Subex Ltd.
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ABOUT
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
- Company has delivered good sales growth of 54.4% CAGR over last 5 years
- Operating margins have improved to -2.4% from -23.0%
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- A large part of profit comes from other income (684.3% of PBT)
- Company has a low return on equity of -30.3% over last 3 years
- Company has a low return on capital employed of -25.8%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.29x)
* 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 65 | 67 | 72 | 65 | 65 | 68 | 69 | 66 | 63 | 64 | 65 | 65 | 73 | |
| 80 | 78 | 77 | 70 | 77 | 73 | 73 | 83 | 66 | 64 | 64 | 37 | 66 | |
| Operating Profit | -15 | -11 | -5 | -5 | -12 | -5 | -4 | -17 | -3 | -0 | 1 | 28 | 6 |
| OPM % | -22.68% | -17.02% | -6.77% | -8.35% | -18.24% | -7.16% | -5.25% | -25.98% | -5.15% | -0.71% | 2.00% | 42.74% | 8.85% |
| 1 | 0 | 0 | -147 | 1 | 5 | 0 | 1 | 15 | 1 | -1 | -17 | 3 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 3 | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 2 |
| Profit before Tax | -18 | -15 | -8 | -156 | -15 | -4 | -7 | -20 | 8 | -3 | -3 | 7 | 9 |
| Tax % | -3.80% | -4.19% | -16.25% | -8.04% | -8.88% | -13.37% | -6.38% | -8.46% | 9.37% | -27.27% | -24.72% | 12.84% | 9.52% |
| Net Profit | -19 | -16 | -10 | -169 | -16 | -5 | -7 | -22 | 7 | -3 | -3 | 6 | 9 |
| -0.34 | -0.29 | -0.18 | -3.05 | -0.29 | -0.08 | -0.13 | -0.40 | 0.12 | -0.06 | -0.06 | 0.11 | 0.15 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 324 | 180 | 19 | 11 | 29 | 68 | 274 | 269 | 269 | 256 | 266 | |
| 278 | 178 | 39 | 37 | 45 | 86 | 339 | 305 | 306 | 262 | 231 | |
| Operating Profit | 47 | 2 | -20 | -26 | -16 | -18 | -65 | -36 | -38 | -6 | 35 |
| OPM % | 14.45% | 0.93% | -104.44% | -243.65% | -54.29% | -25.89% | -23.85% | -13.26% | -13.99% | -2.35% | 13.10% |
| -33 | 13 | 2 | -172 | 44 | 15 | 2 | -146 | 6 | 30 | -14 | |
| Interest | 15 | 5 | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 3 | 3 |
| Depreciation | 3 | 7 | 6 | 6 | 2 | 2 | 12 | 14 | 13 | 12 | 10 |
| Profit before Tax | -4 | 2 | -25 | -205 | 27 | -4 | -77 | -198 | -46 | 9 | 11 |
| Tax % | -59.21% | 83.07% | 0.08% | -0.58% | 1.09% | -0.00% | 10.69% | -7.71% | -8.71% | 36.03% | 28.83% |
| Net Profit | -7 | 0 | -25 | -206 | 26 | -4 | -69 | -213 | -50 | 6 | 8 |
| EPS | -0.13 | 0.01 | -0.44 | -3.78 | 0.48 | -0.08 | -1.25 | -3.79 | -0.89 | 0.10 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 160.77% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -1%
- 5 Years:
- 54%
- 3 Years:
- -2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -26%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -16%
- 3 Years:
- -15%
- 1 Year:
- 62%
RETURN ON EQUITY
- 10 Years:
- -14%
- 5 Years:
- -21%
- 3 Years:
- -30%
- Last Year:
- 4%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 130 | 180 | 149 | -63 | 218 | 206 | 138 | -71 | -119 | -111 | |
| 109 | 0 | 0 | 2 | 0 | 0 | 23 | 17 | 10 | 21 | |
| Trade Payables | 144 | 4 | 3 | 3 | 4 | 12 | 82 | 69 | 66 | 40 |
| 39 | 7 | 35 | 57 | 86 | 55 | 80 | 61 | 74 | 118 | |
| Total Liabilities | 929 | 753 | 749 | 561 | 589 | 554 | 604 | 357 | 311 | 348 |
| 5 | 56 | 50 | 12 | 9 | 7 | 41 | 31 | 21 | 30 | |
| 657 | 644 | 644 | 476 | 476 | 428 | 346 | 176 | 155 | 160 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 75 | 55 | 42 | |
| Cash & Bank | 2 | 2 | 1 | 4 | 4 | 9 | 46 | 12 | 8 | 30 |
| 266 | 51 | 54 | 70 | 101 | 110 | 173 | 62 | 71 | 85 | |
| Total Assets | 929 | 753 | 749 | 561 | 589 | 554 | 604 | 357 | 311 | 348 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 64 | 72 | 2 | -12 | 1 | -17 | 49 | -4 | 8 | 71 | |
| Cash from Investing | -5 | -75 | -0 | 16 | 25 | 33 | -24 | -2 | -4 | -50 |
| Cash from Financing | -54 | 13 | -0 | -1 | -27 | -10 | -5 | -7 | -10 | -8 |
| -0 | 1 | -1 | 3 | 0 | 4 | 16 | -13 | -6 | 13 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
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Subex Ltd.
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