Frontier Springs Ltd — Important, 05-06-2026: Company Update

Frontier Springs Ltd.

REGD. OFFICE & FACTORY : KM 25/4, KALPI ROAD, RANIA, KANPUR DEHAT - 209 304 U.P. (INDIA) Tele Office : +91-5111-240212, 240213 C Fax : +91-5111-240214

e-mail : info@frontiersprings.co.in C Website : http://www.frontiersprings.co.in CIN No. : L17119UP1981PLC005212

June 5, 2026

To

The BSE Limited

Corporate Relationship Department

1t Floor, New Trading Wing

Rotunda Building, P] Towers

Dalal Street Fort, Mumbai-400001

Phone: - 022-22723121, 22722037

(Script Code: - 522195)

Subject: Transcript of Conference Call with reference to the Audited Financial Results for the

quarter and year ended March 31, 2026.

Dear Sir/Madam

Pursuant to Regulation 30 and 46 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 please find enclosed herewith a copy of the transcript of conference call

conducted on June 3, 2026 to discuss the Audited Financial Results of the Company for the quarter

and year ended March 31, 2026.

The above information is also available on the website of the company at

www.frontiersprings.co.in

Kindly take the above on record and oblige.

Thanking You

Yours Faithfully,

For Frontier Springs Limited

DHRUV

BHASIN

Dhruv Bhasin

(Company Secretary & Compliance Officer)

Encl’s: As above

IRISD

Certification SERVING THE NATION SINCE 1980 150 %001 REGISTERED (((W

----------------Page (0) Break----------------

(? Frontier Springs Ltd.

An ISO 14001:2015 Certified Company

“Frontier Springs Limited

Q4 & FY’26 Earnings Conference Call”

June 03, 2026

ADVISORS

til

MANAGEMENT:

MR. KAPIL BHATIA

MANAGING DIRECTOR

FRONTIER SPRINGS LIMITED

MR. NEERAJ BHATIA

CHIEF FINANCIAL OFFICER

FRONTIER SPRINGS LIMITED

MR. DHRUV BHASIN

COMPANY SECRETARY

FRONTIER SPRINGS LIMITED

Page 1 of 18

----------------Page (1) Break----------------

Moderator:

Abhishek Mehra:

Kapil Bhatia:

Frontier Springs Limited

Quarter 4 & FY26 Earnings Conference Call

June 03, 2026

Ladies and gentlemen, good day and welcome to the Frontier Springs Limited Quarter 4 and

FY26 Earnings Conference Call hosted by TIL Advisors.

As a reminder, all participant lines will be in the listen-only mode, and there will be an

opportunity for you to ask questions after the presentation concludes. Should you need

assistance during the conference call, please signal an operator by pressing “*”, then “0” on

Your touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Abhishek Mehra from TIL Advisors. Thank youand over

to you.

Good afternoon and welcome everyone. Thanks for joining this Quarter 4 and FY26 Earnings

Conference Call of Frontier Springs Limited. The investor updates have already been uploaded

on the Stock Exchanges and on the Company Website.

In case you do not have a copy of the same, please feel free to reach out to us. To take us

through the discussion we have with us today, Mr. Kapil Bhatia — Managing Director, Mr. Neeraj

Bhatia — Full-time Director and Chief Financial Officer, and Mr. Dhruv Bhasin — Company

Secretary and Compliance Officer.

We will be starting the call with a brief overview of the “Business and the Financial

Performance”, which will be followed by the Q&A session.

1 would like to remind you all that everything said in this call reflecting any outlook for the

future, which can be construed as a forward-looking statement, must be viewed in conjunction

with the risks and uncertainties that the company faces. These risks and uncertainties have

been mentioned in our Annual Report.

With that said, | would now like to hand over the call to Mr. Bhatia. Over to you, sir.

Good afternoon, everyone, and thank you for joining us today for Frontier Springs Limited

Earnings Call for the 4™ Quarter and full year ended 315t March 2026. | am Kapil Bhatia — MD,

and | would like to extend a warm welcome to each of you.

Before | begin, | do appreciate the interest and the time you have set aside this morning. These

calls matter to us and we look forward to this conversation.

Page 2 of 18

----------------Page (2) Break----------------

Let me start with a few thoughts on the broader environment in which we operate:

Indian Railways remains our primary customer and if there is one thing that defines the

operating landscape this year, it is the sheer momentum behind Railways investment in this

country.

The union budget for 2026 allocated %2.65 lakh crore as a capital outlay to Indian Railways.

What this means to us is straightforward. We are a direct beneficiary of these Railways

expansions, springs, coil springs, air springs, forging components, etc. at the heart of every

coach, wagon, and locomotive. As Indian Railways scales, so does the addressable opportunity

for Frontier Springs.

