ₹249. If not exercised by 29-Nov-2026, ₹47.37 Cr upfront is forfeited (capital reserve) and ₹142 Cr inflow does not arrive.
Use of funds: ₹281.59 Cr received, ₹172.88 Cr used for WC/GCP; ₹108.71 Cr in PNB FDs (+₹15.3 Cr margin money). Monitoring agency (CARE): no deviation.
No ESOPs; no QIP FY22–26 (enabling QIP up to ₹600 Cr passed 12-Mar-2025); equity capital ₹10 → ₹11 Cr in FY19 (unverified detail). CSE listing approval pending for 20,38,052 shares.
Other balance-sheet risks
Item
Detail
DTA recoverability
₹559.4 Cr at 25.168% needs ~₹2,220 Cr future taxable profit (~45 years at FY26 PBT ~₹49 Cr). Net DTA not consumed (₹562.6 → ₹559.4 Cr); component on unabsorbed depreciation/losses grew ₹186.7 (FY24) → ₹437.1 → ₹487.4 Cr. Loss expiry split not disclosed. Impairment would cut BV ~₹71/share
Oman associate
Guarantee ₹744.9 Cr (FY25 ₹677.8; rise is FX), loan ₹181.2 Cr (98.8% of all loans; includes ₹41.9 Cr FX), advances ₹88.3 Cr, TR ₹0.8 Cr ≈ ₹1,015 Cr
MSME / statutory
MSE dues ₹105.7 Cr + unpaid MSMED interest ₹51.7 Cr (FY25 ₹86.9 + ₹47.5 Cr); ₹76.6 Cr MSE principal paid late in FY26; PF/PT arrears >6 months (some since Jun-2020)
"Other Advances" ₹340.9 Cr
In other current liabilities, unchanged FY25–FY26 (Note 15), unexplained
SIDPL round-trip
₹83.4 Cr owed to subsidiary SIDPL = standalone investment in SIDPL ₹83.4 Cr — nets to zero
Contingent tax
₹341.9 Cr: GST 180.0; VAT/ST 124.3; excise 15.7; IT 13.9; entry tax 6.2; service tax 1.8 (+ SEIS ₹6.4 Cr DGFT). Screener contingent liabilities ₹1,087 Cr ≈ ₹341.9 Cr tax + ₹744.9 Cr Oman guarantee [Est.]
Management, Promoters & Governance
Governance red-flag summary
#
Flag
Severity
Evidence
1
Oman associate exposure ~₹1,015 Cr ≈ 1.06x standalone NW (₹956 Cr); attributable associate NW −₹191.2 Cr (FY25 −₹148.1 Cr); equity investment impaired but loan not
LODR lapses; Mundhra vacated other directorships (Sec 167(1)(a)); flat in Amitabh Das Mundhra's name; no D&O insurance/familiarisation (FY25); POSH ICC; CFO on Audit Committee
Low-Med
Secretarial audits FY25/FY26
Section 164 — the two certificates side by side (both dated 28-May-2026)
All directors except Rajiv Mundhra, G. Ramanathan, S.K. Ray and S.K. Bhattacharyya are "in violation of Section 164 ... and are under default"
Para 2(e): "none of the directors is disqualified ... under Section 164(2)", based on written representations
Directors affected
IDs P.K. Chakravarty, Indira Biswas, Dr D. Mukhopadhyay; NED Shamik Dasgupta
None
Related observations
Payments to disqualified directors without lender approval contravene the Act
FY25 auditor report had itself flagged a re-appointment breaching Sec 164(2)(b)
Board action
Chakravarty (2nd term from 13-Feb-2026) and Biswas (from 16-Apr-2026) re-appointed at EGM 22-Apr-2026 (~99.99% approval); Dasgupta re-appointed by rotation 25-Sep-2025. Board position: disqualification runs until its statutory period lapses. Both views are presented; this report does not adjudicate which is correct.
