Frontier Springs has issued a postal ballot notice seeking shareholder approval for the appointment of Sushil Kumar Luthra as a Non-Executive Independent Director. The move replaces Nimesh Mukerji, who ceased to be a director due to his death, ensuring the Board complies with SEBI Listing Regulations regarding independent director composition. Shareholders holding shares as of July 24, 2026, are eligible to vote electronically via the National Securities Depository Limited (NSDL) platform between July 28 and August 26, 2026.

The Board inducted Luthra as an Additional Director on May 28, 2026, following a recommendation from the Nomination and Remuneration Committee. Pursuant to Regulation 17(1C) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, shareholder approval is required within three months of the initial appointment. The proposed special resolution seeks to formalize Luthra’s tenure for five consecutive years, from May 28, 2026, to May 27, 2031, without liability to retire by rotation. The appointment aims to broaden the Board’s expertise, leveraging Luthra’s over 32 years of experience in the Indian Railways.

Voting Schedule and Process

The remote e-voting period commences on Tuesday, July 28, 2026, at 9:00 a.m. (IST) and concludes on Wednesday, August 26, 2026, at 5:00 p.m. (IST). Once the voting module is disabled, votes cannot be modified. The scrutinizer, Mr. S. K. Gupta of M/s. S. K. Gupta & Co., will submit his report after completing the scrutiny, with results declared at the registered office by Friday, August 28, 2026. In compliance with Regulation 44 of the Listing Regulations, voting is restricted to e-voting; physical ballot forms are not being dispatched.

Candidate Profile

Sushil Kumar Luthra, aged 69, holds degrees in Mechanical, Electrical, and Metallurgical Engineering and is a Member of the Institution of Engineers (India). His career includes serving as Chief Administrative Officer at Diesel Modernisation Works, Patiala, and Divisional Railway Manager in Jabalpur. He also served as Dy Railway Advisor at the Embassy of India in Paris and held key roles at RDSO and COFMOW. Luthra previously served as an Advisor and Director on the Board of All Fresh Supply Management Private Limited until December 2024 and is currently associated as an Editor of Rail Business Magazine.

The Board asserts that Luthra meets the independence criteria under Section 149(6) of the Companies Act, 2013, and Regulation 16(1)(b) of the SEBI Listing Regulations. He has no financial interest in the resolution, holds no shares in Frontier Springs Limited, and is not related to other Directors or Key Managerial Personnel. The postal ballot notice was issued pursuant to Section 110 of the Companies Act, 2013, read with Rule 20 and Rule 22 of the Companies (Management and Administration) Rules, 2014.

Frontier Springs Limited reported a 76.88% increase in net profit for the financial year ended March 31, 2026, to ₹61.31 crore, compared to ₹34.66 crore in the previous year. Revenue from operations for the year grew 39.22% to ₹322.06 crore from ₹231.34 crore in FY25. The company delivered a strong performance with an EBITDA of ₹86.31 crore, up 73.80% year-on-year, while EBITDA margin expanded to 26.80%.

For the quarter ended March 31, 2026, the company recorded a net profit of ₹16.59 crore, a rise of 42.22% from ₹11.66 crore in the corresponding quarter of the previous year. Revenue from operations for Q4FY26 stood at ₹82.54 crore, compared to ₹70.08 crore in Q4FY25. EBITDA for the quarter increased 40.54% to ₹23.54 crore.

Financial Performance

The company's total expenses for FY26 amounted to ₹236.88 crore, compared to ₹182.66 crore in the previous year. Profit before tax for the year was ₹82.25 crore, a significant increase from ₹46.41 crore in FY25. The following table summarises the full-year and quarterly financial performance:

Management Commentary

Kapil Bhatia, Managing Director, stated that the company surpassed its annual gross sales target of approximately ₹375 crores for FY26. He noted that while raw material costs increased, favourable vendor terms and high-value tenders helped offset margin pressure. Frontier Springs has entered FY27 with an order book of over ₹370 crores and maintained its guidance of ₹500 crores in gross revenues for the year. The company has earmarked a capex of ₹15–20 crores to enhance capacity. Additionally, orders for the 6-tonne hammer have commenced, and forging components for Vande Bharat trains have been approved.

Operational Outlook

The company is targeting a gross revenue of ₹500 crores in FY27, representing growth of over 30% from FY26 levels. Management highlighted that the Indian Railways capital outlay of ₹2.65 lakh crore for FY26 positions Frontier Springs as a direct beneficiary. The company is focusing on scaling its forging vertical and air spring segment. The Failure Indication and Brake Application (FIBA) system has received basic approval from RDSO, with trials expected to last six months. Commercial production for FIBA is anticipated to contribute ₹20-25 crores to revenue from FY27-28. The company is also exploring export opportunities for its forging division.