On the raw material side:

I must be candid, steel prices remained elevated through the second part of the year and that

did create cost pressure. We responded by negotiating more favorable terms with our vendors

and by focusing our execution on high value tenders, we were able to largely offset the margin

headwind this way. Though if steel prices remain firm in FY27, there may be some moderation

in margins in the near term. We are watching this closely and we will manage it actively.

Turning to what we achieved:

Operationally FY26 was genuinely a milestone year for Frontier Springs.

On our springs business, which has been our main stay for over three decades, we saw steady

demand across freight stock, coaching stock, and locomotive applications. Our springs continue

to be fitted on the Vande Bharat Express, the fastest train in India, and that is distinct we are

proud of. The forging division which we built from the ground up starting in 2011 made

meaningful progress this year. We installed another state-of-the-art 6-ton hammer to

significantly enhance our forging capabilities. This opens up a broader range of components

and heavier forgings that we were previously not positioned to address importantly.

We have begun receiving orders for the components to be manufactured on this new hammer

and a few forging components have been approved for Vande Bharat trains also. Scaling the

forging vertical is one of our clear priorities in FY27. On the air spring segment, this has been a

business we have been patiently building since 2022. Through our memorandum of

understanding with Quant-Technik GmbH for LHB coaches, we successfully ramped up

production in FY25 and FY26, saw this business contributing more meaningfully to our revenue.

The failure indication and brake application system, properly known as FIBA, remains on track

and this capability that we believe will strengthen our positioning in this segment further. We

also extend our capacities in both the coil springs and air spring segment during the year to

meet rising demand, and these investments are beginning to show in our numbers.

Page 3 of 18

----------------Page (3) Break----------------

Moderator:

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.

Let me now turn to financial performance:

1am pleased to say that Financial Year ‘26 was ayear of strong delivery across every key metric.

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. We had set ourselves a gross sales target of approximately X375

crore for Financial Year 26 and | am glad to report that we have surpassed that. This growth

was broad based across our business verticals.

On profitability:

EBITDA for the full year stood at X86.31 crore a growth of 73.80% over Financial Year ‘25. What

is particularly gratifying is the margin expansion. Our EBITDA margin improved to 26.80% in

Financial Year 26 from 21.47% in Financial Year ‘25. A significant improvement of 533 basis

points.

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. Earning per share for the year stood at 51.07 compared to %29.93 in the

prior year.

On quarterly performance:

Quarter 4 Financial Year ‘26 was our strongest quarter this year. Revenue from operations

stood at X82.54 crore a growth of 17.7% over Financial Year ‘25. And marginally ahead of

Quarter 3 Financial Year ‘26. 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. Profit after tax for Quarter 4 came

in at X16.59 crore up by 42.22% year-on-year.

In closing:

Financial Year 26 was a year where frontier Spring demonstrated that it can grow revenues at

ascale, expand margins and simultaneously invest in future capacity all at the same time. The

Indian Railways growth story is real. It is well funded and it is multi-year in nature. We are

positioned to write this tailwind as a trusted, certified manufacturer with 40 plus years of

expertise, a diversified product portfolio and a balance sheet that gives us flexibility to invest.

ook forward to your questions. With that, I will hand back to the moderator to open the floor.

Thank you so much.

Thank you very much. We will now begin the question and answer session. We will take our

first question from the line of Sucrit D. Patil from Eyesight Fintrade. Please go ahead.

Page 4 of 18

----------------Page (4) Break----------------

Sucrit D. Patil:

Kapil Bhatia:

Sucrit D. Patil:

Kapil Bhatia:

Sucrit D. Patil:

Kapil Bhatia:

Moderator:

Good afternoon to the team. | have two questions. My first question to Mr. Kapil Bhatia to be

specific, looking ahead to 2026-27, | just want to understand the forward-looking guidance on

what type of strategic pathways are you planning to position the company as a global leader in

Railways springs and suspension systems, accelerate diversification into defense and heavy

industry engineering components, and future proof against demand cycles and regulatory

transactions. That is my first question. | will ask my second question after this.

As! have already mentioned, we are a good order book. What we are promising s that we will

try to achieve 30% growth this year. As far as product-wise is concerned, we are having orders

for forging as well as for air spring and coil spring. There are a lot of other tenders going on

where we are goingto get good orders in wagon manufacturing. They have also promised a big

tender for the wagon industry, where we have to supply forging as well as springs. We are in a

really comfortable position to achieve what we are promising you, that around 30% growth

this year also, and with a reasonable profit margin, what we have achieved last year. So, that's

it.

My second question to Mr. Neeraj is, over the next one year, what type of forward-looking

capital frameworks are you designing to ensure the company can simultaneously fund R&D in

advanced spring technologies, maintain dividend discipline, and build buffers against forex

swings and raw material volatility in the long-term Railways contracts?

