BSE: 0 | NSE: FROG | Telecommunication - Equipment | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Frog Cellsat Ltd is a average quality company.
The key valuation ratios of Frog Cellsat Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Frog Cellsat Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 44.9% | 30.3% | 18.4% | 7% | -8.5% | 6.5% | 17.9% | 33.4% | 23.9% | 15.7% | - |
| Value Creation Index ⓘ | 2.2 | 1.2 | 0.3 | -0.5 | -1.6 | -0.5 | 0.3 | 1.4 | 0.7 | 0.1 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 65.2 | 84.1 | 86.9 | 88.5 | 60.5 | 87 | 120 | 133 | 135 | 158 | 169 |
| Sales YoY Gr. | - | 29% | 3.3% | 1.9% | -31.7% | 43.9% | 37.7% | 10.9% | 1.7% | 16.6% | - |
| Adj EPS ⓘ | 10.6 | 7.9 | 6.5 | 2.4 | -6.1 | 1.1 | 5.6 | 12.3 | 11.4 | 8.5 | 9.4 |
| YoY Gr. | - | -25% | -18.6% | -62.6% | -351.5% | NA | 399.1% | 118.8% | -7.5% | -25.3% | - |
| BVPS (₹) ⓘ | 27.7 | 35.7 | 42.5 | 45.2 | 39.2 | 40 | 45.9 | 53.8 | 75.1 | 84.6 | 87.7 |
| Adj Net Profit ⓘ | 11.9 | 9 | 7.3 | 2.7 | -6.9 | 1.3 | 6.4 | 14 | 17.6 | 13.2 | 15 |
| Cash Flow from Ops. ⓘ | 1.7 | 6.3 | 0.9 | 9.8 | -3.2 | 8.9 | 7 | 2.4 | 7.1 | 6.9 | - |
| Debt/CF from Ops. ⓘ | 6.2 | 2 | 14.3 | 2.6 | -7.4 | 2 | 0.5 | 2.6 | 0 | 0.7 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.3% | 21.1% | 9.6% | 16.6% | ||||
| Adj EPS ⓘ | -2.3% | NA | 14.8% | -25.3% | ||||
| BVPSⓘ | 13.2% | 16.7% | 22.7% | 12.7% | ||||
| Share Price | - | - | - | 80.5% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 47 | 25 | 16.5 | 5.5 | -14.4 | 2.9 | 13.1 | 24.8 | 19.9 | 10.7 | 10.9 |
| Op. Profit Mgn % ⓘ | 24.9 | 19.1 | 12.7 | 5.1 | -6.5 | 6.3 | 8.8 | 14.5 | 18.6 | 12.5 | 10.3 |
| Net Profit Mgn % ⓘ | 18.3 | 10.6 | 8.4 | 3.1 | -11.3 | 1.5 | 5.3 | 10.5 | 13 | 8.4 | 8.6 |
| Debt to Equity ⓘ | 0.3 | 0.3 | 0.3 | 0.5 | 0.5 | 0.4 | 0.1 | 0.1 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 212 | 224 | 193 | 219 | 293 | 201 | 165 | 151 | 165 | 165 | 88 |
| Cash Conv. Cycle ⓘ | 100 | 109 | 114 | 134 | 169 | 102 | 59 | 54 | 84 | 99 | 52 |
Net Profit is growing at healthy rate in last 3 years 14.79%
Sales growth is good in last 4 quarters at 22.94%
Return on Equity has declined versus last 3 years average to 10.90%
Sales growth has been subdued in last 3 years 9.57%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 9.4 | 10.1 |
| TTM Sales (₹ Cr.) | 169 | 169 |
| BVPS (₹.) ⓘ | 87.7 | 88.8 |
| Reserves (₹ Cr.) ⓘ | 120 | 122 |
| P/BV ⓘ | 3.67 | 3.63 |
| PE ⓘ | 34.21 | 32.05 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 0.00 / 0.00 |
| All Time Low / High (₹) | - / - |
| Market Cap (₹ Cr.) | 499 |
| Equity (₹ Cr.) | 15.5 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 45.6 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 65 | 84 | 87 | 89 | 60 | 87 | 120 | 133 | 135 | 158 |
| Operating Expenses ⓘ | 49 | 68 | 76 | 84 | 64 | 82 | 110 | 114 | 111 | 138 |
| Manufacturing Costs | 1 | 3 | 9 | 15 | 18 | 21 | 17 | 18 | 22 | 30 |
| Material Costs | 31 | 49 | 51 | 55 | 32 | 48 | 79 | 79 | 68 | 89 |
| Employee Cost | 10 | 11 | 9 | 9 | 8 | 7 | 7 | 6 | 10 | 9 |
| Other Costs ⓘ | 8 | 6 | 7 | 5 | 6 | 6 | 7 | 11 | 10 | 10 |
| Operating Profit ⓘ | 16 | 16 | 11 | 5 | -4 | 5 | 10 | 19 | 25 | 20 |
| Operating Profit Margin (%) | 24.6% | 19.1% | 12.6% | 5.1% | -6.6% | 5.8% | 8.2% | 14.3% | 18.3% | 12.5% |
| Other Income ⓘ | 0 | 0 | 2 | 2 | 1 | 2 | 3 | 3 | 1 | 3 |
| Interest ⓘ | 0 | 1 | 1 | 2 | 2 | 2 | 1 | 1 | 1 | 0 |
| Depreciation ⓘ | 2 | 2 | 2 | 2 | 3 | 3 | 2 | 1 | 2 | 3 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3 | 0 |
| Profit Before Tax ⓘ | 14 | 14 | 10 | 3 | -8 | 2 | 9 | 20 | 21 | 19 |
