BSE: 531685
FRONTLINE FINANCIAL SERVICES L
Trades construction materials out of Ahmedabad and is listed on BSE with paid-up equity capital of Rs 5.90 crore and total assets of Rs 10.1071 crore at FY25 end. Revenue from operations collapsed about 80% to Rs 49.92 lakhs in FY25 from Rs 251.96 lakhs in FY24, though the company returned to a small Rs 4.35 lakh profit from a Rs 5.39 lakh loss a year earlier. FY26 revenue rebounded sharply to Rs 293.70 lakhs, but profit after tax narrowed to Rs 0.77 lakhs. The FY25 cost shape shows employee costs at 2.4% of revenue and other operating expenses at 35.3%, with no material input costs recorded; subsequent quarterly filings cite higher stock-in-trade purchases as the main expense driver. BSE had suspended trading in the stock, with in-principle approval for revocation received on August 11, 2025. The company has been functioning without a full-time CFO (Managing Director Sandeep Mathur doubles as CFO) and without a separate internal auditor, and statutory auditor J.S. Shah & Co has repeatedly issued disclaimer opinions citing unconfirmed balances of receivables, payables and loans, undocumented investment in a Sanand plot, and unverifiable inventory. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading of construction materials. Very small, BSE-only listed construction-materials trading company with no separate CFO or internal auditor.
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · standalone | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 2 | 3 | 0 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | (0) |
| margin % | — | (90.5) | (6.2) | (2.1) | (35.2) |
| Owners' profit | 0 | 0 | 0 | (0) | 0 |
| EPS, as reported (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| ROE % · ROCE % | 0.0 · 0.1 | 0.1 · 0.2 | 0.8 · 1.3 | (0.8) · (0.8) | 0.7 · 0.7 |
| Debt / equity (x) | 0.09 | 0.00 | 0.00 | 0.00 | 0.04 |
| Cash from operations | — | 30,080 | 0 | (0) | (0) |
| Capex | — | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 |
| Profit before tax | (0) | (0) | (0) | (0) | 0 | 0 | 0 | (0) |
| Net profit | (0) | (0) | (0) | (0) | 0 | 0 | 0 | (0) |
| EPS (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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 | 13,278 | 21.8 | 8.92 | 12.7 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,301 | 106.7 | 31.09 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,214 | 17.3 | 2.41 | 12.2 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,587 | 16.1 | 11.92 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,553 | 199.2 | 10.46 | 4.7 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,794 | 18.9 | 4.10 | 14.4 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,657 | 37.3 | 2.72 | 27.7 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 4,074 | — | 7.92 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.4 | 1.4 | 62 of 96 | 36% |
| ROCE | 0.3 | 3.4 | 73 of 103 | 29% |
| ROE | 0.3 | 2.9 | 79 of 113 | 30% |
| Debt / Equity | 0.0 | 0.1 | 36 of 91 | 61% |
| EBITDA margin | (1.5) | 25.4 | 76 of 92 | 18% |
| Revenue growth | 1843.4 | 16.2 | 4 of 91 | 97% |
| Profit growth | 60.4 | 5.2 | 39 of 110 | 65% |
| Market cap | 15 | 48 | 79 of 109 | 28% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · All 4 resolutions passed at 35th AGM with 100% approval | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Application filed to reclassify Mr Tushar Shah as public shareholder | ownership changes | medium | — | — |
| 30 Sept 2026 · 35th AGM held on 30 Sept 2026, proceedings submitted | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 8 Sept 2026 · Frontline Financial Services files newspaper publication of 35th AGM notice | compliance | minimal | — | — |
| 5 Sept 2026 · Annual Report FY26: Revenue jumps to Rs 293.70L, PAT falls to Rs 0.77L | results | high | — | — |
| 5 Sept 2026 · AGM notice on Sep 30, 2026 with promoter reclassification | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Secretarial Auditor Resigns; Board Appoints Replacement for 5-Year Term | management changes | medium | — | — |
| 1 Sept 2026 · Board approves name change to Aaryavart Enterprise, AGM on Sep 30 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Independent Director Ms. Sejal Shah resigns from Frontline Financial Services | management changes | medium | — | — |
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.