Frog Innovations Ltd
Frog Innovations Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Targeting INR 500 crores revenue by FY28, requiring ~50-60% growth year-on-year in FY27 and FY28. Frog Innovations is targeting significant revenue growth, aiming for INR 500 crores by FY28.
From Frog Innovations Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Targeting INR 500 crores revenue by FY28, requiring ~50-60% growth year-on-year in FY27 and FY28.
- FY26 expected to have lower growth; FY27 aims at ~30%+ growth over FY26 (~INR 350 crores).
- Wireless division expected to contribute ~50% of revenues at the INR 500 crores target.
- New segments (CCTV, EMS, AI analytics, ONTs) expected to constitute remaining 50%.
- EMS facility operational; new product lines include smart meters, induction heaters, PoE switches.
- AI analytics platform (AI EYE) to launch next quarter, enabling early revenue generation.
- DAS business slow but expected to contribute in H2 FY26 with potential deal closures.
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Profitability & Margins
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Capital Expenditure Plans
- Capex requirement of INR 15-20 crores planned between now and FY28 to achieve INR 500 crores revenue target.
- Existing SMT line has capacity for 5,000 cameras per day; adding one SMT line requires around INR 10 crores capex.
- EMS facility and SMT line are already operational, ready for contract manufacturing of smart meters, induction heaters, and PoE switches.
- Focus on creating new revenue streams including EMS, AI analytics tools, ONT business, and "Get Five Bars" initiative.
- AI analytics tools developed in-house; going to market soon, with expected revenue starting next quarter.
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Fundraising & Capital Structure
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Order Book & Pipeline
- As of end of H1 FY26, the order backlog was around INR 50-52 crores.
- Orders continue to come in regularly, though exact recent figures are not updated.
- On the DAS side, there is a pipeline of about INR 100 crores, with typical execution timelines of around 3 months.
- Historically, the company has seen close to 100% success rate in converting DAS bids.
- The business environment shows delay in deal closures, especially in DAS and operator capex spend.
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Continue your research
What Frog Innovations's management said in earlier quarters
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Frequently Asked Questions
What were Frog Innovations Ltd Q2 FY26 results?
Targeting INR 500 crores revenue by FY28, requiring ~50-60% growth year-on-year in FY27 and FY28. Frog Innovations is targeting significant revenue growth, aiming for INR 500 crores by FY28.
What is Frog Innovations Ltd share price analysis?
Frog Innovations Ltd currently shows a neutral. The stock trades at a P/E of N/A with a market cap of ₹325 Cr. Investors should review the full earnings analysis for detailed insights.
Is Frog Innovations Ltd planning capital expenditure?
Capex requirement of INR 15-20 crores planned between now and FY28 to achieve INR 500 crores revenue target.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.