Frog Innovations Limited gets Rs 91.97 crore Delhi Metro DAS LOI

Frog Innovations Limited has received a Rs 91.97 crore letter of intent from Indus Towers Limited for cellular distributed antenna system deployment across Delhi Metro stations and connecting tunnels. The proposed domestic project is scheduled for supply and installation completion by March 2027, but a definitive purchase order or contract remains awaited.

What does the Delhi Metro DAS LOI cover?

The letter of intent, or LOI, covers the supply, installation and maintenance of a cellular distributed antenna system, or DAS, at several Delhi Metro Rail Corporation, or DMRC, stations and their interconnecting tunnels. The Rs 91.97 crore value excludes goods and services tax, and Frog Innovations identifies the arrangement as a domestic order from Indus Towers Limited.

Management says the project uses Frog Innovations' proprietary, indigenously developed DAS technology. The November 2026 presentation also says no promoter has an interest in the transaction and that it is not a related-party transaction, while the stated scope includes maintenance as well as equipment supply and installation.

Supply and installation are scheduled to be completed by March 2027. Frog Innovations did not disclose the number of stations, the length of tunnels, a delivery timetable before March 2027, or the expected timing of project billing.

Is the Indus Towers LOI a final Frog Innovations contract?

No, the Indus Towers LOI is not a final contract because Frog Innovations says it remains subject to stipulated terms and a definitive purchase order or contract is awaited. The Rs 91.97 crore figure is therefore the disclosed LOI value, rather than the value of an executed agreement.

The company reported the LOI in its November 2026 investor presentation after saying that DAS projects were back on the table following dispute resolution. Management described the Indus Towers LOI as validation of its DAS technology and said it sees similar opportunities across metros, airports and other high-density environments; this is management's outlook rather than a disclosed list of additional awards.

The contract status is relevant to management's FY27 plan for approximately Rs 200 crore of revenue and approximately Rs 20 crore of profit after tax. Although the stated installation completion date is March 2027, Frog Innovations does not specify how much of the proposed project value could be recognised as FY27 revenue.

How does the Delhi Metro LOI compare with Frog Innovations' financials?

The Rs 91.97 crore LOI exceeds Frog Innovations' Rs 64.50 crore revenue from operations in H1 FY27, although the measures are not directly comparable because one is a proposed project value and the other is reported six-month revenue. Revenue from operations rose 17.4% year on year from Rs 54.93 crore in H1 FY26.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, excluding other income, increased to Rs 4.44 crore in H1 FY27 from Rs 55 lakh in H1 FY26. The EBITDA margin rose by 589 basis points to 6.9% from 1.0%, while profit after tax changed to Rs 87 lakh from a Rs 1.02 crore loss.

Other income declined 63.3% year on year to Rs 1.03 crore in H1 FY27 from Rs 2.81 crore. Total expenses increased 10.4% to Rs 60.06 crore, compared with a 13.5% increase in total income to Rs 65.53 crore, meaning the reported profitability change preceded any disclosed completion of Delhi Metro DAS work.

What capacity supports Frog Innovations' telecom and expansion plans?

Frog Innovations says its 1.6 lakh-square-foot Noida facility has space for four surface-mount technology, or SMT, lines, with one line currently operating on a single shift. The company says it can add three lines in the existing plant and could double output by moving to two shifts.

The same SMT lines are intended to manufacture FROG EYES cameras, electronics manufacturing services products and LigoWave radios. This shared manufacturing setup links the telecom-related expansion with the 27 FROG EYES camera models in Standardisation Testing and Quality Certification, or STQC, testing and the company's electronics manufacturing services activity.

Frog Innovations approved the Rs 36 crore acquisition of 100% of VLS Developers Pvt. Ltd. on October 5, 2026. VLS Developers owns the land and building first announced on June 11, 2026; the company says buying it replaces a direct asset purchase, with completion expected within two months using internal accruals and a term loan.

Separately, Frog Innovations signed a five-year manufacturing and distribution agreement with LigoWave on October 8, 2026. The agreement covers licensed manufacturing, distribution, systems integration and service for point-to-point and point-to-multipoint radios in India under the FROG brand, while also providing an export channel for finished products supplied to LigoWave; Noida production, including Wi-Fi 6 and Wi-Fi 7 products, is planned from 2026.

What other milestones could affect Frog Innovations' FY27 plan?

Frog Innovations has 27 FROG EYES camera models covering 2, 5 and 8 megapixels in STQC testing after first-round fixes. The next listed CCTV milestones are STQC approval, first contracts and North India distributor appointments, and management expects surveillance and electronics manufacturing services to become its largest businesses within two to three years.

Its electronics manufacturing services operation is live with six to seven job-work customers, where bills of materials are not billed, according to the presentation. The listed next step is full bill-of-materials contracts, while the Rs 36 crore land transaction is intended to add capacity for CCTV and electronics manufacturing services.

Management has set a Vision FY28 revenue target of more than Rs 500 crore, following its FY27 revenue outlook of approximately Rs 200 crore. The presentation identifies three engines behind that plan: further DAS orders, scaling electronics manufacturing services, and FROG EYES rollout after STQC approvals.

Conclusion

The Indus Towers LOI provides Frog Innovations with a disclosed Rs 91.97 crore proposed DAS deployment for Delhi Metro stations and tunnels, while its H1 FY27 revenue rose to Rs 64.50 crore and profit after tax turned to Rs 87 lakh from a Rs 1.02 crore loss a year earlier. The LOI also marks a return of DAS activity after the dispute resolution cited by management.

The next disclosed event to watch is conversion of the LOI into a definitive purchase order or contract, followed by the March 2027 supply and installation target. Management's additional milestones are FY27 revenue of about Rs 200 crore, FY27 profit after tax of about Rs 20 crore, STQC approvals for 27 FROG EYES models, and progress toward the FY28 revenue target of more than Rs 500 crore.