BSE: 508980
FRONTIER CAPITAL LIMITED
A small non-banking finance company that reported total revenue from operations of ₹63.97 lakhs in FY26, up from ₹54.03 lakhs in FY25. As described in its Q3 FY26 results filing, it operates as a non-banking finance company and carries finance costs on its books, with borrowings of ₹28.49 lakhs reported at H1 FY26. It has extended an unsecured loan of ₹28.47 lakhs to its parent, Inimitable Capital Finance Pvt. Ltd., and has also received an unsecured loan from the same parent. The cost base is dominated by employee costs (29% of revenue) and other operating expenses (47% of revenue), with no material raw-material inputs, consistent with a services and financial intermediary profile. Net profit fell sharply to ₹4.78 lakhs in FY26 from ₹29.63 lakhs in FY25, mainly because tax expense jumped to ₹8.87 lakhs (including ₹4.99 lakhs for prior years) from ₹0.37 lakhs. The balance sheet showed total assets of ₹326.44 lakhs and cash of ₹17.66 lakhs at FY26 end, with total equity of ₹279.85 lakhs. The company is listed on BSE and has 1.676 crore shares outstanding with about 1,983 shareholders on its books as of the September 2025 AGM. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Total revenue from operations. Small, low-revenue non-banking finance company with limited operating scale.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 0 | 0 | 1 | 1 |
| EBITDA (ex other income) | 1 | (0) | 0 | 0 | 0 |
| margin % | 75.7 | (59.1) | 36.6 | 30.2 | 23.9 |
| Owners' profit | 1 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.50 | 0.17 | 0.07 | 0.18 | 0.03 |
| ROE % · ROCE % | 40.6 · — | 10.3 · — | 4.5 · — | 10.8 · — | 1.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (0) | 1 | (0) | (0) | 0 |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 0 |
| EPS (₹) | 0.02 | 0.08 | 0.06 | 0.10 | 0.03 | 0.01 | (0.05) | 0.05 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,853 | 22.7 | 9.31 | 13.3 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,155 | 105.0 | 30.60 | 5.8 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,363 | 17.7 | 2.46 | 12.5 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,632 | 16.3 | 12.02 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,357 | 192.1 | 10.09 | 4.5 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,965 | 19.6 | 4.25 | 14.9 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,957 | 39.7 | 2.89 | 29.5 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,962 | — | 7.70 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 303.0 | 14.1 | 79 of 80 | 1% |
| P/B | 7.3 | 1.4 | 81 of 96 | 16% |
| ROE | 1.7 | 2.9 | 64 of 113 | 44% |
| EBITDA margin | 56.7 | 25.4 | 32 of 92 | 66% |
| Revenue growth | (22.6) | 16.2 | 72 of 91 | 21% |
| Profit growth | (1.9) | 5.2 | 60 of 110 | 46% |
| Market cap | 20 | 48 | 71 of 109 | 35% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Quarterly RTA compliance certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 13 Oct 2026 · Acquirers to buy 56% stake in Frontier Capital; Open Offer at Rs 10.20/share | strategic transactions | high | — | — |
| 13 Oct 2026 · Open Offer for 26% stake in Frontier Capital at Rs 10.20 per share | strategic transactions | high | — | — |
| 13 Oct 2026 · Open offer at Rs 10.20/share for 26% of Frontier Capital by Prafful Agarwal and Anupam Gupta | strategic transactions | high | — | — |
| 13 Oct 2026 · Acquirers sign SPA for 56% stake; Open Offer at Rs 10.20 per share | strategic transactions | critical | — | — |
| 13 Oct 2026 · Open Offer Announced for Frontier Capital at Rs 10.20 per Share | strategic transactions | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · 42nd AGM results: Both resolutions passed with 99.88% majority | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Frontier Capital 42nd AGM held via video conferencing on Sep 8, 2026 | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Book Closure for 42nd AGM from Sep 1 to Sep 8, 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.