Subex Ltd.
•₹ 18.669.25%
2026-08-21
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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | TCS | 2292.55 | 16.66 | 829464.65 | 4.80 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| 2. | INFY | 1130.20 | 15.14 | 458641.56 | 4.25 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| 3. | HCLTECH | 1319.95 | 20.56 | 358190.22 | 4.09 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| 4. | WIPRO | 180.65 | 13.54 | 178919.77 | 6.09 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| 5. | TECHM | 1592.00 | 30.38 | 156037.29 | 3.20 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| 6. | LTM | 4540.90 | 25.75 | 134692.78 | 1.65 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| 7. | OFSS | 11862.05 | 30.27 | 103298.44 | 3.37 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| 8. | PERSISTENT | 5679.95 | 46.59 | 89601.21 | 0.70 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| 9. | COFORGE | 1880.00 | 47.40 | 83269.05 | 0.84 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| 10. | MPHASIS | 2427.50 | 24.25 | 46335.33 | 2.55 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| 11. | LTTS | 3578.45 | 28.76 | 37959.32 | 1.62 | 3571.00 | 1029.71 | 29401.00 | 1014.73 | 27.70 | 18.65 |
| 12. | SUBEXLTD | 17.09 | 32.08 | 960.46 | 0.00 | 14.22 | 11.01 | 79.45 | 19.65 | 12.59 | 18.88 |
Detailed Comparison with:
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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 1 | 1 | 1 | 3 | 2 | 1 | 1 | 3 | 16 | 2 | 4 | 8 | 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 |
| -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 | -0 | -0 | -3 | -0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | |
| Equity Capital | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 | 281 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 67
- 82
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 1
- Depreciation
- 4
- -18
- Tax %
- -7.35%
- Net Profit
- 0
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 77
- 81
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 1
- Depreciation
- 4
- -8
- Tax %
- -35.58%
- Net Profit
- 0
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 82
- 81
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 1
- Depreciation
- 4
- -2
- Tax %
- -104.60%
- Net Profit
- 0
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 84
- 81
- Operating Profit
- —
- OPM %
- —
- Other Income
- 3
- Interest
- 1
- Depreciation
- 4
- -147
- Tax %
- -6.76%
- Net Profit
- 0
- -3
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 68
- 74
- Operating Profit
- —
- OPM %
- —
- Other Income
- 2
- Interest
- 1
- Depreciation
- 4
- -8
- Tax %
- -33.93%
- Net Profit
- -11
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 74
- 72
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 1
- Depreciation
- 4
- 3
- Tax %
- 79.26%
- Net Profit
- 1
- 0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 73
- 70
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 1
- Depreciation
- 3
- -0
- Tax %
- -915.62%
- Net Profit
- -3
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 71
- 84
- Operating Profit
- —
- OPM %
- —
- Other Income
- 3
- Interest
- 0
- Depreciation
- 3
- -14
- Tax %
- -24.65%
- Net Profit
- -18
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 66
- 62
- Operating Profit
- —
- OPM %
- —
- Other Income
- 16
- Interest
- 1
- Depreciation
- 4
- 15
- Tax %
- 12.92%
- Net Profit
- 13
- 0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 69
- 63
- Operating Profit
- —
- OPM %
- —
- Other Income
- 2
- Interest
- 1
- Depreciation
- 3
- 4
- Tax %
- 32.23%