Promoter profile — Mundhra family
Item
Detail
Lead promoter
Rajiv Mundhra (DIN 00014237): Non-Executive Chairman since 1-Apr-2023 (executive until 31-Mar-2023); on board since 28-Jul-2003; 93,82,990 sh (11.86%); waived FY26 sitting fees; ₹0.84 Cr past managerial remuneration still payable; chairs CSR, RMC, CoD, Fund-raising committees; NRC member
Sec 164/167
Vacated other directorships under Sec 167(1)(a) (company NCD/loan default >1 year); those companies had not filed e-forms at 31-Mar-2025. FY26 PCS excludes him from default list; basis unexplained
Relatives / related
B.D. Mundhra and Yamuna Mundhra (relatives of KMP; unpaid dividend ₹0.15/₹0.11 Cr); Mundhra Estates (₹0.35 Cr liability); Amitabh Das Mundhra holds Vashi flat for company; Parikshit Mundhra 15,91,500 sh (2.01%) classified public — relationship not disclosed. "Certain promoters" reclassified to public in FY25 (names not in AR)
Education / outside interests
Not Available — not in AR FY25/FY26
Track record
Company slid into NCD/loan default; Simplex Projects Ltd (separate Kolkata company, not a group company per AR) went through IBC with revival plan by Sudarshan Das Mundhra — family link [UNVERIFIED]
Money into restructuring
Only Ajay Merchants' ₹12.50 Cr warrant upfront; no promoter equity subscription. Baba Basuki ₹0.71 Cr "advance received" outstanding since FY25
4 board meetings FY26 (27-May, 13-Aug, 14-Nov-2025; 12-Feb-2026), 5 in FY25; IDs met 16-Mar-2026. Sitting fees ₹20,000/board, ₹15,000/AC, ₹10,000 others; total NED pay ₹9.8 lakh FY26. Skill matrix boilerplate; no ID profiles.
Shareholding trend (%)
Quarter
Promoter
Pledged (% of prom.)
FII
DII
Public (incl. NARCL)
# holders
Dec-23
49.82
0
0.35
0.94
48.89
17,345
Sep-24
49.82
0
0.42
0.67
49.09
16,138
Dec-24
49.82
0
0.46
0.00
49.71
15,831
Mar-25
42.35
0
0.62
0.00
57.02 (NARCL 15.00)
15,249
Jun-25
36.95
22.08
0.60
3.39
59.07
15,301
Sep-25
35.99
33.09
0.44
5.65
57.90
15,138
Dec-25
35.99
33.09
0.38
5.80
57.82
14,984
Mar-26
35.99
33.09
0.49
5.81
57.71
14,642
Jun-26
35.99
33.09
0.39
6.59
57.02
14,881
Sep-26
35.99
33.09
0.49
6.59
56.92
14,695
Promoter decline is dilution only (2,84,70,663 sh Mar-25 vs 2,84,70,163 Mar-26). Promoter was 56.2% in 2017. Pledge 0% → 22.08% (Jun-25) → 33.09% (Sep-25) = 11% FD to NARCL (SAST Reg 31 filings not seen). Free float excluding NARCL ~41%. Promoter after warrants: ~35.3% if all convert; ~33.9% if only non-promoters convert.
Major holders (Sep-2026)
Holder
Category
%
Shares
NARCL
Public, body corporate
16.24%
1,28,48,027
Baba Basuki Distributors
Promoter group
13.65%
1,08,00,264
Rajiv Mundhra
Promoter
11.86%
93,82,990
Ajay Merchants
Promoter group
6.08%
48,07,264
Quant MF (Quant Infrastructure Fund)
MF
4.59% (4.50% Mar-26)
36,31,208
Indorama India Pvt Ltd
Body corporate
4.00%
31,60,208
Parikshit Mundhra
Public individual
2.01%
15,91,500
ICM Finance Pvt Ltd
Public
1.43%
11,31,704
Ploutus Advisors India Pvt Ltd
Public
1.30%
10,25,000
ICICI Bank
Bank (OTS)
1.26%
10,00,000
Madhusudan Kela
—
1.21% (Mar-26 per ScanX)
[UNVERIFIED]
Category mix (AR FY26 CG report)
Category
Holders 26
% 26
Shares 26
Holders 25
% 25
Promoters & directors
10
35.99
2,84,70,163
11
42.35
UTI & mutual funds
1
4.50
35,61,372
0
0
AIFs
2
0.05
40,500
0
0
Banks/FIs
1
1.26
10,00,000
0
0
FIIs/FPIs
14
0.49
3,84,635
11
0.62
NRI/OCB
262
0.62
4,88,436
251
0.76
ARC (NARCL)
0
0
0
1
15.00
Corporates (now incl. NARCL)
226
34.44
2,72,41,578
227
17.75
Individuals/HUF/trusts/CM
14,125
22.46
1,77,64,236
14,747
23.34
IEPF
1
0.18
1,44,426
1
0.18
103 holders with >50k shares own 86.5%; retail float ~22%. 1–500 share bucket 13,046 → 12,371 holders in FY26. Demat 99.55%.
1,00,000 shares at ₹289 — unambiguous in filing. Conflict of interest (see Tab 1/13)
Ajay Merchants Pvt Ltd (promoter group)
Warrants
17,30,104 warrants; ₹12.50 Cr upfront
Individual counts in the filing: 5,19,031 / 8,65,052 / 17,30,104 / 7,00,000 / 3,46,021 / 2,00,000 — column-to-name mapping garbled in text extraction (total equity tranche 72,39,447 sh). Warrant allottee list not parsed. FilingReader's "11.73 lakh shares trading approval 16-Sep-2025" does not reconcile with the AR.
