Transcript of Earnings call

Subex Limited reported Q4FY26 revenue of INR 72.96 crores (3% sequential growth) with EBITDA at INR 10.58 crores and PAT at INR 9.93 crores. Full year FY26 total income grew 6% YoY. The company highlighted 24% growth in order intake, strong backlog entering FY27, and AI deals outperforming prior years. Management noted 9 of the last 10 quarters with positive EBITDA and 3 successive quarters of positive PAT, with liquidity strengthening by INR 70 crores. Product margin profile shows license at ~90% gross margin, implementation at 40-45%, managed services at 50%+, and AMC at 70%+. Key risks include Middle East geopolitical exposure (31% revenue from Gulf region), GPU hardware constraints delaying AI product commercialization, and customer decision delays in new deal cycles.