PESB research view: HoldStock
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PESB recommendation · Stock
₹1,342.80▲ 53.60 (+4.16%) todayNSE · as of 3 Nov 2026, 5:30 am
Recommended on 19 Jun 2026 by Aman Bansal
Our recommendation read against today's market data.
Frontier Springs Limited, established in 1981, is one of India's largest railway component manufacturers specializing in suspension systems. The company produces coil springs, air springs, and forging products used across passenger coaches, wagons, and locomotives. Frontier Springs has been a registered RDSO vendor for over 30 years and has greatly benefitted from India's ongoing railway modernization and infrastructure expansion.
We remain constructive on Frontier Springs as the Q1 slowdown appears temporary and not demand-led, with gas shortages and logistics disruptions now resolved. We expect revenue growth to accelerate from Q2 onwards as deferred volumes are executed, air springs and the 6-ton forging capacity ramp up, and railway tender activity strengthens in H2. With ₹500 Cr FY27 revenue guidance intact, rising utilization and a richer product mix should support margin recovery and earnings growth, while FIBA provides an additional growth lever from FY28.
Research by Pune E-Stock Broking Ltd., SEBI Research Analyst Reg. No. INH000018197. Investments in the securities market are subject to market risks; read all related documents carefully before investing. Past performance is not indicative of future returns.
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