Simplex Castings Ltd

BSE: 513472

₹ 117.2-3.22%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 480 crWebsite: www.simplexcastings.comUpdated: 24 Oct 2026

About

Simplex Castings is a Chhattisgarh-based heavy engineering company with more than six decades of history. It makes heavy steel and ferrous castings, heavy fabrication, precision machining and engineering assemblies for steel, railways, power, defence and other industries. Revenue was ₹202.9 Cr in FY26. The company says at least 70% of coke oven doors in India are made at Simplex, and it calls itself the largest producer of coke oven doors in the world.^[1][2]

Business mix

Revenue mix as of FY26: steel 60%, railways 20% and defence about 10-12%. The target for FY28 is railways 40%, steel 40% and defence/others 20%.^[3]
Coke oven doors bring in about ₹50-60 Cr of revenue (Q4 FY26). Management expects this to reach about ₹100 Cr over 2-3 years.^[3]
Management targets defence and shipbuilding together at 10-15% of revenue in both FY27 and FY28 (Q1 FY27).^[4]
Power sector fabrication for BHEL and L&T is targeted to contribute about ₹100 Cr in FY27 (Q1 FY27 call).^[4]

Products

Products include heavy steel castings, ferrous castings, heavy fabrication, precision machining, engineering assemblies, industrial equipment, EPC support solutions and custom-engineered components (FY26 annual report).^[1]
Coke oven doors from Simplex are fitted in 22 complete coke oven batteries in India. The company is also one of only two Indian makers of torpedo ladle cars, alongside L&T (Q2 FY26 call).^[5]
Naval castings include A brackets, P brackets and stern boss castings for ships (Q2 FY26 call).^[5]
The company is entering centrifugally cast rolls and expanding into DI pipe fittings for the water, oil & gas and chemical sectors (Q3 FY26 call).^[6]
The company says it pioneered sucker rod pumping units for ONGC and was the first to export steel plant equipment to Russia (FY26 annual report).^[1]

Plants and capacity

The units are in Bhilai and Rajnandgaon, Chhattisgarh. They include a Cast Iron Foundry, a Heavy Engineering & Fabrication Plant, machining facilities and a central machine shop.^[1]
Capacity in FY26: foundry 21,000+ MTPA and fabrication 15,000+ MTPA. Installing an Electric Arc Furnace raised foundry capacity to 21,000 MTPA.^[3]
Capacity utilisation was 50-60% in Q1 FY27. The target is at least 80% by the end of FY28.^[4]
Cast wagon bogie capacity of 200-250 sets a month was installed and ready as of Q4 FY26.^[3]
A move to 5 MVA solar-based power was underway (Q2 FY26).^[5]

Order book and operating numbers

The near-term order book was about ₹150 Cr+ in Q1 FY27, compared with a historical range of ₹80-100 Cr.^[4]
The order book grew from ₹60-70 Cr in Q2 FY26 to ₹100 Cr in Q3 FY26 and ₹100+ Cr in Q4 FY26.^[5]
As of July 2026, the executable order book was more than ₹130 crore. The average execution cycle is about four to six months.^[1]
Working capital days were about 120 in Q1 FY27. The target is 60-70 days by FY28, through a shift towards products with faster cycles.^[4]
Realisation on cast bogies is about ₹3.5 lakh per assembled set (Q4 FY26).^[3]

Customers

The company is the official fabrication partner of SAIL. It received orders from Thyssenkrupp, SMS India, BHEL and SAIL during FY26.^[1]
FY26 orders included ₹13.02 Cr from ThyssenKrupp (coke oven doors), ₹23.13 Cr from SMS India and ₹7.26 Cr from BHEL Varanasi.^[3]
Of the ₹150 Cr pending order book at Q4 FY26, about ₹35-40 Cr came from BHEL.^[3]
The company serves steel, railways, power, mining, cement, sugar, chemicals, earthmovers, machine tools, shipbuilding, oil & gas and defence. Steel is one of its largest end-user industries.^[1]
In defence, the company works with ordnance factories on contract manufacturing, including components for the Dhanush gun (Q1 FY27).^[4]

Expansion and new products

Cast bogie production was targeted at a steady 200 sets a month from September 2026. Railway bogie revenue is targeted at more than ₹100 Cr in FY28.^[3]
A developmental order for fabricated locomotive bogies was received. About 50% of the second preferential allotment is going to fabricated bogie facilities (Q4 FY26).^[3]
Capex guidance for FY27 was ₹25 Cr. A dedicated railway plant (Simplex 2.0) is planned.^[3]
Two acquisition opportunities were open, mainly overseas, with deal sizes of ₹20-100 Cr (Q4 FY26).^[3]
EPC packages for the metallurgical and power sectors are being explored, at about ₹100 Cr of revenue a year (Q1 FY27).^[4]

Recent developments

Q4 FY26: RDSO approved cast steel wagon bogies and cast steel components, bringing back a product line discontinued since 2019.^[3][1]
Q1 FY27: the first 3 sets of castings for Mazagon Dock were completed. The 5-set order is worth about ₹4.5 Cr, and a further order of about ₹8 Cr is in the pipeline.^[4]
Q3 FY26: BHEL Trichy empanelled the company to supply 1401 MT of fabrication for the DVC Raghunathpur projects. The company also completed a fund raise.^[6]
FY26: the company made preferential issues of equity during the year.^[1]
FY26: the company was empanelled on the Invoicemart TReDS platform for receivables-backed funding.^[3][1]
Q3 FY26: the company received the EEPC India Special Trophy for export excellence in high-technology products.^[6]
From January 2025, a sole banking arrangement with Kotak Mahindra Bank replaced the banking consortium.^[5]

Market Cap

₹480 Cr

High / Low

₹147 / 80

Stock P/E

1.4

Price / Book

0.2

Book Value

₹28

EPS

₹5.2

No. of Shares

4.1 Cr

ROCE

24.3%

ROE

25.0%

OPM

17.6%

Debt / Equity

0.44

Sales

₹203 Cr

Net Profit

₹21 Cr

Promoter holding

50.4%

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