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Latest filing: 2026-10-09 12:18
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27 announcements match the current filters (relevance ≥ 5).
Subex Secures USD 0.7M 3-Year Contract from African Mobile Operator
Subex Limited has won a new 3-year contract valued at USD 0.7 million (approx. Rs 5.8-6.0 Cr) from a leading African mobile operator. The engagement involves deploying Subex's HyperSense Fraud Management solutions across mobile and mobile money operations. Against Subex's TTM revenue of Rs 292 Cr, the contract represents approximately 2% of annual turnover, spread across three years. This marks an expansion of Subex's presence into another operating company within a major global telecom group.
Confidence: HIGH
What changedSubex has added another operating company within a global telecom group to its client roster for HyperSense Fraud Management.
Why it mattersWhile modest in monetary value (~USD 0.7 million over 3 years), it validates ongoing cross-sell and up-sell opportunities across operating subsidiaries of existing telecom group clients.
Deal value: USD 0.7 millionContract duration: 3 yearsTTM Revenue: Rs 292 CrOrder value vs TTM revenue: ~2%
📅 Short termProvides incremental positive sentiment around product traction for HyperSense, though the small deal size limits near-term financial impact.
📈 Long termDemonstrates continued adoption of HyperSense in emerging markets and mobile money ecosystems, but broader growth depends on securing larger-scale contracts.
⚠ Risk flags
- High client concentration in telecom sector (95% of revenues)
- Small deal size relative to overall revenue base
Key Highlights
Total deal value is USD 0.7 million over a tenure of 3 years
Contract represents deployment of HyperSense Fraud Management solutions
Customer is an international entity operating as a leading African mobile operator
Deal value accounts for ~2% of TTM revenue of Rs 292 Cr
👀 What to Watch
Track quarterly revenue progression and order intake momentum in HyperSense solutions during upcoming Q2/Q3 FY27 earnings.
Subex Secures US$ 5 Million 5-Year Contract with Major APAC Mobile Operator
Subex Limited has secured a new-logo contract valued at US$ 5 million (approx. ₹41-42 crore) with a major mobile network operator in the Asia Pacific region. The contract entails deploying Subex's Partner Ecosystem Management (PEM) solutions to modernize wholesale, 5G, and IoT partner operations. The engagement spans 5 years with an option to extend for an additional 2 years with an upward revision of commercials. The total order value represents approximately 14% of the company's TTM revenue of ₹292 crore.
Confidence: HIGH
What changedSubex won a multi-year US$ 5 million new-logo deal with an international APAC telecom operator for its Partner Ecosystem Management platform.
Why it mattersProvides multi-year revenue visibility and validates product demand for Subex's telecom software suite amid historical low top-line growth.
Contract value: US$ 5 millionContract duration: 5 yearsOptional extension: 2 yearsOrder value vs TTM revenue: ~14%
📅 Short termPositive sentiment driver following a sizable international win, adding stability to revenue run-rates over the coming quarters.
📈 Long termStrengthens Subex's positioning in telecom 5G and IoT partner settlement platforms, though annual revenue contribution (~US$ 1M/year) remains incremental relative to the overall revenue base.
⚠ Risk flags
- Revenue is spread over 5 years, yielding modest annualized contributions (~US$ 1 million/year)
- Continued heavy revenue concentration in the telecom sector (95% of revenues)
Key Highlights
Total contract value of US$ 5 million awarded by a major APAC mobile network operator
Contract duration is 5 years, with an optional 2-year extension featuring upward commercial revision
Scope covers deployment of Partner Ecosystem Management (PEM) solutions across voice, messaging, 5G, and IoT
Order size represents approximately 14% of Subex's TTM revenue of ₹292 crore (spread across 5 years)
👀 What to Watch
Track execution milestones and revenue recognition in upcoming quarterly earnings to assess margin contributions from new-logo wins.
Subex Secures USD 0.6 Million 3-Year HyperSense Deal with African Mobile Operator
Subex Limited has secured a new-logo contract valued at USD 0.6 million (approx. Rs 5 crore) with a leading African mobile operator. The 3-year engagement involves deploying the Subex HyperSense Fraud Management solution to combat fraud across mobile networks and mobile money ecosystems. With a total value of USD 0.6 million over three years, the annualized impact is modest relative to Subex's TTM revenue of Rs 292 crore (under 1% per annum). The order reinforces the company's presence in the African telecom domain and AI-led fraud detection.