Iam answering as an MD. We are working hard to get things in our favor, as far as where the

raw material prices are increased at the moment, around the world and LPG and CNG prices

are increased, but we are able to negotiate well with the steel supplier as well as with the LPG

supplier. We have energy, this thing, using furnace oil as well as LPG as well as PNG. So,

whatever is cheaper available, we are negotiating them, and we are using that to get the proper

margin. As far as R&D technology is concerned, we keep on expanding our capacities with the

latest technology around the world and trying to get more automated things where manpower

is less required and buying machines from all over the world also and from domestic

manufacturers also. So, at the moment, we are also negotiating about another line of coil

springs and more automated line of manufacturers from China. So, we are comfortable and we

have not taken any term loans since last so many years, and we are able to claw back money

from the profit. 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.

Thank you and best wishes.

Thank you.

Thank you. Next question is from the line of Priyanshu Jain from GrowthX Infinity. Please go

ahead.

Page 5 of 18

----------------Page (5) Break----------------

Priyanshu Jain:

Kapil Bhatia:

Priyanshu Jain:

Kapil Bhatia:

Priyanshu Jain:

Kapil Bhatia:

Congratulations on good set of results. Last two to three years have been really phenomenal

for us. | have a few questions. One will be on the margin side, sir, as commodity prices are

fising. In this time, we are able to negotiate with our vendors very well. But going forward, if

the steel prices remain at this point of time, what kind of a margin, like around 22%-23% we

should expect, or 26%-27% we are still able to maintain? If you can comment on that part first.

As | have already told that we are always negotiating with the steel supplier, and

simultaneously, because we are into tender business, so for future tenders, we are also

increasing the prices for our supplies to the Railways to adhere the difference between the

prices of steel and energy and also negotiating with the energy supplier, as | already told you,

CNG, PNG, furnace oil, whatever is cheaper available, every month there are prices coming i,

and we are negotiating with them and simultaneously, we are also increasing the prices of our

product to the Railways to get better prices from the Railways also in future tenders. So, that

we are able to nullify the effect of increasing steel and energy cost. 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%.

Great sir. So, second question will be on the order book side. For this year, we are very well

positioned to achieve X500 crores revenue. But for the next 2 years, if we talk about FY28 and

FY29, can you comment right now anything on that part?

At the moment, no, but definitely there will be increase, because as far as Indian Railways are

concerned and their demand is concerned, and the population in the country, whichis the most

suitable mode of transportation to maximum number of people in the country, and still there

is a shortage of coaches and train as everybody sees during the festival, or maybe anything, or

summer vacation, you don't get reservations, so there is always a shortage. So, | don't see

another 5-10 years that there will be any scarcity of orders as far as passenger coaches are

concerned, locomotives are concerned. Freight is the cheapest mode of transportation in India

for iron and steel fertilizer, food grains, iron ore, coal, which is the major thing which Railways

transport from the wagon, and the dedicated freight corridors are coming up very fast all over

the country, so getting more trains, tracks available for passenger coaches, this is the tight

position. As soon as the more dedicated freight corridors will be operational, we will get more

tracks for the passenger coaches and the passenger trains. So, | don't see any order problem

for next not 2 years, another 5-10 years minimum, and maybe continue like that. So, there is

always good orders from the Railways, because we are in a very high population country.

Okay sir, so just last question on the new product side, we are some of the trials, so can you

share a bit on the new product which we are planning?

Yes, the new product which we have already got the basic approval from RDSO, that is FIBA,

which s failure analysis of brake system in the air spring, which we have already got the

patented of our design done, and the basic approval is done, and now the trial will start in the

trains, and after 6 months we will be a regular source, and we will get a good order for the

Page 6 of 18

----------------Page (6) Break----------------

Priyanshu Jain:

Priyanshu Jain:

Kapil Bhatia:

Priyanshu Jain:

Moderator:

Garvit Goel:

Kapil Bhatia:

Garvit Goel:

Kapil Bhatia:

FIBA, because every coach has 2 FIBA equipment put into the coaches, passenger coaches, and

all 6,000 coaches are under manufacturing every year, so we will geta good share of business.

There are 2-3 approved sources at the moment and will be approved in another 6 months of

time. The basic approval of RDSO s already done.

Sir, so the FIBA which we are going to get the approval in the next 6-8 months, we can assume

the time span, like the existing one, do we have any differentiator, or like we are one of the

providers of FIBA, from the last 3-4 years, and we will be included as well?

No, there are manufacturers which Indian Railways importing the system. Now will be the

second one in India to get indigenous system made, and will get priority over the imported

one, and will be competitive also, so we wil get good share of business of FIBA.

Are there any other places apart from us, or like we are the only one right now?

There are 1 or 2 already, | am telling you that the coaches are already running, so Indian

Railways at the moment is importing from the Knorr-Bremse, or one of the other companies, |

don't remember the name, so as indigenous, we will be the second one in India, so there are

2-3 manufacturers.

Okssir, that's all from my side, | have few questions more, but | will join back, thank you, allthe

best for the future.

Thank you. Next question is from the line of CA Garvit Goel from Serene Alpha. Please go ahead.

