Frontier Springs Ltd(FRONTSP)

NSE: FRONTSPBSE: 522195

₹ 1,278+2.13%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,510 crWebsite: www.frontiersprings.co.inUpdated: 24 Oct 2026

About

Frontier Springs Ltd was incorporated in 1981. It makes hot coiled compression springs, air springs and forged components for railway wagons, coaches and locomotives, and Indian Railways is its main customer. The company reported revenue of ₹322.06 crore in FY26 and entered FY27 with an order book of over ₹370 crore. Management says it holds about 40% of Indian Railway demand for coil springs, a broadly similar share in air springs, and about 20% to 25% in forging.^[1][2]

Business segments

The business has three divisions: coil springs, forging and air springs. They are reported as a single segment, which had ₹231.34 crore in revenue in FY25.^[1][3]
Coil springs brought in about ₹175 crore in gross revenue in FY26, the largest of the three divisions.^[4]
Air springs brought in about ₹150 crore in gross revenue in FY26.^[4]
Forging brought in about ₹60+ crore in gross revenue in FY26, against a management target of ₹75-80 crore for FY26.^[4]
Management estimates its share of Indian Railway demand at about 40% in coil springs, a broadly similar share in air springs, and about 20% to 25% in forging (FY26 annual report).^[1]

Products

Coil springs go to Indian Railways for passenger and freight rolling stock. The coil spring division also supplies springs to the power sector.^[5][1]
Air springs for the secondary suspension of LHB coaches are supplied under a technology arrangement with a European partner.^[1]
Forged parts include anti-roll bar assemblies, screw couplings, draft gear assemblies, hangers, knuckle throwers, top followers and wedges.^[1]
The company's springs are fitted on the Vande Bharat Express, and a few of its forged components have been approved for Vande Bharat trains.^[1]
FIBA is a new safety product that applies the service brake automatically if an air spring fails. It was developed in-house, a patent has been applied for, and it has basic RDSO approval.^[1]
Management sizes the FIBA market at about ₹100 crore, which imports currently serve (FY26 annual report).^[1]
Products are approved by RDSO, and the company is certified to the International Railway Industry Standard (IRIS) and ISO 14001:2015.^[1]

Operations and capacity

The company runs two manufacturing facilities and a testing laboratory at Kanpur Dehat, Uttar Pradesh. Its registered office and main unit are at Rania, and it has additional works at Paonta Sahib, Himachal Pradesh.^[1]
Air spring output for LHB coaches rose towards about 180 to 200 coach sets a month in FY26, against a capacity of about 300.^[1]
The 6-tonne forging hammer ran at 15-20% utilisation (FY26 annual report). The 2-tonne and 3-tonne hammers ran at 60-70% utilisation in Q2 FY26.^[1][4]
Overall capacity utilisation was about 70% in Q4 FY26.^[4]
The main raw material is steel (chrome molybdenum and chrome silicon). Energy comes from furnace oil, LPG, PNG and CNG.^[1]
The company has no subsidiary, associate or joint venture.^[1]

Key operating numbers

The company entered FY27 with an order book of over ₹370 crore.^[1]
Realisation was about ₹1.25 lakh per air spring (FY26 annual report).^[1]
Quarterly revenue in Q2 FY26 was about ₹35 crore for air springs, about ₹35 crore for coil springs and about ₹16-17 crore for forging.^[6]

Customers and markets

Indian Railways is the main customer and has been supplied for more than four decades. Supply goes to its production units and locomotive works, and to rolling stock and wagon manufacturers.^[1]
Named customers include Chittaranjan Locomotive Works, Banaras Locomotive Works, Patiala Locomotive Works and Frontier Alloy Steels Limited.^[1]
Management lists dependence on Indian Railways, steel prices, RDSO approval cycles and competition as risks (FY26 annual report).^[1]
The company was in talks with metro makers Alstom and Siemens about supplying air springs for metro trains (Q2 FY26).^[6]
The company exports selectively, helped by its IRIS certification, and is studying export opportunities for forging, including Europe and the Americas.^[1][4]
Management expects a large wagon tender that would support springs and forging. As of Q3 FY26, about 72,000 wagon orders had been placed and 40,000 more were anticipated.^[1][7]

Expansion and capex

Capex of ₹20-25 crore is planned for FY27 across all three divisions, to add capacity and automate.^[4]
FY26 capex of ₹15 crore was funded entirely from internal accruals, following ₹13.64 crore of capex in FY25.^[6][8]
Air spring capacity is to be added step by step, with more testing machines as orders require. About ₹2 crore was being spent on FIBA testing machines as of Q2 FY26.^[4]
The forging division is developing components for road construction equipment (JCB, L&T, Caterpillar) and for defence. Management expects 6-tonne hammer utilisation to improve from Q3 FY27.^[1][4]

Recent developments

FIBA received basic RDSO approval in Q4 FY26. A railway trial of about six months / 20,000 km is underway before the company can become a regular supplier. Management expects ₹20-25 crore of FIBA revenue in FY27-28.^[4]
Management has stated a target of ₹500 crore in gross revenue for FY27 and ₹1,000 crore over a longer period (FY26 annual report).^[1]
Steel costs stayed high through H2 FY26. The company renegotiated vendor terms and quoted higher rates in new tenders, but existing fixed-price tenders delayed the pass-through.^[4]
As of the Q2 FY26 call, an NSE listing was targeted for Q1 FY27 (April-June 2026), and work on it had begun.^[6]

Market Cap

₹1,510 Cr

High / Low

₹1,870 / 1,153

Stock P/E

27.6

Price / Book

8.8

Book Value

₹155

EPS

₹51.9

No. of Shares

1.18 Cr

ROCE

50.9%

ROE

39.9%

OPM

25.5%

Debt / Equity

0.06

Sales

₹322 Cr

Net Profit

₹61 Cr

Promoter holding

51.8%

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Frontier Springs Ltd(FRONTSP)

About

Business segments

Products

Operations and capacity

Key operating numbers

Customers and markets

Expansion and capex

Recent developments

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