Confidence: HIGH
What changedSubex added a new international client in Africa under a 3-year USD 0.6 million software deployment agreement.
Why it mattersDemonstrates commercial traction for the HyperSense platform in mobile financial services, though the direct revenue impact is small relative to annual revenue of Rs 292 crore.
Contract value: USD 0.6 millionContract duration: 3 yearsOrder value vs TTM revenue: ~1.7% (over 3 years)TTM revenue: Rs 292 Cr
📅 Short termPositive sentiment for product adoption, but minimal immediate impact on quarterly revenue.
📈 Long termSupports international expansion of HyperSense in mobile money security, but larger contract sizes are needed to meaningfully accelerate top-line growth.
⚠ Risk flags
- Small contract size relative to total revenue
- High client and sector concentration in telecom
Key Highlights
Total contract value of USD 0.6 million awarded by an international entity.
Execution timeline spanning a 3-year period.
Scope covers deployment of HyperSense Fraud Management across mobile and mobile money operations.
New-logo win from an operator part of a major global telecom group.
👀 What to Watch
Monitor contract execution timelines and potential upsell or expansion opportunities across the client's broader telecom group.
Subex Secures €0.6M 3-Year Contract from European Fibre Operator
Subex Limited has secured a new-logo engagement worth €0.6 million (approx. ₹5.5 crore) with a major European open-access fibre operator. The agreement spans a 3-year execution period to deploy Subex's Partner Ecosystem Management solutions as a fully hosted and managed service. While financially modest relative to Subex's TTM revenue of ₹292 crore (representing under 2% over 3 years), the contract reinforces the company's expansion strategy in European wholesale telecom markets.
Confidence: HIGH
What changedSubex added a new European fibre operator client under a 3-year hosted and managed service contract.
Why it mattersDemonstrates traction in European wholesale telecom markets and supports the company's shift toward managed, outcome-led SaaS/service contracts, though total contract value is small relative to annual revenue.
Order value: Euro 0.6 millionExecution period: 3 yearsOrder value vs TTM revenue: ~1.9%
📅 Short termPositive sentiment from an international new-logo win, though near-term financial impact is incremental.
📈 Long termSupports international expansion and managed service revenue stability, but larger deal sizes are needed to drive significant topline acceleration.
⚠ Risk flags
- Client concentration in telecom sector (95% of business)
- Small deal size relative to overall revenue
Key Highlights
Won a new-logo contract valued at €0.6 million
Execution timeline spans a period of 3 years
Deploying Partner Ecosystem Management as a fully hosted and managed service
Customer is an international major European open-access fibre operator
👀 What to Watch
Track execution milestones and recurring managed service revenue contributions in upcoming quarterly results.
Subex Q1 FY27: 19.7% YoY Revenue Growth and 21.2% EBITDA Margin Reported
Subex reported a strong start to FY27, with revenue growing 19.7% YoY and 8.9% sequentially, signaling a transition from its turnaround phase to sustainable growth. The company achieved a significant EBITDA margin of 21.2%, driven by improved operational discipline and execution of the order backlog. Cash reserves remain robust at Rs 184.8 Cr, providing a strong buffer for planned investments in AI and product innovation. Management highlighted a focus on the Partner Ecosystem Management (PEM) segment, which is seeing increased deal flow and renewals.
Confidence: HIGH
What changedSubex has officially moved from a 'turnaround' phase to a 'growth' phase, characterized by consistent profitability and double-digit YoY revenue growth.
Why it mattersAfter reporting losses in FY24 and FY25, the company's return to high margins and strong cash generation validates its restructuring strategy and improves its financial stability.
Q1 FY27 Revenue Growth (YoY): 19.7%EBITDA Margin: 21.2%Cash and Equivalents: Rs 184.8 CrRecurring Revenue: ~70%Forex Gain Impact (QoQ): ~Rs 3 Cr
📅 Short termThe stock may see positive sentiment due to the sharp recovery in margins and the management's confident outlook on the growth phase.
📈 Long termThe structural shift towards AI-led products and diversification into non-telecom sectors could re-rate the business if execution remains consistent over the next 4-6 quarters.
