Frog Innovations Q4 FY25 earnings call: Revenue & Margins

Q4 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹216

Market cap₹325 Cr

Updated23 Aug 2026

Read4 min read

The short version

The company projects a 30% growth in revenue for FY26, driven primarily by growth in the DAS market and new product segments like CCTV, SFPs, and ONT. Frog Cellsat projects a 30% revenue growth annually, targeting INR 5,000 million by FY28.

From Frog Innovations Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

The company projects a 30% growth in revenue for FY26, driven primarily by growth in the DAS market and new product segments like CCTV, SFPs, and ONT.
OneDAS solution currently contributes about 50% to revenue (~INR 110 crores), expected to grow domestically from INR 110 crores towards INR 140-150 crores in FY26.
The SMT line, becoming operational soon, is expected to contribute INR 60-70 crores in revenue primarily from manufacturing own products such as CCTV and ONT.
Network accessories and IBS accessories are expected to remain stable without significant growth.
The CCTV market in India represents a big opportunity expected to contribute over INR 1,000 crores in revenue, with the company targeting a 5% share.

2 more points management made on revenue & sales performance

Profitability & Margins

Frog Cellsat projects a 30% revenue growth annually, targeting INR 5,000 million by FY28.
EBITDA margin guidance is maintained at 15%+, even after PLI incentives end by FY28.
Growth driven by high-margin active products, like DAS, CCTV, ONT, and SMT line products.
Stable base business expected from IBS/network accessories, with growth mainly from DAS and new product lines.
Expansion plans include entering Europe and Africa markets to capture $1 billion+ global DAS market.
Positive outlook supported by ongoing 5G rollout and increasing network penetration.
EBITDA and PAT saw YoY growth of 72.6% and 51.7%, indicating strong operational efficiencies.

2 more points management made on profitability & margins

See what Frog Innovations Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

For FY 2026, Frog Cellsat plans a capital expenditure (Capex) of approximately INR 15 crores, which includes:
Around INR 10 crores for the new SMT (Surface Mount Technology) line, currently being installed and expected to be operational within a month.
Additional Capex of about INR 5 crores for other investments.
The SMT line will be primarily used to manufacture the company's own products like CCTV, SFPs, ONT, repeaters, and large solutions, with spare capacity potentially used for third-party job work.
The company is also focusing on strategic investments in expanding product lines, including new products and entry into segments such as CCTV and DAS.

2 more points management made on capital expenditure plans

Fundraising & Capital Structure

There is no explicit mention of any current or planned new fundraising through debt or equity in the transcript.
The company has referenced government incentives like the PLI scheme and state government incentives related to capital investment, which strengthen their capital foundation.
They seem focused on operational efficiencies, product expansion, and organic growth to meet their FY28 revenue and EBITDA margin targets.
There is no discussion by management about raising new equity or debt as part of their strategic or operational plans.

2 more points management made on fundraising & capital structure

See what Frog Innovations Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

As of 31st March 2025, Frog Cellsat Limited's order book is approximately INR 71 crores.
There are no DAS (Distributed Antenna System) related orders in the current INR 71 crore order book, as existing DAS orders were completed and shipped by March 2025.
The INR 71 crore order book primarily consists of network accessories and repeater orders.
The company has a strong funnel of OneDAS domestic projects expected to be executed within FY26, but final timelines for specific orders remain uncertain.

2 more points management made on order book & pipeline

What Frog Innovations's management said in earlier quarters

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Frequently Asked Questions

What were Frog Innovations Ltd Q4 FY25 results?

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?

For FY 2026, Frog Cellsat plans a capital expenditure (Capex) of approximately INR 15 crores, which includes: - Around INR 10 crores for the new SMT (Surface Mount Technology) line, currently being installed and expected to be operational within a month.

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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.