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Subex Limited SUBEXLTD NSETECH

Technology · Software - Application · India
https://www.subex.com
Company Profile ↓
₹13.60
-7.42% 1Y
Mkt Cap₹764.32 Cr
P/E26.67
P/B2.18
52W High₹14.69
52W Low₹6.68
Book Value₹6.10
EPS (TTM)₹0.51

Company Overview

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.

Why Investors Should Care

Consistent Profit Growth

Net profit has compounded at 51.9% per year over the last five years.

Reasonable Valuation

Trades at a P/E of 26.7, below the sector median of 27.7.

Conservative Balance Sheet

Carries low leverage with a debt-to-equity ratio of 0.08.

Positive Free Cash Flow

Generates positive free cash flow, funding growth and shareholder returns internally.

Recent Developments

  • Mar 2026 Revenue of ₹279.06 Cr (-2.3% YoY); net profit ₹28.53 Cr.
  • Trailing 12 Months Year-on-year growth — revenue -2.3%.
  • 5-Year Trend Long-term compounding — revenue CAGR 0.0%, profit CAGR 51.9%.

Growth & Price Performance

Compounded Sales Growth

5 Years:0.04%
1 Year:-2.29%

Compounded Profit Growth

5 Years:51.90%
1 Year:-

Stock Price Performance

1 Year:-7.42%
6 Months:+27.58%
3 Months:+42.11%
1 Month:+23.30%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

Technical Snapshot Bullish
52-Week Range 86% of range
₹6.68 ₹14.69
Trend Signals
  • Price vs 50-DMAAbove
  • Price vs 200-DMAAbove
  • Golden Cross6d ago
  • RSI (14)73.99 · Overbought
Price Performance
1M+23.30%
3M+42.11%
6M+27.58%
1Y-7.42%
Valuation vs Sector

P/E of 26.67 is below the sector median of 27.67 — relatively cheaper than peers.

Auto-generated from price history and fundamentals; not investment advice.

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Price Chart

NSE TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Profit CAGR of 51.9% over 5 years.
  • Generates positive free cash flow.
  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

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

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Valuation

Stock P/E
26.67
Industry PE
27.67
Forward P/E est.
17.56
PEG Ratio
-
Book Value
₹6.10
Price to Book
2.18
P/S
2.69
EV/EBITDA
25.24
Dividend Yield
0.00%

Growth (CAGR)

Revenue 5Y
0.04%
Profit 5Y
51.90%
Revenue (YoY)
-2.29%
Earnings (YoY)
-

Profitability & Returns

ROCE
9.21%
ROE
8.32%
ROA
5.17%
Profit Margin
10.22%
Op Margin
5.98%
Gross Margin
41.03%
EPS (Latest Qtr)
₹0.18
EPS (TTM)
₹0.51

Balance Sheet & Liquidity

Debt/Equity
0.08
Quick Ratio
2.01
Current Ratio
2.64
Debt
₹28.27 Cr
Total Assets
₹551.90 Cr
Current Assets
₹288.45 Cr
Working Capital
₹179.20 Cr

Ownership

Promoter Holding
1.36%
Chg in Prom Hold
-0.03%
FII / Inst Holding
0.49%
Chg in FII Hold
-0.04%

Financial Snapshot

Enterprise Value
₹764.32 Cr
Total Revenue (TTM)
₹279.06 Cr
EBITDA
₹52.84 Cr
Free Cash Flow
₹67.54 Cr
Operating Cash Flow
₹71.51 Cr
Shares Outstanding
₹56.20 Cr
Gross Margin
41.03%
Payout Ratio
0.00%