⚠ Risk flags
- High client concentration (95% revenue from Telecom)
- Intense competition in the software application industry
- Potential margin compression from planned growth investments
Key Highlights
Revenue grew 19.7% YoY and 8.9% sequentially in Q1 FY27, reaching approximately Rs 79 Cr.
EBITDA margin expanded to 21.2%, representing a fourfold increase in absolute EBITDA compared to Q1 FY26.
Cash and cash equivalents stood at Rs 184.8 Cr as of June 30, 2026, strengthening the balance sheet.
Forex gains contributed approximately Rs 3 Cr to the sequential revenue increase from Rs 72 Cr to Rs 79 Cr.
Recurring revenue remains stable at approximately 70% of the total revenue mix.
👀 What to Watch
Monitor the sustainability of the 21% EBITDA margin in upcoming quarters as management plans to reinvest profits into AI and customer-facing teams. Watch for updates on the new product roadmap for BFSI sectors to reduce the 95% telecom concentration.
Subex Q1 FY27: 19.6% YoY Revenue Growth and EBITDA Margin Expands to 21.2%
Subex Limited reported a strong start to FY27 with Q1 revenue reaching ₹79.45 Cr, up 19.6% YoY and 8.9% QoQ. Operational efficiency drove a significant 640 bps QoQ expansion in normalized EBITDA margins to 21.2%, with absolute EBITDA growing 59.5% QoQ to ₹16.87 Cr. The company maintains a robust liquidity position with cash and equivalents of ₹184.8 Cr, representing nearly 24% of its market capitalization. Business stability is supported by a high annuity revenue share of ~70% and a 92% customer retention rate.
Confidence: HIGH
What changedSubex has demonstrated a sharp recovery in operational profitability, moving from negative margins in FY25 to a 21.2% EBITDA margin in Q1 FY27.
Why it mattersThe significant margin expansion and high annuity revenue (~70%) suggest the company's 'reset' strategy is yielding results, providing better cash flow visibility and reducing reliance on one-time license sales.
Q1 FY27 Revenue: ₹79.45 CrNormalized EBITDA Margin: 21.2%Cash & Equivalents: ₹184.8 CrAnnuity Revenue Share: ~70%Q1 Revenue vs TTM Revenue: ~28.5%
📅 Short termThe stock is likely to react positively to the strong margin beat and the sequential growth in both revenue and PAT.
📈 Long termIf Subex can maintain these double-digit margins while diversifying beyond its 95% telecom concentration, it could lead to a structural re-rating of the business.
⚠ Risk flags
- High client concentration in the telecom sector (95% of revenue)
- Intense competition in software applications limiting pricing power
- Potential cost pressure from the July 2026 performance review cycle
Key Highlights
Revenue grew 19.6% YoY to ₹79.45 Cr, driven by accelerated execution of order backlog.
Normalized EBITDA margin improved significantly to 21.2% from 14.5% in the previous quarter.
Cash and cash equivalents increased to ₹184.8 Cr as of June 30, 2026, up from ₹175.26 Cr in March 2026.
Earnings Per Share (EPS) for Q1 FY27 rose to ₹0.26 compared to ₹0.18 in Q4 FY26.
Secured multiple international deals including a new BAFM contract in Europe and renewals in the Middle East and Africa.
👀 What to Watch
Investors should monitor the sustainability of the 20%+ EBITDA margins in subsequent quarters and track the impact of the July 2026 performance review cycle on employee costs.
Subex Q1 FY27 Standalone Net Profit Rises 24% to ₹8.55 Cr; 5% ESOP Scheme Approved
Subex Limited reported a positive start to FY27 with standalone revenue from operations growing 16.3% YoY to ₹72.78 Cr. Standalone net profit for the quarter ended June 30, 2026, reached ₹8.55 Cr, up from ₹6.87 Cr in the previous year's corresponding quarter. A significant development is the approval of 'ESOP 2026', a new employee stock option plan covering up to 5% of the company's equity. Crucially, the scheme will be implemented via secondary market acquisition by a Trust, meaning no new shares will be issued, thus avoiding equity dilution for existing shareholders.
Confidence: HIGH
What changedSubex has reported its first-quarter results for FY27 showing steady growth and has introduced a non-dilutive employee incentive scheme.
Why it mattersThe earnings growth indicates operational stability, while the secondary-market ESOP route demonstrates a shareholder-friendly approach to talent retention by avoiding the creation of new shares.
