Frog Innovations accepts Rs 91.97 crore Delhi Metro LOI

On November 6, 2026, Frog Innovations Limited said it had accepted a Rs 91.97 crore letter of intent from Indus Towers Limited for cellular Distributed Antenna System infrastructure at Delhi Metro stations and connecting tunnels. Supply and installation are scheduled for completion by March 2027, but a definitive purchase order or contract remains awaited.

What has Frog Innovations accepted from Indus Towers?

Frog Innovations has accepted a letter of intent, or LOI, from Indus Towers for a Delhi Metro cellular Distributed Antenna System, or DAS, project valued at Rs 91.97 crore excluding applicable goods and services tax, or GST. The company disclosed the acceptance on November 6, 2026, under Regulation 30 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.

Frog Innovations identified Indus Towers as the awarding entity and described it as a domestic entity. The Rs 91.97 crore amount is the broad consideration stated in the Annexure-A disclosure, rather than a value including applicable GST. The filing does not split the stated consideration between equipment supply, installation work and maintenance services.

The filing says neither Frog Innovations' promoter, promoter group nor group companies has an interest in Indus Towers. It also states that the proposed arrangement is not a related-party transaction. These disclosures address the counterparty relationship alongside the Rs 91.97 crore LOI, while the filing provides no payment milestones, retention terms or project start date.

What work does the Delhi Metro DAS project include?

Frog Innovations is to supply, install and maintain cellular DAS infrastructure across several Delhi Metro Rail Corporation, or DMRC, metro stations and associated interconnecting tunnels. A DAS is the specified infrastructure mechanism in the filing; the announcement does not disclose the number of stations, tunnel length, system capacity, mobile operators served or equipment quantities.

The scope covers three named activities: supply, installation and maintenance. This means the announced work extends beyond supplying DAS equipment because installation and maintenance are both expressly included in the LOI terms. However, Frog Innovations does not state how the Rs 91.97 crore consideration is allocated among those three elements or whether maintenance has a separately defined period.

The stated end-user infrastructure is the Delhi Metro system, while Indus Towers is the entity awarding the LOI. That distinction means the work is described as being across DMRC stations and linked tunnels, rather than as a contract awarded directly by DMRC. The filing calls the work cellular connectivity infrastructure for a large-scale metro rail and public-infrastructure setting, but provides no operating or revenue assumptions.

When is Frog Innovations scheduled to finish the project?

Frog Innovations says supply and installation activities are scheduled to be completed by March 2027. The November 6, 2026 announcement therefore gives an execution endpoint for those two elements of the Rs 91.97 crore Delhi Metro assignment, but it does not specify delivery stages, commissioning dates or acceptance tests.

Maintenance is included in the project’s stated nature, yet the March 2027 timing is expressly attached to supply and installation. Unlike those two project components, maintenance has no disclosed end date, service-level metric or separate consideration. March 2027 should therefore not be read as a disclosed completion date for every maintenance obligation.

The document does not provide a comparison with Frog Innovations' prior order book, revenue, metro projects or other contracts. The disclosed difference is within the project scope: supply and installation have a March 2027 schedule, whereas maintenance has no stated period. That limits conclusions about the timing of work after installation.

Is the Rs 91.97 crore Delhi Metro project a final contract?

No. Frog Innovations has accepted the LOI, but the filing explicitly says that issuance of the definitive purchase order or contract is awaited. The LOI is also subject to its stipulated terms and conditions, so the November 6, 2026 disclosure records an accepted intent document rather than confirming that a definitive contract has been issued.

The company describes the LOI as having a project value of Rs 91.97 crore excluding applicable GST, and its Annexure-A calls this the broad consideration or size of the order or contract. The distinction is material because the same annexure says the final purchase order or contract remains pending. The filing does not disclose a date by which Indus Towers must issue it.

Frog Innovations did not disclose conditions precedent, cancellation provisions, penalties, advance payments or the specific terms to be satisfied before the purchase order is issued. It also does not say whether any supply, installation or maintenance work had begun as of November 6, 2026. The accepted LOI is the disclosed milestone, while the definitive contracting step remains unresolved.

Conclusion

Frog Innovations has disclosed a domestic Delhi Metro cellular DAS mandate through an accepted Rs 91.97 crore, GST-exclusive LOI from Indus Towers. The announced scope combines supply, installation and maintenance across several DMRC stations and associated interconnecting tunnels, while the company has stated that no related-party relationship exists with the awarding entity.

The next disclosed point to watch is issuance of the definitive purchase order or contract, which was still awaited on November 6, 2026. If that step occurs, the source-supported execution target already on record is completion of supply and installation by March 2027; the filing does not set a separate maintenance end date or disclose milestones before then.