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Subex Limited SUBEXLTD NSETECH

Technology · Software - Application · India
https://www.subex.com

Subex Limited provides operations and business support systems to communication service providers (CSPs) worldwide. The company offers fraud management solutions that address fraud across various services, including bypass, handset, international revenue share fraud, robocalling, and SMS fraud solutions, as well as scam and spam calls. It also provides a signaling risk intelligence solution, which detects and prevents various protocol attacks at the signaling layer in real-time; business assurance, an active risk intelligence solution that assures revenues for business models comprising margin, asset and inventory, digital partner, enterprise 5G, IoT, digital profile, migration, and direct carrier billing assurance; and enterprise billing solution that include subscription management, billing and revenue management, configure, price and quote, service delivery platform, multi-level channel management, and customer relationship management services. In addition, the company offers partner ecosystem management that consists of partner and contract lifecycle management, digital services and roaming billing, and wholesale billing and routing services; and enterprise asset management solutions comprising network analytics, network asset management, and data integrity management. Further, it provides managed and business consulting services. Subex Limited was founded in 1992 and is based in Bengaluru, India.

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₹10.72
-26.02% 1Y

Market & Price

Market Cap
₹594.80 Cr
Current Price
₹10.72
High / Low (52W)
₹16.71 / ₹6.68
Beta
0.75

Valuation

Stock P/E
21.02
Industry PE
25.13
Forward P/E
-
PEG Ratio
-
Book Value
₹5.64
Price to Book
1.90
P/S
2.15
EV/EBITDA
-230.62
Dividend Yield
-

Profitability & Returns

ROCE
9.21%
ROE
-
ROA
-
Profit Margin
0.36%
Op Margin
17.10%
EPS (Latest Qtr)
₹0.18
EPS (TTM)
₹0.51

Balance Sheet & Liquidity

Debt/Equity
0.08
Quick Ratio
-
Current Ratio
-
Debt
₹28.27 Cr
Total Assets
₹551.90 Cr
Current Assets
₹288.45 Cr
Working Capital
₹179.20 Cr

Ownership

Promoter Holding
1.39%
Chg in Prom Hold
-
FII / Inst Holding
0.65%
Chg in FII Hold
-

Financial Snapshot

Enterprise Value
₹541.95 Cr
Total Revenue (TTM)
₹276.70 Cr
EBITDA
₹-2.35 Cr
Free Cash Flow
-
Operating Cash Flow
-
Shares Outstanding
₹55.49 Cr
Gross Margin
94.20%
Payout Ratio
0.00%

Growth (CAGR)

Revenue 5Y
0.04%
Profit 5Y
51.90%
Revenue (YoY)
14.00%
Earnings (YoY)
-

PROS

  • Profit CAGR of 51.9% over 5 years.

CONS

  • Trading 35.9% below its 52-week high.
  • In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 SUBEXLTD Subex Limited NSETECH 10.72 21.02 ₹594.80 Cr - 9.21% - 0.04% 51.90%
2 TCS Tata Consultancy Services Limited NIFTY50NSEAITECH 2,258.90 16.61 ₹8.17 L Cr 5.49% 54.93% 48.40% 5.80% 5.30%
3 INFY Infosys Limited NIFTY50NSEAITECH 1,160.90 15.01 ₹4.70 L Cr 4.31% 41.66% 31.44% 3.44% 3.58%
4 HCLTECH HCL Technologies Limited NIFTY50NSEAITECH 1,183.80 19.31 ₹3.20 L Cr 8.11% 27.21% 23.36% 8.65% 3.87%
5 WIPRO Wipro Limited NIFTY50NSEAITECH 204.25 16.26 ₹2.14 L Cr 8.32% 18.42% 15.49% 4.05% 2.44%
6 TECHM Tech Mahindra Limited NIFTY50NSEAITECH 1,483.90 27.40 ₹1.31 L Cr 3.44% 20.60% 16.61% 2.16% -0.14%
7 LTM LTM Limited NSETECH 4,061.60 24.04 ₹1.20 L Cr 1.85% 25.39% 21.29% 8.43% 4.41%
8 LGEINDIA LG ELECTRONICS INDIA LTD NIFTY_MIDNSETECH 1,523.90 61.35 ₹1.03 L Cr - 27.64% 24.72% 0.98% -
9 WAAREEENER WAAREE ENERGIES LIMITED NIFTY_MIDNSETECH 3,140.80 27.70 ₹90,345.53 Cr 0.13% 24.21% 31.57% 71.63% 191.18%
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Quarterly Results

Figures in INR.