Standalone Revenue (Q1 FY27): ₹72.78 CrStandalone Net Profit (Q1 FY27): ₹8.55 CrESOP Pool Size: 5% of equityTTM Revenue (Context): ₹279 CrMarket Cap (Context): ₹770 Cr
📅 Short termThe stock may see positive sentiment driven by the YoY profit growth and the non-dilutive nature of the ESOP announcement.
📈 Long termLong-term value depends on the successful execution of the product roadmap in non-telecom sectors like BFSI, which currently contributes only 5% of revenue.
⚠ Risk flags
- High client concentration (95% revenue from Telecom sector)
- Intense competition in the software application industry
- Muted historical CAGR of less than 1%
Key Highlights
Standalone Revenue from operations increased 16.3% YoY to ₹72.78 Cr in Q1 FY27.
Standalone Net Profit grew 24.4% YoY to ₹8.55 Cr for the quarter.
New ESOP 2026 scheme approved for up to 5% of total paid-up equity shares.
ESOP implementation via secondary market acquisition ensures zero equity dilution.
Vesting period for options ranges from a minimum of 12 months to a maximum of 48 months.
👀 What to Watch
Investors should monitor the earnings call on August 6, 2026, for updates on the 'larger reset' strategy and progress in diversifying revenue beyond the 95% telecom concentration.
Subex Q1 Standalone Revenue Up 16% YoY; Board Approves 5% ESOP via Trust Route
Subex reported a standalone revenue of ₹72.78 cr for Q1 FY27, marking a 16.3% increase from ₹62.56 cr in Q1 FY26. Standalone net profit rose to ₹8.55 cr compared to ₹6.87 cr in the year-ago period, with EPS improving to ₹0.15 from ₹0.12. The board also approved the ESOP 2026 plan for up to 5% of equity, notably using a trust route for secondary market acquisitions, which avoids fresh equity dilution for existing shareholders.
Confidence: HIGH
What changedSubex reported its Q1 FY27 financial results showing year-on-year growth and initiated a new non-dilutive employee stock option plan.
Why it mattersThe growth in standalone revenue indicates operational momentum, while the trust-based ESOP structure is shareholder-friendly as it avoids diluting the current equity base.
Standalone Revenue (Q1 FY27): ₹72.78 crStandalone Net Profit (Q1 FY27): ₹8.55 crYoY Revenue Growth: 16.3%ESOP Pool Size: 5% of equityStandalone EPS: ₹0.15
📅 Short termThe stock may see positive sentiment in the coming days due to the YoY improvement in both revenue and profit, coupled with the non-dilutive ESOP announcement.
📈 Long termStructural growth depends on the company's ability to reduce its 95% revenue concentration in the telecom sector and successfully scale its new BFSI product roadmap.
⚠ Risk flags
- High client concentration (95% telecom)
- Intense competition in software application industry
- Execution risk of the new ESOP trust route
Key Highlights
Standalone revenue from operations increased 16.3% YoY to ₹72.78 cr in Q1 FY27.
Standalone net profit grew to ₹8.55 cr from ₹6.87 cr in the corresponding quarter last year.
ESOP 2026 plan approved for up to 5% of total paid-up equity share capital.
ESOP implementation via Trust route using secondary market acquisitions to prevent equity dilution.
Standalone EPS for the quarter stood at ₹0.15, up from ₹0.12 YoY.
👀 What to Watch
Investors should monitor the earnings call on August 6, 2026, for management commentary on the sustainability of revenue growth and the progress of diversification into non-telecom sectors.
Subex Secures USD 1.93 Million Contract for AI-First HyperSense Platform in North Africa
Subex Limited has been awarded a 5-year contract valued at approximately USD 1.93 million by a leading telecom operator in North Africa. The engagement involves modernizing the operator's Revenue Assurance and Fraud Management (RAFM) operations by upgrading from the legacy ROC system to the AI-first HyperSense platform. This deal underscores the company's successful strategy of transitioning long-standing clients to its newer, AI-native product suite. The contract is expected to provide steady revenue over the next five years while strengthening Subex's footprint in the African market.
Key Highlights
Total contract value is approximately USD 1.93 million (approx. INR 16 Crores).
The contract spans a long-term duration of 5 years, ensuring revenue visibility.
Upgrade involves transitioning from legacy ROC to the AI-driven HyperSense platform.
