Frontier Springs Ltd
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]
- Market Cap ₹ 1,681 Cr.
- Current Price ₹ 4,266
- High / Low ₹ 5,470 / 1,653
- Stock P/E 33.1
- Book Value ₹ 394
- Dividend Yield 0.04 %
- ROCE 41.8 %
- ROE 32.5 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 19.8% CAGR over last 5 years
- Company's median sales growth is 20.0% of last 10 years
Cons
- Stock is trading at 10.8 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.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 37 | 35 | 39 | 47 | 59 | 83 | 100 | 77 | 84 | 107 | 135 | 231 | 286 | |
| 32 | 32 | 35 | 41 | 50 | 70 | 79 | 64 | 71 | 94 | 114 | 182 | 215 | |
| Operating Profit | 4 | 3 | 4 | 6 | 8 | 13 | 20 | 13 | 12 | 13 | 21 | 50 | 72 |
| OPM % | 12% | 8% | 10% | 12% | 14% | 16% | 20% | 17% | 15% | 12% | 16% | 21% | 25% |
| 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Interest | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 4 | 4 | 4 |
| Profit before tax | 2 | 1 | 1 | 2 | 5 | 10 | 18 | 11 | 10 | 10 | 17 | 46 | 68 |
| Tax % | 25% | 29% | 49% | 8% | 35% | 18% | 20% | 26% | 25% | 26% | 26% | 25% | |
| 2 | 0 | 1 | 2 | 4 | 8 | 14 | 8 | 8 | 7 | 13 | 35 | 51 | |
| EPS in Rs | 4.29 | 1.04 | 1.29 | 5.43 | 9.04 | 21.33 | 35.60 | 19.80 | 19.07 | 18.38 | 32.98 | 88.00 | 129.10 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 5% | 3% | 0% | 5% | 5% | 5% | 2% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 21% |
| 5 Years: | 18% |
| 3 Years: | 40% |
| TTM: | 59% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 58% |
| 5 Years: | 20% |
| 3 Years: | 66% |
| TTM: | 126% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 67% |
| 5 Years: | 74% |
| 3 Years: | 104% |
| 1 Year: | 91% |
| Return on Equity | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 18% |
| 3 Years: | 21% |
| Last Year: | 33% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 19 | 20 | 20 | 22 | 26 | 34 | 47 | 56 | 63 | 71 | 85 | 120 | 151 |
| 11 | 10 | 13 | 14 | 12 | 9 | 9 | 4 | 3 | 5 | 4 | 6 | 7 | |
| 11 | 12 | 16 | 15 | 17 | 21 | 18 | 20 | 22 | 31 | 30 | 39 | 20 | |
| Total Liabilities | 44 | 46 | 52 | 55 | 59 | 68 | 78 | 83 | 92 | 110 | 123 | 169 | 182 |
| 16 | 16 | 23 | 27 | 29 | 30 | 33 | 34 | 37 | 42 | 45 | 56 | 63 | |
| CWIP | 4 | 6 | 1 | 1 | 0 | 0 | 1 | 0 | 1 | 1 | 2 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 | 2 | 3 | 5 | 8 | 13 | 15 | 18 | 25 | 30 |
| 24 | 24 | 29 | 28 | 29 | 35 | 39 | 41 | 42 | 52 | 59 | 87 | 89 | |
| Total Assets | 44 | 46 | 52 | 55 | 59 | 68 | 78 | 83 | 92 | 110 | 123 | 169 | 182 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 5 | 1 | 6 | 7 | 9 | 10 | 11 | 10 | 10 | 12 | 22 | |
| -5 | -3 | -3 | -6 | -4 | -4 | -8 | -5 | -10 | -10 | -10 | -20 | |
| 4 | -2 | 2 | -0 | -3 | -5 | -1 | -6 | -1 | 1 | -2 | 1 | |
| Net Cash Flow | 0 | 0 | 0 | 0 | -1 | 0 | 1 | 0 | -1 | 0 | 0 | 3 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 102 | 81 | 96 | 58 | 63 | 50 | 58 | 83 | 74 | 55 | 60 | 61 |
| Inventory Days | 223 | 265 | 281 | 265 | 206 | 186 | 147 | 214 | 215 | 211 | 169 | 126 |
| Days Payable | 146 | 190 | 220 | 199 | 179 | 165 | 117 | 175 | 150 | 170 | 118 | 94 |
| Cash Conversion Cycle | 180 | 156 | 156 | 124 | 90 | 71 | 87 | 121 | 139 | 97 | 111 | 92 |
| Working Capital Days | 59 | 51 | 49 | 23 | 30 | 32 | 53 | 76 | 75 | 60 | 69 | 64 |
| ROCE % | 11% | 5% | 8% | 11% | 17% | 26% | 35% | 18% | 15% | 14% | 21% | 42% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
17 Nov - Earnings Call Transcript of Concall held on November 14,2025 for Un-Audited Financial Results for the quarter ended September 2025.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
15 Nov - Extract of Un-Audited Financial Results for the quarter ended September 30,2025.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
14 Nov - Audio recording of Frontier Springs' Q2 FY2026 earnings conference call (held 14-Nov-2025) made available.
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Announcement under Regulation 30 (LODR)-Investor Presentation
13 Nov - Investor Presentation on Un-Audited Financial Results for the quarter ended September 30,2025.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
13 Nov - Q2FY26 revenue ₹82.74Cr, EBITDA ₹22.07Cr, PAT ₹15.71Cr; H1 revenue ₹158.08Cr, strong YoY growth.
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
from bse
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Financial Year 2023
from bse
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Financial Year 2022
from bse
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Financial Year 2021
from bse
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
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Financial Year 2011
from bse
Concalls
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Nov 2025Transcript PPT REC
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Aug 2025TranscriptNotesPPT
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Aug 2025TranscriptNotesPPT
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May 2025Transcript PPT REC
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Feb 2025TranscriptNotesPPT
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Nov 2024Transcript PPT
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Aug 2024TranscriptNotesPPT
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Aug 2024TranscriptNotesPPT
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Jun 2024Transcript PPT
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Mar 2024TranscriptNotesPPT
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Feb 2024TranscriptNotesPPT
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Nov 2023Transcript PPT
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Feb 2023TranscriptNotesPPT
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Aug 2022TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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.