Good afternoon, sir and congratulations for the visit. Sir, you mentioned we are able to pass

on the commodity hikes, but at the same time we are thinking about increasing the margin, so

firstly | did not understand why there is a gap, even if we are able to pass on the prices, then

why we should look for a drop in the margin?

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, and we

keep on quoting tenders for the next 6-8 months, up to X300 crores, we are quoting tenders

daily, so from there we are able to get our rates improved in the future tenders, but the existing

tenders, there might be a little low, although we are negotiating well with the steel supplier

and other things, so overall if we are able to complete the year, there might be 1% or 2% of

margin, it might go down, but we will try to maintain what we are achieving at the moment.

No, if you are saying about 1 or 2%, then it must be somewhere around 25%-26%, but we have

guided for 23%-24%, there s a gap there.

sir, 1 am a little conservative, we wil try to maintain that, because | don't want to comment on

the higher side things, but we will try to maintain the best possible things, what we get.

Page 7 of 18

----------------Page (7) Break----------------

Garvit Goel:

Kapil Bhati

Garvit Goel:

Kapil Bhatia:

Garvit Goel:

Kapil Bhatia:

Garvit Goel:

Garvit Goel:

Moderator:

Ajt Sethi:

Secondly, from this thing only, when you say we will be able to, like we all know it is a tender

business, and we know how it works, so we will be able to pass on the commodity price, so

what is the current competitive landscape? Have you seen any increased number of players,

or the new players who got approval for this category, and hence increased competition in the

tender process?

In our product or for the steel supplier, what you are asking?

Our product.

The same manufacturers are there, and there are no new manufacturers came in, but definitely

there are more steel manufacturers came in, from where we are negotiating the price, and

able to get the best price from the old supplier, and from the new supplier, so we are able to

negotiate well from the new supplier, because steel manufacturers are more suppliers added

by Railways, so from there we are able to get the good competitive rates, to maintain the

margins and all. But as far as our product is concerned, there are no new players at the

moment.

Got it. So, that's why you will be able to pass on the price. That | understand.

Got it.

And lastly, beyond February 27%, like you mentioned, and we have also seen, there will be

some large tender coming in, and then a lot of focus on the coaches side from the Indian

Government, but considering all these things, that we will be an organization which will be

close to 3500 crores, that kind of revenue next year, on that base, what will be the vision, like

FY27 onwards, like what pace we will be looking to grow, and what kind of targets do we have

in mind, maybe by FY30?

Sir, we are, since last 2-3 years, we are growing at the rate of 30%, but | know that this s a very,

very high rate of growth, but as | already mentioned, Indian Railways has a lot of demand, as

far as coaches and wagons are concerned. So, if not 30%, we will definitely have a 25% growth,

for the beyond ‘26-27, and things will be there. I don't see any drought of orders for our

components, because Railways, which carries load and moves, requires any kind of springs,

and forging, and air springs. So, our components are well placed, and we don't see any

problem, as far as orders are concerned.

Understood.

Next question is from the line of Ajit Sethi, from Eco Quantum Solutions. Please go ahead.

Thank you for the opportunity. From an on-ground perspective, how is the current demand

environment, how are projects progressing on the ground, and are you witnessing any delays

in tendering, ordering, or execution?

Page 8 of 18

----------------Page (8) Break----------------

Kapil Bhatia:

Ajt Sethi:

Kapil Bhatia:

Ajt Sethi:

Kapil Bhatia:

Ajt Sethi:

Kapil Bhatia:

Ajt Sethi:

Moderator:

Mahesh Atal:

Kapil Bhatia:

Mahesh Atal:

Kapil Bhatia:

No, I have already mentioned that, we already have a good number of orders in hand, and

demand is there, and this year again, the Railways has already issued a plan, for this year's

production, for the passenger coaches, around 6,000 numbers, locomotives around 1,200 to

1,400 locomotives, which is the same as last year, and a big wagon tender is coming up, by

Railways board. You must have read in the papers also, recently, from Titagarh and Jupiter,

they have already mentioned. So, as far as orders are concerned, and things are concerned,

and tenders are concerned, and there are no delays, in finalizing any tender by Railways. They

need springs and everything. So, we are in a very comfortable position.

Sir, if possible, can you please share, what is our current order bid pipeline?

I have already told you, it is X300 crore plus orders in hand, and pipeline, we are quite

confident, that we will be able to get, %500 crore gross revenue this year. The tenders are

always there, because it is not that, one tender takes place in a year. Every day, there are

tenders from the Railways. So, we keep on quoting tenders, and we are quite confident that

we will get the numbers, what we have promised.

Sir, what is our current capacity, and capacity utilization?

We are already working on, approximately 70% of our capacity, and we keep on increasing the

bottleneck, where the capacity extension is required. So, we are working around 70% of our

capacities, in all the plants.

So, going forward, whatever growth you are projecting, we will have enough capacity to grow,

right?

Okay. Thank you, sir.

