Frog Innovations Limited (FROG)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Frog Innovations' revenue was ₹51.0 Cr (+5.2% year on year, -7.3% on the previous half-year), and net profit ₹-1.0 Cr (against a profit a year earlier); the operating margin was -3.9%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹51.0 | +5.2% | -7.3% |
| Operating profit | ₹-2.0 | to loss | to loss |
| Net profit | ₹-1.0 | to loss | — |
| EPS (₹) | -0.35 | to loss | loss narrowed |
| Operating margin | -3.9% | — | — |
FROG delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 68.75% of the FROG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 72.47%. That is close to its usual level. Turnover was only ₹16 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 72.5% · 59.5% · 73.1% · 71.0% · 68.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Frog Innovations has entered into a strategic manufacturing and business partnership with US-based LigoWave at IMC 2026. Under this alliance, Frog will manufacture LigoWave's wireless broadband and Wi-Fi products under the 'FROG LigoWave' brand at its Noida facility starting in CY2026. The partnership targets India's wireless broadband and enterprise Wi-Fi market, estimated at ₹4,000 crore in FY2025 and projected to exceed ₹8,300 crore by FY2032. While expanding Frog's addressable market beyond DAS and coverage products, specific investment capex and contract values were not disclosed.
- Strategic partnership with US-based LigoWave to manufacture wireless broadband and Wi-Fi products under 'FROG LigoWave' brand
- Production to commence during calendar year 2026 at Frog's Noida facility
- Targets combined Indian market opportunity projected to grow from ~₹4,000 crore (FY25) to over ₹8,300 crore by FY2032
- India PtP and PtMP radio equipment market estimated to reach ₹4,840 crore by FY2032 (from ₹2,200 crore in FY2025)
- Enterprise Wi-Fi access systems market projected to expand to ₹3,520 crore by FY2032 (from ₹1,800 crore in FY2025)
Frog Innovations Limited has entered into a 5-year Technology Manufacturing and Distribution Agreement with US-based Ligowave Networks Inc. on October 8, 2026. Under the deal, Frog will manufacture, market, and support Unlicensed Band Radio (UBR) products under its brand in India and supply finished products to LigoWave for global export. The agreement entails minimum purchase commitments by Frog of USD 0.50 million (~₹4.2 Cr) in Year 1 and USD 1.00 million (~₹8.4 Cr) annually in subsequent years. This tie-up expands Frog's wireless connectivity footprint beyond its core indoor coverage offerings.
- 5-year initial tenure agreement (renewable for 2-year periods) signed with Ligowave Networks Inc., USA.
- Minimum annual purchase commitment by Frog of USD 500,000 in Year 1 and USD 1,000,000 in subsequent contract years.
- Scope covers manufacturing, assembly, branding, distribution, and support of UBR products for PTP and PTMP wireless connectivity.
- Agreement also enables Frog to supply finished products to LigoWave for international distribution under LigoWave's brand.
Frog Innovations Limited has approved the re-designation of Mr. Tarun Tularam Sharma from Whole-time Director to Non-Executive Non-Independent Director, effective September 01, 2026. This follows his retirement from executive duties on August 31, 2026, subsequent to which he ceases to be a Key Managerial Personnel (KMP). Mr. Sharma will continue to provide strategic guidance on the board to support the company's long-term initiatives. With TTM revenue at Rs 234 Cr and a small-cap base of Rs 347 Cr, this board transition reflects planned leadership succession without operational disruption.
- Tarun Tularam Sharma retired as Whole-time Director effective August 31, 2026
- Re-designated as Non-Executive Non-Independent Director effective September 01, 2026
- Ceases to be a Key Managerial Personnel (KMP) of the company
- Board meeting approving the change was held on October 05, 2026, lasting 20 minutes (05:45 PM to 06:05 PM)
Frog Innovations Limited has approved the acquisition of 100% equity in VLS Developers Private Limited (VDPL) for a total consideration of ₹36.00 Cr. Rather than purchasing land and building directly as intimated on June 11, 2026, the company is acquiring VDPL, which owns the assets. VDPL had nil turnover in the last three financial years (FY23–FY25) and carries net liabilities of approximately ₹10.53 Cr. The acquisition consideration represents about 23% of Frog Innovations' net worth (₹155 Cr) and is expected to be completed in cash across multiple tranches within two months.
