Subex Limited Q2 FY27 Revenue Rises 112% to ₹134.9 Crore

Subex Limited reported Q2 FY27 revenue of ₹134.9 crore, up 112% year on year, for the quarter ended September 30, 2026, with its board approving unaudited standalone and consolidated results on November 3, 2026. The update gives investors the company’s latest reported sales marker after Q1 FY27 standalone revenue of ₹79 crore.

What did Subex report for Q2 FY27?

Subex reported Q2 FY27 revenue of ₹134.9 crore, representing year-on-year growth of 112%, according to the available results update. The company’s board considered and approved unaudited standalone and consolidated financial results for both the quarter and the half year ended September 30, 2026.

The November 3 board meeting had been announced on October 14. The company had stated that the meeting would consider financial results for the September quarter, and the subsequent board-meeting outcome confirmed the approval of the unaudited statements. A statutory auditor conducted a limited review of the financial statements, as disclosed in the results-related update.

The supplied information does not provide a detailed Q2 profit-and-loss statement, including operating profit, margin or comparable prior-year quarterly revenue. Therefore, the reported 112% revenue growth is the principal financial comparison available from the announcement summary.

How did the Q2 FY27 results process unfold?

Subex initiated the formal results process with a board-meeting intimation for November 3, followed by the board’s approval of the September-quarter and first-half results. The disclosures cover both standalone and consolidated financial statements, which are important because the company reports performance under both bases.

Before the meeting, Subex closed its trading window from October 1, 2026. The company said the restriction would remain in force until 48 hours after the declaration of the unaudited results. Such closures are a standard governance measure around price-sensitive financial information.

Subex also scheduled an earnings conference call for November 4, 2026, at 11:00 AM IST. The call is intended to discuss the financial performance for the period ended September 30. Investors can use management commentary from that event to assess the revenue mix, operating conditions and any updates on customer contracts.

How does the result compare with Subex’s recent performance?

Subex had reported standalone revenue of ₹79 crore in Q1 FY27, up 8.9% quarter on quarter. The earlier quarterly data showed revenue of ₹69 crore in September 2025, ₹71 crore in December 2025, ₹73 crore in March 2026 and ₹79 crore in June 2026.

The Q1 FY27 operating profit was ₹12 crore, compared with ₹4 crore in September 2025, ₹7 crore in December 2025 and ₹6 crore in March 2026. Operating profit margin in Q1 FY27 was reported at 15.6%, versus 5.1% in September 2025, 9.4% in December 2025 and 8.6% in March 2026.

On profitability, Subex reported standalone net profit of ₹8.55 crore in Q1 FY27. For FY26, it reported profit after tax of ₹28.53 crore, reversing the loss recorded in the preceding year, while Q4 FY26 profit after tax stood at ₹9.93 crore. These earlier disclosures provide context for investors assessing the company’s progression before the latest September-quarter announcement.

What business developments accompanied the results update?

Subex announced a strategic AI Agents contract with a Tier-1 African telecom operator shortly before the results disclosure. It also announced a separate deal with a leading African mobile operator for deployment of its HyperSense Fraud Management solutions.

The announcements indicate that telecom customers in Africa remain part of Subex’s disclosed commercial activity. However, the available disclosures do not quantify the contract values, contract duration, expected revenue contribution or commencement dates. Investors therefore cannot calculate the financial effect of these deals from the information provided.

In September, the company’s Nomination and Remuneration Committee approved the grant of 2.75 million stock options under its employee stock-option plan. Separately, all four shareholder resolutions proposed through a postal ballot were approved on September 12, 2026, according to the company update.

What does the Q2 update mean for Subex investors?

The reported Q2 revenue figure of ₹134.9 crore and 112% year-on-year growth are the central points for investors reviewing the announcement. The board’s approval and limited review also complete the formal reporting step for the September quarter and first half of FY27.

The update does not provide enough supplied detail to establish the Q2 operating margin, net profit, cash generation or contribution from the newly announced telecom contracts. As a result, the scheduled earnings call is relevant for clarifying how revenue growth translated into profitability and whether management provides further business information.

A bulk sell transaction was reported on the NSE on September 15, 2026, involving 27.59 lakh shares at ₹21.26 per share, with a deal value of ₹5.87 crore. The disclosed stake traded was 0.490991%. The transaction is a separate market activity and does not by itself state an implication for the company’s operating performance.

Conclusion

Subex’s September-quarter update records revenue of ₹134.9 crore, up 112% year on year, while confirming board approval of unaudited standalone and consolidated Q2 and first-half FY27 results. The announcement follows a period in which the company reported improving standalone profitability and disclosed new telecom-related contracts in Africa.

The next disclosed event is Subex’s earnings call on November 4, 2026, at 11:00 AM IST. Investors will watch for management’s explanation of the Q2 revenue performance, profitability measures, and any quantified outlook or details on recent customer deployments.