Insider / SAST
No promoter open-market buying or selling; only event is Ajay Merchants' warrant allotment.
NARCL acquisitions under SAST Reg 10 debt-restructuring exemption.
Pragya Mercantile sold 4,00,000 shares at ₹245.6 (~₹9.83 Cr) on 26-Aug-2026 (Groww).
Bulk/block deal archive not retrieved; no NARCL or ICICI sale visible (NARCL count unchanged).
No AOC-2 filed; Oman guarantee not treated as "materially significant" RPT — questionable given size vs NW. Reg 30A: only the NARCL MRA disclosed.
Auditors
Item
Detail
Statutory
Binayak Dey & Co., Kolkata (FRN 328896E), sole proprietor Binayak Dey (M.No. 062177); appointed EGM 12-May-2022 for FY23–FY27 (mid-cycle → casual vacancy; predecessor and reason not disclosed). Fee ₹32 lakh consolidated FY26 (standalone audit ~₹18 lakh) vs ₹40.11 lakh FY25. Peer-reviewed. Rotation due 2027
Opinion
Unmodified (SA & consol.) FY25 and FY26; no "Material Uncertainty" paragraph. KAMs: (1) going concern — accumulated losses ₹1,118.35 Cr SA / ₹1,095.90 Cr consol.; (2) revenue recognition (POC); (3) recoverability of ₹1,601.6 Cr unbilled/receivables/retention; (4) litigation & arbitration. EoM: Note 11(D) MRA and Note 36 exceptional items (standalone). CARO xix: no material uncertainty
Component reliance
Other auditors for 10 joint operations (assets ₹70.6 Cr) and PC Patel consortium (assets ₹239.3 Cr; revenue ₹357.5 Cr); management Ind AS conversion for foreign subsidiaries, associate (Oman) and JV accepted
CARO FY26
Srei ₹46.16 Cr default >365 days; not wilful defaulter; no fraud (no ADT-4); no whistle-blower complaints; audit trail OK; PF/NPS/PT delays; 4 Delhi/Navi Mumbai flats not in company's name; no cash loss. FY25 CARO: Oman branch PPE not physically verified >3 years
Secretarial
FY25 A.K. Labh & Co.; FY26–FY30 Labh & Labh Associates (CS Atul Kumar Labh; fee ₹2 lakh). Qualifications: payments to disqualified directors; late SHP (12-Apr-2025 for 28-Mar-2025 allotment); Dutta re-appointment not intimated. Observations: board didn't respond; unsigned annexures; nominee pay needs Reg 17(6)(ca); POSH ICC/SHe-Box. Same person is EGM scrutiniser
Single-source risk: none disclosed; concentration sits in specialist subcontractors and equipment hirers.
Pass-through
MD&A flags steel, cement and fuel inflation as "a major cost risk, especially in fixed-price contracts". PSU contracts usually carry WPI-linked price-variation clauses; private ones often do not [INFERRED]. Share of PVC-protected contracts not disclosed. Materials are only ~17% of revenue, so subcontract rates and diesel are the bigger swing factors.
Supplier stress signals
Item
₹ Cr
MSME principal dues
105.7
MSME interest accrued and unpaid
51.7 (FY25 47.5)
MSE principal paid late in FY26
76.6
Trade payables >3 yrs (others / MSE)
151.8 / 28.2
Payables written back (exceptional) FY25 / FY26
580.1 / 108.7
Subcontractor retention held
86.4 (FY24 310.9)
Advances to suppliers
16.8
Suppliers and subcontractors took large haircuts; new vendors likely demand advances or LC/BG backing from a D-rated counterparty [INFERRED].
↓ Downstream — Who Depends On Simplex
End-owner / client
Projects
Industry
NTPC group
North Karanpura, Tandwa; Nabinagar (NPGC) and Gadarwara chimney packages (contracting party — owner or BTG/EPC main contractor — undisclosed)
Single MDO contract ≈35% of consolidated revenue and ≈68% of consolidated RPO — gross-up concentration, not Simplex-executed work.
Standalone: ~₹1,195 Cr book over a handful of packages; top-5 likely >50% [Est.].
CARE attributes the liquidity crisis to "delays in approvals of bills from government clients".
Tenors and stickiness
No design-win lock-in: competitive L1 tendering with technical PQs.
EPC packages >12 months; chimney/BoP 2–4 years; MDO ~7 years remaining implied by RPO; drilling 2–3 years [INFERRED].
Retention ₹220.4 Cr gross held by clients; credit terms 30–180 days but >3-yr receivables ₹355 Cr gross (₹242.6 Cr disputed).
Claims recoverable ₹416.4 Cr gross; FY25 wrote off ₹2,962.6 Cr unbilled and ₹1,099.8 Cr claims. Award receivables charged to MRA lenders.
