Frog Cellsat Limited ($FROG)

Ladies and gentlemen, good day, and welcome to the full year FY '26 Earnings Conference Call hosted by Frog Innovations Limited. [Operator Instructions] Before we begin, I'd like to point out that this conference call may contain forward-looking statements about [indiscernible] which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company, and it may involve risks and uncertainties that are difficult to study. The company is today represented by Mr. Konark Trivedi, Managing Director; Mr. Umesh Singh, Deputing Chief Executive Officer; and Mr. Charan Jeet Kalra, Chief Financial Officer of the company. I now hand the conference over to Mr. Konark Trivedi for his opening remarks. Thank you, and over to you, sir.

Thank you. Good evening, everyone, and thank you for joining us today on our financial year 2016 earnings call. We hope you have had the opportunity to review our financial results, investor presentation and press release, which have been published on the stock exchange and uploaded on the company's website. Financial year '26 was a transformative year for the company despite its challenging industry environment. While moderate telecom operator CapEx and delays in certain airport infrastructure projects impacted our legacy business, such as RF [indiscernible] Active DAS Solutions, IB Accessories and [indiscernible] accessories, we remain focused on strengthening our core operations while simultaneously building new growth engines across electronics manufacturing services, AI-driven surveillance solutions, digital connectivity rating agency, CRA services, and 5G deployment services. During the year, we added one of the India's leading telecom operators as a new customer and successfully commenced RF repeated business with them. We believe this engagement creates a strong platform to further expand our relationship across IBF accessories, network accessories and other telecom infrastructure products going forward. The company also successfully commissioned DAS deployments at major airport infrastructure projects, including Navi Mumbai International Airport and Noida International Airport. Apart from reinforcing our execution capabilities in large venue connectivity solutions, these deployments indicate gradual revival in the DAS opportunity pipeline after a prolonged slowdown. The key highlights of the year has been the successful initiation of our electronic manufacturing services business. While contributions during financial year '26 were modest as operations commenced towards the end of the year, we have already onboarded customers and started deliveries. We expect CMS to gradually emerge as an important growth driver for the company [Technical Difficulty]

Ladies and gentlemen, the line from management has been disconnected. please hold while we get them. Ladies and gentlemen, thank you for patiently holding. We have management connected now. Over to you, sir.

Thank you. Sorry the line got disconnected. So I'll continue from where I left. A key highlight of the year has been successful initiation of our electronics manufacturing services business, while contributions during financial year '26 were modest as operations commenced towards the end of the year, we have already onboarded customers and started deliveries. We expect EMS to gradually emerge as an important growth driver of the company over the coming years. On the product innovation front, we achieved an important milestone with the commercial launch of our AI-powered video analytics platform, AI [indiscernible]. The solution lies artificial intelligence driven analytics for announced monitoring, security and operational insights. We are encouraged by the initial market response and are actively purchasing customer acquisitions through targeted outreach initiatives. Our CCTV portfolio is progressing through SPPC approvals, which enable our entry into the fast-growing severance and the smart security market. We are also advancing next-generation connectivity solutions. [indiscernible] bars, our indoor connectivity enhanced solution, is currently undoing pilot deployments with encouraging feedback. In addition, we are expanding into specialized strategic segments, including development of network interference mitigation solutions and mobile coverage solutions for defense applications. These initiatives are progressing to development and trial phases and could create long-term opportunities in high value sectors. On the services front, we have entered new domains aligned with industry evolution. We are now an appointed Digital Connectivity Rating Agency, or DCRA, by TRAI, creating a scalable services-led revenue stream. Alongside this, our 5G site implementation services have commenced and are already contributed at an early stage, further strengthening our engagement with telecom operators. In closing, we believe the company is entering financial year condition with improved momentum at a much more diversified and future-ready business model. With improving demand trends, increasing traction across our new initiatives and growing opportunity pipeline, we believe the company is well positioned for sustainable long-term growth. Our continued focus on innovation, execution excellence and strategic expansion positions, a innovations to capitalize on emerging opportunities and create meaningful value for all stakeholders. Thank you for your continued trust and support. We will now be happy to take your questions.

