Transcript of Earnings Call

Subex Limited reported Q4FY26 revenue of INR 72.96 crores (up 3% sequentially) with EBITDA at INR 10.58 crores and PAT at INR 9.93 crores. Full year FY26 total income grew 6% YoY, with EBITDA margins at 14.5% and PAT margins at 13.6%. The company achieved 24% YoY growth in order intake and strengthened liquidity by INR 70 crores. Key wins include new AI fraud deals in North America, winning back competitor accounts in Middle East, and expanding managed services with a T1 African operator. Management highlighted that new product FraudZap has 3 paying customers, while Team of LLM product is in commercial discussions but facing GPU hardware constraints. The company operates four main products: Revenue Assurance, Fraud Management, Partner Settlement System, and Enterprise Asset Management. Middle East exposure remains a concern due to geopolitical situation, mitigated by offshoring delivery. The MD emphasized FY27 will be the year to convert the strong pipeline into revenue growth.