Thank you. Next question is from the line of Mahesh Atal, from Tipcon Family Office. Please go

ahead.

Good day, Kapil sir. Good to hear you always optimistic, and good day dhruv to you too. Sir, my

questionis, if you can just give me the breakup of, the revenue on the three divisions, air spring,

coil spring and forging. The basic part, | am not interested in the gross part.

The last year?

Yes, last year. FY26.

Itis approximately, | am just giving you the gross, because | remember that X175 odd crore is

i coil springs, and %60 plus crore in forging, and X150 crores in air springs, | think.

Page 9 of 18

----------------Page (9) Break----------------

Mahesh Atal:

Kapil Bhatia:

Mahesh Atal:

Kapil Bhatia:

Mahesh Atal:

Kapil Bhatia:

Mahesh Atal:

Kapil Bhatia:

Mahesh Atal:

Kapil Bhatia:

Mahesh Atal:

Kapil Bhatia:

Mahesh Atal:

Moderator:

And sir, what is the number of sets capacity that we are having in air springs today, number of

sets that you can manufacture.

At the moment, we have capacities of making around 300 coach sets per month, and we are

doing around 200 coach sets per month, 180 to 190 coach sets per month we are doing.

Okay, so you already have enough capacity for that.

So, if I see that, I think you have written that the forging division could see a bit of growth in

this FY27 numbers. So, is it fair to assume that we are already having orders in the forging

division, and the air spring division will run in the same growth path? Or where do you see the

balance of maybe that 100 crores coming from in FY272

We are having orders for all the three divisions in hand, and we are expecting a good number

of orders for the air springs, forging, and coil springs also. Because as soon as this wagon tender

comes up, it's going to be a huge order from the wagon industry. Coaching orders, tenders are

already there. Locomotive tenders are already there by CLW, DLW, and other locomotive

manufacturers. So, actual growth will take place in forging and air springs, and coil springs

reasonable growth will be there. We are just waiting for wagon tenders to happen, so that we

will get additional orders for the wagon industry.

Sir, how many kilometers does Railways require for the trial thing? How many kilometers do

they do with FIBA?

They do it for 6 months actually.

It's 6 months or number of kilometers?

They have something that is around 20,000 kilometers. It takes to 5 to 6 months. So, they have

made it 6 months basically.

So, we might assume that the Q4 might be having some orders from FIBA side also, right?

Yes, definitely. In the later part of the year, yes.

Allright, sir. Thank you so much. Good day.

Thank you. We will take our next question from the line of Ankur Kumar from Alpha Capital.

Please go ahead.

Page 10 of 18

----------------Page (10) Break----------------

Ankur Kumar:

Kapil Bhatia:

Ankur Kumar:

Kapil Bhatia:

Ankur Kumar:

Kapil Bhatia:

Ankur Kumar:

Kapil Bhatia:

Moderator:

Prateek Joshi:

Kapil Bhatia:

My first question is, if | look at our revenue reported numbers, it s like it is struck in this X80

crores to %83 crore range for last three quarters. Any reason, sir? And when do we expect to

break out of this 80 crores to %83 crore range?

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. The inspectors

don't come. Sometimes, little bit of raw material delays, something like that. And we are trying

to breakin this 1%t Quarter. We are hoping to break in this 15t Quarter. | hope that we will break

that 82 crore, this thing.

Got it, sir. And, sir, you are giving 30% growth guidance for next year. So, overall, in the full

year, we expect that it is like second half heavy or first half heavy. How should we look at

growth in the next year?

Right now, | think there is no problem till the first half. The 4% Quarter will always be the better.

The 3Quarter, where the actual things take place, if that goes well, we will be able to achieve

what we are promising. So, till these two quarters, | don't see any problem and 4t Quarter

also. But 3rd Quarter, the tender finalization took place faster. So, we will be able to get those

numbers equally.

And, sir, we have disclosed the order book this time, X370 crores. So, in which period wil this

be executed? And how much is it higher versus last year, sir?

No, this is going on in continuation. You understand that in the first two and a half quarters,

there should be this much, which is the order book, and more orders are coming in that. So,

there is no problem anywhere. | don't see any problem. These 3370 odd crores are there. So,

‘we will be able to achieve in the first two and a half quarters.

Gotit, sir. Sir, this margin, | think you always speak a little conservatively. But the numbers are

good on the margin. So, | hope this continues like this.

I'am trying my best, sir.

Thank you. Next question is from the line of Prateek Joshi, an Individual Investor. Please go

ahead.

Yes, sir. First of all, for so many years of Frontiers Spring, | congratulate you a lot. You and your

team are doing a very good job. Sir, | have only one question. The number of orders that come

in from any company, Railways or anyone else, why don't we post on BSE and NSE, that this

order is a BSE this order?

Sir, the thing is that we don't get a single order, like a big order of X500 crores or X200 crores.

We keep on getting orders every day. Because Railways buys a lot of material for rolling stock.

