Frontier Springs Ltd

Business overview

• Rail-focused manufacturer of coil springs, air springs, and forging components.
• IRIS-certified; primary customer Indian Railways; export readiness to international markets.
• Air springs facility being commercialised; MoU with Contitech Germany.

Operational highlights

• Q1FY27 revenue from operations ₹78.46 crore.
• Q1FY27 EBITDA ₹19.24 crore; margin 24.52%.
• Q1FY27 PAT ₹12.01 crore.
• RDSO approved as developmental vendor for FIBA; 25-coach sample trial.
• MoU signed with Contitech Germany to supply air springs.
• FY27 gross revenue guidance of ₹500 crore.
• Air springs capacity expansion planned in FY26.
• Forging orders gaining momentum; railways orders for 6-tonne hammer.
• Q1 supply disruptions resolved; operations normalised.

Financial performance

• Total income ₹78.58 crore in Q1FY27.
• Revenue from operations ₹78.46 crore; QoQ −4.95%, YoY +4.14%.
• EBITDA ₹19.24 crore; margin 24.52%.
• PAT ₹12.01 crore.
• CFO ₹31.41 crore; CFI −₹36.87 crore; CFF ₹376 crore.
• End of period cash ₹3.50 crore; equity ₹183.48 crore.

Capital structure & liquidity

• Long-term borrowings ₹1.60 crore; short-term borrowings ₹9.20 crore.
• Current liabilities ₹28.85 crore; total equity and liabilities ₹218.30 crore.
• Cash balance ₹3.50 crore; net cash flow negative in quarter.

Strategic priorities & outlook

• FY27 revenue guidance ₹500 crore.
• Demand across coil and air springs remains steady.
• FIBA trial could lead to large orders after success.
• Railway sector tailwinds and government initiatives support growth.
• Air springs to improve margin and topline.

Governance

• Chairman & MD: Kundan Lal Bhatia; MD: Kapil Bhatia.
• CFO: Neeraj Bhatia; independent directors on board.

Financial highlights

• Revenue from operations ₹78.46 Cr; QoQ -4.95%, YoY +4.14%.
• Total income ₹78.58 Cr; QoQ -5.13%, YoY +3.47%.
• EBITDA ₹19.24 Cr; YoY -5.81%.
• EBITDA margin 24.52%; down from 28.51% prior quarter.
• PAT ₹12.01 Cr; YoY +18.54%.
• Q1FY27 demand steady; strong railway orders for 6-tonne hammer.
• FY27 revenue guidance ₹500 Cr; deferment in Q1 to be recovered.

Operational developments

• Supply disruptions resolved; plant gas availability and logistics issues behind us.
• Operations normalised; supply chains re-established; capacity utilisation recovering.
• RDSO approved Frontier Springs as developmental vendor for FIBA; 25-coach samples under 12-month trial.
• Air springs expansion; forging momentum with improving order inflows.

Outlook & guidance

• Demand across verticals firm; raw material price softening expected to support margins.
• Management confident in delivering FY27 guidance given current demand visibility.

Q1 2026 results and auditor review

• Unaudited standalone quarterly results for quarter ended 30 June 2026 approved by the Board.
• Limited Review Report on quarter ended 30 June 2026 issued by Sanjay Nandini & Co with unmodified opinion.
• EPS restated to reflect 2:1 bonus issue completed in March 2026.
• Results prepared in IND AS and approved after Audit Committee review.

Meeting Details

Key Agenda Items

Other Notes

Independent Director appointment

• Special resolution to appoint Shri Sushil Kumar Luthra as Non-Executive Independent Director for five years (2026–2031).
• Outcome not disclosed in this postal ballot notice.
• E-voting window: 28 July 2026 9:00 AM to 26 August 2026 5:00 PM IST.
• Term details: 28 May 2026 to 27 May 2031; not liable to retire by rotation.
• Profile: 69-year-old railway professional; meets independence criteria.
• Background: Appointed as Additional Director on 28 May 2026; recommended by Nomination & Remuneration Committee.
• Remuneration last drawn: Nil.
• E-voting via NSDL; results to be declared by 28 August 2026.

Dematerialisation status

• Physical certificates received for dematerialisation have been listed on stock exchanges.
• The certificates, after verification, were mutilated and cancelled and the depository substituted as registered owner in records.

Frontier Springs Ltd: Trading Window Closed from July 1, 2026 until forty-eight hours after the announcement/declaration of Un-Audited Financial Results for the quarter ended June 30, 2026.