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 13.60 26.67 ₹764.32 Cr 0.00% 9.21% 8.32% 0.04% 51.90%
2 TCS Tata Consultancy Services Limited NIFTY50NSEAITECH 2,173.50 15.98 ₹7.86 L Cr 3.14% 54.93% 45.89% 5.80% 5.30%
3 INFY Infosys Limited NIFTY50NSEAITECH 1,084.40 1,355.50 ₹4.40 L Cr 4.68% 41.66% 33.85% 3.44% 3.58%
4 HCLTECH HCL Technologies Limited NIFTY50NSEAITECH 1,176.30 18.35 ₹3.19 L Cr 8.25% 27.21% 22.14% 8.65% 3.87%
5 WIPRO Wipro Limited NIFTY50NSEAITECH 175.97 14.01 ₹1.85 L Cr 9.69% 17.85% 14.91% 0.78% 5.16%
6 TECHM Tech Mahindra Limited NIFTY50NSEAITECH 1,474.20 27.20 ₹1.44 L Cr 3.51% 19.82% 16.24% 2.16% -0.14%
7 LTM LTM Limited NSETECH 4,076.50 24.10 ₹1.21 L Cr 1.86% 25.39% 20.89% 8.43% 4.41%
8 LGEINDIA LG ELECTRONICS INDIA LTD NIFTY_MIDNSETECH 1,535.10 61.82 ₹1.04 L Cr 0.00% 27.64% 21.98% 0.98% -
9 OFSS Oracle Financial Services Software Limited NIFTY_MIDNSEAITECH 11,729.00 38.82 ₹1.02 L Cr 5.71% 43.24% 33.72% 10.42% 13.48%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in INR.

Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 47.27 Cr67.29 Cr76.81 Cr81.82 Cr83.80 Cr68.16 Cr--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 84.03 Cr82.03 Cr81.38 Cr81.24 Cr80.72 Cr74.20 Cr--28.10 Cr25.34 Cr21.89 Cr23.57 Cr24.68 Cr
Operating Income -40.58 Cr-18.61 Cr-8.77 Cr-3.17 Cr-70.00 L-9.70 Cr--1.88 Cr-11.00 L4.54 Cr6.92 Cr7.67 Cr
EBITDA -36.76 Cr-14.74 Cr-4.57 Cr58.00 L3.08 Cr-6.04 Cr---10.24 Cr19.74 Cr7.80 Cr8.79 Cr16.51 Cr
Interest Expense 72.00 L70.00 L66.00 L63.00 L64.00 L59.00 L--50.00 L99.00 L82.00 L66.00 L80.00 L
Pretax Income -37.58 Cr-17.96 Cr-8.15 Cr-2.39 Cr-146.60 Cr-8.37 Cr---14.12 Cr14.71 Cr4.22 Cr5.76 Cr12.80 Cr
Tax Provision -9.60 Cr-1.32 Cr-2.90 Cr-2.50 Cr-9.91 Cr-2.84 Cr--3.48 Cr1.90 Cr1.36 Cr2.83 Cr2.87 Cr
Net Income -47.18 Cr-19.28 Cr-11.05 Cr-4.89 Cr-156.51 Cr-11.21 Cr---17.60 Cr12.81 Cr2.86 Cr2.93 Cr9.93 Cr
Diluted EPS -0.84-0.34-0.20-0.09-2.78-0.20---0.320.230.050.050.18

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 360.00 Cr322.00 Cr357.00 Cr324.00 Cr348.00 Cr365.00 Cr372.00 Cr-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 275.00 Cr231.00 Cr268.00 Cr290.00 Cr297.00 Cr279.00 Cr273.00 Cr-94.47 Cr97.57 Cr108.10 Cr97.80 Cr
Operating Income 81.00 Cr87.00 Cr84.00 Cr29.00 Cr46.00 Cr71.00 Cr85.00 Cr--26.28 Cr-20.69 Cr-7.67 Cr16.70 Cr
EBITDA 85.00 Cr91.00 Cr89.00 Cr34.00 Cr51.00 Cr86.00 Cr99.00 Cr--22.84 Cr-157.10 Cr-3.48 Cr52.84 Cr
Interest Expense 61.00 Cr62.00 Cr20.00 Cr8.00 Cr2.00 Cr6.00 Cr4.00 Cr-2.23 Cr2.41 Cr2.22 Cr3.27 Cr
Pretax Income 16.00 Cr-62.00 Cr-34.00 Cr34.00 Cr47.00 Cr-238.00 Cr89.00 Cr--39.06 Cr-175.10 Cr-19.82 Cr37.49 Cr
Tax Provision 5.76 Cr-13.02 Cr-9.86 Cr13.60 Cr21.62 Cr-30.94 Cr37.38 Cr-12.15 Cr16.63 Cr11.62 Cr8.96 Cr
Net Income 10.00 Cr-74.00 Cr-43.00 Cr21.00 Cr25.00 Cr-269.00 Cr52.00 Cr--51.21 Cr-191.73 Cr-31.44 Cr28.53 Cr
Diluted EPS 0.56-1.48-0.850.370.45-4.790.92--0.93-3.47-0.570.51

