Subex Limited (SUBEXLTD)
₹19.00 +2.87% last close, 16 Oct
Q2 FY27 results
📅 Next results: 03 Nov 2026 (board meeting)Subex Limited's board meets on 3 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Subex's revenue was ₹79.5 Cr (+19.7% year on year, +8.9% on the previous quarter), and net profit ₹14.2 Cr (+11.0% year on year); the operating margin was 18.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹79.5 | +19.7% | +8.9% |
| Operating profit | ₹15.0 | +281.7% | +63.8% |
| Net profit | ₹14.2 | +11.0% | +43.2% |
| EPS (₹) | 0.26 | +13.0% | +44.4% |
| Operating margin | 18.9% | — | — |
SUBEXLTD delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 33.23% of the SUBEXLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 30.62%. That is close to its usual level. Volume was 0.3 times its average, well below normal. 2 bulk or block deals were reported in SUBEXLTD in the last 60 days: ₹6 Cr bought and ₹6 Cr sold.
Delivery in the last 5 sessions: 32.3% · 20.8% · 29.7% · 41.0% · 33.2%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 23 Sep | Sell | Qe Securities Llp | ₹6.36 Cr | ₹21.60 | 2,943,521 | Bulk |
| 23 Sep | Buy | Qe Securities Llp | ₹5.82 Cr | ₹21.60 | 2,693,369 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Subex Limited has scheduled the announcement of its unaudited standalone and consolidated financial results for Q2 FY27 (ended September 30, 2026) for November 3, 2026. Following the results, management will host an earnings conference call on November 4, 2026, at 11:00 AM IST. Key representatives will include MD & CEO Nisha Dutt, VP Corporate Strategy Harsha Angeri, and CFO Sumit Kumar.
- Q2 FY27 unaudited financial results to be declared on November 3, 2026
- Earnings conference call scheduled for November 4, 2026, at 11:00 AM IST
- Management representation includes MD & CEO Nisha Dutt, VP Corporate Strategy Harsha Angeri, and CFO Sumit Kumar
- Company highlights footprint of 300+ installations across 90+ countries
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.
- 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
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.
- 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)
Subex Limited announced that shareholders have approved all four resolutions in its Postal Ballot Notice dated August 5, 2026, with overall approval rates ranging between 83.84% and 85.89%. The approved resolutions include the formulation of the 'Subex Employees Stock Option Scheme 2026', extending grants to subsidiary employees, authorising the employee trust to purchase shares in the secondary market, and providing loans to the trust. Interestingly, public institutional investors strongly opposed the resolutions, casting approximately 95.78% of their voted shares against each proposal, but were outnumbered by non-institutional votes. Overall voting participation was low, representing approximately 3.70% of total outstanding shares.
- Resolution 1 (New ESOP Scheme 2026) passed with 83.87% total votes in favour (17,422,756 votes) and 16.13% against.
- Public institutional shareholders voted heavily against the schemes, with 95.78% (2,363,695 votes) cast against all four resolutions.
- Overall voter turnout was modest, with only 20,774,057 votes polled out of 562,002,935 total outstanding shares (~3.70%).
- Approval granted for the Subex Employee Welfare and ESOP Benefit Trust to purchase shares via secondary market and receive company loans.
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.
- 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.
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.
- 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
Subex Limited filed its investor presentation ahead of a Non-Deal Roadshow (NDR) meeting scheduled for August 19, 2026. The deck highlights the company's turnaround progress, reporting FY27 YTD revenue of ₹79.45 crore (up 19.7% YoY) with an EBITDA margin of 21.2% and PAT margin of 17.9%. The company emphasized its recurring revenue base of ~70%, 92% customer retention across 150+ installations, and cash reserves expanding ~54% to ₹184.8 crore as it shifts toward AI-native fraud and business assurance products.
- Reported FY27 YTD revenue of ₹79.45 crore, showing 19.7% YoY growth and 8.9% QoQ growth
- Cash and cash equivalents grew ~54% to reach ₹184.8 crore
- Customer metrics show ~70% recurring revenue, 92% retention rate, and ~60% of clients with tenure of >=8 years
- Targeting an expanded $4.3 billion addressable market across new fraud leakage vectors, AI agents, and telco adjacencies
Subex Limited has scheduled a physical Non-Deal Roadshow in Mumbai on August 19, 2026, from 10:00 AM to 5:00 PM. The interactions will be held in both group and one-on-one formats with analysts and institutional investors. The company confirmed that no unpublished price-sensitive information will be disclosed, and the investor presentation has been made available on its website.
