FROG
Frog Cellsat financials
- Market cap
- ₹409 Cr
- Sector
- Telecommunication
- Calls analysed
- 4
Frog Innovations Q1 FY27
What went well
- Vodafone business showing growth with network investments.
- Jio added as a new customer, testing new products.
- DAS market recovering, projects progressing well.
What to watch
- Middle East situation impacting mobile operators due to rising fuel and other costs.
- Delay in STQC approval for CCTV products, now expected by September 2026.
What Frog Cellsat does
Frog Innovations (formerly Frog Cellsat) designs, manufactures and installs wireless coverage-enhancement equipment for telecom operators, airports, metro stations, stadiums and commercial buildings, including Active DAS systems, digital RF repeaters, IBS accessories, network accessories and antennas. It runs a 1.6 lakh sq. ft. manufacturing and R&D facility in Noida under India's Design-led Manufacturing PLI scheme, and describes itself as the only Indian company with proprietary technology to manufacture and deploy Active DAS systems. Revenue comes from product sales plus installation & commissioning (I&C) services to telecom operators, in-building infra providers, system integrators, project developers and government/defence customers. The company has recently diversified into Electronics Manufacturing Services (EMS), AI-based video surveillance (AI EYE) and CCTV, a TRAI-appointed Digital Connectivity Rating Agency (DCRA) service, and 5G site-implementation services.
Segments
- Active DAS Systems
- Repeaters
- IBS Accessories
- Network Accessories
- Antennas
- Electronics Manufacturing Services (EMS)
- CCTV / AI Surveillance (AI EYE, FROG EYES brand)
- Digital Connectivity Rating Agency (DCRA)
- 5G Site Implementation
- Get Five Bars
- Manufacturing & R&D facility
- 1.6 lakh sq. ft. (Noida, UP)
- Product portfolio
- 27+ products across RF repeaters, Active DAS, IBS/network accessories & antennas
- International presence
- Active in 10+ countries incl. Ghana, Kenya, Malta, Sri Lanka; International Sales & Support Centre in London
- Client segments served
- 6 distinct client segments
- Major DAS airport deployments
- 5 (Navi Mumbai, Chhatrapati Shivaji Maharaj Mumbai, Noida, Guwahati, Lucknow airports)
- New manufacturing line
- SMT (Surface Mount Technology) line added at Noida facility for EMS/electronics production
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 1 delivered 4 missed 10 open- SMT Line Operationalization delivered said Q4 FY25 Promised: Functional and operational within next month Q1 FY27: Remains achieved. Management confirmed the SMT line is 'fully operational, with increasing occupancy and a growing customer base.'
- Overall Revenue Growth missed said Q4 FY25 Promised: 30% projection for FY26 Q1 FY27: The FY26 target remains definitively missed. No new information provided.
- Total Revenue revised down said Q4 FY25 Promised: INR 500 crores by FY28 Q1 FY27: Management massively revised down the FY27 target from INR 500 crores to a range of INR 200-250 crores, citing a goal to 'revamp our revenues to 25 level'.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue down 49.9%, net profit down 134.5% against the same quarter last year.
| Line item | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 45 | 44 | 36 | 80 | 91 +104% | 140 +214% | 47 +31% | 40 −50% |
| EBITDA | 5 | 7 | 4 | 6 | 22 +387% | 29 +343% | -0 −107% | -4 −157% |
| Net profit | 3 | 7 | 2 | 5 | 16 +451% | 18 +179% | -2 −182% | -2 −135% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +7.0% 1Y
1Y: ₹245.9 on 10 Sept 2025 → ₹263.1. High ₹265.9 (3 Sept 2026), low ₹125.7 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.3%
- 10 Jul
- Q4 FY26
- −5.0%
- 22 May
- Q2 FY26
- −0.1%
- 12 Dec
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 81.3% a year over 1 year, FY24 to FY25. Operating margin widened to 17.7%.
