Overview

Detailed Summary

Frog Cellsat Limited is a premier design house and manufacturer of advanced radio frequency equipment, specializing in digital RF repeaters and DAS systems to enhance wireless coverage.
In FY25, the company experienced staggering growth, with a 39.1% increase in revenue and a 72.6% rise in adjusted EBITDA, driven by large deployments, especially in airports.
They are strategically expanding their product portfolio by introducing a Surface Mount Technology line, aiming to diversify into non-telecom sectors such as CCTV and power adapters.
Frog Cellsat's proprietary DAS technology has become a significant revenue driver, contributing nearly 50% to their revenue, with plans to export to international markets like Europe and Africa.

Sector: Telecom - Equipment & Accessories
Industry: Telecom - Equipment & Accessories
Market Cap: 254 Cr
Volatility: Moderate Risk
P/E Ratio: 15.0
Industry P/E: 44.2
PEG Ratio: 0.8
P/B Ratio: 1.6
52W High: 290.00
52W Low: 123.50

Sales CAGR

1Y: 39.09%
3Y: 18.17%
5Y: 20.31%
10Y: 11.12%

Profit CAGR

1Y: 51.74%
3Y: 19.06%
5Y: 89.40%
10Y: 11.26%

ROE

TTM: 10.79%
3Y: 13.35%
5Y: 14.41%
10Y: 11.57%

ROCE

TTM: 16.20%
3Y: 18.32%
5Y: 20.00%
10Y: 16.30%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Telecommunication Telecommunication

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BIRLACABLE		114.00	453 Cr	45.24	1.68	1.16	1.85	4.77	1.76
KAVDEFENCE		62.50	415 Cr	150.39	3.66	0.00	8.43	7.95	3.52
FROG		164.65	254 Cr	14.98	1.59	0.00	10.79	16.20	8.58
UMIYA-MRO		74.80	161 Cr	3.54	1.43	0.00	9.09	11.48	15.69
AKSHOPTFBR		5.75	94 Cr	-4.23	0.00	0.00	1356.78	-11.15	-7.79
TELOGICA		9.14	74 Cr	-8.36	1.90	0.00	7.02	4.14	2.02
PUNJCOMMU		49.80	65 Cr	14.69	2.05	0.00	15.34	15.28	4.70
Median: 7 Co.	—	62.50	161 Cr	14.69	1.68	0.00	9.09	7.95	3.52

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Sales	38	31	33	35	45	45	36	44	91	48
Expenses	32	26	30	31	40	37	33	40	69	42
Operating Profit	5.85	4.94	3.64	4.60	4.62	7.54	2.83	3.61	22	6.80
OPM %	15.29	15.87	10.90	13.09	10.34	16.94	7.87	8.24	24.15	14.03
Other Income	0.30	0.35	0.66	0.06	0.12	2.43	0.25	2.52	-0.16	0.23
Interest	0.09	0.02	0.01	0.02	0.16	0.29	0.06	0.07	0.21	0.64
Depreciation	0.36	0.54	0.63	0.62	0.65	1.21	1.16	1.19	1.28	0.66
Profit Before Tax	5.70	4.73	3.66	4.02	3.93	8.46	1.87	4.88	20	5.74
Tax %	30.53	16.28	26.23	36.07	26.97	12.88	36.90	15.37	25.10	47.91
Net Profit	3.96	3.97	2.70	2.58	2.87	7.38	1.17	4.13	15	2.99
EPS in Rs	—	2.97	—	1.66	—	4.75	—	2.65	—	1.93

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	89	60	87	121	133	135	158	219	219
Expenses	84	64	81	111	113	111	137	184	184
Operating Profit	5.52	-3.30	6.28	10	20	24	20	35	35
OPM %	6.19	-5.46	7.22	8.61	14.97	17.81	12.94	16.08	16.07
Other Income	2.40	0.88	2.08	8.48	2.94	1.09	3.19	2.84	2.84
Interest	1.64	2.33	2.15	1.23	0.60	0.53	0.47	0.97	0.98
Depreciation	2.23	3.53	2.95	1.77	1.36	1.61	3.11	4.29	4.29
Profit Before Tax	3.42	-8.29	3.27	16	21	21	20	33	33
Tax %	7.11	18.63	40.63	10.25	29.39	26.41	22.71	28.29	28.34
Net Profit	3.18	-6.74	1.94	14	15	15	16	24	24
EPS in Rs	—	—	—	—	—	—	10.03	—	10.99
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.05	0.05	0.05	0.05	0.05	15	15	16
Reserves	51	44	46	60	69	101	118	144
Borrowings	24	23	17	5.73	6.18	0.00	4.70	20
Other Liabilities	12	10	25	28	22	21	20	40
Total Liabilities	87	78	89	93	97	137	158	220
Fixed Assets	19	21	19	15	20	13	82	85
CWIP	2.30	0.69	0.00	0.00	7.05	36	0.00	0.00
Investments	4.10	5.04	7.08	5.70	0.75	0.05	0.05	0.05
Other Assets	62	51	63	73	70	88	76	135
Total Assets	87	78	89	93	97	137	158	220

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	9.37	-3.33	11	6.96	10	7.21	7.14	-2.06
Cash from Investing Activity	-12	-1.69	-1.47	3.59	-8.55	-35	-30	-7.14
Cash from Financing Activity	6.62	-1.94	-8.11	-12	-5.15	35	4.36	15
Net Cash Flow	4.41	-6.96	1.41	-1.62	-3.58	7.49	-19	5.68

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2014	Mar 2017	Jun 2017	Sep 2022	Oct 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
Promoters	99.99%	99.99%	99.99%	99.99%	73.49%	74.39%	74.39%	74.10%	72.71%	72.66%	72.54%
FIIs	0.00%	0.00%	0.00%	0.00%	2.22%	0.00%	0.00%	0.00%	0.01%	0.29%	0.20%
DIIs	0.00%	0.00%	0.00%	0.00%	0.76%	1.75%	1.87%	0.00%	0.00%	0.00%	0.12%
Public	0.01%	0.01%	0.01%	0.01%	23.53%	23.86%	23.74%	25.90%	27.28%	27.05%	27.14%
Total Shareholders	8	8	8	8	1,410	1,135	1,734	2,493	3,726	3,730	3,315

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Available on Pro Plan