- Non-Deal Roadshow scheduled for August 19, 2026
- Meeting timing from 10:00 AM to 5:00 PM in Mumbai
- Interaction format covers both Group and One-on-One sessions
- No unpublished price sensitive information (UPSI) will be shared
Subex Limited is seeking shareholder approval for the 'Subex Employees Stock Option Scheme 2026', which will cover up to 5% of the company's paid-up equity capital as of March 31, 2026. The scheme will be implemented through a Trust route, where the Trust will acquire shares from the secondary market rather than the company issuing new shares. To facilitate this, the company will provide an interest-free loan to the Trust up to 10% of its paid-up capital and free reserves. This mechanism prevents equity dilution for existing shareholders while incentivizing employees.
- New ESOP 2026 scheme proposed for up to 5% of the paid-up equity share capital as of March 31, 2026
- Individual employee grants capped at a maximum of 25,00,000 options in aggregate
- Company to provide interest-free loan to the ESOP Trust up to 10% of paid-up capital and free reserves
- Trust authorized to acquire shares via secondary market purchases to avoid equity dilution
- E-voting period for shareholders set from August 14, 2026, to September 12, 2026
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.
- 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.
Subex Limited has released the audio recording of its earnings conference call held on August 6, 2026. The call discussed the company's performance for the quarter ended June 30, 2026. This is a standard regulatory disclosure under SEBI (LODR) Regulations, 2015. Investors can access the recording via the company's website to review management commentary on the ongoing business 'reset' and financial performance.
- Earnings call conducted on August 6, 2026, at 11:00 A.M. IST
- Recording covers the financial results for the quarter ended June 30, 2026
- Company currently operates with a TTM revenue of Rs 279 Cr and a market cap of Rs 789 Cr
- Active sales funnel previously estimated between Rs 18 Cr and Rs 20 Cr
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.
- 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.
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.
- 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.
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.
- 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.
Subex Limited concluded its 32nd Annual General Meeting on August 04, 2026, where shareholders approved all three proposed resolutions. The agenda included the adoption of FY26 financial statements and the re-appointment of two directors, including one Independent Director. Despite a large base of 339,666 shareholders, the total voter turnout was low, representing only approximately 2.6% of the total 56.20 crore shares. All resolutions passed comfortably with over 98% of the polled votes in favor.
- 3 resolutions were passed at the 32nd AGM held on August 04, 2026
- Total voter turnout was approximately 2.6% of the 56,20,02,935 total shares
- Resolution for re-appointment of Independent Director Rupinder Goel received 98.15% votes in favor
- Adoption of financial statements passed with 99.7% of polled votes in favor
- Total number of shareholders on the record date of July 28, 2026, stood at 3,39,666
Financial Performance
Revenue Growth by Segment
The company experienced a revenue decline of 8.6% YoY, with total operating income falling from INR 372.99 Cr in FY21 to INR 340.93 Cr in FY22. The telecom segment remains the primary contributor, while the banking and financial institutions segment contributes a low 5% of overall revenues.
Geographic Revenue Split
Not explicitly disclosed in percentages, but the company operates across multiple jurisdictions including India (Bengaluru), the United Kingdom, and the United States, with a strategy to expand the client base geographically to mitigate concentration risks.
Profitability Margins
Profitability saw a significant decline; PAT margins dropped from 14.26% in FY21 to 6.16% in FY22. Reported Profit After Tax (PAT) decreased by 60.5% from INR 53.2 Cr to INR 21.0 Cr over the same period. However, the company achieved operational profitability and became PAT positive without exceptional items in Q2 FY26.
EBITDA Margin
Operating profitability was restored in Q2 FY26 for the first time since June 2022. Historical EBITDA was impacted by internal restructuring costs and reduced revenue contribution, leading to a 'muted' growth profile with a revenue CAGR of less than 1% over the six fiscals ending FY22.
Capital Expenditure
Capital expenditure is primarily funded through internal accruals and cash balances. While specific future INR Cr figures are not disclosed, the company maintains a large cash balance and lacks major repayment obligations, allowing for reinvestment into business growth.
Credit Rating & Borrowing
The company maintains a strong financial risk profile with an Adjusted Debt/Adjusted Net Worth of 0.00 as of March 31, 2022. Interest coverage was robust at 13.11 times in FY22, with interest costs primarily relating to finance lease charges rather than external debt.
