Any current/future new fundraising through debt or equity?

Currently, the management has no intention to increase liquidity or go to the market through public or rights issues unless they encounter a very good project requiring it. No current plans for fundraising via debt or equity unless a strategic need arises. The company is funding capacity expansion, such as the 6-tonne hammer installation and air spring capacity increase, through internal accruals and existing resources. No additional CAPEX is required to reach Rs.350 crores revenue; some CAPEX (Rs.10-20 crores) might be required to reach Rs.500 crores, expected after 1.5 years. The company alr

Any current/future capex/capital investment/strategic investment?

Current CAPEX includes installation of a new 6-tonne hammer with a total investment of around ₹4 crore (₹2.5 crore spent so far). The 6-tonne hammer is expected to start contributing from Q3 FY25, adding ₹15-20 crore revenue this year and ₹50-60 crore from next year. An additional ₹10-15 crore CAPEX is anticipated between FY26-27 to address capacity bottlenecks and support growth from ₹350 crore to ₹500 crore revenue. This CAPEX will enhance capacities across coil springs, air springs, and forging segments, including coil spring machines, air spring machines, and CNC finishing machines f

Future growth expectations in sales/revenue/volumes?

Targeting Rs. 500 crores gross sales by FY26-27, up from Rs. 250 crores expected in FY25 and Rs. 150 crores in FY24. Current capacity supports up to Rs. 350 crores; further CAPEX will address bottlenecks to reach Rs. 500 crores. Ongoing capacity expansions in coil springs, forging, and air springs to meet demand growth. 6-tonne hammer installation expected to add Rs. 15-20 crores revenue in FY25 and Rs. 50-60 crores from FY26 onwards. Air spring capacity currently meets 50% of Indian Railway's 7,000 coaches requirement, with plans to increase. Continuous inflow of orders with a robus

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets gross sales of Rs. 250 crores in FY25, up from around Rs. 150 crores in FY24, implying significant revenue growth. EBITDA margin improved to 15.34% in FY24, with management confident to maintain or improve margins in upcoming years. Profit after tax in FY24 grew by 79.42% to Rs. 12.99 crores, showcasing strong earnings growth momentum. New 6-tonne hammer installation expected to contribute Rs. 10-15 crores in FY25 and Rs. 50-60 crores in revenues from FY26 onwards, enhancing operating earnings. Management plans continuous capacity expansion post FY26 aiming for Rs.

Current/ Expected Orderbook/ Pending Orders?

As of the start of FY25, Frontier Springs has a strong order book valued at approximately Rs. 150 crore. Orders are continuously flowing due to ongoing tendering by Indian Railways, with around 4-5 new tenders daily for coil springs, forgings, and air springs. The company has an order book of about Rs. 850 crore in hand encompassing coil springs, forgings, and air springs. Execution timeline for orders is generally about 45-60 days. The order inflow remains robust, with around Rs. 60-70 crore in orders typically maintained, but currently elevated to Rs. 150 crore, enabling steady revenue ramp-

Frontier Springs LtdQ4 FY24

Frontier Springs Ltd Q4 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,280.6P/E: 25.8Market Cap: ₹1.5K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Targeting Rs. 500 crores gross sales by FY26-27, up from Rs. 250 crores expected in FY25 and Rs. 150 crores in FY24.
Current capacity supports up to Rs. 350 crores; further CAPEX will address bottlenecks to reach Rs. 500 crores.
Ongoing capacity expansions in coil springs, forging, and air springs to meet demand growth.
6-tonne hammer installation expected to add Rs. 15-20 crores revenue in FY25 and Rs. 50-60 crores from FY26 onwards.
Air spring capacity currently meets 50% of Indian Railway's 7,000 coaches requirement, with plans to increase.
Continuous inflow of orders with a robust order book of around Rs. 850 crores spanning coil springs, forging, and air springs.
Confident in sustaining and gradually improving margins alongside volume growth.
Growth fueled by Indian Railway's infrastructure expansion and new clients like Storm, ABB, and Siemens.

Margin guidance

Category 3

The company targets gross sales of Rs. 250 crores in FY25, up from around Rs. 150 crores in FY24, implying significant revenue growth.
EBITDA margin improved to 15.34% in FY24, with management confident to maintain or improve margins in upcoming years.
Profit after tax in FY24 grew by 79.42% to Rs. 12.99 crores, showcasing strong earnings growth momentum.
New 6-tonne hammer installation expected to contribute Rs. 10-15 crores in FY25 and Rs. 50-60 crores in revenues from FY26 onwards, enhancing operating earnings.
Management plans continuous capacity expansion post FY26 aiming for Rs. 500 crores gross sales by FY27, supported by incremental CAPEX of Rs. 10-20 crores to remove bottlenecks.
EPS is expected to improve with volume growth and stable or expanding margins driven by product mix and new product introductions like air springs.
No immediate dilution planned; liquidity enhancement only if a major growth project arises.

See what Frontier Springs Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Currently, the management has no intention to increase liquidity or go to the market through public or rights issues unless they encounter a very good project requiring it.
No current plans for fundraising via debt or equity unless a strategic need arises.
The company is funding capacity expansion, such as the 6-tonne hammer installation and air spring capacity increase, through internal accruals and existing resources.
No additional CAPEX is required to reach Rs.350 crores revenue; some CAPEX (Rs.10-20 crores) might be required to reach Rs.500 crores, expected after 1.5 years.
The company already has adequate land and facilities; expansions will focus on bottlenecks rather than greenfield projects.
No mention of new fundraising initiatives in the immediate future.

Order book

Yes

As of the start of FY25, Frontier Springs has a strong order book valued at approximately Rs. 150 crore.
Orders are continuously flowing due to ongoing tendering by Indian Railways, with around 4-5 new tenders daily for coil springs, forgings, and air springs.
The company has an order book of about Rs. 850 crore in hand encompassing coil springs, forgings, and air springs.
Execution timeline for orders is generally about 45-60 days.
The order inflow remains robust, with around Rs. 60-70 crore in orders typically maintained, but currently elevated to Rs. 150 crore, enabling steady revenue ramp-up.
New orders continuously replenish the order book, ensuring sustained order pipeline and revenue generation.
Air spring orders have grown, with approximately Rs. 18 crore in revenue last year and Rs. 7 crore in the last quarter of FY24.

See what Frontier Springs Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Current CAPEX includes installation of a new 6-tonne hammer with a total investment of around ₹4 crore (₹2.5 crore spent so far).
The 6-tonne hammer is expected to start contributing from Q3 FY25, adding ₹15-20 crore revenue this year and ₹50-60 crore from next year.
An additional ₹10-15 crore CAPEX is anticipated between FY26-27 to address capacity bottlenecks and support growth from ₹350 crore to ₹500 crore revenue.
This CAPEX will enhance capacities across coil springs, air springs, and forging segments, including coil spring machines, air spring machines, and CNC finishing machines for forging.
Capacity expansion will be within existing land; no new land bank is required up to ₹500 crore revenue target.
Air spring division capacity expansion of facilities and shed is underway, expected to complete in two months.
Any further liquidity raising or market fund raising is not planned unless needed for a very significant new project.

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