| Tax ⓘ | 2 | 5 | 2 | 0 | -2 | 1 | 3 | 6 | 6 | 4 |
| Profit After Tax | 12 | 9 | 8 | 3 | -7 | 1 | 7 | 14 | 15 | 15 |
| PAT Margin (%) | 18.1% | 10.7% | 8.9% | 3.4% | -11.3% | 1.1% | 5.5% | 10.5% | 11.4% | 9.6% |
| Adjusted EPS (₹) | 10.5 | 8.0 | 6.9 | 2.7 | -6.1 | 0.9 | 5.9 | 12.4 | 10.1 | 9.8 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 36% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 31 | 40 | 48 | 51 | 44 | 45 | 52 | 61 | 115 | 131 |
| Share Capital ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 15 |
| Reserves ⓘ | 31 | 40 | 48 | 51 | 44 | 45 | 52 | 61 | 100 | 115 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 10 | 12 | 12 | 24 | 21 | 15 | 3 | 5 | 0 | 5 |
| Long Term Debt | 3 | 2 | 2 | 15 | 12 | 10 | 3 | 3 | 0 | 0 |
| Short Term Debt | 7 | 10 | 10 | 9 | 9 | 5 | 0 | 2 | 0 | 5 |
| Trade Payables | 10 | 12 | 7 | 6 | 3 | 18 | 24 | 15 | 11 | 9 |
| Others Liabilities ⓘ | 12 | 1 | 1 | 4 | 3 | 4 | 3 | 2 | 4 | 9 |
| Total Liabilities ⓘ | 63 | 65 | 68 | 85 | 71 | 82 | 82 | 83 | 131 | 154 |
Fixed Assets | ||||||||||
| Gross Block | 12 | 14 | 15 | 18 | 23 | 23 | 18 | 20 | 23 | 93 |
| Accumulated Depreciation | 3 | 5 | 7 | 9 | 11 | 14 | 13 | 14 | 15 | 17 |
| Net Fixed Assetsⓘ | 9 | 9 | 9 | 9 | 12 | 9 | 5 | 6 | 8 | 76 |
| CWIP ⓘ | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 7 | 36 | 0 |
| Investmentsⓘ | 0 | 0 | 2 | 10 | 10 | 11 | 12 | 10 | 0 | 0 |
| Inventories | 15 | 23 | 15 | 18 | 16 | 18 | 16 | 24 | 25 | 26 |
| Trade Receivables | 22 | 19 | 28 | 17 | 13 | 21 | 27 | 20 | 28 | 31 |
| Cash Equivalents | 0 | 5 | 6 | 8 | 7 | 9 | 10 | 4 | 20 | 1 |
| Others Assetsⓘ | 16 | 9 | 8 | 20 | 14 | 14 | 12 | 12 | 14 | 19 |
| Total Assets ⓘ | 63 | 65 | 68 | 85 | 71 | 82 | 82 | 83 | 131 | 154 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 2 | 6 | 1 | 10 | -3 | 9 | 7 | 2 | 7 | 7 |
| PBT ⓘ | 14 | 14 | 10 | 3 | -8 | 2 | 9 | 20 | 24 | 19 |
| Adjustment ⓘ | 5 | 3 | 4 | 2 | 5 | 3 | 3 | 0 | 0 | -1 |
| Changes in Working Capital ⓘ | -15 | -8 | -11 | 6 | 1 | 5 | -5 | -15 | -8 | -6 |
| Tax Paid ⓘ | -2 | -3 | -2 | -2 | -1 | -1 | 0 | -2 | -6 | -5 |
| Cash Flow From Investing Activity ⓘ | -8 | -3 | -1 | -18 | 0 | 0 | 5 | -7 | -33 | -30 |
| Capex | -8 | -2 | -2 | -5 | -4 | -1 | 2 | -9 | -32 | -33 |
| Net Investments | 0 | -1 | 0 | -13 | 4 | -1 | -1 | 2 | 1 | 0 |
| Others ⓘ | 0 | 0 | 1 | 0 | 1 | 1 | 4 | 0 | -1 | 3 |
| Cash Flow From Financing Activityⓘ | 5 | 1 | 0 | 10 | -4 | -8 | -14 | -3 | 35 | 4 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42 | 0 |
| Net Proceeds from Borrowing ⓘ | 2 | -1 | 0 | 12 | -2 | -2 | -7 | 0 | -3 | 0 |
| Interest Paid ⓘ | 0 | -1 | -1 | -1 | -2 | -2 | -1 | 0 | -1 | 0 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5 | 0 | 0 |
| Others ⓘ | 4 | 3 | 1 | -1 | 0 | -3 | -5 | 2 | -3 | 5 |
| Net Cash Flow ⓘ | -1 | 5 | 0 | 2 | -7 | 1 | -2 | -8 | 9 | -19 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 46.52 | 25.19 | 17.54 | 6.11 | -14.38 | 2.16 | 13.62 | 24.79 | 17.54 | 12.28 |
| ROCE (%) | 44.9 | 30.28 | 18.37 | 7.01 | -8.49 | 6.51 | 17.85 | 33.35 | 23.87 | 15.74 |
| Asset Turnover Ratio | 1.45 | 1.32 | 1.45 | 1.16 | 0.78 | 1.13 | 1.46 | 1.61 | 1.26 | 1.11 |
| PAT to CFO Conversion(x) | 0.17 | 0.67 | 0.13 | 3.33 | N/A | 9 | 1 | 0.14 | 0.47 | 0.47 | Working Capital Days |
| Receivable Days | 89 | 88 | 89 | 93 | 89 | 72 | 73 | 64 | 64 | 68 |
| Inventory Days | 56 | 83 | 72 | 68 | 102 | 71 | 53 | 55 | 66 | 59 |
| Payable Days | 68 | 83 | 67 | 39 | 44 | 70 | 92 | 91 | 72 | 42 |