[Operator Instructions] Your first question is from the line of Disha from Sapphire Capital.

Yes. Sir, this year was a challenging because of the reason you mentioned. So I have a couple of questions. Firstly on this order book of '26 CR that you have, could you give me the split between the different segments, both on the DAS one, on the EMS? [indiscernible] the split of the order book?

Look, it's mostly from, what you say, in building accessories -- IBH network accessories and our services business.

And EMS is a very small portion of revenue?

EMS is right now a small portion, yes.

And this entire order book will be executable in this current year itself?

Yes, very much.

Okay. And sir, the CCTV, so we are in the approval stage, so when do you expect these approvals to go through, how will that ramp up be? If you could just elaborate a bit more on that?

Right. So look, as we are speaking, the team is sitting in the lab as a [indiscernible] the product approval process, and so I believe [ FTTC ] will be coming out with a few requests for changes in the -- so that's how the process is done. So we have to go through a couple of iterations. So that's what based on some observations. So I think it will take close to -- by the end of this quarter, we are expecting that we should. That's it.

How do you expect the scale of...

I'm sorry to [indiscernible]. May I request please rejoin the queue for more questions?

This a part of the second question.

Okay. What is that?

Yes. So I was just asking you about the scale-up. And how do you see this as a segment contributing to our revenue?

So definitely, we have made already all the preparations as far as go-to-market is concerned, they are progressing -- we are progressing well on that front. So as soon as the approval will come, we'll be already in the market. And our focus is going to be initially, we'll be focusing on North India market that is how our approach is.

We will take our next question from the line of [ Darshan Modi ] from [ Sudarshan Trading & Company ].

So this is Darshan from [ Sudarshan Trading ] as an individual investor. So my question is regarding like when this CCTV business will ramp up? And what are the key reasons like we are not able to find big opportunity since you are saying that as is a $1 billion opportunity. So from last 1 year, we are not seeing any orders on it, right? So what's the reason behind that?

Right. So 2 questions you asked. First one, on the CCTV front, look, as I mentioned to the earlier question, we are expecting approvals to take place by the end of this quarter. And we are ready for go-to-market now. Our first focus is going to be in North India territory because that's where the surveillance market is about 60% to 65% surveillance market is concentrated there. So that's the area we want to focus. As part of surveillance market, one is the CCTV camera, but the second part of it is AI analytics. which is already ready and for us to go to market. We are already launching that. So that is really part. On your second question on the front, look, so far, our efforts are focused on India market. And in India, what happened in the last year -- last year, there has been a stack between what you say, mobile operators and neutral hosts pertaining to the rentals being charged for providing these services. It's a perfect -- it's very much in the public domain. There has been delays in Navi Mumbai Airport. Mumbai Metro is still -- is not having any coverage inside the tunnels. So there has been a state, but -- and that has delayed any more decision-making on such projects in last year. But the good part is towards the end of the last year, the Navi Mumbai Airport got commissioned. So the operators have been onboarded. Noida Airport, which has been held up also, again, that has been operationalized, mobile operators have come in there. So things have started to move in now in the positive direction.

Okay. Okay. So second thing is like I joined late actually, so I'm not sure you explained or not. But like this year, like we see very big hit on revenue front, right? And EBITDA was negative also. So what are the reasons actually? If you have explained, then okay, I will go and read the conference call again.

So look, the reasons we have anyway mentioned in our release also, which is put on the website. But to tell you the major reason is, one, there has been a reduction in what you say, business -- in the CapEx spend by mobile operators. So that has reduced the overall spend, overall business opportunity for us. And second is the major dent has come from the DAS business. There has been no DAS business in the last year for the reasons I told you. basically 2 downsides.

So slowdown in DAS across the India or across -- I think we have some opportunity outside India also, right? So there also a slowdown is there? Or what is the situation or we are not getting inquiries?

Yes. So there has been slowdown outside India as well, mostly pertaining to the war situation. A lot of things have been delayed in outside India as well.

Next question is from the line of [ Anuj Jain ] from [ Green Portfolio ].

