Simmonds marshall has announced the completion of tenure of its Independent Director Ms. Amrita Chowdhury, effective March 31, 2026. The company informed BSE Limited about this corporate governance development in compliance with regulatory requirements.

Director Tenure Completion Details

Ms. Amrita Chowdhury (DIN: 02178520) completed her second and final term as an Independent Director and consequently ceased to be a Director of the company with effect from the close of business hours on March 31, 2026. The cessation marks the end of her tenure in accordance with the prescribed term limits for independent directors.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Clause 7 of Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also referenced SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026 in its filing.

Board Acknowledgment

The Board of Directors and Management expressed deep appreciation and gratitude to Ms. Amrita Chowdhury for her extensive contribution and stewardship during her tenure as Independent Director. The company has made the information available on its website at www.simmondsmarshall.com as part of its transparency commitments.

The announcement was signed by N S Marshall, Managing Director (DIN: 00085754), and filed with BSE under the company's security code 507998.

Simmonds Marshall Limited has announced the assignment of credit ratings by Care Ratings Limited for its bank facilities, as communicated to BSE Limited on March 04, 2026. The Pune-based manufacturer of specialised fasteners received ratings that reflect both its operational strengths and industry challenges.

Credit Rating Details

Care Ratings Limited assigned the following ratings to the company's bank facilities:

The stable outlook on long-term ratings reflects Care Ratings' belief that the company will continue to benefit from experienced promoters and established client relationships, enabling it to sustain its financial risk profile in the near-to-medium term.

Key Rating Strengths

The ratings factor in several positive aspects of Simmonds Marshall's operations. The company benefits from experienced promoters led by Navroze Marshall, who brings over two decades of experience in the specialised fasteners industry. The management team has developed long-standing relationships with reputed automotive OEM customers and possesses established technical expertise in manufacturing specialised nuts and fasteners.

Simmonds Marshall has demonstrated sustained improvement in scale and profitability over recent years. The company's total operating income grew at a compounded annual growth rate of approximately 11.50% from FY21 to FY25, reaching ₹207.60 crore in FY25. Operating profitability showed visible improvement, with PBILD margin increasing to 11.90% in FY25 from 9.10% in FY24, aided by improved volumes and operating efficiencies.

Financial Performance Overview

The company's financial metrics demonstrate gradual improvement across key parameters:

The company reported total operating income of ₹112.10 crore in H1FY26, compared to ₹104.40 crore in H1FY25, indicating continuation of the growth trend. Profit after taxation margin improved significantly to 4.30% in FY25 from 1.70% in the previous year.

Rating Concerns and Challenges

Despite the positive factors, the ratings also reflect certain challenges. The company operates with moderate capital structure characterised by elevated reliance on external borrowings, largely for working capital requirements. Overall gearing stood at 2.01x as of March 31, 2025, improving from 2.55x in the previous year.

Simmonds Marshall's operations are working capital intensive, with a gross current assets cycle of 188 days in FY25 and a working capital cycle of approximately 100 days. The company faces moderate customer concentration risk, with top five customers accounting for 50.90% of total operating income in FY25.

Industry Position and Outlook

The company operates in the highly competitive and fragmented auto components industry, supplying specialised fasteners to leading OEMs including Honda Motorcycle & Scooter India, Royal Enfield, and Bajaj Auto. While established relationships provide revenue visibility, the company remains exposed to demand cyclicality and raw material price volatility, particularly steel prices.

Care Ratings noted that positive rating actions could result from sustained improvement in scale with total operating income exceeding ₹300.00 crore and strengthening net worth base of ₹75.00 crore on a sustained basis. Conversely, deterioration in operating performance with PBILD margin falling below 10.00% on a sustained basis could lead to negative rating actions.

Source: None/Company/INE657D01021/b59f227a-a29a-41d5-a49f-35b51a51466c.pdf