Focuses on AI/ML-driven fraud management, intelligent workflow automation, and revenue protection.
Strengthens Subex's global portfolio which includes over 300 installations across 100+ countries.
👀 What to Watch
Investors should monitor Subex's ability to migrate its existing global client base to the HyperSense platform, as this drives higher-value engagements. The long-term nature of this contract provides stable service revenue, which is a positive sign for the company's business model transition.
Subex Reports Q4FY26 PAT at INR 9.93 Crores; Order Intake Up 24% YoY
Subex Limited reported its Q4FY26 results with a revenue of INR 72.96 crores, up 3% sequentially from INR 70.79 crores in Q3FY26. EBITDA for the quarter stood at INR 10.58 crores with a margin of 14.5%, while PAT grew significantly to INR 9.93 crores from INR 2.9 crores in the previous quarter. For the full year FY26, total income grew by 6% YoY, and order intake increased by 24% YoY, driven by strong AI deal traction. The company's liquidity position also strengthened by INR 70 crores over the year, providing a solid foundation for growth in FY27.
Key Highlights
Q4FY26 revenue increased 3% sequentially to INR 72.96 crores compared to INR 70.79 crores in Q3FY26.
EBITDA for the quarter stood at INR 10.58 crores with a margin of 14.5%, marking 9 positive EBITDA quarters out of the last 10.
PAT for Q4FY26 rose sharply to INR 9.93 crores from INR 2.9 crores in the previous quarter.
Full-year order intake grew by 24% YoY, providing a strong multi-year contract backlog.
Liquidity position strengthened by INR 70 crores over the financial year, shifting the company to an offensive growth posture.
👀 What to Watch
Investors should monitor the conversion of the 24% order intake growth into subscription revenues as implementation phases conclude. The stock appears fundamentally strong with improved liquidity and consistent profitability, making it a good watch for long-term value.
Subex Reports FY26 Standalone Profit of ₹9.16 Cr; Re-appoints Independent Director
Subex Limited reported a turnaround in its standalone performance for the financial year ended March 31, 2026, posting a profit before tax of ₹916 Lakhs compared to a loss of ₹4,579 Lakhs in FY25. While revenue from operations saw a marginal decline to ₹25,607 Lakhs from ₹26,881 Lakhs, total income rose to ₹28,749 Lakhs supported by higher other income. The bottom line was significantly aided by a reversal of impairment allowances for trade receivables totaling ₹1,986 Lakhs for the year. The company also recognized exceptional items of ₹3,295 Lakhs, including a ₹2,847 Lakhs impairment of investment in a subsidiary.
Key Highlights
Standalone Profit Before Tax (PBT) turned positive at ₹916 Lakhs for FY26 versus a loss of ₹4,579 Lakhs in FY25.
Total Income for FY26 increased to ₹28,749 Lakhs from ₹27,100 Lakhs in the previous year.
Revenue from operations for Q4 FY26 stood at ₹6,456 Lakhs, down slightly from ₹6,627 Lakhs in Q4 FY25.
Recorded a significant reversal of impairment allowance for trade receivables amounting to ₹1,986 Lakhs in FY26.
Board approved the re-appointment of Mr. Rupinder Goel as Independent Director for a second 3-year term starting August 2026.
👀 What to Watch
Investors should monitor if the turnaround in profitability can be sustained through core revenue growth, as this year's profit was heavily influenced by impairment reversals. Watch for the consolidated performance and management commentary regarding the subsidiary impairment.
Subex Reports FY26 Turnaround with ₹28.5 Cr PAT and 4x EBITDA Growth
Subex Limited reported a significant financial turnaround for FY26, posting a Profit After Tax (PAT) of ₹2,853 lakhs compared to a loss of ₹3,144 lakhs in FY25. While annual revenue slightly decreased to ₹27,906 lakhs, normalized EBITDA grew over fourfold to ₹2,878 lakhs, with margins expanding from 2% to 10%. The company demonstrated strong operational discipline with EBITDA being positive in 9 out of the last 10 quarters. Additionally, the board approved the re-appointment of Mr. Rupinder Goel as an Independent Director for a second three-year term starting August 2026.
