---
title: "Frog Innovations Ltd (FROG) — Share Price, Financials & Analysis"
symbol: "FROG"
company: "Frog Innovations Ltd"
canonical: "https://tapetide.com/stocks/FROG"
isin: "INE385O01018"
nse_symbol: "FROG"
sector: "Telecom"
industry: "Equipment & Accessories"
market_cap_cr: 390.57
generated_at: "2026-09-13T20:14:38.381Z"
---

# Frog Innovations Ltd (FROG)

Canonical page: https://tapetide.com/stocks/FROG

## Company

- **NSE Symbol:** FROG
- **ISIN:** INE385O01018
- **Sector:** Telecom
- **Industry:** Equipment & Accessories
- **Macro Sector:** Telecommunication
- **Stock Type:** EQUITY
- **Listed Since:** 2022-10-13
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** frogcellsat.com

## About

Incorporated in 2004, Frog Cellsat 
Ltd manufactures in-building coverage solutions and mobile network accessories  for mobile service providers and operators. It also provides installations, repair and maintenance services[1]

## Latest Price

- **Price:** ₹263.1
- **Change:** +0.05 (+0.02%)
- **Open:** ₹256.05
- **Day High:** ₹267.65
- **Day Low:** ₹251.1
- **Previous Close:** ₹263.05
- **Volume:** 20400
- **As Of:** 2026-09-11T10:01:41+00:00

## Key Fundamentals

Observed at 2026-09-11T04:38:09.463548Z.

- **Market Cap:** ₹390.57 Cr
- **Classification:** SME
- **P/E (reported):** -260.5
- **Book Value:** ₹102.2
- **Price to Book:** 2.57
- **Dividend Yield:** 0%
- **ROE:** -0.99%
- **ROCE:** -2.28%
- **Debt to Equity:** 0.08
- **Revenue (yearly):** ₹109.5 Cr
- **Net Income:** ₹-1.6 Cr
- **EBITDA:** ₹1.8 Cr
- **52-Week High:** ₹275.95
- **52-Week Low:** ₹123.5
- **RSI (14):** 70.8

## Tapetide Score

- **Score:** 57 / 100
- **Score date:** 2026-09-04
- **Archetype:** Quality at a Reasonable Price
- **What it means:** Financial strength is not being paid for with a demanding multiple. The question worth asking is whether the quality is durable or reflects a good patch — check the consistency of returns over several years rather than the latest quarter.
- **Pillar profile:** Quality: Good · Valuation: Fair · Momentum: Rising
- **Percentile:** 77.8 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 87.2 | 9% |
| growth | 2.44 | 9% |
| momentum | 98.9 | 12% |
| ownership | 80.51 | 24% |
| quality | 60.58 | 22% |
| valuation | 52.84 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter

### Weaknesses

- Stock is trading at 2.57 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -2.59% over past five years.
- Company has a low return on equity of 8.39% over last 3 years.
- Earnings include an other income of Rs.2.98 Cr.

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | — | 217.09% | 123.72% |
| ebitda margin growth | -68.04% | -90.2% | -88.54% | -90.01% |
| net income growth | -80.39% | -106.78% | -110.32% | -110.88% |
| revenue growth | -46.48% | -50.72% | -7% | -3% |
| roce | -68.98% | -110.93% | -115.01% | 16.23% |
| roe | -80.39% | -106.73% | 8.46% | -104.63% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2022 | Sep 2023 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 66 | 69 | 80 | 140 | 55 | 51 |
| Expenses | 55 | 60 | 73 | 111 | 54 | 53 |
| Operating Profit | 11 | 8 | 6 | 29 | 1 | -2 |
| OPM % | 16 | 12 | 8 | 21 | 1 | -4.2 |
| Other Income | 0 | 1 | 3 | 0 | 3 | 0 |
| Interest | 0 | 0 | 0 | 1 | 1 | 0 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 3 |
| Profit before tax | 10 | 8 | 7 | 26 | 0 | -5 |
| Tax % | 29 | 31 | 21 | 30 | 349 | -88 |
| Net Profit | 7 | 5 | 5 | 18 | -1 | -1 |
| EPS in Rs | 6.35 | 3.43 | 3.43 | 11.75 | -0.66 | -0.35 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 89 | 60 | 87 | 121 | 133 | 133 | 158 | 219 | 106 |
| Expenses | 84 | 64 | 81 | 110 | 113 | 111 | 137 | 184 | 108 |
| Operating Profit | 5 | -3 | 6 | 11 | 20 | 22 | 20 | 36 | -2 |
| OPM % | 6 | -5 | 7 | 9 | 15 | 17 | 13 | 16 | -1.5 |
| Other Income | 2 | 1 | 2 | 8 | 3 | 1 | 3 | 3 | 3 |
| Interest | 2 | 2 | 2 | 1 | 1 | 1 | 0 | 1 | 1 |
| Depreciation | 2 | 4 | 3 | 2 | 1 | 2 | 3 | 4 | 5 |
| Profit before tax | 3 | -8 | 3 | 16 | 21 | 20 | 20 | 33 | -4 |
| Tax % | 7 | -19 | 41 | 10 | 29 | 26 | 23 | 28 | -64 |
| Net Profit | 3 | -7 | 2 | 14 | 15 | 15 | 16 | 24 | -2 |
| EPS in Rs | 636 | -1348 | 388 | 2852 | 2950 | 9.81 | 10.05 | 15.17 | -1.01 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 15 | 15 | 16 | 16 |
| Reserves | 51 | 44 | 46 | 60 | 69 | 101 | 118 | 144 | 143 |
| Borrowings | 26 | 26 | 20 | 6 | 6 | 0 | 5 | 20 | 13 |
| Other Liabilities | 14 | 13 | 27 | 32 | 26 | 25 | 25 | 47 | 26 |
| Total Liabilities | 91 | 83 | 93 | 97 | 101 | 141 | 163 | 227 | 198 |
| Fixed Assets | 19 | 21 | 19 | 15 | 20 | 13 | 82 | 85 | 92 |
| CWIP | 2 | 1 | 0 | 0 | 7 | 36 | 0 | 0 | 3 |
| Investments | 4 | 5 | 7 | 6 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 67 | 56 | 67 | 77 | 74 | 92 | 81 | 142 | 102 |
| Total Assets | 91 | 83 | 93 | 97 | 101 | 141 | 163 | 227 | 198 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 9 | -2 | 11 | 7 | 10 | 7 | 7 | -2 | 23 |
| Cash from Investing Activity | -12 | -3 | -1 | 4 | -9 | -35 | -30 | -7 | -15 |
| Cash from Financing Activity | 7 | -2 | -8 | -12 | -5 | 35 | 4 | 15 | -8 |
| Net Cash Flow | 4 | -7 | 1 | -2 | -4 | 7 | -19 | 6 | 0 |
| Free Cash Flow | 5 | -4 | 11 | 8 | 1 | -26 | -26 | -13 | 7 |
| CFO/OP | 226 | 20 | 197 | 65 | 62 | 61 | 63 | 9 | -1703 |