Value-chain map
Raw inputs Simplex (service integrator) End-owner / end-user
Steel (SAIL/JSW/Tata*) ─┐ Bidding & PQ → design/engineering ─┐ NTPC / Adani / state gencos (power)
Cement/RMC (UltraTech*) ─┤ Site mobilisation of owned+hired ├──▶ Transmission utilities (765 kV)
Aggregates (own crushers)┤ fleet (piling rigs, slipform, │ NHAI / MoRTH / state PWDs (roads)
Diesel/bitumen (OMCs*) ─┤ cranes, gantries, rigs) │ Metro corps (BMRCL, GMRC), ULBs/PHED
Hired equipment ─┤ Sub-contracted packages (32–45% │ DDA / state housing; private RE (Raheja)
Sub-contractor labour ─┘ of revenue) + direct labour │ Industrial capex owners
Imported rig tech (TDS) ───▶ Oil drilling crews ├──▶ Oil India (drilling)
Mining partner/subcons ───▶ MDO SPV (51%) — bills, does not └──▶ Mine owner (undisclosed) → power/steel
perform (no staff/fleet/debt)
Overseas branches (KSA/Qatar/UAE/Bahrain JV/Oman assoc.)
* illustrative typical vendors, not disclosed by Simplex
Where pricing power sits
Clients (government/PSU owners) hold most of it: L1 awards, slow payment, retention, arbitration-dependent claims — and now restrictions on arbitration.
Commodity suppliers pass prices quickly; Simplex is a price-taker partly protected by PVC clauses.
Simplex has niche technical pricing power only in tall chimneys, slipform, deep piling and marine — and chimney packages are often let by main EPC contractors.
Weakened today: D rating, limited BG lines and supplier haircut history force faster vendor payment or lower-margin work. The 3% → 8% margin improvement reflects selective bidding and lower subcontract intensity, not pricing power.
Mining MDO is a billing conduit at ~0.25% PAT margin; the executing partner holds the economics. [Analyst View]
Competitive Position
Position: once a niche leader (foundations, chimneys, marine), now a sub-scale, distressed tier-3 contractor. FY26 revenue ₹1,021 Cr = 1.1% of nine listed EPC peers' combined ₹88,587 Cr (ex-L&T) and 0.36% of L&T; 39% of Capacite, 26% of HCC, ~10% of Afcons/Cemindia. Revenue <0.1% of Centre FY27 capex (₹12.2 lakh Cr). No third-party market-share data exists. Technical PQs intact (NTPC chimney wins); financial PQ fails under a D rating.
Legacy foundation/chimney/marine PQs; no balance-sheet moat; rated D
L&T
2,85,874
+11.8%
12.7%
6.6%
15.9%
26.7x (28.7x)
15.5x*
–
Scale, top balance sheet, unmatched PQs
NCC
20,823
−6.2%
8.8%
3.5%
9.2%
10.8x
6.1x
0.98x
Buildings, water, roads; state relationships
KEC International
23,506
+7.6%
8.0%
2.6%
11.4%
15.8x (15.9x)
8.0x
–
Global T&D EPC; direct transmission rival
Afcons
11,948
−4.8%
10.4%
2.1%
5.6%
35.9x (43.9x)
10.2x
–
Marine, tunnels, bridges, metro; SP group
HCC
3,970
−29.2%
16.1%
4.2%
11.9%
31.1x (38.1x)
9.4x
–
Hydro/tunnel; closest post-restructuring analog
PNC Infratech
5,368
−20.7%
21.2%**
15.5%**
2.4%
4.8x (6.6x)
7.4x
0.55x
Roads/HAM; in-house equipment
J Kumar Infra
5,723
+0.5%
14.4%
6.8%
12.4%
8.7x
4.5x
1.0x
Mumbai metro/flyover/tunnel
Ahluwalia
4,565
+11.4%
9.5%
5.8%
13.8%
14.3x (16.9x)
8.9x
–
Buildings, hospitals; near debt-free
Capacite
2,623
+11.6%
16.3%
7.4%
10.4%
7.6x (7.9x)
4.5x
0.77x
High-rise & mass housing (MMR)
Cemindia (ex-ITD Cem)
10,061
+8.8%
10.1%
5.9%
27.8%
32.6x (32.5x)
20.2x
–
Marine, foundation, metro — closest technical analog
EBITDA = Screener operating profit (ex-OI). EV = mcap + borrowings − investments (cash not netted → upper bound). *L&T borrowings include financial services. **PNC includes HAM/annuity and ₹634 Cr OI. Simplex EV/EBITDA: 65.6x gross; ~62x net of ~₹179 Cr cash; ~50x on sustainable debt only; 30–38x on AR EBITDA incl. OI. Peer P/B shown only where in inputs.
