Simplex Q4FY16 operational performance was below our expectations. Revenues of Rs 15.1bn (down by 2% YoY) was lower than our estimate of Rs 15.8bn. EBITDA came at Rs 1.33bn (-3% YoY), ~22% below our estimate of Rs 1.69bn as the margin came lower at 8.8% (-14 bps YoY) vs. estimate of 10.7%. PAT declined 29% YoY to Rs 158mn (vs. estimate of Rs 279mn) primarily led by weak operational performance. For FY16, revenue growth was muted at 4% YoY with EBITDA remained flat YoY due to working capital constraints. FY16 PAT increased 6% YoY led by higher other income & lower tax rate. Karvy downgrade the stock to Hold (from Buy earlier) as the valuation looks fair post the earnings downgrade and the recent run-up in stock (40% in last 3 months) with target price of Rs 295 includes Rs 10/share for BoT projects.Trendlyne has 9 reports on SIMPLEXINF updated in the last year from 3 brokers with an average target of Rs 310. Brokers have a rating for SIMPLEXINF with 3 price downgrades in past 6 months and 1 upgrades,1 price upgrades,4 price downgrades in past 1 Year.