Subex Ltd

SUBEXLTD

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Market Cap

₹ 674 Cr

P/E

—

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Subex Limited specializes in providing Business Support Systems (BSS) for telecom operators, focusing on revenue operations and fraud management solutions.

The company has achieved operational profitability for the first time since June 2022, purely through operational performance rather than one-time gains.

Subex's recent deals totaling $15 million showcase its robust order book and strategic renewals with significant operators, underscoring financial health.

With a strong focus on AI, Subex has been recognized in Gartner's Magic Quadrant for AI in CSP operations, highlighting its innovation in AI-driven solutions.

The company is undergoing a strategic reset with new board members and management to enhance its governance and growth potential.

Sector

IT - Software

Industry

Computers - Software - Medium / Small

Market Cap

674 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

38.4

PEG Ratio

—

P/B Ratio

2.1

52W High

25.06

52W Low

10.57

Sales CAGR

-7.78%

57.84%

90.23%

10Y

-1.06%

Profit CAGR

83.60%

—

10Y

—

ROE

TTM

-1.61%

-23.66%

-8.88%

10Y

-9.39%

ROCE

TTM

2.08%

-15.86%

-3.65%

10Y

-3.98%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
UNIFIED	374.00	748 Cr	25.37	7.64	0.00	25.50	34.07	21.53
KSOLVES	286.65	677 Cr	21.84	20.39	2.71	93.35	118.39	55.94
SUBEXLTD	11.94	674 Cr	—	2.08	0.00	-1.61	2.08	-1.00
MINDTECK	206.70	665 Cr	22.47	2.37	0.48	11.07	14.06	9.15
VERTOZ	74.46	635 Cr	23.20	2.77	0.00	11.95	13.40	8.99
ONWARDTEC	274.15	625 Cr	15.19	2.69	1.82	17.71	20.39	12.05
IRIS	302.10	621 Cr	72.97	3.29	0.00	4.51	7.04	49.37

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	67	77	82	84	68	74	73	71	66	69
Expenses	82	81	81	81	74	72	70	84	62	63
Operating Profit	-15	-4.57	0.58	3.08	-6.04	1.89	2.50	-13	3.93	6.28
OPM %	-21.91	-5.95	0.71	3.68	-8.86	2.55	3.44	-18.41	5.92	9.11
Other Income	1.35	1.28	1.41	-145	1.92	5.42	1.07	2.76	16	1.52
Interest	0.70	0.66	0.63	0.64	0.59	0.59	0.54	0.50	0.99	0.82
Depreciation	3.87	4.20	3.75	3.78	3.66	3.73	3.35	3.38	4.04	2.76
Profit Before Tax	-18	-8.15	-2.39	-147	-8.37	2.99	-0.32	-14	15	4.22
Tax %	-7.35	-35.58	-104.60	-6.76	-33.93	79.26	-915.63	-24.65	12.92	32.23
Net Profit	-19	-11	-4.89	-157	-11	0.62	-3.25	-18	13	2.86
EPS in Rs	-0.35	-0.20	-0.09	-2.83	-0.20	0.01	-0.06	-0.32	0.23	0.05

