Current/ Expected Orderbook/ Pending Orders?

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 dur

Any current/future capex/capital investment/strategic investment?

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,

Future growth expectations in sales/revenue/volumes?

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 rep

Future growth expectations in earnings/operating earnings/profits/EPS?

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%

Any current/future new fundraising through debt or equity?

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 activi

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Frog Innovations LtdQ1 FY25Telecom - Equipment & Accessories

Frog Innovations Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹160P/E: 14.9Market Cap: ₹257 CrSector: Telecom - Equipment & Accessories

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→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.

Margin guidance

Category 3

→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.

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Fundraise plans

→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.

Order book

→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.

Capex plans

Yes

→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.

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