Operational Drivers
Raw Materials
As a software technology firm, the primary 'raw materials' are human capital (employee costs) and proprietary software licenses. Employee costs increased due to internal restructuring where major revenue-contributing domains were moved to the parent company.
Import Sources
Not applicable for software services; however, talent and operational audits are conducted in India (Bengaluru), the UK, and the US.
Key Suppliers
Not disclosed as the company relies on internal proprietary software development rather than external physical raw material suppliers.
Capacity Expansion
Capacity is measured by the sales funnel and order book. The active sales funnel is currently estimated between INR 18 Cr and INR 20 Cr (INR 180 million to INR 200 million).
Raw Material Costs
Incremental employee costs and other expenses were incurred during the internal restructuring of the Subex Assurance LLP subsidiary into Subex Limited, which temporarily pressured margins.
Manufacturing Efficiency
Not applicable; efficiency is tracked via 'operational profitability' which was achieved in Q2 FY26 through a 'cleanup' of legacy areas and right-sizing the business.
Logistics & Distribution
Not applicable; software is delivered digitally or through managed services.
Strategic Growth
Expected Growth Rate
1%
Growth Strategy
Growth is targeted through a 'larger reset' involving the cleanup of legacy areas, right-sizing the business for sustainable growth, and reinvesting operational profits into new business lines. The company is also focusing on increasing annuity revenue from managed services and diversifying into the banking/financial sector to reduce telecom dependency.
Products & Services
Business Support Systems (BSS) for telcos including Fraud Management, Revenue Assurance, Analytics, Partner Management, Cost Management, and Credit Risk Management.
Brand Portfolio
Subex, Subex Assurance.
New Products/Services
New products for banking and financial institutions currently contribute 5% of revenue, with plans to increase this through a new product roadmap to be presented on Investor Day.
Market Expansion
Targeting geographic expansion and diversification into non-telecom sectors like BFSI to mitigate the risk of industry-specific slowdowns.
Market Share & Ranking
Not disclosed; however, the company is described as having an 'established market position' in the telecom software service segment.
External Factors
Industry Trends
The industry is seeing a shift toward managed services and annuity-based revenue models. Subex is positioning itself by moving away from one-time license gains toward sustainable operational profitability and diversifying into BFSI.
Competitive Landscape
Faces intense competition from players building overlapping products/services, which has historically limited Subex to a modest scale of operations.
Competitive Moat
Moat is based on strong domain knowledge in telecom software and long-standing client relationships. However, this is challenged by competitors building core competencies in overlapping product areas.
Macro Economic Sensitivity
Highly sensitive to global geopolitical tensions (Ukraine-Russia, Middle East) and persistent inflationary pressures which disrupt customer IT spending trends.
Consumer Behavior
Shift in telecom companies' spending patterns toward more integrated business support systems and fraud prevention.
Geopolitical Risks
Heightened global uncertainty and volatility from conflicts impact the timing of project executions and customer capital spending.
Regulatory & Governance
Industry Regulations
Compliance with Special Economic Zone (SEZ) regulations for software development is critical; non-fulfillment of export obligations could result in fines or loss of duty exemptions.
Environmental Compliance
Not disclosed as a significant cost factor for this technology firm.
Taxation Policy Impact
Subject to periodic challenges by local tax authorities across multiple jurisdictions regarding transfer pricing and indirect tax matters. The company is currently evaluating uncertain tax positions.
Legal Contingencies
The company faces ongoing tax disputes and challenges from local tax authorities. Regulatory hurdles currently prevent buybacks or dividends because retained earnings remain in a 'negative trajectory'.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'modest scale of operations' (INR 340.93 Cr revenue) which constrains the business risk profile. A decline in cash accruals to less than INR 13 Cr is a key downward rating trigger.
Geographic Concentration Risk
While operating globally, the company faces risks from 'multiple jurisdictions' and local tax challenges.
Third Party Dependencies
Dependency is high on the telecom industry (95% of revenue) rather than specific third-party suppliers.
Technology Obsolescence Risk
The company faces risk from competitors building superior core competencies in overlapping software domains, requiring constant R&D and a 'product roadmap' reset.
Credit & Counterparty Risk
Liquidity is 'Strong' with large cash equivalents and no debt, mitigating counterparty risk, though the company must recover from negative retained earnings to return to a full 'profitability trajectory'.
