Frontier Springs Ltd

₹ 1,264 0.45%

09 Sep - close price

frontiersprings.co.in BSE: 522195 NSE: FRONTSP

About

Incorporated in 1981, Frontier Springs Ltd
is mainly engaged in the production of L.H.B. Springs and Hot Coiled Compression Springs and Forging items for Wagon, Locomotives and Carriage^[1]

Key Points

Business Profile^[1]
Established in 1981, Frontier Springs Limited is a certified manufacturer specializing in hot-coiled compression springs, air springs, and forged components primarily for Indian Railways. The company supplies components for wagons, carriages, and locomotives, including India's fastest train, the Vande Bharat Express. The company primarily caters to Indian Railways and has been registered with RDSO for 30+ years.

Website BSE NSE

Market Cap ₹ 1,493 Cr.
Current Price ₹ 1,264
High / Low ₹ 1,870 / 1,175
Stock P/E 25.5
Book Value ₹ 155
Dividend Yield 0.06 %
ROCE 50.6 %
ROE 39.2 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has delivered good profit growth of 50.6% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 31.2%
Company's median sales growth is 26.2% of last 10 years

Cons

Stock is trading at 8.14 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	25	33	33	44	51	52	58	70	75	83	81	83	78
	22	28	28	37	41	42	46	53	55	61	61	59	59
Operating Profit	3	5	5	7	10	11	12	17	20	22	20	24	19
OPM %	14%	14%	16%	17%	19%	20%	21%	24%	27%	27%	25%	29%	25%
	0	0	0	0	1	0	0	0	1	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	1	1	1	1	1	1	1	1	2	1
Profit before tax	3	4	4	7	9	10	11	16	20	21	19	22	18
Tax %	28%	26%	25%	25%	26%	25%	24%	26%	26%	26%	25%	25%	33%
	2	3	3	5	7	7	9	12	15	16	14	17	12
EPS in Rs	1.58	2.42	2.73	4.28	5.92	6.18	7.40	9.88	12.49	13.31	12.10	14.04	10.16
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	35	39	47	59	83	100	77	84	107	135	231	322	325
	32	35	41	50	70	79	64	71	94	114	181	235	240
Operating Profit	3	4	6	8	13	20	13	12	13	21	50	87	85
OPM %	8%	10%	12%	14%	16%	20%	17%	15%	12%	16%	22%	27%	26%
	0	0	0	0	1	1	1	1	1	1	1	1	1
Interest	1	2	2	1	1	1	0	0	1	1	1	1	0
Depreciation	1	1	2	2	2	2	3	3	3	4	4	5	5
Profit before tax	1	1	2	5	10	18	11	10	10	17	46	82	80
Tax %	29%	49%	8%	35%	18%	20%	26%	25%	26%	26%	25%	25%
	0	1	2	4	8	14	8	8	7	13	35	61	59
EPS in Rs	0.35	0.43	1.81	3.02	7.12	11.88	6.61	6.36	6.14	11.01	29.37	51.89	49.61
Dividend Payout %	0%	0%	0%	0%	5%	3%	0%	5%	5%	5%	2%	1%

Compounded Sales Growth
10 Years:	24%
5 Years:	33%
3 Years:	44%
TTM:	27%

Compounded Profit Growth
10 Years:	61%
5 Years:	51%
3 Years:	103%
TTM:	38%

Stock Price CAGR
10 Years:	62%
5 Years:	68%
3 Years:	74%
1 Year:	-19%

Return on Equity
10 Years:	24%
5 Years:	26%
3 Years:	31%
Last Year:	39%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	4	4	4	4	4	4	4	4	4	4	4	12
Reserves	20	20	22	26	34	47	56	63	71	85	120	172
	10	13	14	12	9	9	4	3	5	4	6	11
	12	16	15	17	21	18	20	22	31	30	39	24
Total Liabilities	46	52	55	59	68	78	83	92	110	123	169	218
	16	23	27	29	30	33	34	37	42	45	56	65
CWIP	6	1	1	0	0	1	0	1	1	2	1	1
Investments	0	0	0	2	3	5	8	13	15	18	25	48
	24	29	28	29	35	39	41	42	52	59	87	103
Total Assets	46	52	55	59	68	78	83	92	110	123	169	218

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5	1	6	7	9	10	11	10	10	12	22	31
	-3	-3	-6	-4	-4	-8	-5	-10	-10	-10	-20	-37
	-2	2	-0	-3	-5	-1	-6	-1	1	-2	1	4
Net Cash Flow	0	0	0	-1	0	1	0	-1	0	0	3	-2
Free Cash Flow	2	-2	0	3	6	3	9	4	1	4	8	17
CFO/OP	189%	38%	123%	94%	84%	64%	107%	104%	92%	75%	67%	60%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	81	96	58	63	50	58	83	74	55	60	61	69
Inventory Days	265	281	265	206	186	147	214	215	211	169	126	83
Days Payable	190	220	199	179	165	117	175	150	170	118	94	33
Cash Conversion Cycle	156	156	124	90	71	87	121	139	97	111	92	119
Working Capital Days	51	49	23	30	32	53	76	75	60	69	64	79
ROCE %	5%	8%	11%	17%	26%	35%	18%	15%	14%	21%	42%	51%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

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Mar 2023

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Mar 2026

Forging Installed Capacity
MT per annum

x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx		x,xxx	x,xxx	x,xxx
x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx		x,xxx	x,xxx	x,xxx
xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
	xx.xx			xx.xx				xxx.xx	xxx.xx	xxx.xx
	xx.xx			xx.xx				xx.xx	xx.xx	xx.xx
								xxx	xxx	xxx
									xxx	xxx
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Springs Installed Capacity (Coil + Air)
MT per annum

Total Production Volume (Coil + Air + Forging)
Number of units

Coil Springs Segment Revenue
INR Crore

Forging Segment Revenue
INR Crore

Air Spring Production Capacity
Coach sets per month

Air Spring Actual Production
Coach sets per month

Order Book
INR Crore

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.76%	51.76%	51.76%	51.76%	51.76%	51.76%	51.76%	51.76%	51.76%	51.76%	51.76%	51.76%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%	0.10%	0.21%	0.51%	0.36%
	48.24%	48.22%	48.25%	48.24%	48.23%	48.25%	48.23%	48.12%	48.13%	48.03%	47.74%	47.89%
No. of Shareholders	5,879	5,900	6,514	7,447	8,061	8,515	9,139	10,840	12,463	13,095	14,585	17,968

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	50.60%	51.76%	51.76%	51.76%	51.76%	51.76%	51.76%	51.76%	51.76%	51.76%	51.76%
	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.51%	0.36%
	49.39%	48.23%	48.23%	48.23%	48.24%	48.24%	48.24%	48.25%	48.23%	47.74%	47.89%
No. of Shareholders	4,367	5,457	5,245	5,685	6,049	6,049	5,736	6,514	9,139	14,585	17,968

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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