Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result22 May, 06:35 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Telecom P/E 28.1 (n=16)
Technical timing lens
Trend score and candlestick chart
61BullishSMA20 +2.9% / mo · MACD −
Stock trend: 61
Sector RS: —
Telecom FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
FROGD candles · FIT view+47.5%Latest close ₹242.40 on 2026-10-19
Bar
-6.7%
RSI
43
MACD hist
-2.30
52W pos
66%
2026-10-19O ₹259.90H ₹259.95L ₹242.00C ₹242.40Vol 21,200 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
FROGNifty TelecommunicationsNifty 500
- FROG
- +31.3%
- Nifty 500
- -5.6%
- Nifty Telecommunications
- +3.9%
- Vs Nifty 500
- +36.9 pp
Chart stats
19 Oct 2026- From 52W high
- -20.5%
- 52W range position
- 66%
- ATR (14)
- 6.2%
- Volume vs 20D
- 0.90x
- Avg traded value
- ₹0.6 Cr
- 20D price channel
- ₹239.4 - ₹284
₹305
₹123.5 - ₹305
₹15.1
Latest completed session
20-session average
61.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED28
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -26.1% · PAT -120.0% YoY
Technical
Bullish61
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100Rev -26% YoY · PAT -120% YoY · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹51 Cr | -26.1% | -7.3% |
| EBITDA | ₹-2 Cr | NDF | -300.0% |
| Operating margin | -4.2% | NDF | -520 bps |
| PAT | ₹-1 Cr | -120.0% | NDF |
| PAT margin | -2.0% | NDF | -14 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 2.55
- EV/EBITDA
- 139.00
- Market Cap
- 404.00Cr
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
- 4.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- -2.00×
- Altman Z
- 7.80
- Book Value
- 102.00
Cash Flow
- FCF Yield
- 1.98%
- FCF Positive Y
- 4/5
- OCF
- 23.00 Cr
- EPS TTM
- -1.01
Shareholding
- Promoter Hold
- 72.54%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 75%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 51.0-7.3% vs prev
Net Profit
₹ CrLatest: -1.0+0.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 43. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.8% over last month) — short-term momentum positive.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 21% off 52W high · 96% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
84
RS percentile
Stage 2 UptrendEstablished S2
1M return
-14.0%
3M return
+31.3%
6M return
+54.3%
1Y return
+12.5%
RS 1D
-2
RS 20D
-4
Sector rank
#6
Industry rank
#31
Stage evidence
- Price is 23.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +9.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
21 Jul 2026
S2 age
63 trading sessions
Sector
improving
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 103.13-5.78%
RS vs Nifty 500103
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation4/30
Growth9/25
Quality0/20
Balance Sheet10/15
Cash Flow5/10
Piotroski
5/9 (+3)
Penalties
-3
Raw sum
28
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
28/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 5/10 to the score.
- Growth contributes 9/25 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
Sector valuation model
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Primary lens
EV/EBITDA and debt-adjusted cash generation.
Secondary checks
ARPU growth, subscriber quality, spectrum liabilities, capex intensity.
Main risk check
High EBITDA can still be weak equity value if debt and capex absorb cash.
PE
—
PB
2.5
EV/EBITDA
139.0
ROE
-0.7%
ROCE
-1.9%
FCF Yield
2.0%
Debt/Equity
0.1
MoS
—
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
28
Previous: 28
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
27
28
28
28
27
27
27
27
27
28
28
28
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
45.0
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SUYOG
Small
Suyog Telematics Limited
Telecom Equipment
match 76
58
13.0
14.2%
+63%
FAIR VALUE
PACEDIGITK
Small
Pace Digitek Limited
Telecom Equipment
match 67
68
11.8
17.6%
+74%
UNDERVALUED
AKSHOPTFBR
Small
Aksh Optifibre Limited
Telecom Equipment
match 51
8
—
—
—
OVERVALUED
ITI
Small
ITI Limited
Telecom Equipment
match 42
22
—
-8.9%
-67%
OVERVALUED
HFCL
Large
HFCL Limited
Telecom Equipment
match 41
17
47.4
7.0%
-285%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-16T08:41:35.702Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
20 docs text-extracted · 11 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Telecom: 50th pctile, median 66 · SME: 56th pctile, median 64
Evidence depth
Financial-only
20 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
30
weak · capital discipline
Results
31
weak · quarterly consistency
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.
Continue researching Frog Cellsat Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.