I wanted to understand, sir, regarding Mumbai, Noida and Airport and Mumbai Metro project. I just want to get an idea as to how big they are in terms of revenue potential and when we can expect revenue to be coming in because I think Noida has already started and Mumbai has also started.

So Anuj, look, Mumbai Airport or Noida -- sorry, Navi Mumbai Airport and Noida Airport, these supplies have been done by us already. So our scope was supply scope and installation scope also in Noida Airport. So those have been done in financial year '25. right? So the major jump we have seen in our revenues was from these large projects that we have already supplied. They got commissioned now. So supplies happened, but commissioning of those has happened only in the last quarter of last year, which is a positive sign for us, but it doesn't translate into revenue because revenues has already been realized, okay? So yes, but the other part of it is -- which might be of interest to you is these are only the first phase projects which has happened in Noida and Navi Mumbai. The projects -- these projects are much larger. So these are currently only Phase 1, which has got executed. So there are going to be future phases which are going to come. And maybe towards the end of this financial year, we can expect some business from the expansion side of it.

And regarding Mumbai Metro, sir?

Mumbai Metro, we have not done so far. Mumbai Metro is -- again, state continues there. And because of the rental agreements, which were being asked by neutral host from the operator. And now it is again, then there is a meter there still. So operators are looking to deploy a solution there directly, and that decision is yet to happen. So operators are in touch with us on the solution part. So that decision is pending, can take place within this financial year.

No, sir, my question was on revenue potential. Suppose it happens, then what is the revenue potential of Mumbai Metro.

Okay. So revenue potential for Mumbai Metro will be around, I think, INR 20 crores to INR 25 crores.

Understood, sir. And sir, regarding the statement you made under management commentary in the PPT, you mentioned that the EMS business, you have already onboarded customer and commenced deliveries. So can you just throw some light as to what is the -- what are the product or end product that -- for which you are -- you have started deliveries and a little bit on the customer profile. If you don't want to mention the name, maybe you can just let us know about the size of the customer so that it gives an idea as to where we stand today. And any pipeline, if you can share, what is the pipeline for FY '27 in this segment?

Right. So...

Product customer and pipeline, sir?

Yes. So currently, we are engaged with 7 different customers across different product lines, which includes induction heaters, induction hubs, smart meters, then power adapters, then EV charging PCBs. So yes, this is what we are doing kind of business we are doing. From the current setup that we have, we are expecting in this current financial year revenues in excess of INR 5 crores from this line. But if things go smooth, then potentially, we'll add more lines to it in the middle of the year.

INR 5 crores is job...

Sorry to interrupt, you may please rejoin the queue.

Madam, just one suggestion, I'm not asking the question. I have -- Konark, sir, I want to give you a suggestion that your PPD and your statement is very misleading. It gives an impression that Navi Mumbai and Noida Airport revenue is yet to come in the books. So I strongly suggest that the wording might be changed. And number two, sir...

Which wording there?

The wordings are -- furthermore, the DAS market has started showing positive momentum with successful commissioning of major airport projects, including Navi Mumbai International Airport and Noida International Airport. I mean it gives an impression that we are going to have a bumper year in FY '27.

Okay. So I don't know you read it like that. But I'm clarifying to you here what I clarified to you, right?

Yes. Another suggestion from my side, sir, given the market situation, given the share price and the P&L, I think limiting to 2 questions is not justified. So with these 2 suggestions.

No. So Anuj, we are not limiting to 2 questions. You can always come back in the queue and have more questions. But we want to give chance to everyone, right?

Next question is from the line of [ indiscernible ], an individual investor.

Sorry, I didn't catch your name.

My name is [ Kareem ], and I'm an individual investor.

Yes, [ Kareem ].

Okay. So my first question is that we have an excellent 150,000 square foot Noida infrastructure. So my first question is about the scaling of the SMT line. So would you be able to let us know that how many actual SMT lines can be accommodated in keeping the future in the same building? And are we allowed to work 3 shifts? And will we have separate lines for EMS, CCTV and the repeated products? Or is it going to be blend in those SMT lines? And also I had a follow-up question from your last con call where you mentioned that we can produce 5,000 CCTV cameras per day. And the ticket size of it is from INR 5,000 to INR 50,000. So on paper, that looks very high. So would you be able to provide some guidance?

