Manju Choudhary, a member of the promoter group, sold 100 equity shares in frontline corporation on June 8, 2026. The transaction was executed through a market transfer on BSE Limited, reducing her total shareholding to 1.052% of the company's paid-up capital.

The disclosure was submitted under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Prior to the sale, Choudhary held 52,740 shares, which accounted for 1.06% of the total voting capital. Following the disposal of 100 shares, her holding stands at 52,640 shares.

Frontline Corporation Limited's equity share capital remains at Rs. 4,97,74,500, comprising 50,00,000 equity shares of Rs. 10 each. The diluted share capital also remains unchanged at this figure. The filing also listed Persons Acting in Concert (PAC) with the acquirer, including entities such as Falgun Export Private Limited and Prima Financial Services Limited.

The details of the change in holding were also provided in Form C under the SEBI (Prohibition of Insider Trading) Regulations, 2015. The document confirmed that the mode of acquisition was a market sale and that the intimation was provided to the company on June 10, 2026.

Shareholding Details

Frontline Corporation reported a 16.5% decline in net profit to ₹241.08 crore for the financial year ended March 31, 2026, despite a 13.8% increase in revenue from operations to ₹12,176.50 crore. The company’s board approved the audited standalone financial results for the year and the fourth quarter on May 30, 2026. However, the statutory auditors, M/S Paresh Thothawala & Co., issued a qualified opinion, highlighting significant financial uncertainties that materially alter the company's reported profitability.

Audit Qualifications

The auditors qualified their opinion primarily due to the non-provision of interest amounting to ₹671.98 lakh on Non-Performing Asset (NPA) accounts. This omission resulted in an understatement of bankers' loan liabilities and a corresponding overstatement of profit. Additionally, the management did not perform impairment assessments on assets for which lenders have initiated possession and auction proceedings, although the company has obtained stay orders on these matters. The auditors noted that the exact financial impact of these legal disputes could not be ascertained.

Financial Performance

For the year ended March 31, 2026, total income stood at ₹12,176.50 crore, up from ₹10,832.13 crore in the previous year. Total expenses increased to ₹11,869.54 crore from ₹10,474.47 crore. Profit before tax for the year was ₹306.96 crore, a decrease from ₹357.66 crore in FY25. The company reported basic earnings per share of ₹4.84 for FY26, compared to ₹5.80 in the prior year.

Impact of Qualifications

A statement on the impact of audit qualifications revealed that if the auditors' concerns were accounted for, the company's financial position would shift significantly. Adjusted figures indicate a total expenditure of ₹12,541.52 crore and a net loss of ₹425.04 crore for the year. Consequently, the adjusted net worth would drop to ₹1,113.83 crore from the reported ₹1,785.81 crore. The management stated that it is unable to estimate the impact of the qualifications due to the sub-judice nature of the disputes.