1. India Stocks

  2. •

    Technology services

  3. •

    Packaged software
Subex Limited

Subex Limited

17.10
INR
-0.63
(-3.55%)
0.53EPS
21.90P/E
6.45BMarket Cap
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
20.41
20.96
11.1
7.06
5.84
6.24
6.7
6.84
6.09
5.07
5.6
5.15
5.03
5.18
Basic EPS, GAAP
-0.7
0.6
-2.56
-0.85
0.37
0.45
-4.94
0.96
0.38
-0.93
-3.47
-0.57
0.51
0.53
Free Cash Flow per Basic Share
3.43
3.35
2.17
0.93
0.91
0.94
1.15
1.52
-0.25
0.08
-0.2
0.13
1.22
- -
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
0.51
0.26
- -
- -
- -
- -
- -
Book Value per Share
10.42
13.77
14.59
13.5
13.87
14.42
9.54
10.12
10.26
9.47
6.02
5.49
6.18
- -
Tangible Book Value per Share
-41.01
-33.11
-0.69
0.47
2.14
2.45
3.17
3.77
3.99
3.22
2.48
1.95
2.64
- -
Basic Weighted Avg Shares
167
172
290
506
555
558
545
541
546
550
553
554
555
564
Sales/Revenue/Turnover
3,401
3,598
3,225
3,573
3,243
3,481
3,650
3,700
3,323
2,787
3,097
2,856
2,791
2,921
Operating Margin (%)
23.5
25.97
21.08
24.5
14.16
13.36
21.57
25.22
11.17
-9.43
-6.68
-2.18
5.7
10.79
Depreciation Expense
25
40
43
50
52
48
151
138
99
140
156
141
121
106
Net Income, GAAP
-116
102
-743
-432
207
252
-2,691
517
210
-512
-1,917
-314
285
299
Effective Tax Rate (%)
357.04
27.6
- -
- -
39.9
46.43
- -
42.13
37.7
- -
- -
- -
23.9
23.7
Profit Margin (%)
-3.41
2.84
-23.04
-12.1
6.38
7.24
-73.74
13.98
6.32
-18.38
-61.9
-11.01
10.22
10.25
Working Capital
-632
-201
-270
-201
780
992
1,530
2,154
2,206
1,757
1,456
1,179
1,792
- -
LT Debt
6,024
5,528
406
- -
- -
- -
346
158
100
248
184
104
216
- -
Total Equity
1,736
2,519
7,338
6,841
7,795
7,941
5,154
5,486
5,637
5,218
3,335
3,045
3,428
- -
Return on Invested Capital (%)
-23.02
7.24
- -
- -
2.41
3.52
- -
10.27
3.48
- -
- -
- -
4.15
- -
Return on Capital (%)
-18.74
4.36
- -
- -
2.76
3.2
- -
9.37
3.84
- -
- -
- -
8.89
- -
Return on Common Equity (%)
-5.83
4.8
-15.07
-6.1
2.83
3.21
-41.11
9.72
3.77
-9.44
-44.83
-9.86
8.82
- -

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
66
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
216
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
554
555
555
Market Capitalization
6,268
3,706
6,447

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
2,885
- -
Cash, Cash Equivalents & STI
- -
1,660
- -
Accounts Receivable, Net
- -
935
- -
Inventories
- -
- -
- -
Total Current Liabilities
- -
1,093
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
66
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-5.65%
-7.37%
12.59%
Free Cash Flow
11.96%
16.57%
852.61%
Net Income, GAAP
-185.75%
-80.67%
-190.74%
Sales/Revenue/Turnover
-1.01%
-5.05%
-2.29%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
682
742
727
706
2,856
2026
664
689
708
730
2,791
2027
795
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
-0.2
0.01
-0.06
-0.32
-0.57
2026
0.23
0.05
0.05
0.18
0.51
2027
0.26
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
2027
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Nisha Dutt
Full Time Employees
632
Sector
Technology services
Industry
Packaged software
Address
Pritech Park – SEZ, Block-09 Bangalore KA India 560103
IPO Date
Sep 10, 2003
Website
subex.com
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Business
Subex Limited, headquartered in Bengaluru, India and founded in 1992, is a leading provider of AI-native telecom solutions that deliver digital trust, revenue assurance, and fraud management to communication service providers worldwide. The company offers a comprehensive suite of products and services including HyperSense, an AI-driven augmented analytics platform for revenue assurance and fraud management enhanced with embedded generative AI; FraudZap, a lightweight AI-powered fraud detection platform debuted in 2025 targeting handset fraud and other threats; Revenue Operations Center (ROC) for optimizing revenue streams; partner ecosystem management solutions automating onboarding, settlements, and disputes; business assurance tools combating revenue leakage; network asset management for efficiency; and managed services alongside strategic consulting in AI and analytics, serving over 75% of the world's top 50 telcos across 100+ countries with operations in Europe, North America, the Middle East, and Asia. Recent developments include the unveiling of a new brand identity in November 2025 to emphasize AI-native telecom capabilities; recognition for the second consecutive year in the 2025 Gartner Magic Quadrant for AI in CSP customer and business operations; the launch of FraudZap in July 2025 and GenAI integration into HyperSense in June 2025; multi-year strategic partnership extensions with a Tier 1 European operator in March 2025 and Tele2 Group in October 2024; board transitions following the 2025 annual general meeting; and a USD 1.2 million five-year contract win in 2025, alongside ongoing transitions to a SaaS model with expansions into IoT security.