### Ratios

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 70 | 76 | 90 | 81 | 54 | 76 | 71 | 132 | 134 |
| Inventory Days | 145 | 234 | 170 | 95 | 128 | 156 | 126 | 118 | 267 |
| Days Payable | 34 | 32 | 119 | 112 | 71 | 63 | 45 | 92 | 83 |
| Cash Conversion Cycle | 181 | 278 | 141 | 64 | 111 | 169 | 152 | 157 | 319 |
| Working Capital Days | 86 | 119 | 74 | 68 | 80 | 121 | 121 | 120 | 202 |
| ROCE % | — | -8 | 8 | 18 | 30 | 25 | 14 | 21 | -2 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 99.99% | 74.39% | 74.39% | 74.1% | 72.71% | 72.66% | 72.54% | 72.54% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.2% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.55% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 0.01% | 15.02% | 17.36% | 18.31% | 21.78% | 21.56% | 22.67% | 22.29% |
| Others | 0% | 10.58% | 8.25% | 7.59% | 5.52% | 5.78% | 4.79% | 4.42% |
| No. of Shareholders | 8 | 1135 | 1734 | 2493 | 3726 | 3730 | 3315 | 3084 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 13 / 5 / 1

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 258.13 | Buy |
| EMA (10) | 254.55 | Buy |
| SMA (20) | 239.58 | Buy |
| EMA (20) | 243.29 | Buy |
| SMA (50) | 212.98 | Buy |
| EMA (50) | 219.66 | Buy |
| SMA (100) | 190.88 | Buy |
| EMA (100) | 200.29 | Buy |
| SMA (200) | 170.64 | Buy |
| EMA (200) | 194.51 | Buy |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 70.82 | Sell |
| MACD (12,26,9) | 14.8 | Buy |
| Stochastic (14,3,3) | 75.83 | Neutral |
| ADX (14) | 45.4 | Buy |
| Williams %R (14) | -24.95 | Neutral |
| ATR (14) | 11.89 | High Volatility |
| ROC (12) | 14.94 | Buy |
| Stoch RSI (14) | 33.35 | Neutral |
| UO (7,14,28) | 59.01 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 7 Sep - Mr. Satish Bhanu Trivedi resigned as Non-Executive Director effective 07 September 2026. | [Resignation 7 Sep - Mr. Satish Bhanu Trivedi resigned as Non-Executive Director effective 07 September 2026.](https://nsearchives.nseindia.com/corporate/FROGCELLSAT_07092026151313_Disclosure_for_Resignation_signed.pdf) |
| 7 Sep - Frog Innovations Limited has informed about Resignation of Director/KMP/SMP | [Resignation of Director/KMP/SMP 7 Sep - Frog Innovations Limited has informed about Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/FROG_ROID_98039_KMP_Doc.zip) |
| 7 Sep - Frog Innovations Limited has informed about Resignation of Director/KMP/SMP | [Resignation of Director/KMP/SMP 7 Sep - Frog Innovations Limited has informed about Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/FROG_ROID_98040_KMP_Doc.zip) |
| 7 July 2026 - Frog Innovations schedules a virtual analyst/investor group meeting on 10 July 2026 at 4:30 pm. | [Analysts/Institutional Investor Meet/Con. Call Updates 7 July 2026 - Frog Innovations schedules a virtual analyst/investor group meeting on 10 July 2026 at 4:30 pm.](https://nsearchives.nseindia.com/corporate/FROGCELLSAT_07072026152220_Frog_Meeting_Intimation_07July2026_signed.pdf) |
| 6 July 2026 - Filed Regulation 74(5) compliance certificate for quarter ended 30 June 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 6 July 2026 - Filed Regulation 74(5) compliance certificate for quarter ended 30 June 2026.](https://nsearchives.nseindia.com/corporate/FROGCELLSAT_06072026123537_Regulation_74_5__Disclosure_signed.pdf) |