Valuation takeaway. Simplex is the most expensive name in the set on EV/EBITDA (~40–66x on operating EBITDA; even ~30x on the most generous basis exceeds Cemindia's 20.2x) and on FY26 P/E (48.6x vs Afcons 35.9x, Cemindia 32.6x). On TTM P/E it is level with Afcons (43.5x vs 43.9x). It also has the lowest operating margin, the lowest RoCE (2.4%) and the only D rating. P/B 2.0x vs PNC 0.55x, Capacite 0.77x, NCC 0.98x, JKIL 1.0x. The market is pricing an option on post-upgrade re-rating, order-book rebuild and claims monetisation, not current earnings.
Barriers to entry: moderate overall — PQ thresholds, BG capacity, specialised fleet, track record. Simplex owns the technical record but fails the financial PQ. Moat durability: weak; brand damaged by prolonged default; claimed ~15-yr average staff tenure but no increments in FY26 → retention risk. Pricing power: none demonstrated.
Industry size, policy and trends
Item
Data / effect on Simplex
Union Budget FY27 capex
₹12,21,821 Cr (~3.1% of GDP; +11.5% vs FY26 RE)
Railways
Record ₹2.93 lakh Cr; 7 high-speed corridors; ₹52,108 Cr rolling stock; ₹37,750 Cr doubling — Simplex rail book "insignificant"
MoRTH / NHAI
₹3.10 lakh Cr / ₹1.87 lakh Cr (~+10%); RE data show actual road/urban-rail spend undershot BE; Bharatmala winding down
AR MD&A outlook
Indian construction revenue +8–10% FY27; India market 6–7% CAGR; global 5–6% CAGR to 2030; FY26 GDP +7.4%, GFCF +7.8% (~30% of GDP), inflation 1.8%
Power transmission (36%)
Renewable evacuation, Green Energy Corridor; most crowded EPC segment (KEC, Kalpataru, Tata Projects, L&T). CEA plan size not verified
Thermal power civil
Most defensible niche; revived NTPC/state genco tendering. GW target not verified
MoF OM 3-Jun-2024; MoRTH circular 12-Jan-2026 + NHAI Feb-2026
Negative Limits arbitration in public procurement (≥₹10 Cr claims removed from binding arbitration on NH contracts, existing arbitrations carved out — single secondary source, verify). Hits Simplex's ₹416 Cr claims
Vivad se Vishwas II (2023)
One-time contractual dispute settlement; AR does not mention Simplex using it; successor not verified
FY27 current maturity only ₹63.8 Cr; FDs ₹110 Cr + cash ₹50 Cr; award proceeds; asset monetisation
3
₹697.8 Cr unsustainable debt on books
Financial
Med (two-sided)
"Retained in books" per Note 11(D). If MRA completes, write-back → economic net debt ~₹770 Cr, net D/E ~0.8x vs reported 1.71x; on default it joins reinstatement
₹169.8 Cr written back FY26
4
Rating at D; no BG lines
Financial / Business
High
CARE D (13-Nov-2025), IVR D (22-Sep-2025); Srei ₹46.16 Cr default >365 days; Sep-2026 settlement unconfirmed
Consol. OPM 2.1% → 5.4%; Q1 FY27 7.2%; still lowest in peers
Auditor concerns
Yes
Going-concern KAM; proprietor firm; component reliance; CARO Srei default
Related-party exposure
Severe
Oman ~₹1,015 Cr
Promoter selling
No
Share count unchanged; dilution only
Equity dilution
Yes
57.1 → 67.2 → 79.1 mn shares; +6.56 mn warrants
Customer loss
Partial, recovering
RPO −33% FY26; FY27 inflows recovering
Litigation / tax
Yes
₹341.9 Cr tax; ₹416 Cr claims; litigation KAM
Commodity / currency / rate
Moderate
OMR, AED, LYD, BDT exposure
Key-person dependency
Moderate
WTD-CFO combined; thin bench
Earnings quality
Watch
OI ₹32.5–35.6 Cr = ~36–40% of reported EBITDA; DTA; write-offs netted against write-backs; Screener "possible capitalisation of interest"
Management Commentary & Guidance
No earnings calls exist. Simplex does not hold quarterly conference calls; no transcripts or investor presentations were found (AR: presentations posted "if any"). No sell-side coverage (one aggregator's "MOFSL/YES/JM Neutral, TP ₹24–27" belongs to a different company and is excluded). Management's voice comes only from Chairman's letters, Board's report, MD&A, exchange intimations; auditor, secretarial auditor, CARO, monitoring-agency and rating observations substitute for analyst Q&A. No numeric revenue, margin or inflow guidance appears in any document reviewed.
Management in its own words
FY25 AR (Aug-2025) — "Simplex 2.0" (triumphant)
"an epoch-making milestone ... laying the groundwork for Simplex 2.0".
"We have stabilized operations, improved working capital resources, and reignited stakeholder confidence."
