522195

Frontier Springs share price & financials

Price
₹1,418.9
Market cap
₹1.5k Cr
Sector
Automobile and Auto Components
Calls analysed
3
Latest concall · Q4 FY26 · call held 03 Jun 2026

Frontier Springs Q4 FY26

Revenue from Operations ₹322.06 cr +39%EBITDA ₹86.31 cr +74%EBITDA Margin 26.8% Profit After Tax ₹61.31 cr +77%

What went well

  • Revenue from operations for FY26 increased by 39.22% to ₹322.06 crores from ₹231.34 crores in FY25.
  • EBITDA for FY26 grew by 73.80% to ₹86.31 crores, with EBITDA margin improving by 533 basis points to 26.80%.
  • Profit after tax for FY26 increased by 76.88% to ₹61.31 crores from ₹34.66 crores in FY25.

What to watch

  • Potential moderation in margins in the near term if steel prices remain firm in FY27.
  • Revenue has been stuck in the ₹80-83 crore range for the last three quarters due to operational bottlenecks like inspection delays and raw material delays.
Read the full call →

What Frontier Springs does

Frontier Springs manufactures hot-coiled compression springs, precision forgings, and air-spring suspension systems used in wagons, coaches and locomotives, supplying Indian Railways and its production units (such as Chittaranjan, Banaras and Patiala Locomotive Works) as its primary end customer. It also exports directly to overseas rail markets under International Rail Industry Standard (IRIS) certification. The company operates across three business verticals - Springs, Forgings, and Air Springs - and has partnered with Contitech Germany to supply Air Springs to Indian Railways.

Segments

  • Springs Division
  • Forging Division
  • Air Spring Division
Manufacturing facilities
2 (Kanpur, Uttar Pradesh and Poanta Sahib, Himachal Pradesh)
Years of operating experience
40+
Forging component weight range produced
100 grams to 20 kilograms (up to 80 kg per PPT)
Forging hammer capacities installed
1-tonne, 3-tonne and 6-tonne hammers
Coil spring size range
10mm to 65mm wire thickness, up to 1,000mm height
Business verticals
3 (Springs, Forgings, Air Springs)
Founded 1981Headquarters Kanpur Dehat, Uttar Pradesh, India Company website

Guidance record · Q4 FY26

what the last two calls moved 13 tracked 2 delivered 3 missed 8 open
  • EBITDA Margin delivered said Q4 FY25 Promised: 21-22% (striving for 22-23%) Q4 FY26: Achieved full-year EBITDA margin of 26.80% for FY26, meeting the revised-up guidance.
  • Gross Revenue missed said Q4 FY25 Promised: Rs. 375 crore Q4 FY26: Company reported FY26 revenue of Rs. 322.06 crore, missing the guided target of Rs. 375 crore.
  • Gross Revenue revised down said Q4 FY25 Promised: Rs. 500 crore Q4 FY26: Guidance for FY27 has been revised down to 'very well positioned to achieve ₹500 crores', a retreat from the earlier upgrade to ₹560-575 crores.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 4.0%, net profit down 20.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue52 58 70 75 83 +60%81 +40%83 +19%78 +4%
EBITDA11 12 17 20 22 +100%20 +67%24 +41%19 −5%
Net profit7 9 12 15 16 +129%14 +56%17 +42%12 −20%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −73.6% 1Y

₹1.0k₹2.0k₹3.0k₹4.0k₹5.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q4 FY26 — 3 Jun 2026

1Y: ₹4,705.95 on 10 Sept 2025 → ₹1,240.95. High ₹4,971.8 (18 Sept 2025), low ₹1,227.15 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−1.0%
3 Jun
Q2 FY26
−4.0%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 43.9% a year over 3 years, FY23 to FY26. Operating margin widened to 26.7%.