So [ Kareem ], on your SMT line question. So currently, we have dedicated floor space for SMT line where we have, as of now, having only 1 SMT line. And this -- on the same floor, this is already -- the infrastructure is ready, we can expand it to 4 SMT line. So that's what the infrastructure is there. And currently, we are operating 1 shift. And yes, we are allowed to operate 3 shifts. So to answer your question, yes, from the current size, we can -- using the available infrastructure or allocated space, we can multiply it by 12-fold, okay?

Sorry, 12 SMT lines, you mean?

No, 12-fold. So currently, we are using 1 SMT line in 1 shift, and we can expand it to 4 SMT line in 3 shifts, so 12-fold.

Understood. And in the entire infrastructure, maximum 4 SMT lines, not further than that?

Yes. So that is what the space we have allocated as of now or prepared as of now.

[indiscernible]?

Yes, yes, we can accommodate more as well.

And what kind of...

V-shape.

All right. And what kind of you provide for the blend when we have it at scale? I'm not looking for any number, but like it's just a guidance?

Look...

One SMT line?

Right. So as I mentioned, we will be not dedicating any SMT line or anything for specific businesses. That's not the point here. We will be optimally utilizing our assets. And the first priority will be for our own in-house products, which is DAS and meters and CCTV cameras. Any unutilized displays will be definitely used for third-party business.

Understood. And just one more.

Sorry to interrupt, [ Kareem ]. Please rejoin the queue for more questions.

It's the same question, if you don't mind. I will rejoin after this. It was the blend of the revenue from SMT line, please.

Sorry?

I would just want to understand the blend of revenue from SMT line from 3 shifts potentially.

Okay. So from us -- see, again, it depends. There is no straight answer to this because in EMS business, there are different ways to look at revenue. One is you do just the job work. So that's one minimum thing that you just -- you're doing a job work, the supplier provides you with all the components, you do the job work and ship it back to them and you charge on the service charge, right? So that gives you x revenue. But let's say you are buying the components and selling it as a full product to a company, then that becomes maybe 30x. So there is no sad answer to this, which I'll be able to give you.

Next question is from the line of [ Disha ] from Sapphire Capital.

So just on -- so mentioned a vision of INR 500 crores with INR 75 crores EBITDA. But given our current order book, how do you see the growth, sir, for FY '27? And what sort of order inflow are we expecting?

Look, the INR 500 crores vision is there, and we are on it. And with that vision, we entered into this surveillance market, which is which is a very huge market and growing market with a very high growth rate. So if we consider INR 500 crores, that's a kind of miniscule part of that market. So yes, we are very much on it. This year is for us to make a strong foundation in surveillance market and for sure, we'll be there.

So this INR 500 crores will sort of require more than 100% CAGR and our order book is only currently INR 36 crores and the approvals will also take time. So you're expecting by this year and if there's some delay, how -- so I'm just not able to understand how will we reach this? And what -- if you could just provide a number with what sort of growth are you targeting for FY '27 and the order inflow as well?

Look, this year, let's look at this. So this year, the growth opportunities that we have. Our business is divided into 5 portions. So one is in-building coverage solution and network accessories. Second one is DAS. Third one is services, telecom services. Fourth is EMS business and fifth one is surveillance, okay? Now on the first portion, in-building and network accessories, as we have mentioned, we have made an entry into the largest -- one of the largest operators in India, mobile operators. And that will definitely give us a lot of growth is expected from there. So that is one part of it. So even if -- so the current business will also see the growth from what we did last year from the 2 operators. But now the third operator is expected to grow it further. Second part is DAS business, which was not there last year. And last year, there was a good DAS business, which we did. So we are very strong as we enter this year into that DAS business. Earlier, we had only one reference of Lucknow Airport for that. Now we have got 4, 5 strong references in place where our equipment is operational, working. And that business has started to open up now after all the states, what happened last year are the solutions are being found for that. Third, on the services side of it, again, services, whatever we were doing last year, those we'll continue to do. Plus in addition to that, we are doing DCRA services. We are doing now 5G installation services and all these services, whatever we have been doing, now we will be also doing it to the third mobile operator. We have not been doing services so far. EMS front, EMS, there was negligible revenue last year. It's a new business for us. And in this year, yes, there will be a ramp-up on that side. On surveillance business, as I mentioned, surveillance business, AI analytics is one component of it, which is already rolled out by us. And SPPC is around the corner. So yes, we will be -- we are expecting a comeback this year. And next year is going to be much bigger opportunity for us based on the foundation we have already built and further enhancing it in this year.