"successful completion of a ₹423.66 crore fund-raising exercise" — only ₹281.59 Cr received to date.
Pillars: operational excellence; "selectively pursue shorter duration projects with higher ROCE"; "lean organisation, focus on cash flow and margin enhancement".
MD&A: "enormous opportunities and is expected to experience substantial growth in near future."
FY25 orders ~₹650 Cr; book "above Rs 1,700 cr".
FY26 AR (May/Aug-2026) — confident but conditional
"an important inflection point in the Company's turnaround journey."
Settled with lenders representing 99.55%; balance 0.45% "expected to close by September 2026. Accordingly the rating improvement is expected to happen by January 2027 after the cooling period of 3 months."
Upgrade "expected to enhance our bidding capabilities and improve our success rate".
"intact execution capabilities and pre-qualifications in diverse sectors."
Admission: "intense competition, input cost pressures and liquidity constraints".
"At present no particular risk whose adverse impact may threaten the existence of the Company is visualized" — while the auditor keeps going concern as KAM #1.
Dividend nil "to conserve cash".
Tone over time
Period
Source
Tone
Key phrases
FY22–FY24
Lender process
Defensive
RBI-framework schemes "could not be implemented"; PNB to NARCL
Aug-2025
FY25 AR
Triumphant
"Simplex 2.0", "enormous opportunities"
May/Aug-2026
FY26 AR
Confident, conditional
"inflection point"; growth tied to Jan-2027 upgrade; "liquidity constraints"
Jan–Oct 2026
Exchange intimations
Quietly promotional
Order filings "expected to strengthen order book"; "market forces" on Apr-2026 price queries
Recurring themes: rating upgrade as bidding trigger; selective short-tenure bidding; Middle East as growth pocket; arbitration and non-core asset monetisation as repayment source and Oman cover; centenary/"intact PQs"; no numeric targets. Contradictions: "asset-light" vs ₹47.9 Cr capex; "encouraging additions" vs shrinking book; "3000" vs "2,600" projects.
Delivery vs narrative (₹ mn, AR)
₹ mn
FY24
FY25
FY26
Standalone revenue
10,109
7,313
6,702
Standalone EBITDA (incl. OI)
456
745
900
Standalone "EBITDA margin"
4.5%
10.2%
13.4%
Finance cost
800
155
128
Depreciation
691
543
291
PBT before exceptional
(1,035)
47
481
Exceptional
–
143
8
PAT (SA)
(719)
97
377
Consolidated revenue
13,885
10,756
10,212
Consolidated PAT
(723)
121
404
Order inflow (stated)
n.a.
~6,500
~5,295
Order book year-end
n.a.
~17,000
>12,000
RPO (SA)
n.a.
17,845
11,947
Book-to-bill (inflow/revenue)
n.a.
~0.89x
~0.79x
Guidance vs outcome — credibility check
#
What management said
What happened
Verdict
1
"substantial growth in near future" (Aug-25)
FY26 −8% SA, −5% consol.; growth only in Q1 FY27 consol. (+20%), SA still −2.6%
Missed
2
"begun to secure new orders across core sectors"
FY26 inflow ₹530 Cr vs ₹650 Cr; book −29%; RPO −33%
Missed
2a
"order book also witnessed encouraging additions" (FY26)
None: no rating, target price or consensus; no brokerage upgrades/downgrades in 12 months — only D-category reaffirmations by CARE and Infomerics
Implied anchor
₹289–294 paid by Quant MF, NARCL, ICICI, preferential allottees and promoter warrants; CMP ~14% below — new institutional money is underwater
Institutional backers
Quant MF (CIO Sandeep Tandon's team) is the only identifiable institutional backer (Rs 289 subscription + early warrant conversion); no public comment found. DII stake +0.78pp in the Jun-26 quarter, buyer unattributed. 14 FPIs hold 3.85 lakh shares (immaterial)
Forums
No dedicated ValuePickr thread — only a 2014 point-and-figure post and a 9-Apr-2025 ticker mention ("Bull therapy 101", mcap ~₹1,703 Cr). Reddit, X and Moneycontrol boards not assessed (blocked)
Retail behaviour
Shareholder count down ~15% in 3 years (17,345 Dec-23 → 14,695 Sep-26); 1–500 share bucket shrinking — slow retail exit
Media
Filings-driven only (Business Standard Apr-2022 "board to mull fund raising"; FilingReader summaries); no TV/social opinion coverage retrieved
Recurring debates
Bull: debt resolved, ~₹282 Cr equity, orders reviving, return to profit, ~2x book, Quant/NARCL in at ₹289. Bear: D ratings, WC days 518, contingents ₹1,087 Cr, retained earnings −₹1,118 Cr, RoCE 2.4%, 43x P/E, 16% NARCL overhang, warrants OTM, promoter 36% with a third pledged, 5-yr sales CAGR −14% (Screener flag)
Net read
Cautiously neutral; event risk concentrated in the 29-Nov-2026 warrant deadline; NARCL exit timing and a rating upgrade out of D are the gating debates
Source caveat: heard.md's "Company states FY26 order inflow ₹1,920 Cr" and "orders ₹1,920 Cr in FY26" are superseded by the 5-Oct-2026 NSE filing (FY27 YTD ≈₹1,175 Cr).
