NSE: FRONTSP · BSE: 522195
FRONTIER SPRINGS LTD.
Manufactures coil springs, air springs and forging items, almost entirely for Indian Railways, used in freight wagons, passenger coaches, locomotives and the Vande Bharat Express. The single operating segment, "Coil springs, Air-springs & Forging items", made up 100% of FY26 segment revenue of ₹231.34 cr (with FY26 revenue from operations of ₹322.06 cr). The forging vertical is being scaled with a new 6-ton hammer to target non-Railway clients, and an in-house FIBA (Failure Indication & Brake Application) system is RDSO-approved and awaiting a commercial trial. Air-spring capacity is being ramped via an MoU with Quant-Technik for LHB coaches, with production aimed at 250+ coach sets per month in FY27. The order book stood at ₹300+ cr (and ₹370 cr per the press release), giving multi-quarter visibility. The biggest input cost is steel/raw materials at 46.3% of revenue, against employee cost of 1.8% and other operating expenses of 25.0%. Planned FY27 capex is ₹20-25 cr across coil, air-spring and forging capacity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Coil springs, Air-springs & Forging items (100%), Roofing Sheets (0%). Railway-focused auto-components manufacturer, leveraged to Indian Railways capex
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 84 | 107 | 135 | 231 | 322 |
| EBITDA (ex other income) | 12 | 13 | 21 | 50 | 86 |
| margin % | 14.6 | 11.8 | 15.3 | 21.5 | 26.8 |
| Owners' profit | 8 | 7 | 13 | 35 | 61 |
| EPS, as reported (₹) | 21.02 | 19.41 | 38.63 | 89.79 | 51.89 |
| ROE % · ROCE % | 11.1 · 14.5 | 9.7 · 12.8 | 14.5 · 18.9 | 28.0 · 36.1 | 33.4 · 43.6 |
| Debt / equity (x) | 0.05 | 0.06 | 0.04 | 0.05 | 0.06 |
| Cash from operations | 10 | 10 | 12 | 22 | 31 |
| Capex | (6) | (9) | (8) | (15) | (15) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 51 | 52 | 58 | 70 | 75 | 83 | 81 | 83 |
| Profit before tax | 9 | 10 | 11 | 16 | 20 | 21 | 19 | 22 |
| Net profit | 7 | 7 | 9 | 12 | 15 | 16 | 14 | 17 |
| EPS (₹) | 18.88 | 21.20 | 20.57 | 29.15 | 40.11 | 79.28 | 39.47 | 14.04 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.5 | 25.3 | 7 of 119 | 95% |
| P/B | 8.4 | 3.2 | 102 of 117 | 13% |
| ROCE | 43.4 | 12.6 | 2 of 125 | 99% |
| ROE | 33.4 | 11.7 | 3 of 117 | 98% |
| Debt / Equity | 0.1 | 0.3 | 32 of 117 | 73% |
| EBITDA margin | 28.9 | 12.2 | 6 of 118 | 96% |
| Revenue growth | 17.8 | 20.2 | 67 of 113 | 41% |
| Profit growth | 42.2 | 24.4 | 42 of 115 | 64% |
| Market cap | 1545 | 1460 | 62 of 126 | 51% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting to approve September 2026 quarterly and half-year results | results | low | — | — |
| 7 Oct 2026 · Compliance certificate for Q2 FY26 dematerialisation filed with BSE | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closed Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 22 Sept 2026 · 46th AGM proceedings: dividend declared, director reappointed | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Frontier Springs publishes notice on physical shares dematerialisation window | compliance | minimal | — | — |
| 8 Sept 2026 · Frontier Springs shares now permitted to trade on NSE under special category | compliance | minimal | — | — |
| 31 Aug 2026 · Frontier Springs announces AGM date, record date and e-voting details | compliance | minimal | — | — |
| 29 Aug 2026 · Frontier Springs FY26 Annual Report: Revenue up 39%, PAT up 77% | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Postal Ballot Results: Independent Director Appointment Approved | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Postal Ballot Result: New Independent Director Approved | board shareholder meetings | low | — | — |
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.