Frog Cellsat Ltd
Incorporated in 2004, Frog Cellsat
Ltd manufactures in-building coverage solutions and mobile network accessories for mobile service providers and operators. It also provides installations, repair and maintenance services[1]
- Market Cap ₹ 308 Cr.
- Current Price ₹ 198
- High / Low ₹ 458 / 194
- Stock P/E 13.1
- Book Value ₹ 102
- Dividend Yield 0.00 %
- ROCE 21.6 %
- ROE 16.2 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 88.5% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 92.7 to 132 days.
- Promoter holding has decreased over last 3 years: -27.4%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 | 65 | 84 | 87 | 89 | 60 | 87 | 120 | 133 | 135 | 158 | 219 | |
| 23 | 49 | 68 | 76 | 84 | 64 | 82 | 109 | 114 | 110 | 138 | 184 | |
| Operating Profit | 8 | 16 | 16 | 11 | 5 | -4 | 5 | 11 | 19 | 25 | 20 | 35 |
| OPM % | 26% | 25% | 19% | 13% | 5% | -7% | 6% | 9% | 14% | 18% | 13% | 16% |
| 0 | 0 | 0 | 1 | 2 | 1 | 2 | 2 | 3 | -1 | 3 | 3 | |
| Interest | 0 | 0 | 1 | 1 | 2 | 2 | 2 | 1 | 1 | 1 | 0 | 1 |
| Depreciation | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 2 | 1 | 2 | 3 | 4 |
| Profit before tax | 7 | 14 | 14 | 10 | 3 | -8 | 2 | 9 | 20 | 21 | 19 | 33 |
| Tax % | 23% | 16% | 33% | 21% | 6% | -19% | 54% | 30% | 30% | 27% | 22% | 28% |
| 6 | 12 | 9 | 8 | 3 | -7 | 1 | 7 | 14 | 15 | 15 | 24 | |
| EPS in Rs | 1,128.00 | 2,362.00 | 1,804.00 | 1,550.00 | 606.00 | -1,372.00 | 194.00 | 1,322.00 | 2,792.00 | 10.06 | 9.79 | 15.17 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 20% |
| 3 Years: | 18% |
| TTM: | 39% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 89% |
| 3 Years: | 19% |
| TTM: | 77% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -10% |
| 1 Year: | -42% |
| Return on Equity | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 16% |
| 3 Years: | 15% |
| Last Year: | 16% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 15 | 15 | 16 |
| Reserves | 19 | 31 | 40 | 48 | 51 | 44 | 45 | 52 | 61 | 100 | 116 | 143 |
| 4 | 10 | 12 | 13 | 26 | 21 | 18 | 4 | 6 | 0 | 5 | 20 | |
| 2 | 13 | 14 | 9 | 10 | 9 | 26 | 28 | 23 | 23 | 24 | 46 | |
| Total Liabilities | 26 | 55 | 66 | 70 | 87 | 74 | 88 | 83 | 90 | 139 | 160 | 225 |
| 4 | 9 | 9 | 9 | 9 | 12 | 9 | 5 | 6 | 8 | 76 | 80 | |
| CWIP | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 7 | 36 | 0 | 0 |
| Investments | 0 | 0 | 0 | 2 | 10 | 10 | 11 | 12 | 10 | 0 | 0 | 1 |
| 22 | 45 | 57 | 60 | 65 | 52 | 68 | 66 | 66 | 94 | 84 | 144 | |
| Total Assets | 26 | 55 | 66 | 70 | 87 | 74 | 88 | 83 | 90 | 139 | 160 | 225 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -2 | 2 | 6 | 1 | -3 | 9 | 2 | 7 | 7 | -3 | |||
| -2 | -8 | -1 | -1 | 0 | -0 | -7 | -26 | -30 | -7 | |||
| 2 | 5 | 1 | 0 | -4 | -8 | -3 | 35 | 4 | 15 | |||
| Net Cash Flow | -2 | -1 | 6 | -0 | -7 | 1 | -8 | 16 | -19 | 5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 117 | 123 | 82 | 119 | 70 | 76 | 90 | 81 | 54 | 75 | 71 | 132 |
| Inventory Days | 128 | 183 | 175 | 108 | 118 | 179 | 170 | 76 | 128 | 156 | 126 | 118 |
| Days Payable | 47 | 120 | 90 | 36 | 39 | 37 | 135 | 112 | 71 | 61 | 38 | 90 |
| Cash Conversion Cycle | 199 | 185 | 167 | 191 | 149 | 219 | 125 | 45 | 111 | 170 | 160 | 159 |
| Working Capital Days | 150 | 141 | 138 | 163 | 70 | 89 | 77 | 58 | 93 | 120 | 121 | 119 |
| ROCE % | 39% | 45% | 30% | 18% | 7% | -9% | 7% | 19% | 33% | 27% | 14% | 22% |
Documents
Announcements
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Name Change
6 November 2025 - Frog Cellsat Limited renamed Frog Innovations Limited effective November 12, 2025.
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Press Release
30 October 2025 - Oct 30, 2025: Frog Cellsat rebrands to Frog Innovations; launches FROG EYES CCTV, expands into routers, ONTs, SFPs.
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Amendment to AOA/MOA
27 October 2025 - Company name changed to Frog Innovations Limited effective October 27, 2025; MoA/AoA amended.
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Updates
25 October 2025 - Company approved Rs 5.09 crore PLI incentives for FY2024-25 (1st tranche) on Oct 25, 2025.
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Shareholders meeting
9 October 2025 - Oct 9, 2025: Special resolution passed to change company name; 11,469,196 FOR, 1,200 AGAINST.
Annual reports
Concalls
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May 2025Transcript PPT
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Jan 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Jul 2024Transcript PPT REC
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May 2024Transcript PPT REC
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Nov 2023TranscriptPPTREC
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Sep 2023TranscriptNotesPPTREC
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Aug 2023TranscriptPPT
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Jun 2023Transcript PPT REC
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Dec 2022TranscriptNotesPPT
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Dec 2022TranscriptNotesPPT
Business Overview:[1]
FSL is certified by ISO and National Security Council, for design, manufacture, installation and supply of Telecom Equipment to Indian Mobile Operators. It manufactures RF equipments in India and provides wireless coverage enhancement solutions for 2G /3G /4G /5G.