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets 1,121.00 Cr1,042.00 Cr957.00 Cr892.00 Cr890.00 Cr678.00 Cr725.00 Cr-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 725.00 Cr228.00 Cr186.00 Cr32.00 Cr049.00 Cr26.00 Cr-33.39 Cr28.16 Cr19.38 Cr28.27 Cr
Total Equity 209.00 Cr734.00 Cr684.00 Cr779.00 Cr794.00 Cr515.00 Cr549.00 Cr-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 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow 64.00 Cr66.00 Cr54.00 Cr54.00 Cr55.00 Cr66.00 Cr91.00 Cr-9.21 Cr-8.28 Cr9.50 Cr71.51 Cr
Investing Cash Flow -11.00 Cr7.00 Cr-11.00 Cr-7.00 Cr-11.00 Cr-2.00 Cr-6.00 Cr--37.77 Cr34.62 Cr-16.44 Cr-32.77 Cr
Financing Cash Flow -47.00 Cr-36.00 Cr-55.00 Cr-91.00 Cr-34.00 Cr-13.00 Cr-32.00 Cr--6.51 Cr-9.34 Cr-12.05 Cr-8.73 Cr
Capital Expenditure -6.00 Cr-3.00 Cr-6.00 Cr-3.00 Cr-3.00 Cr-3.00 Cr-9.00 Cr--4.93 Cr-2.73 Cr-2.41 Cr-3.97 Cr
Free Cash Flow 58.00 Cr63.00 Cr48.00 Cr51.00 Cr52.00 Cr63.00 Cr82.00 Cr-4.28 Cr-11.01 Cr7.09 Cr67.54 Cr
Net Change in Cash 6.00 Cr37.00 Cr-12.00 Cr-44.00 Cr9.00 Cr51.00 Cr53.00 Cr--35.07 Cr17.00 Cr-18.99 Cr30.01 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % --------24.5%24.8%35.2%41.0%
Operating Margin % 22.5%27.0%23.5%9.0%13.2%19.5%22.8%--9.4%-6.7%-2.7%6.0%
Net Margin % 2.8%-23.0%-12.0%6.5%7.2%-73.7%14.0%--18.4%-61.9%-11.0%10.2%
ROE % 4.8%-10.1%-6.3%2.7%3.1%-52.2%9.5%--9.8%-57.5%-10.3%8.3%
ROCE % ---------4.3%-4.9%-2.0%3.8%

Shareholding Pattern

Insiders
1.36%
Institutions
0.49%
Public Float
0.49%

Analyst View

Loading analyst coverage…

Latest News

Recent headlines for SUBEXLTD

Google News Sat, 24 Jan 2026

Subex (NSE:SUBEXLTD shareholders incur further losses as stock declines 15% this week, taking three-year losses to 74% - simplywall.st

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Google News Wed, 20 May 2026

Statutory Profit Doesn't Reflect How Good Subex's (NSE:SUBEXLTD) Earnings Are - simplywall.st

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Google News Mon, 13 Oct 2025

Subex Shares Surge 8% on $1.67 Million APAC Contract Win - HDFC Sky

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Google News hu, 07 Aug 2025

Subex Ltd. Share Price Today - Subex Ltd. Stock Price Live NSE/BSE - CNBC TV18

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Google News Fri, 15 Aug 2025

Is Subex (NSE:SUBEXLTD) A Risky Investment? - simplywall.st

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Google News Fri, 10 Oct 2025

Subex Shares Jump 9.9% on $6.62M Dutch Telecom Contract - HDFC Sky

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SUBEXLTD — Frequently Asked Questions

What is the current share price of Subex Limited (SUBEXLTD)?

As of 2026-07-15 09:52 IST, Subex Limited (SUBEXLTD) trades at ₹13.60 on NSE. Its 52-week range is ₹6.68 to ₹14.69.

What is the market capitalisation of SUBEXLTD?

Subex Limited (SUBEXLTD) has a market capitalisation of ₹764.32 Cr on NSE.

What is the P/E ratio of SUBEXLTD?

SUBEXLTD trades at a trailing price-to-earnings (P/E) ratio of 26.67. The industry average P/E is 27.67. Its price-to-book (P/B) ratio is 2.18.

What is the return on equity (ROE) of SUBEXLTD?

SUBEXLTD has a return on equity (ROE) of 8.32%. Its return on capital employed (ROCE) is 9.21%.

Is SUBEXLTD a good stock to buy?

This page provides a data-driven analysis of Subex Limited (SUBEXLTD), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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