Frog Innovations Ltd(FROG)

NSE: FROG

₹ 227.6-0.35%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 354 crUpdated: 24 Oct 2026

About

Frog Innovations (formerly Frog Cellsat) is an Indian designer and manufacturer of wireless coverage solutions, including active DAS systems, digital repeaters, antennas and network accessories, and is expanding into CCTV, AI video analytics and electronics manufacturing services. The annual report describes it as India's only company with proprietary technology for Active DAS systems. Revenue was Rs 106.07 Cr in FY26, compared with Rs 2,193.9 million in FY25.^[1][2]

Business mix

OneDAS contributed about 50% of FY25 revenue (roughly ₹110 crores), driven by airport deployments; its Q4 FY25 share was about 25%.^[3]
There was no DAS business in FY26 because of a rental standoff between operators and neutral hosts. Lower operator capex also cut demand.^[4]
Sales of the base IBS accessories and network accessories business were flat in FY25.^[3]
From FY26, most services business is booked directly by the wholly owned subsidiary Frog Services Private Limited.^[4]
The FY28 vision targets revenue of ₹5,000+ million and EBITDA of ₹750+ million, with 50% of revenue from wireless and 50% from new segments.^[5][1]

Products and services

The FY25 annual report lists 27 distinct products across active DAS, digital repeaters, antennas and network accessories.^[1]
OneDAS optical DAS covers large venues, metro stations, underground tunnels and airports.^[1]
IBS accessories include Yagi antennas, panel antennas, splitters, combiners and dummy loads.^[1]
The SMT line in Noida (planned for Q1 FY26) makes SFPs, IP/CCTV cameras, power adapters and ONTs.^[1]
There are 27 CCTV camera models across 2MP/5MP/8MP dome, bullet and varifocal types. STQC approval is now expected by September 2026, after earlier targets of Dec 2025, Mar 2026 and end-Q1 FY27.^[5]
AI EYE is an in-house AI video analytics platform launched at IFSEC. As of Q1 FY27 it was in live customer trials and had no paying customers.^[6]
TRAI appointed the company a Digital Connectivity Rating Agency to rate buildings on digital connectivity readiness. 5G site implementation services began in FY26.^[4]

Operations and R&D

The company has a 1.6 lakh sq. ft. manufacturing facility in Noida.^[1]
One SMT line can make 5,000 CCTV cameras a day (as of Q2 FY26). Another line can be added for about Rs. 10 crore per line.^[6]
Within the existing floor space, SMT capacity can grow 12-fold, from a single line on one shift to 4 lines × 3 shifts (as of Q4 FY26).^[4]
Its R&D lab is recognised by the Department of Scientific and Industrial Research (DSIR).^[1]
The company is approved under the Design-led PLI scheme, with expected incentives of over ₹660 million. It received a first tranche of Rs. 50.9 million for FY25.^[1]

Order book

The executable order book was Rs. 360 million at Mar-26, compared with ~₹710 million at 31-Mar-2025.^[5]
The order book stood at Rs. 520 Million in Q2 FY26. The DAS bid pipeline was ~Rs. 100 crores.^[6]
Management estimates a defence repeater opportunity of ₹40 - 50 crore per annum. Trials have been accepted and ordering is pending (as of Q4 FY26).^[4]

Customers and markets

Named clients include Airtel, Vodafone Idea, Jio, Adani, Nokia, MetroTel, Tejas, ITI and Crest Digital, across 6 client segments (FY25).^[1]
Jio started buying several products in Q1 FY27 and is testing more. Vodafone business has grown as its liquidity eased.^[5]
Delivered OneDAS projects include Noida International, CSMIA Mumbai, Navi Mumbai International and Guwahati airports. Phase 2 work at Navi Mumbai and Noida is expected towards the end of FY27.^[1]
The EMS business started at the end of FY26 with 6-7 customers making induction heaters, induction hobs, smart meters, power adapters and EV charging PCBs, on a job-work basis.^[4]
The company has a presence across Africa, Europe and South Asia, with an international sales and support centre in London, and targets the ~$1B global DAS market.^[1]

Expansion

The company has committed to buy land for about Rs. 40 crore to expand its CCTV and EMS businesses (announced in Q1 FY27).^[5]
It plans a CCTV retail distribution network for North India, which management says is over 60% of India's volume (Q1 FY27).^[5]
Management expects the Get5Bars indoor coverage service to launch commercially in FY27. Operators are running proofs of concept.^[5]

Recent developments

9 Oct 2026: the company signed a five-year deal with LigoWave Networks to manufacture and distribute Unlicensed Band Radio products. Minimum purchases are USD 500,000 in year one and USD 1,000,000 a year after that.^[7]
5 Oct 2026: the board approved buying 100% of VLS Developers Private Limited for ₹36 crores, with completion expected within 2 months.^[8]
Q1 FY27: the company announced a majority stake in Vinfocom Solutions, which makes AI and surveillance software. Consolidation is planned within FY27.^[5]
Q1 FY27: management said the operator-infra rental dispute had been resolved and DAS projects were back under negotiation.^[5]
FY26: the company changed its name from Frog Cellsat Limited to Frog Innovations Limited and kept Frog Cellsat as its wireless brand.^[6]

Market Cap

₹354 Cr

High / Low

₹305 / 124

Stock P/E

-250.1

Price / Book

2.5

Book Value

₹102

EPS

₹-1.0

No. of Shares

1.56 Cr

ROCE

-2.2%

ROE

-1.0%

OPM

-3.1%

Debt / Equity

0.08

Sales

₹106 Cr

Net Profit

₹-2 Cr

Promoter holding

72.5%

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