Subex Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2014 • Products: 100.0%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company is almost debt free
- Operating margins have improved to 9.2% from -8.1%
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (84.7% of PBT)
- Company has a low return on equity of -15.4% over last 3 years
- Company has a low return on capital employed of -11.1%
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.37x)
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2202.00 | 16.00 | 796702.87 | 5.00 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1038.20 | 13.91 | 421325.69 | 4.62 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1207.00 | 18.80 | 327539.38 | 4.47 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 167.50 | 12.55 | 165902.38 | 6.57 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1539.50 | 29.38 | 150891.59 | 3.31 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4301.15 | 24.39 | 127581.28 | 1.74 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 11760.00 | 30.01 | 102409.76 | 3.40 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5537.45 | 45.42 | 87353.27 | 0.72 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1847.40 | 46.58 | 81835.77 | 0.86 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2294.10 | 22.92 | 43790.98 | 2.70 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3334.95 | 26.80 | 35379.24 | 1.74 | 3571.00 | 1029.71 | 29401.00 | 1014.73 | 27.70 | 18.65 |
| SUBEXLTD | 20.81 | 39.06 | 1169.53 | 0.00 | 14.22 | 11.01 | 79.45 | 19.65 | 12.59 | 18.88 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 67 | 77 | 82 | 84 | 68 | 74 | 73 | 71 | 66 | 69 | 71 | 73 | 79 | |
| 82 | 81 | 81 | 81 | 74 | 72 | 70 | 84 | 62 | 63 | 62 | 64 | 68 | |
| Operating Profit | -15 | -5 | 1 | 3 | -6 | 2 | 2 | -13 | 4 | 6 | 9 | 9 | 12 |
| OPM % | -21.91% | -5.95% | 0.70% | 3.68% | -8.86% | 2.55% | 3.44% | -18.41% | 5.92% | 9.11% | 12.77% | 12.55% | 14.81% |
| 1 | 1 | 1 | -145 | 2 | 5 | 1 | 3 | 16 | 2 | -0 | 7 | 5 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 4 | 3 | 2 | 3 | 3 |
| Profit before Tax | -18 | -8 | -2 | -147 | -8 | 3 | -0 | -14 | 15 | 4 | 6 | 13 | 16 |
| Tax % | -7.35% | -35.58% | -104.60% | -6.76% | -33.93% | 79.26% | -915.62% | -24.65% | 12.92% | 32.23% | 49.13% | 22.42% | 13.61% |
| Net Profit | 0 | 0 | 0 | 0 | -11 | 1 | -3 | -18 | 13 | 3 | 3 | 10 | 14 |
| -0.35 | -0.20 | -0.09 | -2.83 | -0.20 | 0.01 | -0.06 | -0.32 | 0.23 | 0.05 | 0.05 | 0.18 | 0.26 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 357 | 324 | 348 | 365 | 372 | 333 | 279 | 310 | 286 | 279 | 292 | |
| 275 | 290 | 297 | 279 | 274 | 299 | 311 | 325 | 300 | 253 | 256 | |
| Operating Profit | 82 | 34 | 51 | 86 | 98 | 35 | -32 | -16 | -15 | 26 | 36 |
| OPM % | 22.98% | 10.47% | 14.75% | 23.61% | 26.22% | 10.37% | -11.55% | -5.06% | -5.13% | 9.22% | 12.41% |
| -90 | 13 | 3 | -303 | 9 | 12 | 10 | -141 | 11 | 27 | 13 | |
| Interest | 20 | 8 | 2 | 6 | 4 | 3 | 3 | 3 | 2 | 3 | 3 |
| Depreciation | 5 | 5 | 5 | 15 | 14 | 10 | 14 | 16 | 14 | 12 | 11 |
| Profit before Tax | -34 | 34 | 47 | -238 | 89 | 34 | -39 | -175 | -20 | 37 | 39 |
| Tax % | -28.58% | 39.90% | 46.43% | -13.23% | 42.13% | 37.70% | -31.11% | -9.50% | -58.63% | 23.90% | 23.70% |
| Net Profit | -43 | 21 | 25 | -269 | 52 | 21 | -51 | -192 | -31 | 29 | 30 |
| EPS | -0.85 | 0.37 | 0.45 | -4.94 | 0.94 | 0.38 | -0.93 | -3.41 | -0.56 | 0.51 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 81.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -1%
- 5 Years:
- -6%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -11%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -16%
- 3 Years:
- -15%
- 1 Year:
- 62%
RETURN ON EQUITY
- 10 Years:
- -8%
- 5 Years:
- -10%
- 3 Years:
- -15%
- Last Year:
- 9%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 507 | 562 | 562 | 562 | 281 | 281 | 281 | 281 | 281 | 281 |
| 177 | 217 | 232 | -48 | 265 | 280 | 236 | 49 | 20 | 60 | |
| 109 | 32 | 0 | 35 | 22 | 10 | 25 | 18 | 10 | 22 | |
| Trade Payables | 18 | 13 | 8 | 16 | 13 | 17 | 13 | 24 | 21 | 25 |
| 153 | 77 | 97 | 128 | 165 | 152 | 163 | 179 | 177 | 164 | |
| Total Liabilities | 963 | 902 | 900 | 693 | 746 | 740 | 717 | 551 | 510 | 552 |
| 668 | 666 | 664 | 393 | 375 | 368 | 385 | 228 | 217 | 228 | |
| 0 | 0 | 0 | 0 | 0 | 12 | 14 | 9 | 22 | 32 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102 | 78 | 94 | |
| Cash & Bank | 74 | 33 | 42 | 91 | 145 | 109 | 109 | 101 | 61 | 101 |
| 221 | 203 | 193 | 209 | 226 | 252 | 209 | 112 | 131 | 98 | |
| Total Assets | 963 | 902 | 900 | 693 | 746 | 740 | 717 | 551 | 510 | 552 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 66 | 70 | 65 | 81 | 105 | 15 | 14 | -8 | 10 | 72 | |
| Cash from Investing | -7 | -3 | -11 | -4 | -7 | -35 | -38 | 35 | -16 | -33 |
| Cash from Financing | -55 | -91 | -34 | -13 | -32 | -15 | -7 | -9 | -12 | -9 |
| -8 | -41 | 9 | 49 | 52 | -59 | -35 | 17 | -19 | 30 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-12 - Postal Ballot Notice dated August 05, 2026 - Voting results along with the Scrutinizer's Report
2026-08-26 - Subex secured a contract with a leading African mobile operator.
2026-08-21 - Subex Limited has informed the Exchange about Awarding of order(s)/contract(s)
2026-08-18 - Subex Limited has informed the Exchange about Investor Presentation
2026-08-15 - Subex Limited has informed the Exchange about Schedule of meet
2026-08-14 - Newspaper Publication - Postal Ballot
2026-08-13 - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 - Postal Ballot Notice
2026-08-07 - Subex Limited has informed the Exchange about Transcript
2026-08-06 - Audio Recording of the Earnings Call for the quarter ended June 30, 2026
News
Recent coverage and analyst commentary for SUBEXLTD
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