Frontier Springs Ltd.

•

frontiersprings.co.inBSE: 522195NSE: FRONTSP

Market Cap₹ 1,522 Cr.

Current Price

High / Low₹ 1,869 / 1,241

Stock P/E26.0

Book Value₹ 165

Price to Book6.26

Dividend Yield0.02 %

ROCE42.2 %

ROE32.5 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 25.7%
Latest quarter profit grew 714.9% YoY, showing strong momentum
Company has delivered good sales growth of 18.3% CAGR over last 5 years
Company comfortably covers its interest (79.8x coverage)
Company generates healthy free cash flow

CONS

Total debt has risen sharply - up 59.5% year on year
Stock is trading at 6.3x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JSWSTEEL	1325.00	13.07	324022.65	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	189.00	21.38	235937.32	2.12	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	197.10	19.06	81412.65	1.19	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2591.20	29.60	68353.43	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	APLAPOLLO	2250.00	50.83	62473.14	0.38	263.11	10.94	5606.71	12.07	31.83	7.34
6.	JSL	737.70	18.72	60817.43	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
7.	SHYAMMETL	1066.05	26.49	29756.85	0.42	350.73	20.66	5455.09	23.45	13.88	14.03
8.	JINDALSAW	305.30	29.88	19524.19	0.66	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2732.25	44.24	19150.89	0.37	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	508.95	15.87	17934.44	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	240.90	20.11	16218.33	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	FRONTSP	1288.15	25.98	1522.02	0.02	120.11	714.86	784.62	941.44	42.18	24.52

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	25	33	33	44	51	52	58	70	75	83	81	83	785
	22	28	28	37	41	42	46	53	55	61	61	59	605
Operating Profit	3	5	5	7	10	11	12	17	20	22	20	24	179
OPM %	13.61%	14.38%	15.63%	16.79%	19.21%	20.46%	21.40%	23.90%	27.10%	26.67%	24.89%	28.52%	22.86%
	0	0	0	0	1	0	0	0	1	0	0	0	1
Interest	0	0	0	0	0	0	0	0	0	0	0	0	1
Depreciation	1	1	1	1	1	1	1	1	1	1	1	2	12
Profit before Tax	3	4	4	7	9	10	11	16	20	21	19	22	181
Tax %	28.19%	25.33%	25.06%	25.07%	25.80%	25.23%	23.82%	26.11%	26.00%	25.52%	25.43%	24.94%	33.47%
Net Profit	2	3	3	5	7	7	9	12	15	16	14	17	120
	6.41	8.36	10.33	13.54	18.88	21.20	20.57	9.87	40.11	39.64	39.47	14.04	10.17

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	41	49	59	83	100	77	84	107	135	231	1,031
	37	43	51	70	80	64	71	94	114	181	786
Operating Profit	4	6	9	13	20	13	12	13	21	50	245
OPM %	9.57%	11.33%	14.62%	15.68%	20.32%	16.88%	14.62%	12.06%	15.62%	21.62%	23.78%
	0	0	1	1	1	1	1	1	1	1	2
Interest	2	2	2	1	1	1	0	1	1	1	1
Depreciation	1	2	2	2	2	3	3	3	4	4	16
Profit before Tax	1	2	5	10	18	11	10	10	17	46	243
Tax %	49.32%	8.07%	35.15%	18.43%	20.08%	26.01%	25.42%	25.91%	25.66%	25.31%	31.37%
Net Profit	1	2	4	8	14	8	8	7	13	35	167
EPS	1.29	5.42	9.05	21.62	35.56	20.88	21.02	19.41	32.97	88.01	—
Dividend Payout %	0.00%	0.00%	0.00%	4.69%	3.09%	0.00%	5.24%	5.44%	4.55%	2.05%	—