Any kind of percentage would have been really helpful.

So percentage of awards...

Growth that we're targeting?

Look, I don't want to put a number to this right now. We are still evaluating things currently. But I'm pretty sure on the number for next year, which is there INR 500 crores, that target is still stage. And we are very much going to achieve that.

Next question is from the line of [ Rohan Shah ] from [ Iris ] Ventures.

Sir, with the moderate performance in FY '26 and early signs of recovery in the legacy business and new product and service yet to contribute to the revenues. So how confident is the management in achieving its FY '28 targets?

Look, I only answered your question in the last call. So we are very much confident to be there to achieve INR 500 crores. We are building -- we have already built a good foundation for us. All our engines are working full throttle. And we will be there.

Okay. Okay. Sure. Sir, in the mitigation filters and Defense Connectivity Solutions segment, what stage are your current trials at? And what is expected time line for conversion into firm defense orders?

Look, Rohan, defense is one segment where stating time line is a very big issue. But what I can tell you is these 2 solutions, which we are working with them on the interference mitigation front and on coverage solution. These 2 are one of the priorities for them for sure because there is to the enemy, this is the easiest way to put interference in the mobile network. So defense has their own mobile network. So enemy basically creates interference on that network and the whole communication gets showed. So they are in need of the solution. So the trials are ongoing. They might come back with a change that, okay, this is fine. We need this. So it can be an iteration process. But on the coverage enhancement front, again, we have seen -- usually, their camps areas are very remote, defense or Army camp areas. And there is -- there are no mobile signals reaching there for the normal mobile, whether it's Jio or Airtel, and they need that solution as well. And that is something which the solution has been tested, accepted. And now it's up to them when they'll come out with some sort of ordering for that.

Next question is from the line of [ Darshan Modi ] from [ Sudarshan & Trading Company ].

So on OneDAS, I have a few -- I want a few understanding. So OneDAS is basically like includes in-building solutions also, correct?

Yes.

So on OneDAS front, like I think we are the only one company in India, okay, who do all these solutions. So I see like there are many tall buildings, very big buildings, which has already like network issues, okay? The network connectivity in one area of building is very good, one area, like next 5 steps, it will be very bad. So why can't we are able to capture that opportunity here because it's a very huge opportunity. And like see, the current office, which I'm working, right? So in the same building, if I go -- same place if I go and second floor, I will not have any network. On another floor, I will have network. 5 steps ahead, there will be some network, right? So why we are not able to capture that opportunity? Like why we are not able to go to construct -- like that real estate company who is constructing office space and we say like we are not demonstrating this because we have a lot of corporate office. Even in Noida, a lot of corporate office are there, where similar issues will be there.

Yes, [ Darshan ], you are very much right into this. And actually, India, the telecom market is very regulated market still. any telecom equipment deployment has to be done by operator. Now if a company or a customer like you wants to invest in DAS and put it and solve your problem, it is not allowed by government. It's that problem. And operator make his own choices where he wants to deploy a solution where he don't want to deploy a solution, right? They have their own parameters to work on. That's one reason. But we are working towards that. We understand this is a very big opportunity. And we understand that there are people and corporates who are ready to invest on their own to get the solution. if you see this new TRAI regulation where there is DCR is there, using DCRA now there is a regulation where the buildings are going to get digital certification. So certification or rating of a building will be there according to the digital infrastructure, the building has.

Yes, I've gone through it.

Right? So using this, using -- and we are one of the DCRAs appointed by TRA. So using this, there is going to be sensitivity created that which building has lower digital rating, which building has a higher digital rating and operators and building owners will then start to think on this side to improve their rating. So the framework is getting created. We are also working towards that, getting solutions. So of, and we are working towards that.

