Frog Innovations Limited has announced the re-appointment of its statutory auditors for the upcoming financial year. The decisions were taken during a board meeting convened on May 21, 2026, to ensure compliance with the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Secretarial Auditor Appointment

Based on the recommendation of the Audit Committee, the Board of Directors approved the re-appointment of Mr. Sanjay Chugh as the Secretarial Auditor of the company for the financial year 2026-27. Mr. Chugh is a Practicing Company Secretary with over 26 years of experience. His expertise encompasses corporate laws, company law, secretarial audit, SEBI compliances, IPO, FDI & ODI under FEMA, and mergers and amalgamations.

Internal Auditor Appointment

The board also approved the re-appointment of M/s. R G P & Co. LLP as the Internal Auditor for the financial year 2026-27. The firm, formerly known as Rajan K Gupta & Co., is a Peer Reviewed Chartered Accountants firm established in 1991. It brings over 30 years of experience in areas such as company audit, tax audit, internal audit, accounting, bank audit, and various direct and indirect tax matters.

Meeting Details

The board meeting commenced on Thursday, May 21, 2026, at 03:15 P.M. and concluded at 04:15 P.M. The disclosures regarding these appointments were made pursuant to Regulation 30 of the SEBI Listing Regulations.

Appointment Summary

Frog Innovations Limited (Erstwhile Frog Cellsat Limited) has released its audited financial results for the fourth quarter and full year ended March 31, 2026. The company reported a Revenue from Operations of Rs 1,060.7 Million for the full year, a significant decline from Rs 2,193.9 Million in the previous fiscal year. For the second half of FY26, revenue stood at Rs 511.4 Million compared to Rs 1,396.3 Million in the same period last year. The Board of Directors approved the results during a meeting held on May 21, 2026.

Financial Performance

The company recorded a Net Loss (PAT) of Rs 11.7 Million for FY26, a sharp reversal from the Net Profit of Rs 235.5 Million reported in FY25. The half-yearly performance also reflected this downturn, with a loss of Rs 5.5 Million in H2 FY26 against a profit of Rs 182.4 Million in H2 FY25. EBITDA for the full year turned negative at Rs (15.8) Million, down from a positive Rs 352.7 Million in the prior year. The company attributed the moderation in business momentum to lower telecom operator capex spending and delays in commissioning certain DAS infrastructure projects.

Consolidated Financial Highlights

The following table summarizes the financial performance for the half-year and full-year periods:

Business Verticals and Growth

Despite the financial challenges, FY26 marked a strategic transition year characterized by expansion into new verticals. The company successfully commenced Electronics Manufacturing Services (EMS) operations with customer onboarding and deliveries initiated, expected to emerge as a significant growth vertical from FY27 onwards. Frog Innovations also developed and launched an AI-driven surveillance analytics platform, AI EYE, with commercial marketing initiatives underway.

Strategic Developments

Frog Innovations added one of India’s leading telecom operators as a new customer, commencing business for RF repeaters. It successfully commissioned major Distributed Antenna System (DAS) deployments at Navi Mumbai International Airport and Noida International Airport. The company was also appointed by TRAI as a Digital Connectivity Rating Agency (DCRA), entering a new scalable service revenue vertical. As of March 31, 2026, the executable order book stood at Rs 360 Million.

Management Commentary

Mr. Konark Trivedi, Founder & Managing Director, described FY26 as a transformative year focused on capability building. He noted that while the year faced industry-level challenges, the company reinforced its core business and positioned itself for future growth through scaling EMS operations and increasing traction in new technology-led verticals. The company expects FY27 to witness improved operational performance and stronger business momentum.