Frog Innovations 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 ₹ 268 Cr.
- Current Price ₹ 172
- High / Low ₹ 277 / 124
- Stock P/E
- Book Value ₹ 102
- Dividend Yield 0.00 %
- ROCE -1.91 %
- ROE -0.71 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -2.59% over past five years.
- Company has a low return on equity of 8.39% over last 3 years.
- Earnings include an other income of Rs.2.98 Cr.
* 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.
Half Yearly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 89 | 60 | 87 | 121 | 133 | 135 | 158 | 219 | 106 | |
| 84 | 64 | 81 | 110 | 113 | 111 | 137 | 184 | 108 | |
| Operating Profit | 5 | -3 | 6 | 11 | 20 | 24 | 20 | 36 | -2 |
| OPM % | 6% | -5% | 7% | 9% | 15% | 18% | 13% | 16% | -1% |
| 2 | 1 | 2 | 8 | 3 | -1 | 3 | 3 | 3 | |
| Interest | 2 | 2 | 2 | 1 | 1 | 1 | 0 | 1 | 1 |
| Depreciation | 2 | 4 | 3 | 2 | 1 | 2 | 3 | 4 | 5 |
| Profit before tax | 3 | -8 | 3 | 16 | 21 | 20 | 20 | 33 | -4 |
| Tax % | 7% | -19% | 41% | 10% | 29% | 26% | 23% | 28% | -64% |
| 3 | -7 | 2 | 14 | 15 | 15 | 16 | 24 | -2 | |
| EPS in Rs | 636.00 | -1,348.00 | 388.00 | 2,852.00 | 2,950.00 | 9.81 | 10.05 | 15.17 | -1.01 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -3% |
| 3 Years: | -8% |
| TTM: | -52% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -105% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -8% |
| 1 Year: | -28% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 8% |
| Last Year: | -1% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 15 | 15 | 16 | 16 |
| Reserves | 51 | 44 | 46 | 60 | 69 | 101 | 118 | 144 | 143 |
| 26 | 26 | 20 | 6 | 6 | 0 | 5 | 20 | 13 | |
| 14 | 13 | 27 | 32 | 26 | 25 | 25 | 47 | 20 | |
| Total Liabilities | 91 | 83 | 93 | 97 | 101 | 141 | 163 | 227 | 192 |
| 19 | 21 | 19 | 15 | 20 | 13 | 82 | 85 | 95 | |
| CWIP | 2 | 1 | 0 | 0 | 7 | 36 | 0 | 0 | 1 |
| Investments | 4 | 5 | 7 | 6 | 0 | 0 | 0 | 0 | 0 |
| 67 | 56 | 67 | 77 | 74 | 92 | 81 | 142 | 96 | |
| Total Assets | 91 | 83 | 93 | 97 | 101 | 141 | 163 | 227 | 192 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 9 | -2 | 11 | 7 | 10 | 7 | 7 | -2 | 23 | |
| -12 | -3 | -1 | 4 | -9 | -35 | -30 | -7 | -15 | |
| 7 | -2 | -8 | -12 | -5 | 35 | 4 | 15 | -8 | |
| Net Cash Flow | 4 | -7 | 1 | -2 | -4 | 7 | -19 | 6 | -0 |
| Free Cash Flow | 5 | -4 | 11 | 8 | 1 | -26 | -26 | -13 | 7 |
| CFO/OP | 226% | 20% | 197% | 65% | 62% | 55% | 63% | 9% | -1,703% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 70 | 76 | 90 | 81 | 54 | 75 | 71 | 132 | 134 |
| Inventory Days | 145 | 234 | 170 | 95 | 128 | 156 | 126 | 118 | 229 |
| Days Payable | 34 | 32 | 119 | 112 | 71 | 63 | 45 | 92 | 83 |
| Cash Conversion Cycle | 181 | 278 | 141 | 64 | 111 | 168 | 152 | 157 | 280 |
| Working Capital Days | 86 | 119 | 74 | 68 | 80 | 119 | 121 | 120 | 183 |
| ROCE % | -8% | 8% | 18% | 30% | 25% | 14% | 21% | -2% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Net Fixed Asset Turnover x ・Standalone data |
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| Employee Strength Count ・Standalone data |
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| Manufacturing Facility Area Sq. Ft. ・Standalone data |
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| Number of Products Count ・Standalone data |
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| Order Book Rs. Million |
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| Total R&D Investment Rs. Million |
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Extracted by Screener AI
Documents
Announcements
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Structural Digital Database
29 May 2026 - Submitted SDD compliance certificate for FY ended March 31, 2026, confirming 14 captured events.
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Updates
27 May 2026 - Board approved migration from NSE Emerge to NSE Main Board, subject to shareholder approval.
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General Updates
27 May 2026 - Board approved Rs.2.75 crore acquisition of 50.10% in Vinfocom IT Services, making it a subsidiary.
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Analysts/Institutional Investor Meet/Con. Call Updates
27 May 2026 - FY26 earnings call: new telecom customer, airport DAS commissioning, EMS rollout, AI EYE launch, DCRA services.
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Analysts/Institutional Investor Meet/Con. Call Updates
22 May 2026 - Audio recording of the 22 May 2026 concall is available on the company website.
Annual reports
Concalls
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May 2026Transcript PPT REC
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Dec 2025Transcript PPT REC
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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 2023TranscriptPPTREC
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Aug 2023TranscriptPPT
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Jun 2023Transcript PPT REC
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Dec 2022TranscriptAI SummaryPPT
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Dec 2022TranscriptAI SummaryPPT
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.