Frontier Springs Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Frontier Springs Ltd filed with BSE on 05 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Frontier Springs reported FY26 revenue of Rs 322.06 crore, up 39.22% year-on-year, with EBITDA margin expanding to 26.80% from 21.47% and profit after tax rising 76.88% to Rs 61.31 crore. Management attributed the growth to demand across springs, forging and air spring segments tied to Indian Railways capital spending, and cited steel price pressure that was largely offset through vendor negotiations and higher-value tenders. The company also discussed capacity additions including a new 6-ton forging hammer and progress on the FIBA brake-failure indication product awaiting regulatory trial completion.
Numbers mentioned
Revenue from operations: ₹322.06 crore (FY26)
p. 5
“Revenue from operations for the full year came in at 322.06 crore up by 39.22% from %231.34 crore in Financial Year 25.”
Kapil Bhatia, page 5 of the filed PDF · View the filing
EBITDA: ₹86.31 crore (FY26)
p. 5
“EBITDA for the full year stood at X86.31 crore a growth of 73.80% over Financial Year ‘25.”
Kapil Bhatia, page 5 of the filed PDF · View the filing
EBITDA margin: 26.80% (FY26)
p. 5
“Our EBITDA margin improved to 26.80% in Financial Year 26 from 21.47% in Financial Year ‘25.”
Kapil Bhatia, page 5 of the filed PDF · View the filing
Profit after tax: ₹61.31 crore (FY26)
p. 5
“Profit after tax for the full year came in at X61.31 crore, up by 76.88% from X34.66 crore in Financial Year ‘25.”
Kapil Bhatia, page 5 of the filed PDF · View the filing
Earnings per share: ₹51.07 (FY26)
p. 5
“Earning per share for the year stood at 51.07 compared to %29.93 in the prior year.”
Kapil Bhatia, page 5 of the filed PDF · View the filing
Revenue from operations: ₹82.54 crore (Q4 FY26)
p. 5
“Revenue from operations stood at X82.54 crore a growth of 17.7% over Financial Year ‘25.”
Kapil Bhatia, page 5 of the filed PDF · View the filing
EBITDA: ₹23.54 crore (Q4 FY26)
p. 5
“EBITDA for the quarter was X23.54 crore at a margin of 28.51% improving 362 basis point and 462 basis point year-on-year.”
Kapil Bhatia, page 5 of the filed PDF · View the filing
Profit after tax: ₹16.59 crore (Q4 FY26)
p. 5
“Profit after tax for Quarter 4came in at X16.59 crore up by 42.22% year-on-year.”
Kapil Bhatia, page 5 of the filed PDF · View the filing
Order book: ₹370 crore (FY27)
p. 12
“And, sir, we have disclosed the order book this time, X370 crores.”
Ankur Kumar, page 12 of the filed PDF · View the filing
Capacity utilization: approximately 70%
p. 10
“We are already working on, approximately 70% of our capacity, and we keep on increasing the bottleneck, where the capacity extension is required.”
Kapil Bhatia, page 10 of the filed PDF · View the filing
CAPEX: ₹20 crore (FY26)
p. 6
“And last year, we have done around %20 crore CAPEX, and this year again, we are planning to have around 20-25 crore CAPEX for all the three divisions to increase capacity and modernizing the things where the less manpower is required and technology is better.”
Kapil Bhatia, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Gross revenue — ₹500 crore · FY27
stated firmly by Kapil Bhatia
p. 5
“We enter FY26 with an order book of X300 crores which gives us good revenue visibility over guidance for FY26 as it crosses X500 crores in gross revenues to step up over 30% from what we delivered in FY26.”
Kapil Bhatia, page 5 of the filed PDF · View the filing
Revenue growth — 30% · FY27
stated firmly by Kapil Bhatia
p. 6
“What we are promising s that we will try to achieve 30% growth this year.”
Kapil Bhatia, page 6 of the filed PDF · View the filing
EBITDA margin — 23%-24% · FY27
stated conditionally by Kapil Bhatia
p. 7
“As far as the margin is concerned, the margin we are trying to maintain between 23%-24% definitely this year also, if not 26%-28%.”
Kapil Bhatia, page 7 of the filed PDF · View the filing
Revenue growth — 25% · beyond FY26-27
stated as an aspiration by Kapil Bhatia
p. 9
“If not 30%, we will definitely have a 25% growth, for the beyond ‘26-27, and things will be there.”
Kapil Bhatia, page 9 of the filed PDF · View the filing
Revenue growth — 20%-25% · medium term
stated as an aspiration by Kapil Bhatia
p. 15
“You can assume that 20%-25% growth on an average we will do it, if not 30%.”
Kapil Bhatia, page 15 of the filed PDF · View the filing
FIBA revenue contribution — ₹20-25 crore · FY27-28
stated conditionally by Kapil Bhatia
p. 15
“So, we will add X20-25 crores to our revenue from the next ‘27-28 from this component.”