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	357	324	348	365	372	333	279	310	286	284
Expenses	268	290	295	280	274	298	309	325	300	289
Operating Profit	89	34	53	85	98	35	-31	-16	-15	-4.68
OPM %	24.93	10.57	15.24	23.37	26.48	10.54	-11.00	-5.06	-5.13	-1.65
Other Income	-97	13	1.01	-303	7.61	10	8.16	-141	11	25
Interest	20	7.75	2.16	4.77	2.96	1.94	2.58	2.63	2.22	2.62
Depreciation	4.95	5.17	4.83	15	14	9.88	14	16	14	15
Profit Before Tax	-34	34	47	-238	89	34	-39	-175	-20	3.26
Tax %	-28.58	39.90	46.43	-13.23	42.13	37.70	-31.11	-9.50	-58.63	327.61
Net Profit	-43	21	25	-269	52	21	-51	-192	-31	-7.42
EPS in Rs	-0.78	0.36	0.45	-4.96	0.95	0.38	-0.93	-3.47	-0.57	-0.10
Dividend Payout %	0.00	0.00	0.00	0.00	79.79	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	503	507	562	562	562	281	281	281	281	281
Reserves	231	177	217	232	-47	268	283	241	53	23
Borrowings	145	86	32	0.00	49	26	15	33	28	19
Other Liabilities	164	187	86	102	117	152	142	148	168	163
Total Liabilities	1,042	957	898	896	681	727	720	704	530	487
Fixed Assets	775	668	666	664	393	375	368	385	228	217
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	12	14	8.96	22
Other Assets	267	289	232	232	288	351	341	304	293	248
Total Assets	1,042	957	898	896	681	727	720	704	530	487

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	—	—	54	55	66	91	-8.10	9.25	-8.28	9.75
Cash from Investing Activity	0.00	0.00	-3.49	-11	-4.30	-7.22	-35	-38	33	-15
Cash from Financing Activity	—	—	-91	-34	-13	-32	-15	-6.51	-9.34	-12
Net Cash Flow	0.00	0.00	-41	9.12	49	52	-58	-35	16	-17

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FIIs	0.83%	1.01%	0.86%	0.93%	1.32%	1.24%	1.09%	1.07%	1.04%	1.77%	0.78%	0.78%
DIIs	0.02%	0.01%	0.01%	0.10%	0.13%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%
Public	99.15%	98.98%	99.13%	98.98%	98.55%	98.74%	98.90%	98.92%	98.95%	98.22%	99.20%	99.20%
Total Shareholders	3,80,815	3,57,862	3,44,403	3,39,806	3,36,664	3,81,330	3,75,646	3,69,636	3,66,336	3,62,141	3,59,607	3,52,541

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
May 17, 2025	Subex employee welfare and es...	Insider - Trust	Disposal	13.49	0.13 Cr	93,500	0.01
May 17, 2025	Subex employee welfare and es...	Insider - Trust	Disposal	13.86	0.25 Cr	1,78,548	0.03
May 17, 2025	Subex employee welfare and es...	Insider - Trust	Disposal	13.85	0.10 Cr	72,500	0.01
May 17, 2025	Subex employee welfare and es...	Insider - Trust	Disposal	14.13	0.17 Cr	1,23,300	0.02
May 17, 2025	Subex employee welfare and es...	Insider - Trust	Disposal	14.12	0.14 Cr	1,01,574	0.01
May 17, 2025	Subex employee welfare and es...	Insider - Trust	Disposal	13.49	0.08 Cr	60,000	0.01
Dec 12, 2024	Suraj balachandran	Insider - Designated Person	Disposal	26.21	0.26 Cr	1,00,000	0.01
Dec 11, 2024	Ashwin menon	Insider - Designated Person	Disposal	25.04	0.12 Cr	49,000	0.00
Nov 26, 2024	Bhavna singh	Insider - Connected Person	Disposal	22.68	0.10 Cr	45,000	0.00
Sep 05, 2024	A purushotham reddy	Insider - Designated Person	Disposal	29.74	0.22 Cr	75,000	0.01

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Contract Award

6 days ago

Subex Secures 5-Year Deal in Europe

Subex Limited announces a significant 5-year contract with a major integrated energy and telecom provider in Europe for fraud management solutions.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

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Subex Ltd

Subex Ltd

SUBEXLTD

AI Mode

Investment Checklist

Investment Checklist

Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

52W High

52W Low

Technicals

Oscillators

Neutral

Overall

Bearish

Moving Averages

Bearish

Overall

Bearish

Forecasts

Peers

Price Chart Comparison

Financial Statements

AI Powered Summary

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Projection

Actions

Announcements

Documents

AI Mode

AI Mode

Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

52W High

52W Low

Investment Checklist

Peers

Price Chart Comparison

Announcements