| 6 April 2026 - Filed Regulation 74(5) certificate for quarter ended 31 March 2026; no physical shares received for dematerialization. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 6 April 2026 - Filed Regulation 74(5) certificate for quarter ended 31 March 2026; no physical shares received for dematerialization.](https://nsearchives.nseindia.com/corporate/FROGCELLSAT_06042026104616_Reg_74_5__Certificate_signed.pdf) |
| 3 Aug - At 22 July 2026 AGM, shareholders approved AI services, NSE main board migration, and remuneration resolutions. | [Shareholders meeting 3 Aug - At 22 July 2026 AGM, shareholders approved AI services, NSE main board migration, and remuneration resolutions.](https://nsearchives.nseindia.com/corporate/FROGCELLSAT_03082026154716_Disclosure_Minutes_AGM_Final_signed.pdf) |
| 29 May 2026 - Submitted SDD compliance certificate for FY ended March 31, 2026, confirming 14 captured events. | [Structural Digital Database 29 May 2026 - Submitted SDD compliance certificate for FY ended March 31, 2026, confirming 14 captured events.](https://nsearchives.nseindia.com/corporate/FROGCELLSAT_29052026195233_SDD_Certificate_signed.pdf) |
| 27 May 2026 - FY26 earnings call: new telecom customer, airport DAS commissioning, EMS rollout, AI EYE launch, DCRA services. | [Analysts/Institutional Investor Meet/Con. Call Updates 27 May 2026 - FY26 earnings call: new telecom customer, airport DAS commissioning, EMS rollout, AI EYE launch, DCRA services.](https://nsearchives.nseindia.com/corporate/FROGCELLSAT_27052026114023_Disclosure_of_Transcript_signed.pdf) |
| 27 May 2026 - Board approved Rs.2.75 crore acquisition of 50.10% in Vinfocom IT Services, making it a subsidiary. | [General Updates 27 May 2026 - Board approved Rs.2.75 crore acquisition of 50.10% in Vinfocom IT Services, making it a subsidiary.](https://nsearchives.nseindia.com/corporate/FROGCELLSAT_27052026185923_Disclosure_regarding_Acquisition.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Oct 2024 | [Concall - Oct 2024](https://nsearchives.nseindia.com/corporate/FROG_25102024133853_Disclosure_of_Transcript_Final.pdf) |
| Nov 2023 | [Concall - Nov 2023](https://nsearchives.nseindia.com/corporate/FROG_22112023135626_Intimation_Transcript_.pdf) |
| May 2025 | [Concall - May 2025](https://nsearchives.nseindia.com/corporate/FROGCELLSAT_27052025100402_Disclosure_of_Transcript_signed.pdf) |
| May 2024 | [Concall - May 2024](https://nsearchives.nseindia.com/corporate/FROG_16052024100055_Disclosure_Transcript_30.pdf) |
| Jun 2023 | [Concall - Jun 2023](https://archives.nseindia.com/corporate/FROG_15062023125024_Earning_Call_Transcript.pdf) |
| Jul 2024 | [Concall - Jul 2024](https://nsearchives.nseindia.com/corporate/FROG_23072024145200_Disclosure_Transcript_Final.pdf) |
| Jan 2025 | [Concall - Jan 2025](https://nsearchives.nseindia.com/corporate/FROGCELLSAT_24012025083916_Disclosure_of_Transcript_Final.pdf) |
| Dec 2025 | [Concall - Dec 2025](https://nsearchives.nseindia.com/corporate/FROGCELLSAT_17122025130254_Disclosure_of_Transcript_signed.pdf) |
| Dec 2022 | [Concall - Dec 2022](https://archives.nseindia.com/corporate/FROG_07122022085524_300722.pdf) |
| Aug 2023 | [Concall - Aug 2023](https://archives.nseindia.com/corporate/FROG_25082023213327_Signed_AGM_Minutes.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_29447_FROG_2025_2026_A_5853228_25062026160040.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26849_FROG_2024_2025_A_11072025142424.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_24601_FROG_2023_2024_2007202414016.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_22371_FROG_2022_2023_15072023162109_07152023170003.zip) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T20:14:38.381Z.