Frog Innovations Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2013 • Sale: 92.4% • Services: 7.6%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company is almost debt free
CONS
- Company is loss-making at the operating / net level
- Interest coverage is weak at -7.0x - earnings barely cover interest
- Company has a low return on equity of 9.3% over last 3 years
- Company has a low return on capital employed of 11.8%
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ITI | 262.70 | 95.91 | 25242.50 | 0.00 | -32.25 | 49.30 | 425.03 | -14.65 | 0.28 | 0.48 |
| BBOX | 800.80 | 62.93 | 14222.14 | 0.12 | 55.92 | 17.90 | 1718.50 | 23.92 | 22.50 | 8.67 |
| SEDEMAC | 2905.05 | 123.88 | 12831.75 | 0.00 | 333.10 | — | 3097.70 | — | 37.22 | 19.10 |
| TEJASNET | 553.20 | 0.00 | 9850.57 | 0.00 | -202.24 | -4.32 | 402.16 | 99.11 | -14.93 | -24.96 |
| KRONECOMM | 2299.95 | 46.94 | 1057.98 | 1.09 | 8.58 | 72.64 | 63.41 | 40.79 | 31.44 | 17.09 |
| KAVDEFENCE | 69.34 | 0.00 | 416.90 | 0.00 | -12.11 | -1223.38 | 14.43 | 269.05 | 8.44 | -103.12 |
| FROG | 263.10 | 0.00 | 409.23 | 0.00 | 2.99 | -59.48 | 48.48 | 8.94 | -2.16 | 13.92 |
| PUNJCOMMU | 62.34 | 13.65 | 74.95 | 0.00 | 2.87 | 718.86 | 5.83 | -12.56 | -0.52 | 13.75 |
| SHYAMTEL | 11.48 | 0.00 | 12.94 | 0.00 | -19.94 | -405.32 | 0.00 | — | 0.00 | — |
| UNIINFO | 10.94 | 0.00 | 11.70 | 0.00 | 0.14 | 440.00 | 8.36 | -1.42 | -0.99 | 5.29 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 38 | 31 | 33 | 35 | 45 | 44 | 36 | 44 | 91 | 48 | |
| 32 | 26 | 30 | 31 | 40 | 37 | 33 | 40 | 69 | 42 | |
| Operating Profit | 6 | 5 | 4 | 5 | 5 | 8 | 3 | 4 | 22 | 7 |
| OPM % | 15.30% | 15.87% | 10.90% | 13.09% | 10.36% | 16.94% | 7.87% | 8.26% | 24.16% | 14.03% |
| 0 | 0 | 1 | 0 | 0 | 2 | 0 | 3 | -0 | 0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 6 | 5 | 4 | 4 | 4 | 8 | 2 | 5 | 20 | 6 |
| Tax % | 30.60% | 16.28% | 26.23% | 36.07% | 33.59% | 12.88% | 36.90% | 15.37% | 25.10% | 47.91% |
| Net Profit | 4 | 4 | 3 | 3 | 3 | 7 | 1 | 4 | 15 | 3 |
| 2.99 | 3.00 | 1.75 | 1.68 | 1.69 | 4.79 | 0.76 | 2.67 | 9.86 | 1.93 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 87 | 121 | 133 | 135 | 158 | 219 | 106 | 219 | |
| 81 | 111 | 113 | 111 | 137 | 184 | 108 | 184 | |
| Operating Profit | 6 | 10 | 20 | 24 | 20 | 36 | -2 | 35 |
| OPM % | 7.28% | 8.61% | 14.99% | 17.83% | 12.94% | 16.21% | -1.49% | 16.08% |
| 1 | 8 | 3 | -1 | 3 | 3 | 3 | 3 | |
| Interest | 2 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| Depreciation | 3 | 2 | 1 | 2 | 3 | 4 | 5 | 4 |
| Profit before Tax | 3 | 16 | 21 | 21 | 20 | 33 | -4 | 33 |
| Tax % | 48.83% | 10.25% | 29.39% | 26.41% | 22.71% | 28.29% | 63.93% | 28.31% |
| Net Profit | 1 | 14 | 15 | 15 | 16 | 24 | -2 | 24 |
| EPS | 278.23 | 2851.53 | 13.05 | 11.41 | 10.05 | 15.17 | -1.01 | — |
| Dividend Payout % | 0.00% | 0.00% | 33.91% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- -3%
- 3 Years:
- -8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 4%
- 1 Year:
- -26%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 13%
- 3 Years:
- 9%
- Last Year:
- -1%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 0 | 0 | 15 | 15 | 16 | 16 |
| 45 | 60 | 69 | 101 | 117 | 140 | 143 | |
| 18 | 5 | 5 | 0 | 5 | 20 | 13 | |
| Trade Payables | 16 | 24 | 15 | 12 | 11 | 31 | 12 |
| 7 | 2 | 5 | 5 | 8 | 12 | 2 | |
| Total Liabilities | 85 | 90 | 95 | 133 | 156 | 219 | 186 |
| 19 | 15 | 20 | 13 | 82 | 85 | 92 | |
| Capital Work in Progress | 0 | 0 | 7 | 36 | 0 | 0 | 1 |
| 7 | 6 | 1 | 0 | 0 | 0 | 0 | |
| 18 | 17 | 24 | 25 | 26 | 32 | 33 | |
| 0 | 0 | 0 | 0 | 31 | 79 | 39 | |
| Cash & Bank | 9 | 16 | 13 | 20 | 1 | 7 | 7 |
| 32 | 37 | 31 | 39 | 16 | 16 | 14 | |
| Total Assets | 85 | 90 | 95 | 133 | 156 | 219 | 186 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 13 | 7 | 12 | 16 | 7 | -2 | 23 | |
| Cash from Investing | -1 | 4 | -9 | -35 | -30 | -7 | -15 |
| Cash from Financing | -8 | -12 | -5 | 35 | 4 | 15 | -8 |
| 1 | -2 | -4 | 7 | -19 | 6 | -0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
Recent coverage and analyst commentary for FROG
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