NSE: SUBEXLTD · BSE: 532348
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Revenue Assurance, Fraud Management, Partner Settlement System, Enterprise Asset Management, License sales, Implementation services, Managed services, Annual maintenance contracts (AMC). Asset-light, people-driven software and services business focused on telecom operators
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 333 | 279 | 310 | 286 | 279 |
| EBITDA (ex other income) | 35 | (31) | (164) | (10) | 21 |
| margin % | 10.5 | (11.0) | (52.8) | (3.7) | 7.6 |
| Owners' profit | 0 | 0 | 0 | 0 | 29 |
| EPS, as reported (₹) | 0.38 | (0.93) | (3.47) | (0.57) | 0.51 |
| ROE % · ROCE % | 3.7 · 5.5 | (9.8) · (5.9) | (57.5) · (40.6) | (10.3) · (4.6) | 8.3 · 9.2 |
| Debt / equity (x) | 0.01 | 0.02 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (9) | 9 | (8) | 10 | 72 |
| Capex | (5) | (5) | (3) | (2) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 74 | 73 | 71 | 66 | 69 | 71 | 73 | 79 |
| Profit before tax | 3 | (0) | (14) | 15 | 4 | 6 | 13 | 16 |
| Net profit | 1 | (3) | (18) | 13 | 3 | 3 | 10 | 14 |
| EPS (₹) | 0.01 | (0.06) | (0.32) | 0.23 | 0.05 | 0.05 | 0.18 | 0.26 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Sep 30 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Subex Trading Window Closed from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Grant of 27.5 lakh stock options under ESOP 2025 | capital market events | low | — | — |
| 23 Sept 2026 · Subex wins US$5M PEM contract with major APAC mobile operator | business updates | high | — | — |
| 12 Sept 2026 · Subex ESOP 2026 postal ballot: all 4 resolutions passed by shareholders | management changes | medium | — | — |
| 26 Aug 2026 · Subex wins USD 0.6M African fraud management deal | business updates | high | — | — |
| 21 Aug 2026 · Subex wins Euro 0.6M deal with European fibre operator | business updates | high | — | — |
| 18 Aug 2026 · Subex Investor Presentation for Analyst Meeting on Aug 19 | investor communications | medium | — | — |
| 14 Aug 2026 · Newspaper publication of Postal Ballot notice | compliance | minimal | — | — |
| 13 Aug 2026 · Subex seeks shareholder approval for 2026 employee stock option plan | capital market events | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.