NH-31D arbitration ~₹900 Cr vs ₹843.45 Cr [UNVERIFIED]
11/12-Aug-2026
Q1 FY27: revenue ₹291 Cr (+20%), OPM 7.2%, PAT ₹10.4 Cr; Srei default outstanding at 30-Jun-26; deviation statement nil
26-Aug-2026
Pragya Mercantile sells 4 lakh sh at ₹245.6
29-Aug-2026
FY26 AR filed
23-Sep-2026
108th AGM (VC); all 4 resolutions passed
25-Sep-2026
Trading window closed for Q2 FY27
05-Oct-2026
Oil India ₹255.52 Cr + ~₹920 Cr other FY27 orders (NSE filing)
Growth, Outlook & Valuation
Order book and inflows
Item
Mar-25
Mar-26
Oct-26
Stated order book
~1,700
>1,200
~1,700–1,900 [Est.]
Standalone RPO (Ind AS 115)
1,784.5
1,194.7
—
Consolidated RPO
4,652.8
3,705.7
—
Non-standalone RPO (≈ mining SPV gross-up)
~2,868
~2,511 (~68%)
—
Inflow (year / YTD)
~650
~529.5
≈1,175 [Fact]
Book / standalone revenue
~2.4x
~1.8x
~2.5–2.8x on TTM SA ₹667 Cr
FY27 inflow reconciliation. NSE filing 05-Oct-2026: "awarded a new contract for oil drilling services by Oil India Limited, aggregating to approximately ₹255.52 Crores. In addition, the Company had received during the current financial year so far, several orders ... aggregating approximately ₹920 Crores." → ₹920 Cr excludes Oil India → FY27 YTD ≈ ₹1,175 Cr[Fact]. Rejected: ₹1,920 Cr (Screener/Arthneeti; heard.md's "FY26 inflow ₹1,920 Cr" is wrong), ₹3,125.52 Cr (Arthneeti), ₹2,175.52 Cr / ₹1,255.52 Cr (EquityBulls), HDFC Sky's "lifts to ~₹920 Cr". The ₹920 Cr of other orders was not itemised in separate Reg 30 filings (ScanX shows no Q1 FY27 order filings) although Simplex filed for orders as small as ₹92 Cr — a disclosure inconsistency.
Consol. ex-DTA NW ₹416 Cr (₹52.6/sh); SA ₹50.2/sh → 5.0x
EV/order book
~1.9x
EV ₹3,424 Cr / ~₹1,800 Cr [Est.]
Dividend yield / buyback
0% / none
No dividend since FY19
EV/EBITDA matrix
EV basis
EV ₹ Cr
TTM op. ₹68 Cr
FY26 op. ₹55.2 Cr
FY26 reported ₹90.3 Cr
Gross book debt, no cash netting (mcap + ₹1,641.6)
3,606
53x
65.6x
40x
Book debt − cash/FDs ₹181.4 Cr
3,424
50x
62x
38x
Sustainable debt only ₹948.6 Cr − cash
2,731
40x
49x
30x
Headline range used across report: ~40–66x on operating EBITDA. 3-year average multiples not meaningful (FY24 losses; FY24 EV/EBITDA >200x on ₹7,180 Cr defaulted debt).
Reference points
Anchor
₹/share
vs CMP ₹249
NARCL conversion (Mar-25)
281.36
CMP −11.5%
Preferential / warrants (May-25)
289
CMP −13.8%
ICICI OTS (Jul-25)
294
CMP −15.3%
52-week high / low
318 / 136
~3 years ago (back-solved)
~60–65
~1.5x FY24 BV ~₹40
P/B at NARCL price
3.6x Mar-25 BV ~₹78
Reported BV / ex-DTA BV
123 / 52.6
2.0x / 4.7x
Scenario framing (no broker targets exist) [Analyst View]
Case
Assumptions
Indicative value
Bull
Srei settled, upgrade by Q4 FY27, warrants exercised (₹142 Cr), standalone revenue +20–25% on ~₹1,800 Cr book, FY28 PAT ~₹80–100 Cr, 25x P/E on 8.565 Cr shares
~₹235–290
Base
Upgrade slips to mid-2027; warrants partly lapse; PAT ₹50–60 Cr; multiple compresses toward 30x
~₹175–210 (below CMP)
Bear
Further write-offs, DTA impairment debate or Oman guarantee pressure; valuation reverts to ~1.5–2x ex-DTA BV (₹52.6)
~₹80–105
Final Verdict
Conflict of interest disclosure. Per Simplex's NSE "Allotment of Securities" filing dated 29-May-2025, an entity named Aamara Capital Private Limited was a non-promoter preferential allottee of 1,00,000 Simplex equity shares at ₹289 (≈0.13% of ~7.9 Cr post-issue shares [Est.]). Whether it still holds them is not known from public data. Readers should treat this report's views accordingly. This verdict is strictly evidence-based and is not tilted either way.