- Total acquisition consideration is ₹36,00,00,000 for 100% equity stake (10,000 shares) in VDPL
- Acquisition includes net liabilities of approximately ₹10,52,65,600 with share purchase at ₹25,463 premium per share
- Target entity VDPL has reported ₹0 turnover across the past 3 fiscal years (FY23, FY24, FY25)
- Transaction to be completed in cash consideration across multiple tranches within 2 months
Frog Innovations Limited has announced the resignation of Mr. Satish Bhanu Trivedi (DIN: 02037127) from his position as Non-Executive Director, effective from the close of business hours on September 7, 2026. Consequently, he also ceases to be a member of the company's Nomination & Remuneration Committee. The resignation is attributed to preoccupation with other commitments, and the director confirmed there are no other material reasons. The change represents a standard board-level update with minimal operational disruption.
- Resignation of Non-Executive Director Mr. Satish Bhanu Trivedi effective September 07, 2026
- Ceases to be a member of the Nomination & Remuneration Committee on September 07, 2026
- Reason cited as preoccupation with other commitments, with confirmation of no other material reasons
Frog Innovations Limited (formerly Frog Cellsat) has received 100% shareholder approval for all 11 resolutions at its 22nd AGM held on July 22, 2026. The most significant outcomes include the migration of the company's equity shares from the NSE Emerge (SME) segment to the NSE Main Board and an amendment to the Memorandum of Association to include AI, machine learning, and data analytics services. These steps are aligned with the company's 'Vision FY28' to reach ₹500 Cr in revenue, a significant jump from the current TTM revenue of ₹234 Cr. The company also approved director re-appointments and remuneration revisions.
- 100% shareholder approval for migration from NSE Emerge to the NSE Main Board
- Amendment of Main Object Clause to include AI, machine learning, and data analytics solutions
- Vision FY28 revenue target of ₹500 Cr vs current TTM revenue of ₹234 Cr
- Approval for continuation of Independent Director Barathy Sundaram beyond 75 years of age
- Unanimous approval for transactions under sections 185 and 186 of the Companies Act
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: Mobile coverage solutions. Revenue for FY25 reached INR 219.39 Cr, representing a 39% YoY growth from INR 157.73 Cr in FY24. However, H1 FY26 revenue saw a significant decline of 31.1% YoY to INR 54.93 Cr compared to INR 79.76 Cr in H1 FY25.
Geographic Revenue Split
Revenue is primarily generated from India, with operations in Delhi, Gurgaon, Mumbai, and Assam. International presence includes the UK through subsidiary GORF UK Limited, which reported a turnover of £3,495 (approx. INR 0.038 Cr) for FY25, contributing less than 1% to total revenue.
Profitability Margins
FY25 PAT margin was 10.7%, improving by 90 bps from 9.8% in FY24. H1 FY26 performance deteriorated sharply, reporting a PAT loss of INR 1.02 Cr compared to a profit of INR 5.31 Cr in H1 FY25, primarily due to lower revenue and high fixed costs.
EBITDA Margin
EBITDA margin for FY25 was 16.1%, up 314 bps from 12.9% in FY24. Adjusted EBITDA (excluding ESPS costs) was 17.2%. In H1 FY26, EBITDA margin collapsed to 1.0% (INR 0.55 Cr) from 8.1% (INR 6.45 Cr) in H1 FY25 due to a 91.5% drop in EBITDA value.
Capital Expenditure
Property, Plant & Equipment stood at INR 79.9 Cr as of March 31, 2025. The company capitalized R&D expenditure of INR 1.36 Cr during H1 FY26 to support product development in the OneDAS and repeater lines.
Credit Rating & Borrowing
The company holds a 'CRISIL SME 1*' rating, the highest creditworthiness for SMEs. Short-term borrowings increased significantly by 330% to INR 20.2 Cr in March 2025 from INR 4.69 Cr in March 2024 to fund working capital and inventory.