The Company was incorporated on July 12, 2004 as a private limited company under the provisions of Companies Act, 1956 with the Registrar of Companies, Delhi in the name and style of ‘Frog Cellsat Private Limited’. Subsequently, the Company was converted into public limited company pursuant to which the name of the Company was changed to “Frog Cellsat Limited” vide shareholder’s approval on February 20, 2014 and fresh certificate of incorporation dated March 25, 2014. The Company got listed on Emerge ITP Platform of National Stock Exchange of India Limited (NSE) on May 02, 2014. Further, the Company had made an application for delisting and NSE vide its letter dated June 6, 2018 hereby notified that the securities shall be delisted with effect from June 13, 2018. Further the admissions to dealings in the securities were withdrawn w.e.f. June 20, 2018.
The company is engaged in manufacturing of telecom equipment’s used by telecom operator’s especially in Telecom Towers. It manufactures 2G/3G/4G Multi-band Digital RF Repeaters, Multi-band Frequency Shift Repeater, Multi-band Optical DAS system, relative software and accessories. It also offer In-Building Coverage Planning and Design services along with Radio Access Network (RAN) and Backhaul Network installation services. The company has two production unit one is located in Noida and second one is in located in Dehradun. Its end-to-end RF enhancement solutions are well positioned in the industry for being price competitive, field proven, future-ready, and highly reliable. Its design, development, manufacturing, and quality control processes are ISO 9001:2015 certified. Its success is an outcome of strategic focus on innovative R&D, to produce a unique range of RF products conforming to the applicable standards from ETSI, 3GPP, TEC, and other standardization bodies.
It is one of the most experienced and focused Telecommunication equipment suppliers. Since inception, it has been expanding and diversifying its product portfolio to offer the widest range of indoor and outdoor coverage solutions in the industry today. It directly sale its products in the market and are not dependent upon any dealers/distributors for sale of products. The company is providing its products and services across Asia, Europe, Africa, and the Middle East. Its main products are 2G/3G/4G Multi-band Digital RF Repeaters, Multi-band Frequency Shift Repeater, Multi-band Optical DAS system, relative software and accessories. Also, its Production line is equipped with anti-static equipment, all products are subject to rigorous and reliability tests. It has been awarded the India-Israel Industrial R&D and Technology Innovation Fund (I4F) established by Department of Science & Technology (DST), Government of India from the Indian side and Israel Innovation Authority (IIA) from the Israeli side for development of Cellular Interface Mitigation Solution for Indian Market, based on UBiFiX Solution. UBiFiX solution assists mobile operators to protect and extract the most out of their licensed spectrum by cancelling external interference at the input of a cellular base-station receiver.
Business area of the company
The company is one of the most experienced and focused Telecommunication equipment suppliers. Its main products are 2G/3G/4G Multi-band Digital RF Repeater, Multi-band Frequency Shift Repeater, Multi-band Optical DAS system, relative software and accessories. Also, our Production line is equipped with anti-static equipment, all products are subject to rigorous and reliability tests.
Key events and milestones
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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