SUBEX LTD

Provides telecom operators with AI-driven software for revenue assurance, fraud management, partner settlement, and enterprise asset management, with over 300 installations across more than 90 countries. The business earns from four product lines — Revenue Assurance, Fraud Management, Partner Settlement System, and Enterprise Asset Management — delivered through license sales, implementation services, managed services, and annual maintenance contracts, with product-level gross margins of around 90% (license), 40-45% (implementation), above 50% (managed services), and above 70% (AMC). FY26 revenue was INR 279.06 crore, with Q4 at INR 72.96 crore; order intake grew 24% year-on-year, the strongest level in three years. Operations are people-intensive, with employee cost at 59% of FY26 revenue and other operating expenses at 31.8%. Customers are telecom operators globally, with the Gulf/Middle East region contributing 31% of revenue. Newer AI offerings are being layered onto the core — FraudZap has 3 paying customers onboarded via telcos, and Team of LLM is in late-stage commercial negotiations — while INR 50 crore is earmarked for tuck-in acquisitions.