ADC India Communications (Krone Communications)Direct supplier · MediumListed
Frog Innovations (Frog Cellsat) (FROG)
In-building coverage (DAS/repeaters) and mobile network accessories for 2G-5G
Price
₹224.00
snapshot 30 Oct 2026
Strengths
Niche specialisation in in-building coverage (DAS/repeaters) gives it a defensible position as operators densify indoor and enterprise coverage across 2G-5G networks
Risks
Sharp revenue collapse (FY26, -52% YoY) into a small loss suggests order-timing volatility
Note: Sharp FY25-to-FY26 revenue collapse (-52%) into a small loss - possible order-timing air-pocket
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
The base-station cabinet, packet-transport and routing gear that processes radio traffic at the site and hands it off to the core network.
Why it matters
This is the active 'brain' of each site - it determines network capacity, latency and feature support (4G vs 5G vs future 6G), independent of how good the passive infrastructure around it is.
Where the value pool sits
RAN/active-equipment makers capture higher, IP-driven margins than passive infrastructure, especially indigenous players benefiting from PLI incentives and large government/BSNL orders.
Key drivers
Open-RAN and indigenous-stack adoption (Tejas, ITI, C-DOT)
5G site densification and 4G-to-5G swap-outs
PLI-linked domestic manufacturing incentives
Potential bottlenecks
Global chip/component supply for RAN hardware
Government/PSU order-cycle lumpiness for indigenous suppliers
Operator capex timing driving demand more than steady organic growth
Investor metrics to watch
Order book / backlog from operator and government contracts
Revenue mix between telecom and adjacent (enterprise) networking