Kapil Bhatia, page 15 of the filed PDF · View the filing
Forging division 6-ton hammer utilization — from Q3
stated as an aspiration by Kapil Bhatia
p. 18
“We are really exploring fast and hopefully the result started coming in from the 3% Quarter onwards for further capacity utilization of 6-ton hammer.”
Kapil Bhatia, page 18 of the filed PDF · View the filing
Q1 revenue breakout — above ₹82 crore · Q1 FY27
stated as an aspiration by Kapil Bhatia
p. 12
“We are hoping to break in this 15t Quarter. | hope that we will break that 82 crore, this thing.”
Kapil Bhatia, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said it is trying to maintain margins in the 23-24% range, potentially higher.
Answered by Kapil Bhatia
Asked by Priyanshu Jain: What margin level should be expected if steel prices remain elevated?
p. 7
“As far as the margin is concerned, the margin we are trying to maintain between 23%-24% definitely this year also, if not 26%-28%.”
Kapil Bhatia, page 7 of the filed PDF · View the filing
Management explained existing fixed-price Railway orders cannot be repriced mid-contract, so margin relief comes only from future tenders.
Answered by Kapil Bhatia
Asked by Garvit Goel: Why would margins decline if the company can pass on commodity price increases?
p. 8
“sir, we already have orders from the Railways, which is around X300 plus crores, because the Railways has a fixed price policy, they don't increase the rate in between the contract”
Kapil Bhatia, page 8 of the filed PDF · View the filing
Management cited inspection delays and raw material delays, and expects to break out in Q1.
Answered by Kapil Bhatia
Asked by Ankur Kumar: Why has revenue been stuck in the Rs 80-83 crore range for three quarters and when will it break out?
p. 12
“We are trying hard. There are some bottlenecks sometimes. All the views are with the satisfaction from the Railways. So, sometimes inspection doesn't take place.”
Kapil Bhatia, page 12 of the filed PDF · View the filing
Management confirmed the realization is intact and has improved slightly.
Answered by Kapil Bhatia
Asked by Dipankar Bisht: Is the Rs 1.25 lakh per air spring realization still valid?
p. 15
“Yes. Itis little bit improved also.”
Kapil Bhatia, page 15 of the filed PDF · View the filing
Management said FIBA margins will be similar to air spring and coil spring margins.
Answered by Kapil Bhatia
Asked by Bhoomin Shah: Will FIBA margins be similar to other products or higher?
p. 16
“It will be around the same margin with the air spring and the coil spring. It will be around same margin.”
Kapil Bhatia, page 16 of the filed PDF · View the filing
Management said there was no serious change and reiterated 20-25% average growth expectations.
Answered by Kapil Bhatia
Asked by Devang Bhatija: Has there been a material change in growth outlook versus an earlier call that suggested a longer doubling timeframe?
p. 15
“No, there's no serious change. | have definitely sometimes, | must have mentioned this, but You can assume that 20%-25% growth on an average we will do it, if not 30%.”
Kapil Bhatia, page 15 of the filed PDF · View the filing
Management said coil springs export is not being pursued but forging export opportunities are being explored.
Answered by Kapil Bhatia
Asked by Rajesh Bhatt: Are there plans to explore export markets given Indian Railways reliance?
p. 17
“But yes, there is a lot of opportunities for our forging division in export. So, we are exploring forging components for export.”
Kapil Bhatia, page 17 of the filed PDF · View the filing
Management said sleeper coaches require different coil springs due to higher load, and the company has already produced and gotten approval for these.
Answered by Kapil Bhatia
Asked by Kartik Bhatt: How is the company placed for sleeper train suspension requirements versus chair car?
p. 18
“Because itis a sleeper, so the load is increased on this thing. So, they have a different type of coil springs.”
Kapil Bhatia, page 18 of the filed PDF · View the filing
Risks flagged
Elevated steel prices creating cost pressure and potential margin moderation
p. 4
“I must be candid, steel prices remained elevated through the second part of the year and that did create cost pressure.”
Kapil Bhatia, page 4 of the filed PDF · View the filing
Possible margin moderation if steel prices remain firm in FY27
p. 4
“Though if steel prices remain firm in FY27, there may be some moderation in margins in the near term.”
Kapil Bhatia, page 4 of the filed PDF · View the filing
Existing fixed-price Railway contracts cannot be repriced despite rising input costs
p. 8
“because the Railways has a fixed price policy, they don't increase the rate in between the contract”
Kapil Bhatia, page 8 of the filed PDF · View the filing
Operational bottlenecks such as inspection and raw material delays affecting quarterly revenue
p. 12
“There are some bottlenecks sometimes. All the views are with the satisfaction from the Railways. So, sometimes inspection doesn't take place. The inspectors don't come. Sometimes, little bit of raw material delays, something like that.”
Kapil Bhatia, page 12 of the filed PDF · View the filing
Slow defence procurement process delaying diversification into defence orders
p. 13
“But the defence procedure s a little bit slow. Being new in defence, it s taking some time for us to break through.”
Kapil Bhatia, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.