COMPOUNDED SALES GROWTH

10 Years:: 20%
5 Years:: 18%
3 Years:: 40%

COMPOUNDED PROFIT GROWTH

10 Years:: 56%
5 Years:: 20%
3 Years:: 68%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 17%
3 Years:: 20%
Last Year:: 33%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4	4	4	4	4	4	4	4	4	4
	20	22	26	34	47	56	63	71	85	120
	13	14	12	9	9	4	3	5	4	6
Trade Payables	12	12	13	16	13	14	14	24	22	30
	4	3	4	5	5	6	7	6	9	10
Total Liabilities	52	55	59	68	78	83	92	110	123	169
	23	27	29	30	33	34	36	42	45	56
Capital Work in Progress	1	1	0	0	1	0	1	1	2	1
	0	0	2	3	5	8	13	15	18	25
	15	16	15	18	16	17	21	30	31	40
	0	0	0	0	0	0	0	0	22	38
Cash & Bank	2	2	1	1	3	3	2	2	2	5
	12	10	12	15	20	21	19	19	3	4
Total Assets	52	55	59	68	78	83	92	110	123	169

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	1	7	8	11	13	14	13	12	12	22
Cash from Investing	-3	-6	-4	-4	-8	-5	-10	-10	-10	-20
Cash from Financing	1	-0	-3	-5	-1	-6	-1	1	-2	1
	0	0	-1	0	1	0	-1	0	0	3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	1.29	5.42	9.05	21.33	35.60	19.80	19.08	18.38	32.97	88.01
Book Value (₹)	60.91	66.34	75.38	95.83	130.26	151.14	171.16	189.35	226.54	314.58
Dividend per Share (₹)	0.00	0.00	0.00	1.00	1.10	0.00	1.00	1.00	1.50	1.80
Cash EPS (₹)	1.69	3.21	4.66	8.99	13.89	8.86	8.77	8.84	14.13	32.73
PROFITABILITY
Operating Margin %	9.48%	11.15%	13.70%	14.25%	18.36%	18.14%	15.79%	10.72%	13.18%	18.25%
Net Margin %	1.14%	4.06%	5.28%	8.75%	12.11%	10.13%	8.98%	5.68%	8.09%	12.65%
ROE %	2.14%	8.52%	12.77%	24.92%	31.49%	14.07%	11.84%	10.20%	15.86%	32.53%
ROCE %	7.75%	10.94%	17.83%	25.86%	35.33%	18.29%	15.45%	13.94%	20.97%	42.18%
	1.03%	3.96%	6.20%	13.21%	19.24%	9.67%	8.55%	7.16%	11.13%	23.68%
EFFICIENCY
Debtor Days	73	61	48	41	43	79	75	47	44	40
Inventory Days	114	108	84	63	55	79	83	73	70	47
Payable Days	195	197	172	148	132	168	149	135	125	81
	-8	-28	-41	-44	-35	-10	9	-15	-12	6
FINANCIAL HEALTH
Debt to Equity (x)	0.53x	0.53x	0.41x	0.23x	0.17x	0.06x	0.05x	0.06x	0.04x	0.05x
Interest Coverage (x)	1.58x	2.24x	4.02x	9.85x	14.21x	14.97x	36.83x	15.25x	30.91x	79.80x
	1.34x	1.22x	1.28x	1.34x	1.82x	1.97x	1.91x	1.63x	1.94x	2.15x
GROWTH
Revenue Growth %	13.23%	19.32%	22.00%	39.99%	19.94%	-22.94%	8.69%	28.33%	26.14%	70.84%
Operating Profit Growth %	39.69%	39.23%	57.84%	47.93%	55.41%	-34.35%	-5.38%	3.41%	59.34%	134.33%
Net Profit Growth %	24.96%	320.48%	66.84%	135.82%	66.85%	-44.39%	-3.61%	-3.64%	79.35%	166.93%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	79.35%	166.93%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	11.83x	7.45x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	5.17x	6.26x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.09%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	21.24x	15.21x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.76	51.76	51.76	51.76	51.76	51.76	51.76	51.76	51.76
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.12	0.10	0.21	0.51	0.36
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	48.24	48.24	48.24	48.24	48.12	48.13	48.03	47.73	47.88

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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