Frog Innovations

- 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. - International markets (Africa, Europe) are in early stages with minimal expected revenues in FY26. - Continued 5G rollout and network upgrades in metro, airports, and stadiums present significant growth opportunities.

- 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. - Anticipate incremental revenues of INR 60-70 crores from new products in FY26. - Confident of sustained profitability and operational discipline.

- 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. - The company expects new orders in segments like railway VHF and interference mitigation systems during the year. - There is confidence in growth driven by new projects and opportunities in DAS and other new product lines like CCTV and SFPs.

- 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. - The CFO and MD did not indicate any fundraising activities in response to analyst questions on Capex or financials; Capex for FY26 is estimated around INR 15 crores from internal resources. - Overall, the company appears to be funding growth through existing resources and incentives rather than through new external fundraising.

- 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. - Ongoing investments are aligned with government initiatives like the PLI scheme, enhancing manufacturing and R&D capacities. - There is a strategic focus on international market expansion, especially in Europe and Africa, though significant revenues from these markets are expected beyond FY 2026.