Key Highlights
FY26 PAT turned positive at ₹28.53 Cr from a loss of ₹31.44 Cr in FY25
Normalized EBITDA grew 4x YoY to ₹28.78 Cr, with margins expanding from 2% to 10%
Q4FY26 PAT surged to ₹9.93 Cr, a significant increase from ₹2.93 Cr in Q3FY26
AI-led offerings saw strong traction with models in production increasing 5x since 2023
Board approved re-appointment of Independent Director Rupinder Goel for a second 3-year term
👀 What to Watch
Investors should take note of the successful turnaround and significant margin expansion as evidence of improved operational efficiency. The stock warrants a positive outlook given the shift from losses to profitability and the scaling of AI-driven products.
Subex Reports Strong FY26 Turnaround with ₹28.5 Cr PAT and 10% EBITDA Margin
Subex Limited has reported a significant financial turnaround for the fiscal year ended March 31, 2026, swinging from a net loss of ₹31.4 crore in FY25 to a net profit of ₹28.5 crore. While annual revenue saw a marginal decline to ₹279 crore, Normalized EBITDA grew over fourfold to ₹28.8 crore, driven by operational discipline and a sharp reduction in impairment allowances. The company's Q4 performance was particularly strong, with PAT rising to ₹9.9 crore from ₹2.9 crore in the previous quarter. Management is pivoting towards AI-led offerings, reporting a 4x increase in their AI customer base.
Key Highlights
Turned around from a net loss of ₹31.4 crore in FY25 to a net profit of ₹28.5 crore in FY26
Normalized EBITDA surged 346% YoY to ₹28.8 crore, with margins expanding from 2% to 10%
Q4FY26 PAT grew 239% sequentially to ₹9.93 crore compared to ₹2.93 crore in Q3FY26
Impairment allowance for trade receivables reduced significantly to ₹3.04 crore from ₹21.1 crore in FY25
AI adoption metrics show models in production increased 5x and AI customer base grew 4x since 2023
👀 What to Watch
The successful turnaround to profitability and significant margin expansion are strong positive indicators. Investors should watch for continued revenue growth in the AI-led segments to ensure the recovery is sustainable.
Subex Q4 FY26 Re s u l t s : No r m a l i z e d P A T J u m p s 5 0 % Q o Q ; F Y 2 6 E P S T u r n s P o s i t i v e a t ₹ 0 . 5 1
Subex reported a s t r o n g Q 4 F Y 2 6 w i t h r e v e n u e g r o w i n g 3 % Q o Q t o ₹ 7 , 2 9 6 l a k h s a n d n o r m a l i z e d E B I T D A m a r g i n s e x p a n d i n g s i g n i f i c a n t l y t o 1 4 . 5 % . T h e c o m p a n y a c h i e v e d a f u l l - y e a r t u r n a r o u n d w i t h a n E P S o f ₹ 0 . 5 1 c o m p a r e d t o a l o s s o f ₹ 0 . 5 7 i n F Y 2 5 . O p e r a t i o n a l e f f i c i e n c y a n d A I - l e d o f f e r i n g s l i k e F r a u d Z a p d r o v e g r o w t h , w i t h t h e c o m p a n y s e c u r i n g n e w d e a l s i n N o r t h A f r i c a a n d N o r t h A m e r i c a . L i q u i d i t y r e m a i n s s t a b l e w i t h c a s h r e s e r v e s o f ₹ 1 7 , 5 2 6 l a k h s a s o f M a r c h 2 0 2 6 .
Key Highlights
No r m a l i z e d E B I T D A g r e w 1 6 . 4 % Q o Q t o ₹ 1 , 0 5 8 l a k h s w i t h m a r g i n s e x p a n d i n g 7 0 5 b p s Y o Y t o 1 4 . 5 %
F u l l - y e a r F Y 2 6 E P S t u r n e d p o s i t i v e a t ₹ 0 . 5 1 v e r s u s a l o s s o f ₹ 0 . 5 7 i n F Y 2 5
C a s h a n d c a s h e q u i v a l e n t s i n c r e a s e d t o ₹ 1 7 , 5 2 6 l a k h s f r o m ₹ 1 5 , 4 1 2 l a k h s i n t h e p r e v i o u s q u a r t e r
A I a d o p t i o n s c a l e d s i g n i f i c a n t l y w i t h m o d e l s i n p r o d u c t i o n i n c r e a s i n g 5 x s i n c e 2 0 2 3
S e c u r e d m a j o r n e w d e a l s a n d r e n e w a l s a c r o s s N o r t h A f r i c a , M i d d l e E a s t , a n d N o r t h A m e r i c a
👀 What to Watch
T h e c o m p a n y ' s s u c c e s s f u l t u r n a r o u n d t o p r o f i t a b i l i t y a n d f o c u s o n h i g h - m a r g i n A I p r o d u c t s m a k e i t a s t r o n g r e c o v e r y p l a y . I n v e s t o r s s h o u l d m o n i t o r t h e s u s t a i n a b i l i t y o f t h e s e m a r g i n s a n d t h e e x e c u t i o n o f t h e A I - l e d g r o w t h s t r a t e g y .
