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    Electronic technology

  3. •

    Telecommunications equipment
Frog Innovations Limited

Frog Innovations Limited

NNSE:FROG
228.40
INR
+6.55
(+2.95%)
3.74BMarket Cap
Frog Innovations Limited
NSE:FROG
(National Stock Exchange of India)

Recent

price

228.40

P/E

ratio

- -

div

yld

- -

ROIC.AI

2020
2021
2022
2023
2024
2025
2026
TTM
INR
56.6
78.65
86.47
100.51
100.69
138.09
68.46
- -
Revenue per Share
0.9
9.27
9.59
11.4
10.08
15.22
-1.01
- -
Basic EPS, GAAP
7.15
4.19
0.43
-19.88
-19
-8.47
4.59
- -
Free Cash Flow per Basic Share
- -
- -
3.25
- -
- -
- -
- -
- -
Dividend per Share
29.47
38.75
44.85
75.8
86.28
102.99
102.2
102.57
Book Value per Share
23.29
32.59
38.74
75.63
84.37
99.54
96.27
98.47
Tangible Book Value per Share
15
15
15
13
15
15
15
15
Basic Weighted Avg Shares
870
1,209
1,329
1,330
1,550
2,137
1,061
- -
Sales/Revenue/Turnover
5.45
8.32
15.63
17.53
11.24
16.01
-3.08
- -
Operating Margin (%)
29
18
14
16
31
43
52
- -
Depreciation Expense
14
143
147
151
155
236
-16
- -
Net Income, GAAP
48.83
10.25
29.39
26.41
22.71
28.29
- -
- -
Effective Tax Rate (%)
1.6
11.79
11.09
11.35
10.01
11.02
-1.48
- -
Profit Margin (%)
236
364
378
602
493
719
597
693
Working Capital
119
47
27
- -
- -
- -
46
70
LT Debt
453
596
690
1,165
1,332
1,599
1,590
1,595
Total Equity
- -
20.81
20.57
15.74
11.97
15.17
- -
- -
Return on Invested Capital (%)
- -
23.47
21.55
16.13
12.45
15.27
- -
- -
Return on Capital (%)
- -
27.18
22.94
16.27
12.43
16.07
-0.98
- -
Return on Common Equity (%)

Capital Structure

INR

•

in mil. unless spec.
Dec'25
Mar'25
Sep'26
ST Debt
- -
202
56
LT Borrowings
- -
- -
70
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
15
16
16
Market Capitalization
4,797
3,378
3,736

Working Capital

INR

•

in mil. unless spec.
Dec'25
Mar'25
Sep'26
Total Current Assets
- -
1,297
1,011
Cash, Cash Equivalents & STI
- -
71
51
Accounts Receivable, Net
- -
791
442
Inventories
- -
318
358
Total Current Liabilities
- -
578
318
Payables & Accruals
- -
- -
- -
ST Debt
- -
202
56
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
23.7%
-0.61%
Free Cash Flow
- -
-879.24%
-154.22%
Net Income, GAAP
- -
-9.26%
-106.65%
Sales/Revenue/Turnover
- -
2.8%
-50.37%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

INR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
1,550
2025
- -
- -
2,137
2026
- -
- -
1,061

Semi-annual Earnings Per Share

INR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
10.08
2025
- -
- -
15.22
2026
- -
- -
-1.01

Semi-annual Dividends Per Share

INR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
- -
2025
- -
- -
- -
2026
- -
- -
- -
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Business
Frog Innovations Limited (formerly Frog Cellsat Limited) manufactures and sells radio frequency (RF) equipment and wireless coverage enhancement solutions for mobile networks, along with intelligent surveillance systems. The company offers multi-band digital RF repeaters supporting 2G/3G/4G and beyond, multi-band frequency shift repeaters, multi-band optical distributed antenna systems (DAS) including active DAS, BTS and special antennas, network management software such as EMS/NMS, related accessories; and under the Frog Eyes brand, advanced CCTV cameras, IP surveillance systems, and smart connectivity products. It also provides in-building coverage planning, design and optimization services, radio access network (RAN) installation, backhaul network services, interference mitigation, drive testing, walk testing, and EMF testing. Frog Innovations operates in the telecommunications equipment and surveillance sectors, primarily serving mobile network operators, neutral hosts, infrastructure providers, large enterprises, and customers requiring enhanced indoor wireless coverage and security solutions. The company maintains a global footprint with deployments across Asia, Europe, Africa, and the Middle East. Founded in 2004 and headquartered in Noida, India, it conducts research and development at a DSIR-recognized center equipped with advanced tools from Keysight and Rohde & Schwarz, emphasizing DSP, FPGA, and embedded systems expertise; Frog Innovations operates manufacturing in ESD-safe facilities certified to ISO 9001:2015 standards compliant with ETSI, 3GPP, and TEC. It functions as a subsidiary of Star Private Trust. In recent developments, Frog Innovations rebranded from Frog Cellsat Limited, expanding into surveillance with the launch of the Frog Eyes smart surveillance and connectivity portfolio in December 2025. The company went public via an IPO in October 2022 to fund expansion projects and general corporate purposes, followed by listing on the National Stock Exchange under ticker FROG.NS. These initiatives support strategic growth in wireless and security solutions amid rising demand for network reliability and intelligent systems.