Earnings Call Transcript of Concall held on November 14,2025 for Un-Audited Financial Results for the quarter ended September 2025.
FRONTSP · price
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Frontier Springs reported strong Q2 FY26 results with revenue of INR 82.74 crores (up 58.4% YoY), EBITDA of INR 22.07 crores (up 106.5% YoY), and PAT of INR 15.71 crores (up 115.5% YoY). H1 FY26 revenue reached INR 158.08 crores (up 53.5% YoY) with EBITDA of INR 42.5 crores (up 107.9% YoY), reflecting ~27% EBITDA margins. Management guided gross revenue of INR 375 crores for FY26 and INR 500 crores for FY27, with 27% EBITDA margins deemed sustainable. The company is developing an in-house FIBA (Failure Indication and Brake Application) product targeting a ~INR 100 crore market, with commercialization expected from next year. Order book stands at INR 200-250 crores expected by year-end, with INR 60-80 crores already booked for FY27. The company plans NSE listing in Q1 FY27 and is funding INR 15 crore CAPEX through internal accruals.
Strong margin expansion (from earlier 21-22% guidance to 27% actuals) and multi-year revenue visibility up to INR 1,000 crores over 5 years, backed by a solid order book and railway demand, are positive for shareholders. The FIBA product launch and Alstom partnership add new growth drivers, though management was slightly conservative on H2 FY26 execution due to railway delivery schedules.