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 ₹ 325 Cr.
- Current Price ₹ 209
- High / Low ₹ 275 / 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 | 133 | 158 | 219 | 106 | |
| 84 | 64 | 81 | 110 | 113 | 111 | 137 | 184 | 108 | |
| Operating Profit | 5 | -3 | 6 | 11 | 20 | 22 | 20 | 36 | -2 |
| OPM % | 6% | -5% | 7% | 9% | 15% | 17% | 13% | 16% | -1.5% |
| 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: | -7% |
| TTM: | -52% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -105% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -10% |
| 1 Year: | -8% |
| 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 | 26 | |
| Total Liabilities | 91 | 83 | 93 | 97 | 101 | 141 | 163 | 227 | 198 |
| 19 | 21 | 19 | 15 | 20 | 13 | 82 | 85 | 92 | |
| CWIP | 2 | 1 | 0 | 0 | 7 | 36 | 0 | 0 | 3 |
| Investments | 4 | 5 | 7 | 6 | 0 | 0 | 0 | 0 | 0 |
| 67 | 56 | 67 | 77 | 74 | 92 | 81 | 142 | 102 | |
| Total Assets | 91 | 83 | 93 | 97 | 101 | 141 | 163 | 227 | 198 |
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% | 61% | 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 | 76 | 71 | 132 | 134 |
| Inventory Days | 145 | 234 | 170 | 95 | 128 | 156 | 126 | 118 | 267 |
| Days Payable | 34 | 32 | 119 | 112 | 71 | 63 | 45 | 92 | 83 |
| Cash Conversion Cycle | 181 | 278 | 141 | 64 | 111 | 169 | 152 | 157 | 319 |
| Working Capital Days | 86 | 119 | 74 | 68 | 80 | 121 | 121 | 120 | 202 |
| ROCE % | -8% | 8% | 18% | 30% | 25% | 14% | 21% | -2% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Manufacturing Facility Area sq. ft. |
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| Number of Products count |
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| Order Book ₹ Million |
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| Revenue Share: In-Building Coverage Solutions % ・Standalone data |
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| Revenue Share: Mobile Network Accessories % ・Standalone data |
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| Revenue Share: Services / I&C % ・Standalone data |
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| Cumulative Major DAS Airport Projects count |
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| Number of Permanent Employees count |
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Extracted by Screener AI
Documents
Announcements
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Shareholders meeting
3 August 2026 - At 22 July 2026 AGM, shareholders approved AI services, NSE main board migration, and remuneration resolutions.
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Shareholders meeting
24 July 2026 - Frog Innovations submitted 22nd AGM voting results and scrutinizer report for 11 resolutions on July 24, 2026.
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Shareholders meeting
22 July 2026 - Frog Innovations held its 22nd AGM on July 22, 2026; 11 resolutions included main-board migration and AI objects.
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General Updates
22 July 2026 - 22 July 2026 AGM approved reappointment, independent director appointment, and WTD remuneration revision.
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Updates
22 July 2026 - Shareholders approved migration from NSE Emerge to NSE Main Board at the July 22, 2026 AGM.
Annual reports
Concalls
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Jul 2026TranscriptPPTREC
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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.