Are Simplex Papers Ltd latest results good or bad?

The latest financial results for Simplex Papers Ltd for the quarter ended December 2025 reveal a company in a state of significant operational distress. The reported net profit stands at negative ₹0.03 crores, with no revenue generated, reflecting a complete absence of business activity. This trend of zero sales has persisted across multiple quarters, indicating a long-term inability to generate income since at least FY2015. The operating profit before depreciation, interest, and tax (PBDIT) also remains negative at ₹0.03 crores, showing no meaningful change from previous quarters. The company's financial health is further illustrated by a negative book value per share of ₹-4,012.34, indicating that liabilities substantially exceed assets. This situation is compounded by current liabilities of ₹13.61 crores against negative shareholder funds of ₹12.05 crores, suggesting severe liquidity constraints and technical insolvency. Over the past year, Simplex Papers has underperformed the broader market, with a stock return of negative 32.62% compared to a gain of 9.01% in the Sensex. The company has seen no institutional interest, with zero participation from foreign institutional investors or mutual funds, highlighting a lack of confidence in its operational viability. In summary, Simplex Papers Ltd's latest results underscore a troubling pattern of persistent losses and operational inactivity, with the company facing critical financial distress and no clear path to recovery. Additionally, the company saw an adjustment in its evaluation, reflecting the ongoing challenges it faces in the current market environment.