Subex Reports Strong FY26 Turnaround with PAT of ₹28.5 Cr and 10% EBITDA Margin
Subex Limited has reported a significant financial turnaround for the fiscal year ended March 31, 2026, swinging from a net loss of ₹31.4 crore in FY25 to a profit of ₹28.5 crore. While annual revenue saw a marginal decline to ₹279 crore, normalized EBITDA grew over fourfold to ₹28.8 crore, with margins expanding from 2% to 10%. The Q4FY26 performance was particularly robust, with PAT rising to ₹9.93 crore from ₹2.93 crore in the previous quarter. Management attributed the success to operational discipline and scaling AI-led offerings like FraudZap and HyperSense.
Key Highlights
Turned profitable in FY26 with a PAT of ₹28.5 Cr compared to a loss of ₹31.4 Cr in FY25
Normalised EBITDA grew 4.4x YoY to ₹28.8 Cr, with margins expanding from 2% to 10%
Q4FY26 PAT grew 239% QoQ to ₹9.93 Cr, supported by improved operational discipline
AI-led business scaling significantly with production models increasing 5x since 2023
Board approved re-appointment of Rupinder Goel as Independent Director for a second 3-year term
👀 What to Watch
Investors should monitor the sustainability of the EBITDA margin expansion and the growth trajectory of the AI-led product portfolio. The successful turnaround from losses to profitability makes it a key stock to watch in the telecom AI space.
Subex Appoints Former HPE Director Stephane Le Letty as Additional Director
Subex Limited has appointed Mr. Stephane Le Letty as an Additional Director (Non-Executive, Non-Independent) effective March 25, 2026. Mr. Le Letty brings over 20 years of experience in global telecommunications and enterprise technology, having previously served as a Director at Hewlett Packard Enterprise (HPE). During his tenure at HPE, he managed a portfolio serving over 350 telecommunications providers and scaled a business unit to exceed $100 million in revenue. His expertise in 5G, mobile core networks, and blockchain is expected to strengthen Subex's strategic direction in digital transformation.
Key Highlights
Appointment of Stephane Le Letty as Additional Director effective March 25, 2026
Over 20 years of leadership experience across global telecommunications and enterprise technology
Previously managed a mission-critical portfolio at HPE serving 350+ global telecom providers
Successfully scaled a business unit to exceed USD 100 million in revenue during his career
Holds advanced degrees in Telecommunications, Finance, Blockchain, and Cryptocurrency
👀 What to Watch
Investors should view this as a positive move to bolster the board's technical and global strategic depth. Monitor how his expertise in 5G and R&D influences Subex's future product roadmap and market expansion.
Subex Secures 9-Year EAM Contract Worth EUR 2.7 Million from North African Telecom Operator
Subex Limited has secured a significant new logo win with a leading North African telecom operator for an Enterprise Asset Management (EAM) engagement. The contract is valued at approximately EUR 2.7 million and spans a long-term duration of 9 years, providing steady revenue visibility. Subex will deploy its HyperSense solution to manage the full lifecycle of the operator's telecom, fiber, IT, and data-center assets. This international win highlights the company's competitive positioning in AI-led asset stewardship and its ability to integrate with complex ERP and GIS systems.
Key Highlights
9-year long-term contract engagement providing sustained revenue visibility
Total contract value estimated at approximately EUR 2.7 million
New logo win with a leading operator part of a large multi-country telecom group
Deployment of HyperSense solutions for centralized 360-degree asset visibility and lifecycle management
Integration with third-party systems including ERP, GIS, and Network Management Systems
👀 What to Watch
Investors should monitor the company's ability to leverage this 'new logo' win to gain further traction within the client's larger multi-country parent group. The long-term nature of the deal is a positive sign for the stability of Subex's international business segment.
