Earnings Call/Transcript
Subex Ltd Q2 FY27 Earnings Call Transcript
Subex Ltd filed the transcript of its Q2 FY27 earnings call held on November 4, 2026, covering the quarter and half year ended September 30, 2026.
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Subex Ltd (SUBEXLTD) is currently trading at 16.76 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.
Subex Limited provides telecom AI and software solutions spanning business assurance, fraud management, revenue assurance, partner ecosystem management, analytics, and managed services across more than 100 countries. Its products help operators detect leakage, investigate fraud, protect economic outcomes, and manage complex inter-party settlements and partner relationships. Subex Limited delivered its fifth consecutive quarter of sequential revenue growth in Q2 FY27, with revenue rising 7.7% quarter-on-quarter and 24% year-on-year to INR 85.59 crore. Normalized EBITDA reached INR 17.77 crore, representing a 20.8% margin, despite annual wage increases during the quarter. Subex Limited is framing its next phase around the integrity of AI-driven decisions rather than only post-event anomaly detection. Management believes autonomous agents will increasingly initiate economically consequential actions, creating demand for authorization, accountability, governance, and decision-assurance capabilities across telecom and adjacent digital ecosystems. Subex Limited’s revenue model provides meaningful visibility: management stated that approximately 70% of annual revenue is recurring or backlog-driven. New contracts generally contribute implementation revenue during the first year and transition into maintenance or managed-service streams after production go-live. Subex Limited is preserving strategic flexibility through INR 198 crore of cash and is evaluating inorganic growth opportunities. However, management ruled out a current shareholder buyback because retained earnings remain negative, while acknowledging that foreign exchange contributed approximately 8–10% of year-on-year growth.
Over the past 52 weeks, Subex Ltd has traded between a low of ₹6.63 and a high of ₹22.84. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.
Subex Ltd has a market capitalization of approximately 974.61. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.
Subex Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 23.56 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.
Based on its market capitalization of 974.61 Cr, Subex Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.
Subex Ltd operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.
The Price-to-Earnings (PE) ratio of Subex Ltd is 23.56. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.
Subex uses economic integrity to describe assessing whether an AI-driven action is authorised, economically legitimate and within the boundary set for an agent. Management cited incorrect settlements, fraudulent transaction approvals and revenue misallocation as possible outcomes when autonomous decisions are not properly controlled.
Subex said three AI POCs were technically successful in the last quarter. Each had met its agreed exit criteria, according to management. The company did not say that any of the three had already become a commercial contract.
Subex reported Q2 FY27 revenue of ₹85.59 crore for the quarter ended September 30, 2026. This was 7.7% higher than ₹79.45 crore in Q1 FY27 and 24% above the prior-year quarter.
Subex reported consolidated profit after tax of Rs 14.29 crore for the quarter ended September 30, 2026. This compared with Rs 2.86 crore in the quarter ended September 30, 2025, and Rs 14.22 crore in the June 2026 quarter.
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IT - Software
Software Products
975 Cr
High Risk
23.6
18.8
0.1
2.5
22.84
6.63
Sales CAGR
Profit CAGR
ROE
ROCE

Earnings Call/Transcript
Subex Ltd filed the transcript of its Q2 FY27 earnings call held on November 4, 2026, covering the quarter and half year ended September 30, 2026.
Earnings Call/Transcript
Subex announced that the audio recording of its earnings call for the quarter and half year ended September 30, 2026, is available on its website.
Financial Results
Subex published newspaper copies of its unaudited financial results for the quarter and half year ended September 30, 2026, in Financial Express and Vishwavani on November 4, 2026.
Investor Presentation
Subex released its Q2 FY27 investor presentation, reporting 24.2% YoY revenue growth and announcing an earnings call on November 4, 2026.
Financial Results
Subex Ltd approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, and scheduled a conference call for November 4, 2026.