Metric Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue --70.60 Cr66.40 Cr68.91 Cr70.79 Cr72.96 Cr
Cost of Revenue --40.62 Cr41.17 Cr42.48 Cr40.30 Cr40.61 Cr
Gross Profit --29.98 Cr25.23 Cr26.43 Cr30.49 Cr32.35 Cr
Operating Expenses --28.10 Cr25.34 Cr21.89 Cr23.57 Cr24.68 Cr
Operating Income --1.88 Cr-11.00 L4.54 Cr6.92 Cr7.67 Cr
EBITDA ---10.24 Cr19.74 Cr7.80 Cr8.79 Cr16.51 Cr
Interest Expense --50.00 L99.00 L82.00 L66.00 L80.00 L
Pretax Income ---14.12 Cr14.71 Cr4.22 Cr5.76 Cr12.80 Cr
Tax Provision --3.48 Cr1.90 Cr1.36 Cr2.83 Cr2.87 Cr
Net Income ---17.60 Cr12.81 Cr2.86 Cr2.93 Cr9.93 Cr
Diluted EPS ---0.320.230.050.050.18

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue -278.69 Cr309.72 Cr285.61 Cr279.06 Cr
Cost of Revenue -210.50 Cr232.84 Cr185.18 Cr164.56 Cr
Gross Profit -68.19 Cr76.88 Cr100.43 Cr114.50 Cr
Operating Expenses -94.47 Cr97.57 Cr108.10 Cr97.80 Cr
Operating Income --26.28 Cr-20.69 Cr-7.67 Cr16.70 Cr
EBITDA --22.84 Cr-157.10 Cr-3.48 Cr52.84 Cr
Interest Expense -2.23 Cr2.41 Cr2.22 Cr3.27 Cr
Pretax Income --39.06 Cr-175.10 Cr-19.82 Cr37.49 Cr
Tax Provision -12.15 Cr16.63 Cr11.62 Cr8.96 Cr
Net Income --51.21 Cr-191.73 Cr-31.44 Cr28.53 Cr
Diluted EPS --0.93-3.47-0.570.51

Compounded Sales Growth

5 Years:0.04%
1 Year:14.00%

Compounded Profit Growth

5 Years:51.90%
1 Year:-

Stock Price Performance

1 Year:-26.02%
6 Months:-10.44%
3 Months:+10.40%
1 Month:+14.78%

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets -703.62 Cr529.72 Cr486.96 Cr551.90 Cr
Current Assets -261.49 Cr250.40 Cr214.43 Cr288.45 Cr
Cash & Equivalents -52.38 Cr69.23 Cr52.36 Cr82.18 Cr
Inventory -----
Receivables -90.37 Cr101.55 Cr77.62 Cr93.51 Cr
Total Liabilities -181.78 Cr196.21 Cr182.48 Cr209.09 Cr
Current Liabilities -85.77 Cr104.85 Cr101.06 Cr109.25 Cr
Long Term Debt -----
Total Debt -33.39 Cr28.16 Cr19.38 Cr28.27 Cr
Total Equity -521.84 Cr333.51 Cr304.48 Cr342.81 Cr
Shares Outstanding -56.20 Cr56.20 Cr56.20 Cr56.20 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow -9.21 Cr-8.28 Cr9.50 Cr71.51 Cr
Investing Cash Flow --37.77 Cr34.62 Cr-16.44 Cr-32.77 Cr
Financing Cash Flow --6.51 Cr-9.34 Cr-12.05 Cr-8.73 Cr
Capital Expenditure --4.93 Cr-2.73 Cr-2.41 Cr-3.97 Cr
Free Cash Flow -4.28 Cr-11.01 Cr7.09 Cr67.54 Cr
Net Change in Cash --35.07 Cr17.00 Cr-18.99 Cr30.01 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % -24.5%24.8%35.2%41.0%
Operating Margin % --9.4%-6.7%-2.7%6.0%
Net Margin % --18.4%-61.9%-11.0%10.2%
ROE % --9.8%-57.5%-10.3%8.3%
ROCE % --4.3%-4.9%-2.0%3.8%

Shareholding Pattern

Insiders
1.39%
Institutions
0.65%
Public Float
0.66%

Analyst View

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