Frog Cellsat Ltd. (FROG)
SME CapTelecom stocks · SME cap · NSE
Frog Innovations Limited (formerly Frog Cellsat Ltd.) manufactures telecom infrastructure products like DAS and digital repeaters. The company is diversifying into electronic manufacturing services (EMS), AI analytics software, and CCTV surveillance solutions, targeting both large institutional projects and the retail market in North India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -26% YoY · PAT -120% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹51 Cr | -26.1% | -7.3% |
| EBITDA | ₹-2 Cr | -106.9% | -300.0% |
| Operating margin | -4.2% | -2520 bps | -520 bps |
| PAT | ₹-1 Cr | -120.0% | NDF |
| PAT margin | -2.0% | -1482 bps | -14 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Business Update Call Highlights FY26 Challenges and Outlines FY27 Growth Strategy with Diversification into CCTV, AI, and EMS
Management acknowledges FY26 underperformance due to telecom infra disputes but outlines a clear path to recovery and growth through new customer additions (Jio), resolution of DAS market issues, and diversification into high-potential areas like CCTV, AI analytics, and EMS. Execution on STQC approval and new project wins are key.
DAS Market Recovery
Issues between mobile operators and infra providers on rental basis sorted out, projects are back on the table.
New Telecom Customers
Added Jio as a customer, procuring products; Vodafone business showing growth as liquidity eases.
CCTV Surveillance
Targeting ~50 CR revenue from CCTV in FY27 post STQC approval, focusing on large projects and North India retail.
AI Analytics & EMS
AI analytics tool launched, engaged in trials; expanding SMT line to full electronic manufacturing services.
SMT Line Expansion
SMT line is operational fully; occupancy increasing, adding more processes for full electronic manufacturing services.
New Land Purchase
In process of purchasing new land for expansion, primarily for CCTV-related business and EMS business, with ~40 CR investment.
Vodafone Liquidity Easing
Vodafone business growing as liquidity eases, enabling more network investment.
DAS Market Resolution
Tussle between mobile operators and infra providers on rentals sorted out, projects moving again.
New Infra Benchmarks
New benchmarks being set for infra rentals (e.g., Mumbai Metro, Navi Mumbai Airport), which operators find more viable.
PLI Scheme Eligibility
Company expects to be beneficial from the PLI scheme in FY27, applicable to DAS and repeaters.
Middle East Operator Impact
Middle East situation impacting mobile operator business due to rising fuel and other costs.
STQC Approval Delays
CCTV STQC approval process faced observations, causing delays; now targeting September completion.
SOC Chip Supply Chain
Supply chain issue on chip side, especially memory chips, is a market news; strong partnership with Taiwanese companies helps.
CCTV Market Competition
Surveillance market is very big with established players like CP Plus and Sparsh; Frog Eyes needs to compete on quality and AI differentiation.
DCRA Commercialization
DCRA services commercialization not yet happened; models still getting built up, state departments considering making it mandatory.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Management explicitly discusses FY26 performance relative to FY25 and sets FY27 targets, indicating a YoY focus for overall financial health. However, the resolution of DAS issues and ramp-up of new businesses suggest sequential (QoQ) momentum will be critical for tracking recovery and diversification progress.
DAS Market Recovery
DAS market, which saw a lull last year, is now progressing well with issues between infra providers and mobile operators sorted out.
STQC Approval Status
CCTV business is under STQC approval process; first round of testing had observations, working on compliance, aiming for approval by September.
SMT Line Occupancy
SMT line is fully operational, and occupancy is increasing daily with more customers being added.
New Customer Acquisition
Added Jio as a customer; they have started procuring a few different products, with more products currently under testing.
FY27 Revenue Target
Target is to revamp revenues to FY25 level (approx. 220 crores) in FY27.
Future Business Mix
Surveillance market and EMS have the biggest potential, with DAS becoming the third largest product line based on TAM.
AI Analytics Differentiator
Our in-house AI analytics tools will be the key driver to reach end customers and differentiate from competitors.
Senior Leadership Hiring
Looking for people at senior level across verticals as a business-as-usual process.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| STQC Approval | Observations from first round of testing, working on compliance. | Approval by September 2026 for CCTV products. |
| CCTV Revenue Contribution | No contracts yet, awaiting STQC approval. | Achieving ~50 CR revenue from CCTV in FY27. |
| DAS Project Closures | Projects held up due to infra disputes are back on the table. | Deliveries and invoicing primarily in H2 FY27. |
| Get 5 Bars Approval | Operators doing extensive POCs, big traction from end-users. | Operator approval and becoming a big revenue stream in FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
67Bullishfull bull SMA stack · SMA20 +17.0% / mo · RSI overbought · MACD + · near 52W high
Technical chart
FROGdaily · 1Y · AUTO+95.1%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 74.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~14.6% over last month) — short-term momentum positive.
- RSI(14) at 74 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 7% off 52W high · 109% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 29 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 29 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 6/10 to the score.
- Growth contributes 10/25 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 50th percentile within Telecom. Main check: financial discipline is weak at 30/100.
Healthy Trust Lite: Promoter holding is 72.5%. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Telecom: 50th pctile, median 66 · SME: 56th pctile, median 64
20 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 72.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2%.
- ▸4 years of positive FCF.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at -1.9%.
- ▸ROE is low at -0.7%.
- ▸ROCE trend is -21.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- —
- P/B
- 2.53
- EV/EBITDA
- 138.00
- Market Cap
- 401.00Cr
Profitability
- ROE
- -0.71%
- ROCE
- -1.91%
- ROA
- -1.01%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -3.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- -7.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- -2.00×
- Altman Z
- 7.80
- Book Value
- 102.00
Cash Flow
- FCF Yield
- 2.00%
- FCF Positive Y
- 4/5
- OCF
- 23.00 Cr
- EPS TTM
- -1.01
Shareholding
- Promoter Hold
- 72.54%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 88%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Telecom, ranked by similarity
Peers
Business-comparable peers in Telecom — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.