Year endingFY23FY24FY25FY26
Revenue₹108 Cr₹135 Cr₹231 Cr₹322 Cr
Operating profit₹13 Cr₹20 Cr₹50 Cr₹86 Cr
Operating margin12.0%14.8%21.6%26.7%
Interest₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹4 Cr₹4 Cr₹4 Cr₹5 Cr
Net profit₹8 Cr₹13 Cr₹35 Cr₹62 Cr
Net margin7.4%9.6%15.2%19.3%
Cash from operations₹10 Cr₹12 Cr₹22 Cr₹31 Cr
Free cash flow₹1 Cr₹4 Cr₹8 Cr₹17 Cr
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹4 Cr₹4 Cr₹4 Cr₹4 Cr₹4 Cr₹12 Cr
Reserves₹56 Cr₹63 Cr₹71 Cr₹85 Cr₹151 Cr₹172 Cr
Borrowings₹4 Cr₹3 Cr₹5 Cr₹4 Cr₹7 Cr₹11 Cr
Other liabilities₹20 Cr₹22 Cr₹31 Cr₹30 Cr₹20 Cr₹24 Cr
Total liabilities₹83 Cr₹92 Cr₹110 Cr₹123 Cr₹182 Cr₹218 Cr
Fixed assets₹34 Cr₹37 Cr₹42 Cr₹45 Cr₹63 Cr₹65 Cr
Capital work in progress₹0 Cr₹1 Cr₹1 Cr₹2 Cr₹0 Cr₹1 Cr
Investments₹8 Cr₹13 Cr₹15 Cr₹18 Cr₹30 Cr₹48 Cr
Other assets₹41 Cr₹42 Cr₹52 Cr₹59 Cr₹89 Cr₹103 Cr
Total assets₹83 Cr₹92 Cr₹110 Cr₹123 Cr₹182 Cr₹218 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +0.24 pp while the public trimmed −0.23 pp. The shareholder count grew 66% to 17,968.

Promoters
51.8%
DIIs
0.4%
Public
47.9%

Since Jun 2025

  • DIIs +0.24 pp
  • Public −0.23 pp
  • Promoters 0.00 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 51.8%, Public 48.2%.Dec '23: Promoters 51.8%, Public 48.2%.Mar '24: Promoters 51.8%, Public 48.3%.Jun '24: Promoters 51.8%, Public 48.2%.Sep '24: Promoters 51.8%, Public 48.2%.Dec '24: Promoters 51.8%, Public 48.3%.Mar '25: Promoters 51.8%, Public 48.2%.Jun '25: Promoters 51.8%, DIIs 0.1%, Public 48.1%.Sep '25: Promoters 51.8%, DIIs 0.1%, Public 48.1%.Dec '25: Promoters 51.8%, DIIs 0.2%, Public 48.0%.Mar '26: Promoters 51.8%, DIIs 0.5%, Public 47.7%.Jun '26: Promoters 51.8%, DIIs 0.4%, Public 47.9%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Frontier Springs above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Kamla Bhatia 15.90%unchanged
Kapil Bhatia 15.57%unchanged
Neeraj Bhatia 14.15%unchanged
Investor Education and Protection Fund 6.27%unchanged
Kundan Lal Bhatia 3.39%unchanged
Frontier Springs Ltd 3.31%unchanged
Darrshana Kothari 1.60%unchanged
Neeta Manoj Ruparel 1.60%unchanged
Vishpa Rail Equipments Private Limited 1.27%unchanged
Singhi Dinesh Kumar Huf 1.08%unchanged
Mamta Bhatia 0.97%unchanged
Puran Chand Bhatia Huf 0.93%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹1241, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~98%. At that growth it is worth ₹40343 — upside of 3151%.

Growth the price implies
16.4% a year
for 7 years, fading to 4%
It has actually compounded at
97.9% a year
net profit, FY23–FY26
The gap
-0.8 pp
3151% downside if it only repeats history
Price today ₹1,240.95 Value at the reference growth ₹40,342.89

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Frontier Springs

Guides on how to read this kind of business and the numbers that matter.