So since you are already a member of TRAI, right, you will only -- like you and other companies will decide the digital connectivity ratings, right, if I'm right. So like how much time it will take to like convert this opportunity since like already -- this will be like for us, it will be age towards the getting business or something like, right? So how much time it will take to convert into business or like how much time like when -- by what it can be like full-fledged opportunity for a service provider like us?

Yes. So we are already working on a model and a POC with operators, whereby normal consumer like you and me or corporate or banks who needs this coverage solution, who is facing problem, they can invest in it and we provide that services. So we are working on that POC already. And hopefully, things should get sorted with the operators soon.

Yes. Because what I think in OneDAS system is like -- correct me if I'm wrong. So if someone is like, let's say, like we are not consulting office for now, but say like some very big apartment where like Hiranandani or someone is building some -- constructing some apartments, so very big. And if they got the certificates, then it's a marketing tactics for them, right?

Right, right.

So...

I'm sorry to interrupt, [ Dharshan ]. [indiscernible] Next question is from the line of [ Anuj Jain ] from [ Green Portfolio ].

I understand that -- I mean, yes, I understand when you say that the time line for defense business is very difficult to guess. I totally understand that. But still, if you can throw some light on as to what product you are working on as far as defense segment is concerned, number one. Number two, and what could be the opportunity size in those product range? And if I understand correctly, around 2 years back in the conference call, you mentioned that you were already working for some agent time or something in the defense vertical, some PCB, et cetera. So in that light, I mean, since you are working for years, so has there been any progress in financial year '26 on the defense side?

Right. So look, on the business front, so far on the real business front, there has not been much success, although small orders here and there are there, but nothing big. or what I mentioned, we are working on currently on these opportunities. So our repeater solutions have been tried by them and has been accepted. The trials have been successful, and those have been accepted by them. And now they are considering us maybe I can say for ordering or for coming out with some tenders or something. So it is in that process. And it's difficult to put a time line to it. It depends on urgency for them.

So we have only one product in the defense side?

So repeat is one part of it. Second is interference mitigation, as I mentioned. So that is another product that we are working on. So these 2 products we are working on.

And sir, part of the question was the opportunity size of these products?

Right. So for repeaters, I see there is an opportunity of almost about INR 40 crores, INR 50 crores opportunity size is there, depending on, again, on which all areas they go with and how soon they go with the solution. But there is a requirement at most of their places because most of the camps they have are remotely located. And on interference mitigation, it's an equally big opportunity.

This is per annum?

Yes.

Understood, sir. Second question would be, sir, we -- I mean, you are still hopeful of achieving a INR 500 crores revenue in FY '28. So will it be like from INR 100 crores to INR 500 crores or FY '27 will beat FY '25?

Yes. So our expectation is that yes, FY '27 will be FY '25.

The current order book, last question, current order book as on date?

Current order book, we have mentioned in the release. I don't remember the number. I think it was INR 37 crores, INR 38 crores something if [indiscernible].

Sir, that 31st March, if you could share the figure today [indiscernible]?

Today's figure, I will not have.

Next question is from the line of [ Kareem ], an individual investor.

So I have a quick question about the CCTV camera wherein we are waiting for the STQC. Are we already reviewing for any sort of export orders in -- as you have mentioned that you're looking for Europe, Africa? That is one question. And the second question is that the gas market, for example, speaking of London or European underground railways, metro lines, there is the same problem. So are we kind of looking for any opportunity? Have we filled any tender to get those opportunities?

Right. So [ Kareem ], look, surveillance market, we plan to focus in India, largely on the camera front for now. And even in India, we want to focus in Northern India, at least for this financial year. That will be our focus area. Internationally, yes, we are going to -- we will be driving our AI analytics solution, which is having easier reach and easier solution, so you don't have to sit in front of customers. So AI analytics is definitely. We are looking at international customers as well.

Okay. And for CCTV camera, are we looking for like bundle up OneDAS where projects like airports and everything will give us advantage?