And then coaches. So, if there is a daily order of 28-10 crores, then we will have to post an

Page 11 of 18

----------------Page (11) Break----------------

Prateek Joshi:

Kapil Bhatia:

Prateek Jos|

Moderator:

Harsh Mulchandani:

Kapil Bhatia:

Harsh Mulchandani:

Kapil Bhatia:

order daily. So, there is no problem in doing it. But if there s a big order, if there is an order of

250-60 crores, then we will definitely postit.

Ihave understood that, sir. But if you keep on posting orders, then it will be very good..

Okay, we will do something. This is a good suggestion. | will do t, sir.

Yes, sir. Thank you, sir. Okay.

Thank you. Next question is from the line of Harsh Mulchandani from Toro Wealth Managers,

LLP. Please go ahead.

Congratulations team for a great set of numbers. Sir, | have two questions. One is on the

development. Is there happening on the defence side? In the previous Con-Calls, we had

focused on the forging side. We would try to get some defence orders. So, is there any

development happening on that side? Or we are currently focusing more on the Railways with

the new product FIBA. How is your thinking happening? Just wanted to get your thoughts.

Sir, we are very focused on forging with lots of intensity. Because we have a very big CAPEX.

We have some samples in defence as well. But the defence procedure s a little bit slow. Being

new in defence, it s taking some time for us to break through. Because this is our forte where

we can work overnight. And we know how it works. But we are definitely trying very hard to

get into defence. As well as into the other industry, road construction industry like L&T, JCB,

Caterpillar. There are many components on which we are already doing R&D. We are making

samples and we are giving it to everyone. Our target for this year is to bring better numbers in

forging division. Because we have increased the capacities. We have now 3 hammer, 1 ton, 3

ton, 6 ton. And we have a good finishing machining line of CNC machines almost. CNCmachines

are with us. We are here to get a new customer other than Railways. We are not just stopping.

at defence. We are entering into this equipment which you see. JCB, L&T, Caterpillar, heavy

road construction equipment requires a lot of forging. Crane division hooks. We are exploring

everywhere except automotive. Automotive has no margin. We are looking for a good margin

in forging industries. We are trying our best to do in forgings other than defence as soon as

possible. We have the capacities to do that.

It sounds very encouraging. Thank you. Another question | have is around the bid pipeline. Like

You mentioned, you are expecting orders from the Wagon tender once it gets awarded.

Following you will get orders for your products. Any bid pipeline is there? Apart from this

tender from Wagon, is there any other bigger tender we can expect coming in second half of

the year?

Wagon has alot of tenders. Apart from that, the tenders for coaches and Railways have already

been published. So, things are in line. There is no problem looking the production schedule by

the Railways and we will be comfortable with that.

Page 12 of 18

----------------Page (12) Break----------------

Harsh Mulchandani:

Kapil Bhatia:

Harsh Mulchandani:

Moderator:

Siddharth:

Kapil Bhatia:

Siddharth:

Kapil Bhatia:

Siddharth:

Kapil Bhatia:

Siddharth:

Moderator:

Dipankar Bisht:

Kapil Bhatia:

Dipankar Bisht:

Kapil Bhatia:

Dipankar Bisht:

Kapil Bhatia:

Dipankar Bisht:

Got it. Any number onthe bid pipeline if you can put?

We are talking about X500 crores gross. We will be able to achieve that. That is there.

Thank you so much. Best of luck.

Thank you. Next question s from the line of Siddharth, an Individual Investor. Please go ahead.

Ihave one question. The trade receivables are quite high this year.

Would you like to say anything about that?

Trade receivables are high because our turnover is high. And monthly sales are high. So, you

can say every month we are doing around X30-35 crores of business. So, the receivables are

according to the year ending. But it is all good trade receivables. There is no bad debt at all.

There are zero bad debts in the company. So, things are there. And we have executed good

orders. So, that is why it is showing that trade receivables are there.

One more question. Are these used in local trains as well?

Yes. They are called EMUs. In EMUs they use air springs and coil springs.

Okay. Thank you so much.

Thank you. Next question is from the line of Dipankar Bisht from CCVIM. Please go ahead.

Sir, what was the production volume for air springsin H1 and H2?

What was this?

What was the production volume for air springs?

The production volume, we have a capacity of 300 coach set air spring manufacturing capacity

at the moment. 300 coach set means one coach is required for 4 air springs. So, we have a

capacity of this thing at the moment. And we are doing around 180 to 200 coach sets per

month. So, we have 100 coach sets capacity available for future orders.

So, 180 to 200 capacity for the whole year, right?

1 believe the company was increasing the capacity from 300 to 350 coach set per month. But

as of now, itis still in the range of 200 to 250. So, when can we expect increase in the capacity?

Page 13 of 18

----------------Page (13) Break----------------

Kapil Bhatia:

Dipankar Bisht:

Kapil Bhatia:

Dipankar Bisht:

Kapil Bhatia:

Dipankar Bisht:

Dipankar Bisht:

Kapil Bhatia:

Dipankar Bisht:

Moderator:

Devang Bhatij

Itis done simultaneously. In few machines where we can do around 400 coach set per month.

