Frog Innovations Limited has released the transcript of its earnings conference call held on May 22, 2026. The company disclosed this document in compliance with Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transcript details the financial performance for FY26 and outlines management's strategic outlook for the coming year, emphasizing a shift towards a diversified business model despite a challenging industry environment.

Financial Performance and Business Review

Management described FY26 as a transformative year, noting that moderate telecom operator capex and delays in airport infrastructure projects impacted legacy businesses like RF repeaters and active DAS solutions. The company reported a decline in revenue and negative EBITDA, attributing the downturn primarily to reduced capital expenditure by mobile operators and a stalemate in the DAS business due to rental disagreements between operators and neutral hosts. However, the company successfully commissioned DAS deployments at Navi Mumbai International Airport and Noida International Airport, signaling a gradual revival in this segment.

Strategic Initiatives and New Growth Engines

During the year, Frog Innovations initiated its electronics manufacturing services (EMS) business, commencing deliveries towards the end of FY26. The company has onboarded customers across product lines including induction heaters, smart meters, and EV charging PCBs. On the product innovation front, the company commercially launched its AI-powered video analytics platform, AI EYE. Additionally, its CCTV portfolio is progressing through STQC approvals, with management expecting clearance by the end of the current quarter. The company also commenced 5G Site Implementation services and was appointed as a Digital Connectivity Rating Agency (DCRA) by TRAI.

Order Book and Future Outlook

The current order book stands at INR36 crores to INR38 crores, primarily comprising in-building accessories, network accessories, and services. Management expressed confidence in achieving its vision of INR500 crores revenue, supported by a diversified business structure spanning in-building coverage, DAS, telecom services, EMS, and surveillance. The company expects FY27 to surpass FY25 revenue levels, driven by the addition of a new major telecom operator and the ramp-up of new initiatives.

Conference Call Details

The following table summarizes the key details regarding the disclosure:

The transcript is available on the company's official website, providing investors with detailed insights into management's commentary on operational milestones and future strategies.

Frog Innovations Limited has approved the acquisition of a 50.10% stake in VINFOCOM IT SERVICES PRIVATE LIMITED (VISPL) for a total consideration of ₹2.75 crore. The Board of Directors at its meeting held on May 27, 2026, entered into a Share Purchase Agreement and Shareholders' Agreement to invest in the paid-up share capital of VISPL in multiple tranches. Pursuant to this acquisition, VISPL will become a subsidiary of Frog Innovations Limited, strengthening its presence in the Information Technology sector.

Transaction Details

The acquisition involves purchasing 4,551 equity shares, representing 15.17% of VISPL, from existing promoters at a premium of ₹1,066.28 per share for ₹48,98,150. Additionally, Frog Innovations will subscribe to a fresh issue of 21,000 equity shares at the same premium for ₹2,26,01,880. The total consideration of ₹2.75 crore will be paid in cash over multiple tranches, and the transaction is expected to be completed within 24 months.

Strategic Rationale

VISPL, incorporated on May 31, 2024, specializes in AI-driven analytics, telecom software platforms, computer vision, and intelligent automation solutions. The company reported a turnover of ₹91 Lakhs (un-audited) for FY 2025-26 and has a market presence in India, Africa, and Madagascar. Frog Innovations stated that this strategic investment will accelerate its expansion into AI-led software, intelligent surveillance, and next-generation telecom technology solutions.

The acquisition is not a related party transaction, and no regulatory approvals are required for the deal. VISPL’s capabilities in AI-powered CCTV Analytics and Video Management System (VMS) software platforms are expected to become a core technology layer for Frog Innovations' expanding surveillance and smart security business.