Subex Reports Turnaround with 7.2% EBITDA Margin and 9% PAT in YTD Dec 2025 Update
Subex Limited has announced a significant operational turnaround, shifting from an EBITDA margin of -11% to +7.2% and a PAT margin of 9% for YTD December 2025. The company reported a 25% increase in cash reserves and a 30% improvement in employee productivity through AI-driven process optimization. With 70% recurring revenue and a 95% customer retention rate across 150+ installations, Subex is pivoting towards an AI-native product suite targeting a $4.3 billion addressable market. The launch of Fraudzap, developed in months rather than years using GenAI, serves as a proof of concept for their new high-velocity R&D model.
Key Highlights
Turned around EBITDA from -11% to +7.2% and PAT from -18.4% to +9% in YTD Dec 2025
Reported ₹206 Crores in revenue for YTD Dec 2025 with a 25% increase in cash and cash equivalents
Maintains a strong recurring revenue base of ~70% with a high customer retention rate of 95%
Identified a $4.3 billion Total Addressable Market (TAM) driven by new-age fraud vectors and AI-agentic operations
Achieved a 30% unlock in employee productivity and significantly reduced product development cycles using GenAI
👀 What to Watch
Investors should monitor the sustainability of the margin expansion and the adoption rate of new AI-native products like Fraudzap. The stock presents a potential re-rating opportunity if the company maintains its turnaround trajectory and successfully captures the expanding AI-driven telecom security market.
Subex Q3 FY26 Normalized PAT Jumps 97% QoQ to ₹7.68 Cr; Revenue Grows to ₹70.79 Cr
Subex Limited reported a steady sequential revenue growth of 2.7% reaching ₹70.79 crores in Q3 FY26. The company's normalized PAT saw a significant jump to ₹7.68 crores from ₹3.9 crores in Q2, reflecting improved operational discipline and a shift toward high-margin AI products. While reported PAT was ₹2.9 crores, it was impacted by a one-time exceptional cost of ₹4.5 crores due to new labour code liabilities. Management highlighted the successful commercialization of 'FraudZap' and funded GenAI POCs with European customers as key growth drivers.
Key Highlights
Revenue grew 2.7% QoQ to ₹70.79 crores with a normalized EBITDA margin of 13.1%.
Normalized PAT nearly doubled sequentially to ₹7.68 crores, excluding a ₹4.5 crore exceptional labour code charge.
Successfully commercialized 'FraudZap' product within one year and secured a major European fraud management contract.
European customers are currently funding Proof of Concepts (POCs) for Subex's new GenAI agents.
Strengthened governance with two new independent directors and new heads for HR and Legal departments.
👀 What to Watch
Investors should track the conversion rate of AI-led POCs into long-term contracts as these offer faster revenue realization than traditional models. The operational turnaround and margin expansion are positive signs for long-term recovery.
Subex Q3 FY26: Normalized PAT Doubles QoQ to ₹7.68 Cr; EBITDA Margins Jump to 13.1%
Subex Limited reported a strong sequential performance for Q3 FY26, with normalized PAT doubling to ₹768 lakhs from ₹388 lakhs in Q2 FY26. Revenue grew 2.7% QoQ to ₹7,079 lakhs, while normalized EBITDA margins expanded significantly to 13.1%, up 762 basis points year-on-year. The company's liquidity position improved with cash reserves reaching ₹15,412 lakhs and DSO reducing by 29 days YoY to 90 days. Key business wins include a new Fraud Management deal in Europe and a tier-1 upgrade in the Middle East.
Key Highlights
Normalized EBITDA grew 27.3% QoQ to ₹929 lakhs with margins expanding 762bps YoY to 13.1%.
Normalized PAT doubled sequentially to ₹768 lakhs from ₹388 lakhs in Q2FY26.
Cash and cash equivalents increased to ₹15,412 lakhs, supported by a ₹739 lakh tax refund.
Days Sales Outstanding (DSO) improved by 29 days YoY to 90 days, reflecting better collection efficiency.
Secured new Fraud Management deals in Europe and Middle East, maintaining a 70% annuity revenue model.
👀 What to Watch
Investors should monitor the sustainability of these improved margins and the conversion of the AI-led pipeline into revenue. The significant reduction in DSO and improved cash position are positive indicators of operational health.