| Year ending | FY24 | FY25 |
|---|---|---|
| Revenue | ₹191 Cr | ₹346 Cr |
| Operating profit | ₹24 Cr | ₹61 Cr |
| Operating margin | 12.4% | 17.7% |
| Interest | ₹0 Cr | ₹1 Cr |
| Depreciation | ₹4 Cr | ₹7 Cr |
| Net profit | ₹18 Cr | ₹42 Cr |
| Net margin | 9.5% | 12.0% |
| Cash from operations | ₹7 Cr | ₹-2 Cr |
| Free cash flow | ₹-26 Cr | ₹-13 Cr |
| ROCE | 13.9% | 21.6% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹15 Cr | ₹15 Cr | ₹16 Cr | ₹16 Cr |
| Reserves | ₹52 Cr | ₹61 Cr | ₹100 Cr | ₹116 Cr | ₹142 Cr | ₹140 Cr |
| Borrowings | ₹4 Cr | ₹6 Cr | ₹0 Cr | ₹5 Cr | ₹13 Cr | ₹13 Cr |
| Other liabilities | ₹28 Cr | ₹23 Cr | ₹23 Cr | ₹24 Cr | ₹25 Cr | ₹22 Cr |
| Total liabilities | ₹83 Cr | ₹90 Cr | ₹139 Cr | ₹160 Cr | ₹195 Cr | ₹190 Cr |
| Fixed assets | ₹5 Cr | ₹6 Cr | ₹8 Cr | ₹76 Cr | ₹89 Cr | ₹87 Cr |
| Capital work in progress | ₹0 Cr | ₹7 Cr | ₹36 Cr | ₹0 Cr | ₹1 Cr | ₹3 Cr |
| Investments | ₹12 Cr | ₹10 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹66 Cr | ₹67 Cr | ₹94 Cr | ₹84 Cr | ₹104 Cr | ₹99 Cr |
| Total assets | ₹83 Cr | ₹90 Cr | ₹139 Cr | ₹160 Cr | ₹195 Cr | ₹190 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, DIIs added +0.55 pp while the public trimmed −0.34 pp. The shareholder count shrank 17% to 3,084.
- Promoters
- 72.5%
- FIIs
- 0.2%
- DIIs
- 0.6%
- Public
- 26.7%
Since Mar 2025
- DIIs +0.55 pp
- Public −0.34 pp
- Promoters −0.12 pp
How it drifted, 9 quarters
Over this window promoters fell from 100.0% to 72.5% — −27.4 pp.
Ownership split by quarter, oldest first. Sep '22: Promoters 100.0%, Public 0.0%.Oct '22: Promoters 73.5%, FIIs 2.2%, DIIs 0.8%, Public 23.5%.Mar '23: Promoters 74.4%, DIIs 1.8%, Public 23.9%.Sep '23: Promoters 74.4%, DIIs 1.9%, Public 23.7%.Mar '24: Promoters 74.1%, Public 25.9%.Sep '24: Promoters 72.7%, FIIs 0.0%, Public 27.3%.Mar '25: Promoters 72.7%, FIIs 0.3%, Public 27.1%.Sep '25: Promoters 72.5%, FIIs 0.2%, DIIs 0.1%, Public 27.1%.Mar '26: Promoters 72.5%, FIIs 0.2%, DIIs 0.6%, Public 26.7%.
Who is on the register
Named in the Mar 2026 filing
Every holder of Frog Cellsat above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Star Private Trust (Through Its Trustee - Barclays Wealth Trustees (India) Private Limited) | 57.41% | unchanged |
| Konark Trivedi | 14.58% | unchanged |
| Sonal Trivedi | 0.51% | unchanged |
| Roar Systems Private Limited | 0.04% | unchanged |
| Key Managerial Personnel | 0.03% | unchanged |
| Rekha Trivedi | 0.00% | unchanged |
| Satish Bhanu Trivedi | 0.00% | unchanged |
| Zaki Abbas Nasser | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Frog Cellsat
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