And in few machines where we can finally test up to 300 coach set. So, few machines are

required to come up to the 400-coach set. So, it is like that. So, wherever bottleneck is there,

we just have to increase that. It is not there that all machines are only for 300. There are

machines who does for 400 coach set. There are machines doing 350 coach sets. But what we

aretelling you, the bottleneck which is 300 coach set for final testing of the springs. So, we just

need two more testing machines like this. So, we keep on increasing thatif the ordersare there.

These machines are easily available in the country and if we see that orders are coming and so

we place order and by the time order comes we will be in the in line to execute the order.

And sir, is the 1.25 lakhs per air spring realization still valid?

Yes. Itis little bit improved also.

So, there is no change in that, right?

And for this FIBA system, | believe you have mentioned that we can expect the production after

6 months. So, what kind of revenue can we expect from this in FY27?

Itis a market of around X40-50 crores. So, this year in the last quarter this year, we are able to

get some orders. Orders may be early also but we are only able to execute when the trial is

over. So, we will add X20-25 crores to our revenue from the next ‘27-28 from this component.

That's the last question. This FIBA revenue will be additive to our existing spring revenue, right?

Okay, sir. Thank you.

Thank you. Next question is from the line of Devang Bhatija from Symphoria LLP. Please go

ahead.

First of all, congrats on a good FY26. | had a short question. So, in an earlier call you had said

that further doubling of revenues will take at least 5 years from %500 crores to 31000 crores,

let's say. But now it seems you are a little more bullish or you are seeing better things. So, has

there been a material change in the last 6 months?

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%. So, we can do

computation and permutation accordingly. So, I must have told this thing, but 20%-25% growth

with these components, these 3 components, the forging, the air spring and coil spring, we will

Page 14 of 18

----------------Page (14) Break----------------

Devang Bhatija:

Kapil Bhati

Devang Bhatija:

Moderator:

Bhoomin Shah:

Bhoomin Shah:

Bhoomin Shah:

Moderator:

achieve this much at any cost. Let's see if we are able to improve on that, if there is some extra

demand of wagons or locomotives, so we can add also a little bit more.

Great. Sir, do you have any visibility for the next 4-5 years you are saying that?

No, I told you that there is no lack of demand There is no lack of orders and funds. Generous

fund Government is giving to the Railways because Railways is the only mode of transport

which is used by the most number of people in the country. So, demand is always there for

passengers, freight, everything. The number of passengers, freight wagons and coaches, the

demand for locomotives is more than that. So, we and | have said before that the component

in which we are, without our component, nothing can be done in the Indian Railways. So, we

are in a good position, sir.

Fantastic, sir. Keep up the good work. Thank you. Thank you.

Next question is from the line of Bhoomin Shah from Equirus AMC. Please go ahead. Please use

your handset mode.

So, 1 just wantto understand in FIBA, the margins would be similar to other products or it would

be on a higher side?

It will be around the same margin with the air spring and the coil spring. It will be around same

margin.

Another question is on this large wagon tender which is going to come. So, are there any new

air spring suppliers or FIBA suppliers which are doing the trial phases and will get the approval

from Railways in next 1-2 years?

Sir, as far as my knowledge goes, because we are quite close to RDSO, it is in Lucknow, the

headquarter of India is in Lucknow, RDSO, and we are in Kanpur. So, as far as my knowledge is

going on, there is no spring manufacturing unit which he has applied for any new registration.

FIBA, because we are doing it, we are new into the things, but | don't think because FIBA is a

very difficult component to produce because you have to have your own design and R&D team

and it requires a patent also because there is an imported component is there. So, itis not that

easy component that everybody can come in. So, I don't think that more people are coming

into this product.

Okay. Thank you so much.

Thank you. Next question is from the line of Rajesh Bhatt, an Individual Investor. Please go

ahead.

Page 15 of 18

----------------Page (15) Break----------------

Rajesh Bhatt:

Rajesh Bhatt:

Moderator:

Garvit Goel:

Kapil Bhatia:

Garvit Goel:

Moderator:

Suman Narunia:

Thank you for the opportunity. Sir, you are doing great in Indian Railways. | wanted to check

whether we have any plans of exploring markets beyond India given the reliability of our and

criticality of our components for Indian Railways.

i, as far s coil springs are concerned, we are not doingit because all over the world, we keep

on visiting the fairs of Railways and all. There are no in Europe as well as in America, there are

no expansion going on and there are manufacturers who are doingit. But yes, there is a lot of

opportunities for our forging division in export. So, we are exploring forging components for

export. But because their company wanted to come in to India to supply things to Indian

Railways, they have a capacity and we don't want to go there if there is no business and losing

our forte in India. We don't want them to come into India and we are supplying here. For

forging, definitely, we are exploring markets all over the world and very soon, good results may

come up also as far as export of forging are concerned.

