### **Company Overview** Frog Cellsat Ltd, rebranded as **Frog Innovations Limited** in October 2025, is a leading Indian technology company specializing in **indigenous design and manufacturing of wireless communication and intelligent surveillance solutions**. Founded in 2004, the company has evolved from a marketing agent for RF equipment into a fully integrated, self-reliant manufacturer under the **‘Make in India’** and **‘Aatmanirbhar Bharat’** initiatives. The core **Frog Cellsat** brand remains for its wireless and cellular solutions, while new business verticals operate under distinct branding — such as **‘FROG EYES’** for its AI-powered CCTV and surveillance products. --- ### **Core Business & Product Portfolio** Frog Cellsat is the **only Indian company** with **proprietary Active DAS (Distributed Antenna System)** and **Optical DAS (OneDAS)** technology, offering secure, scalable, and future-ready connectivity for large infrastructure. Its product portfolio spans **27 offerings** across 2G to 5G technologies, including: - **Active & Optical DAS (OneDAS)**: For large venues (airports, metros, tunnels). - **Digital RF Repeaters**: Enhance in-building coverage in offices, hospitals, hotels, and remote areas. - **Interference Mitigation Filters**: Protect network signals in sensitive border zones (currently under trial). - **Network Accessories**: RF jumpers, CPRI cables, SFP modules, RET/AISG cables, multiplexers, filters, and feeder cables. - **Antennas**: BTS, small cell, omni, panel, and Yagi antennas for diverse coverage needs. - **Public Safety Solutions**: TETRA networks for police/fire, and VHF repeaters for railways (pending RDSO approval). The company is expanding into **high-growth adjacent markets**: - **Broadband**: ONTs, GPON ONTs, FWA devices. - **Surveillance & Smart Electronics**: IP/CCTV cameras, powered by AI-driven analytics. - **New Services**: **‘GetFiveBars’** — a pilot service to boost mobile coverage in small commercial/residential spaces (market launch expected soon). --- ### **Manufacturing & R&D** - **Noida Facility**: A **1.6 lakh sq. ft. state-of-the-art manufacturing hub**, centralizing design, R&D, and production. - **Dehradun Plant**: A 1,200 sq. m unit focused on network and IBS accessories. - **SMT Line**: Commissioned in **Q1 FY26**, this Surface Mount Technology line enables in-house manufacturing of **SFPs, IP/CCTV cameras, Wi-Fi routers, power adapters, and ONTs**, supporting the **Manufacturing-as-a-Service (EMS)** model. R&D Highlights: - DSIR-recognized R&D center. - Participates in the **Design-led Production Linked Incentive (PLI) Scheme**, eligible for **over ₹660 million** in incentives. - Focus on innovation: **5G DAS, VHF DAS for railways, interference mitigation systems, smart mini boosters, and noise shield solutions**. --- ### **Market Position & Competitive Edge** - **Market Leadership**: Dominant player in **India’s digital repeater and Active DAS segments**. - **National Security Certified**: Trusted by the **National Security Council**, enabling access to defense and government projects. - **Import Substitution**: One of few Indian companies replacing imported RF and telecom gear, especially vital under security-driven procurement policies. - **Proprietary Technology**: Sole Indian designer of **OneDAS**, deployed in **Navi Mumbai, Mumbai (Chhatrapati Shivaji), Noida, and Guwahati Airports**. - **Cost Advantage**: Offers competitive pricing with service parity compared to global giants like JMA, Solid, and Comba. --- ### **Clients & Market Reach** Frog Cellsat serves **six major customer segments**: - Telecom Operators: **Airtel, Jio, Vi** - Public Infrastructure: **Adani Airports, L&T, MetroTel, BMRC** - OEMs & Integrators: **Nokia, Ericsson, Motorola, Tejas** - Government & Defense: **DRDO, Indian Navy, Ministry of Defence** - Railways: Products in regulatory pipeline - International: Presence in **10+ countries across Africa and Europe**, with an **International Sales & Support Centre in London**. Key Clients: Airtel, Jio, Vodafone Idea, Adani, ITI, Tejas, Indus Towers, Crest Digital, L&T, Nokia. --- ### **Recent Developments & Strategic Initiatives (2024–2025)** #### **1. Airport & Infrastructure Projects** - Won and executed **four major DAS deployments** at: - **Navi Mumbai International Airport** - **Chhatrapati Shivaji Maharaj Mumbai International Airport** - **Noida International Airport** - **Lokpriya Gopinath Bordoloi International Airport (Guwahati)** - Recognized as the **preferred vendor for upcoming Indian airports**, with planning underway to reach 350–400 by 2047. #### **2. Global Expansion** - Targeting the **$1+ billion global Active DAS market**. - Expanding via partnerships with system integrators and resellers in **Europe and Africa**. - Participates in international expos and leverages **Go RF UK**, its UK subsidiary, for eventual transatlantic market entry. #### **3. New Product Diversification** - Launched **5G-ready Active DAS**, **Smart Mini Boosters (IoT)**, **VHF Repeaters (Railways)**, and **Noise Shield Solutions** (40 dB noise reduction in trials). - **AI Integration**: Enhancing CCTV/surveillance with **smart analytics**, enabling adoption in both **small-scale** and **national-level deployments**. - **CCTV Products**: Awaiting **STQC certification** for market launch. #### **4. Financial Performance & Outlook** - **FY25 Revenue**: **₹2,193.9 million**, up **39.1% YoY** (FY24: ₹1,577.3 million). - **Adjusted EBITDA**: ₹378.6 million (**17.2% margin**), up **22.19% YoY**. - **Order Book**: Reached **₹1,050 million** by Dec 2024; stood at **₹710 million** in May 2025 (post-project billings). - **FY28 Targets**: **₹5,000 million revenue** and **₹750 million EBITDA** (>15% margin), driven by 5G rollouts, airport/metro projects, and new product lines. --- ### **Regulatory & Strategic Advantages** - **PLI Scheme Beneficiary**: Approved under **Design-led Manufacturing PLI**, reinforcing indigenous innovation. - **ISO Certified**: 9001:2015 (Quality) and 45001:2018 (Safety). - **FTP Compliance**: Ready to capitalize on the **ban (from Apr 2025) on Chinese ICs in Indian CCTV systems** by using non-Chinese tech and local assembly.