Operational Drivers
Raw Materials
Electronic components and telecom hardware modules (specific names like semiconductors or copper not detailed) constitute the bulk of the cost of goods sold, with total expenses excluding D&A and finance costs reaching INR 184.12 Cr in FY25 (84% of revenue).
Import Sources
Not explicitly disclosed, though the company notes exposure to international competition and global economic growth, implying global sourcing for high-tech telecom components.
Capacity Expansion
Current capacity is not specified in units; however, the company is transitioning to a 'multi-industry technology solutions' provider under the name Frog Innovations Limited to expand its addressable market beyond traditional telecom.
Raw Material Costs
Raw material and operational expenses represented 84% of revenue in FY25. Management is focusing on inventory control and reducing obsolescence provisions to manage costs amid longer procurement lead times for repeaters.
Manufacturing Efficiency
The company focuses on maintaining equipment at rated capacity and has appointed Rajan Gupta & Co. LLP as internal auditors to ensure operational transparency and cost reduction.
Strategic Growth
Expected Growth Rate
31%
Growth Strategy
The company aims to reach INR 500 Cr revenue by FY28 (Vision FY28) through strategic realignment into multi-industry tech solutions, leveraging the PLI scheme (INR 5.09 Cr incentive approved), and expanding the 'OneDAS' indoor coverage product line.
Products & Services
Digital Repeaters, Active DAS (OneDAS), and related accessories for mobile coverage solutions.
Brand Portfolio
Frog Innovations (formerly Frog Cellsat), OneDAS.
New Products/Services
Expansion of OneDAS (Indoor Coverage Solutions) is expected to be a major growth driver, though specific revenue contribution % for the new version is not disclosed.
Market Expansion
Targeting multi-industry technology solutions and expanding indoor mobile coverage market share.
Market Share & Ranking
Leading organization in mobile coverage solutions; specific % market share not disclosed.
Strategic Alliances
Strategic partnerships with industry leaders are mentioned as a core pillar for the FY28 vision, though specific partner names are not listed.
External Factors
Industry Trends
The industry is shifting toward 5G and high-density indoor coverage. Frog is positioning itself with Active DAS (OneDAS) to capture the growing demand for indoor mobile connectivity, which is currently a high-growth sub-sector.
Competitive Landscape
Faces intense competition from both domestic manufacturers and international telecom equipment giants.
Competitive Moat
Moat is built on being a PLI scheme beneficiary (telecom products) and having a high credit rating (CRISIL SME 1*), which provides a cost-of-capital advantage. However, rapid technological shifts in telecom pose a threat to moat durability.
Macro Economic Sensitivity
Sensitive to economic growth in India and abroad, as telecom infrastructure spending is tied to GDP growth and government fiscal policies.
Consumer Behavior
Increasing demand for seamless indoor mobile data is driving the shift from outdoor repeaters to indoor DAS solutions.
Geopolitical Risks
International operations and domestic government policies regarding telecom regulations are cited as key uncertainties.
Regulatory & Governance
Industry Regulations
Operations are governed by the PLI Scheme for Telecom and Networking Products and SEBI Listing Obligations. Changes in telecom spectrum policies or hardware standards directly impact product demand.
Environmental Compliance
CSR policy focuses on environmental sustainability, health, and education; specific ESG costs not disclosed.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 28.3% (INR 9.29 Cr tax on INR 32.84 Cr PBT).
Legal Contingencies
The company reported no investor complaints for the period ended September 30, 2025. No specific high-value court cases or labor disputes were mentioned in the provided reports.
Risk Analysis
Key Uncertainties
Fluctuations in earnings (as seen in H1 FY26's 91% EBITDA drop), ability to manage rapid growth, and time/cost overruns on contracts.
Geographic Concentration Risk
High concentration in India; international revenue (UK) is currently negligible at <1%.
Third Party Dependencies
Dependency on telecom operators' CAPEX cycles and government PLI disbursements.
Technology Obsolescence Risk
High risk; rapid advancements in 5G and 6G could render existing digital repeaters obsolete, requiring continuous R&D capitalization (INR 1.36 Cr in H1 FY26).
Credit & Counterparty Risk
Trade payables increased to INR 30.63 Cr in FY25 from INR 11.04 Cr, indicating increased reliance on supplier credit.