Business QualityWeak
Management QualityWeak
Financial QualityWeak
ValuationExpensive
Overall ViewNegative
Bull case
Debt resolved at a deep haircut (NARCL bought ~₹5,650 Cr of exposure for ₹640 Cr; sustainable debt ₹1,250 Cr, now ₹948.6 Cr) with ₹281.59 Cr fresh equity; FY27 current maturity only ₹63.8 Cr.
Order inflow inflecting before any upgrade: ≈₹1,175 Cr FY27 YTD (2.2x FY26), incl. Oil India ₹255.52 Cr drilling.
Real margin repair (SA op. 3.0% → 8.1%; 13.3% in Q1 FY27); an upgrade by Jan-2027 unlocks BG lines and PQs.
Shrinking standalone revenue at ~40–66x EV/EBITDA and 48.6x FY26 P/E — the richest in the peer set on those measures (TTM P/E 43.5x, level with Afcons) on the weakest fundamentals.
Base case (12–18m)
Operating margins hold at 7–13% and standalone revenue starts growing in H2 FY27 on the new book, but the upgrade slips beyond Jan-2027 and part of the out-of-the-money warrants lapse. Earnings grow while the multiple compresses toward ~30x, giving an indicative value of ~₹175–210 (Tab 12) — below the current ₹249 and well below the ₹289 anchor. [Analyst View]
5 things to remember
Consolidated growth ≠ Simplex growth: ~35% of revenue is a 0.25%-margin coal-mine MDO pass-through.
Reported EBITDA (₹90 Cr) includes ₹35.6 Cr other income; core is ₹54–55 Cr.
Net worth ₹956 Cr = ₹559 Cr DTA + ₹397 Cr; Oman exposure ~₹1,015 Cr.
FY27 YTD inflow is ₹1,175 Cr per the filing — not ₹1,920 Cr.
29-Nov-2026 warrants (₹142 Cr) and the Jan-2027 rating target are the two dated tests.
5 questions to ask before investing
Has the Srei ₹46.16 Cr default been settled, and what has CARE said since Nov-2025?
What independent evidence supports the Oman arbitration claims "covering" the ₹744.9 Cr guarantee?
Why did ~₹350–475 Cr disappear from the FY26 order book, and what is the ₹920 Cr of FY27 orders (clients, sectors)?
Will promoters (Ajay Merchants) and Quant exercise warrants at ₹289 with the stock at ~₹249?
How will the Sec 164 conflict between the PCS and statutory auditor be resolved, and who replaces the auditor in 2027?
Monitorables
Signal
Positive if
Negative if
Q2 FY27 standalone revenue
YoY growth >10%
Further decline
Warrants 29-Nov-2026
Promoter + Quant convert
Lapse / forfeiture
Rating
Upgrade by Jan–Mar 2027
Reaffirmation at D
Oman
Award/settlement with cash
Guarantee invocation
Exceptional items
Net write-back of ₹697.8 Cr
New write-offs vs debt write-backs
Simplex has survived; it has not yet recovered. The debt resolution, fresh equity, margin repair and ₹1,175 Cr of FY27 inflows are real, but at ₹249 the market already pays the richest EV/EBITDA multiple in its peer group for an outcome that still depends on a D-rated balance sheet, a reversible restructuring and a ₹1,015 Cr Oman exposure. Negative at CMP; revisit after the Q2 FY27 results, the 29-Nov-2026 warrant deadline and any rating action.
Sources
Merged and de-duplicated from the five research inputs plus coordinator verification. All accessed 13-Oct-2026 unless stated.
Srei settlement status after Sep-2026; any CARE action after Nov-2025 (07-May-2026 PDF metadata).
Mine and client of the PC Patel Mahalaxmi MDO; Nabinagar/Gadarwara contracting party; customer/supplier concentration; fleet counts.
Predecessor statutory auditor (pre-May-2022) and reason; SAST Reg 29/31 and PIT filings; bulk/block deals.
Madhusudan Kela 1.21%; NH-31D amounts; Breitling JV role in Oil India contract; MoRTH 2026 circular; Vivad se Vishwas II; CEA transmission plan; thermal GW target.
Reconciliation between the ~₹5,650 Cr exposure NARCL acquired and the ₹8,046.36 Cr reinstatement amount.