Thank you.

Thank you. We will take our next question from the line of CA Garvit Goel from Sirin Alpha.

Please go ahead.

Hi. Thanks for the follow-up. Sir, in continuation to the previous participant, | just wanted to

understand more about the export strategy of this company. Going forward, our Ministry is

also very much positive and providing motivation to the industry people to produce some

technical products that we can be doing the exports. What are our plans in this direction?

ir, 1 have told you that we are really exploring market for forging division because forging is

very highly man used industry and they are closing their forging industry in Europe and America

because they find it very difficult how to operate there. So, there is a lot of opportunity as far

as forging exports are concerned and from India there are number of companies doing good

exports in forging. So, we are also exploring not only Railways but other than Railways also with

the good margin where the margin is good because we got lot of inquiries from the exports,

but we are only entering or studying where the margins are better just not for the purpose of

export we just don't want to do it. Margins should be better only then we will supply those

forging but yes there is a demand all over the Europe as well as in America of forging

components of different whether it is agricultural or Railways or other than Railways. So, there

is a demand and we are exploring that.

Allthe best for the future. Thank you.

Next question is from the line of Suman Narunia, an individual investor. Please go ahead.

Sir, | have two questions. So, my first question is by which financial year we can expect actual

production of 250 plus air spring coach set per month?

It may happen this month also. It is not a very big thing.

Page 16 of 18

----------------Page (16) Break----------------

Suman Narunia:

Kapil Bhati

Suman Narunia:

Kapil Bhatia:

Suman Narunia:

Moderator:

Kartik Bhatt:

Kapil Bhatia:

Kartik Bhatt:

Kapil Bhatia:

Kartik Bhatt:

Kapil Bhatia:

Okay but we have capacity and we have capability also, right?

Good to know that. Sir, my second question is that maybe | am not ever. Is there any export

opportunities for coil and air spring in other countries?

We have not tried it because their manufacturer tried to come to India. They want to come to

India to supply because there is demand here. Their country's demand is over. So, we will go

there and waste time and do nothing. We are concentrating more in India so that they should

not be able to enter into Indian market and as | have already told we are exploring for forging

market. And see the results will come soon.

Sure. Thank you sir. Thank you for answering my question. Thank you.

Next question is from the line of Kartik Bhatt, an individual investor. Please go ahead.

sir, the capacity utilization in the 6-ton hammer project, you mentioned in the opening

remarks.

We have a huge capacity available. We are just able to use at the moment only one shift

capacity, which is 8 hours. So, we have a 16 hours capacity available as far as 6-ton hammer is

concerned and we are really looking for some components from other than Railways industry.

And 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.

That's good to hear. Sir, | am just wondering about sleeper trains. There has been some news

recently. So, | believe 12 sleeper trains are being planned for this year and with further scale-

up plans for the next one or two years. So, just trying to understand it a little better as to how

is the suspension setup differentin a sleeper train versus a chair car. | mean, is it different and

how are we placed to address this opportunity?

Because itis a sleeper, so the load is increased on this thing. So, they have a different type of

coil springs. Air spring is same. So, we have already produced and approved all those springs

as far as the sleeper Vande Bharat and all. So, we are approved for that and we are in line to

supply these springs to Railways.

So, is it fair to say that significant contribution to it will come in FY28 or its fair share will also

come in FY27?

ir, this year because it is only the 12 trains this year and then they have planned more than

200 trains next year. So, whatever it is there, the spring has to go from us only, sir. So, | think

next FY28-29 will be the more fruitful year for these Vande Bharat sleepers.

Page 17 of 18

----------------Page (17) Break----------------

Kartik Bhatt:

Kartik Bhatt:

Moderator:

Kapil Bhatia:

Moderator:

Okay, sure. And sir, there is some news also circulating that Railways is planning to shift some

of the regular LHB coaches to these Amrit Bharat 3.0 rakes for long distance trains. Does this

development have any bearing on us?

Sir, whatever it is there, the coil spring and air spring requirement is there, and we are in line

to supply all the springs and air springs for whether it is Amrit Bharat or LHB. Amrit Bharat is

also made on LHB suspension. So, the name is changed only. So, there is as far as our

component requirement s there, itis already there and we are approved for that.

Thank you so much sir. And best of luck for the next quarter.

Thank you. Ladies and gentlemen, we will take that as the last question for today. | now hand

the conference over to Mr. Kapil Bhatia for closing comments. Over to you.

Thank you all for your time and your thoughtful questions. Your continued interest in Frontier

Springs is something we generally value. We look forward to updating you next quarter and we

remain fully committed to the targets we have set for the Financial Year 2027. Thank you all

and keep faith. Thank you so much.

Thank you. On behalf of TIL Advisors, that concludes this conference. Thank you for joining us

and you may now disconnect your lines.

Page 18 of 18

----------------Page (18) Break----------------