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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
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
Subex Secures $1.25 Million 3-Year Contract with Tier-1 MEA Telecom Operator
Subex Limited has secured a multi-year agreement with a Tier-1 telecom operator in the Middle East to modernize its Business Assurance capabilities. The contract is valued at approximately USD 1.25 million and spans a period of three years. This engagement involves implementing Subex's next-generation Business Assurance platform to enhance revenue protection and risk management across the operator's nationwide operations. This win is significant as it represents a renewed partnership with a long-standing customer, providing steady revenue visibility for the next 36 months.
Key Highlights
Awarded a 3-year contract by a Tier-1 telecom operator in the Middle East.
Total contract value is approximately USD 1.25 million.
Scope includes implementing a next-generation Business Assurance platform and providing ongoing support.
The deal strengthens a long-standing partnership and supports the operator's nationwide digital transformation.
Focuses on revenue protection, risk management, and operational transparency.
💼 Action for Investors
Investors should view this as a positive development that validates Subex's product competitiveness in the international telecom market. While the contract size is moderate, the multi-year nature and Tier-1 client profile provide healthy revenue visibility.
Subex Q3 FY26 Standalone Revenue at ₹65.4 Cr; Net Loss Narrows YoY to ₹1.7 Cr
Subex Limited reported a standalone revenue of ₹6,544 Lakhs for Q3 FY26, reflecting a 5.3% decline year-on-year but a slight sequential improvement from Q2. The company's standalone net loss narrowed significantly to ₹171 Lakhs from a loss of ₹734 Lakhs in the same quarter last year. For the nine-month period ending December 2025, the company achieved a marginal standalone net profit of ₹13 Lakhs, supported by a ₹422 Lakhs gain from the sale of the ID Central business unit. However, performance was impacted by a ₹428 Lakhs exceptional charge related to the implementation of new Indian labor codes.
Key Highlights
Standalone revenue for Q3 FY26 stood at ₹6,544 Lakhs compared to ₹6,908 Lakhs in Q3 FY25.
Standalone net loss narrowed to ₹171 Lakhs from ₹734 Lakhs in the year-ago period.
Nine-month standalone profit reached ₹13 Lakhs, a recovery from a loss of ₹1,277 Lakhs in 9M FY25.
Exceptional items include a ₹428 Lakhs provision for labor codes and a ₹422 Lakhs profit from a business unit sale.
Board reshuffled with the appointment of Venkata Erinti Narayana and Alok Ohrie as Independent Directors.
💼 Action for Investors
Investors should remain cautious as revenue growth remains stagnant YoY, with the bottom-line improvement largely driven by cost reductions and one-time gains. Monitor the upcoming conference call for updates on the 'Software product' segment's growth trajectory.
Subex Secures $0.83 Million AI Fraud Management Contract in North America
Subex has secured a new three-year contract with a North American AI and Data transformation specialist to deploy its FraudZap solution. The deal, valued at approximately USD 0.83 million, focuses on mitigating subscription and handset fraud using AI-driven risk assessment. This win represents a new logo for the company and highlights its expansion into the competitive North American AI telecom market. The contract underscores Subex's strategic shift towards AI-led product engineering and capital discipline.
Key Highlights
Secured a 3-year engagement with a North American AI specialist for fraud management
Total contract value is approximately USD 0.83 million (approx. INR 7 Crores)
Deployment of FraudZap, an AI-powered solution for subscription and handset fraud
Marks a new logo win, demonstrating market acceptance of Subex's AI product line
💼 Action for Investors
Investors should view this as a positive validation of Subex's AI capabilities in the North American market. While the deal size is small, the successful deployment could lead to larger scale opportunities in the region.
Subex Appoints Former Dell India MD Alok Ohrie as Independent Director
Subex Limited has appointed Mr. Alok Ohrie as an Additional Director in the Independent category for a three-year term starting January 4, 2026. Mr. Ohrie brings over 35 years of experience, most notably serving as the President and MD of Dell Technologies India for 12 years until 2025. His expertise spans AI-optimized infrastructure, cybersecurity, and digital transformation, which aligns with Subex's focus on AI-driven telecom solutions. This high-profile appointment is expected to strengthen the board's strategic oversight and industry networking capabilities.
Key Highlights
Appointment of Alok Ohrie as Independent Director for a 3-year term effective January 4, 2026.
Ohrie previously led Dell Technologies India as MD for 12 years (2013-2025), making it Dell's fastest-growing unit globally.
He possesses over 3.5 decades of experience in IT, including leadership roles at IBM, AMD, EMC, and Wipro.
His expertise includes AI infrastructure, modern datacenters, and cybersecurity, which are critical growth areas for Subex.
💼 Action for Investors
This is a positive governance move that brings top-tier global tech leadership to the board. Investors should monitor how his strategic guidance influences Subex's AI and digital transformation roadmap.
Subex Appoints Former Dell India MD Alok Ohrie as Independent Director for 3 Years
Subex Limited has appointed Mr. Alok Ohrie as an Additional Director in the Independent category for a three-year term effective January 4, 2026. Mr. Ohrie brings over 35 years of experience in the IT sector, notably serving as the President and MD of Dell Technologies India for 12 years from 2013 to 2025. His expertise spans AI-optimized infrastructure, cybersecurity, and digital transformation, which aligns with Subex's focus on telecom AI and analytics. This high-profile appointment is expected to strengthen the board's strategic oversight and industry networking capabilities.
Key Highlights
Appointment of Alok Ohrie as Independent Director for a 3-year term starting January 4, 2026.
Ohrie previously led Dell Technologies India for 12 years, making it the fastest-growing business unit for Dell globally.
Over 35 years of experience in the IT industry with previous leadership roles at IBM, AMD, EMC, and Wipro.
Recipient of multiple industry awards including 'Most Innovative CEO of the Year' in 2019 and Best CEO in 2024.
Active contributor to national initiatives like the Atal Innovation Mission and MeitY Advisory Group.
💼 Action for Investors
This is a positive governance move bringing top-tier global IT leadership to the board. Investors should monitor how his strategic expertise in AI and digital infrastructure influences Subex's long-term product roadmap.
Subex Appoints Venkata Erinti Narayana as Independent Director for 3-Year Term
Subex Limited has appointed Mr. Venkata Erinti Narayana as an Additional Director (Independent) for a three-year term effective December 25, 2025. Mr. Narayana brings over 30 years of extensive experience in investment banking, private equity, and cross-border M&A. He is an alumnus of IIM Ahmedabad and BITS Pilani, and most recently served at Aavishkaar Capital. This strategic appointment is expected to enhance the board's expertise in financial governance and emerging market strategies.
Key Highlights
Appointment of Mr. Venkata Erinti Narayana as Independent Director for a 3-year tenure starting Dec 25, 2025
Appointee brings over 30 years of experience in finance, M&A, and fund management
Educational credentials from top-tier institutions including IIM Ahmedabad and BITS Pilani
Previous leadership experience at Aavishkaar Capital and various senior investment banking roles
💼 Action for Investors
The addition of a high-caliber professional with M&A and private equity experience is a positive sign for corporate governance. Investors should view this as a strengthening of the board's strategic oversight capabilities.