Yes. So that's one advantage that we have over our competitors is that we are not going to be just focused on CCTV surveillance because we have our own background. of doing system integration work of telecommunications and all that. So we -- what helps us is that the government tenders, which include multiple items in them, we are able to bid them directly ourselves rather than going through some third party who is taking just the cameras from us and something else from someone else. So that's going to be our edge.

Understood. And one last...

And [ Kareem ], other part is we have all the tools related to surveillance in-house, which is unique in ourselves. So like along with CCTV camera, AI analytics are in-house, VMS is in-house. So anything around that is in-house. So we control a larger part of it ourselves.

Understood. And one last question is about the -- as you have mentioned about the neutral host about the Mumbai Metro aqua line, wherein it's in the news. So if such scenario happens, is Frog taking any sort of equipment loss? Or is it just on the neutral host? And are we recovering the cost?

No, it's -- we have not supplied any equipment to Mumbai Metro.

If certain scenario happens in this sort of projects, Yes. Then do we get advance like quite enough? Or is it there a scope of loss in that scenario?

No. So look, we work usually with system integrator or with neutral. So they are our customers. So our payments are not dependent on what happens, what transpires between them and, let's say, Mumbai Metro. So right? So our payment remains secured.

Okay. Understood. And for the Mumbai Metro line, for example, as we are one of the proprietary DAS providers, is there anything which was missed to not get such project?

Look, you cannot do 100% of the market share. It's practically not possible for anyone and everyone. And as I said, we are still in the fray for Mumbai Metro. So the first implementation what happened has been kind of written off which -- and now there's going to be a fresh investment for which we have been considered.

Okay. Yes, understood because it's like Make in India products. So I just wanted to understand being one of the top proprietary company for a be missed out earlier stage.

Right, right.

Next question is from the line of [ Darshan Modi ] from [ Sudarshan Trading & Company ].

So my question is about what about revenue breakup right now we have INR 55 crores revenue second half yearly?

Right. So look, most of the revenue has come from -- in Building Solutions and Network accessories as there was almost no revenues from DAS business.

Next question is from the line of [ Anuj Jain ] from [ Green Portfolio ].

Sir, I was looking at the consolidated and stand-alone results. So there is something that I want to ask on that. So I mean, if I take the consolidated revenue and minus by stand-alone revenue, that would give me revenue that the subsidiary has done. There are 3 subsidiaries. So I just want to understand because in half year -- this half year, the difference is INR 11 crores. So consolidated revenue is INR 51 crores and stand-alone is INR 40 crores. So I just want to understand from where this INR 11 crores -- which subsidiaries this INR 11 crores is being contributed. Because if I compare it with last year's -- last half year's data, then the consolidated minus stand-alone is 0. So which subsidiary is this, which product is this? And I mean, just some detail on that? Yes.

Very good question, Anuj. I was expecting this question to be asked by someone and good. So let me explain you. So what is happening -- so we have a 100% subsidiary called Fox Services Private Limited. So till financial year '25, what was happening was the orders that used to flow for services business was customer used to give orders to [indiscernible]. And [indiscernible] in turn used to then give order to Fox Services for executing those orders. In last year, we did this structural change. we have transferred most of the business to be -- for services business to be done directly by Fox Services. So customers started to place order directly on Fox Services rather than routing it through Fox. So this is the change and this is the change which you are seeing like in financial year '25, there was almost no difference between consolidated and stand-alone revenue, whereas this year, there is a difference between consolidated and stand-alone revenues.

Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Konark Trivedi for closing comments.

Thank you all for joining us today and for asking such valuable questions. Your engagement has truly announced today's discussion. We are confident that the company is well positioned for the next phase of growth. This confidence comes from the strength of our teams, the trust of our customers, the support of our partners and the continued support of all our stakeholders, including many of you participating in today's call. We hope we have addressed all your queries today. In case of any unanswered questions, please feel free to reach out to us through our Investor Relations partner at EY or through our secretarial team, and we'll be happy to assist you. Thank you once again.

On behalf of Frog Innovations Limited, that concludes this conference. Thank you all for joining us today, and you may now disconnect your lines.