- Net Profit
- 3
- 0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 71
- 62
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 1
- Depreciation
- 2
- 6
- Tax %
- 49.13%
- Net Profit
- 3
- 0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 73
- 64
- Operating Profit
- —
- OPM %
- —
- Other Income
- 8
- Interest
- 1
- Depreciation
- 3
- 13
- Tax %
- 22.42%
- Net Profit
- 10
- 0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 79
- 68
- Operating Profit
- —
- OPM %
- —
- Other Income
- 5
- Interest
- 1
- Depreciation
- 3
- 16
- Tax %
- 13.61%
- Net Profit
- 14
- 0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 101 | 36 | 54 | 101 | 104 | 46 | -22 | -9 | -8 | 58 | — |
| OPM % | 28 | 11 | 16 | 28 | 28 | 14 | -8 | -3 | -3 | 21 | — |
| Other Income | 19 | 2 | 3 | 14 | 6 | 12 | 10 | 7 | 7 | 32 | 18 |
| Interest | 20 | 8 | 2 | 6 | 4 | 3 | 3 | 3 | 2 | 3 | 3 |
| Depreciation | 5 | 5 | 5 | 15 | 14 | 10 | 14 | 16 | 14 | 12 | 11 |
| -34 | 34 | 47 | -238 | 89 | 34 | -39 | -175 | -20 | 37 | 39 | |
| Tax % | -29 | 40 | 46 | -13 | 42 | 38 | -31 | -9 | -59 | 24 | 24 |
| Net Profit | -43 | 21 | 25 | -269 | 52 | 21 | -51 | -192 | -31 | 29 | 30 |
| EPS | -1 | 0 | 0 | -5 | 1 | 0 | -1 | -3 | -1 | 1 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 81 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | -1 | 0 | 0 | -5 | 1 | 0 | -1 | -3 | -1 | 1 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | -1 | 0 | 0 | -5 | 1 | 0 | -1 | -3 | -1 | 1 | — |
Mar 2017
- 357
- 275
- Operating Profit
- 101
- OPM %
- 28
- Other Income
- 19
- Interest
- 20
- Depreciation
- 5
- -34
- Tax %
- -29
- Net Profit
- -43
- EPS
- -1
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -1
Mar 2018
- 324
- 290
- Operating Profit
- 36
- OPM %
- 11
- Other Income
- 2
- Interest
- 8
- Depreciation
- 5
- 34
- Tax %
- 40
- Net Profit
- 21
- EPS
- 0
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
Mar 2019
- 348
- 297
- Operating Profit
- 54
- OPM %
- 16
- Other Income
- 3
- Interest
- 2
- Depreciation
- 5
- 47
- Tax %
- 46
- Net Profit
- 25
- EPS
- 0
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
Mar 2020
- 365
- 279
- Operating Profit
- 101
- OPM %
- 28
- Other Income
- 14
- Interest
- 6
- Depreciation
- 15
- -238
- Tax %
- -13
- Net Profit
- -269
- EPS
- -5
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -5
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -5
Mar 2021
- 372
- 274
- Operating Profit
- 104
- OPM %
- 28
- Other Income
- 6
- Interest
- 4
- Depreciation
- 14
- 89
- Tax %
- 42
- Net Profit
- 52
- EPS
- 1
- Dividend Payout %
- 81
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2022
- 333
- 299
- Operating Profit
- 46
- OPM %
- 14
- Other Income
- 12
- Interest
- 3
- Depreciation
- 10
- 34
- Tax %
- 38
- Net Profit
- 21
- EPS
- 0
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
Mar 2023
- 279
- 311
- Operating Profit
- -22
- OPM %
- -8
- Other Income
- 10
- Interest
- 3
- Depreciation
- 14
- -39
- Tax %
- -31
- Net Profit
- -51
- EPS
- -1
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -1
Mar 2024
- 310
- 325
- Operating Profit
- -9
- OPM %
- -3
- Other Income
- 7
- Interest
- 3
- Depreciation
- 16
- -175
- Tax %
- -9
- Net Profit
- -192
- EPS
- -3
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -3
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -3
Mar 2025
- 286
- 300
- Operating Profit
- -8
- OPM %
- -3
- Other Income
- 7
- Interest
- 2
- Depreciation
- 14
- -20
- Tax %
- -59
- Net Profit
- -31
- EPS
- -1
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -1
Mar 2026
- 279
- 253
- Operating Profit
- 58
- OPM %
- 21
- Other Income
- 32
- Interest
- 3
- Depreciation
- 12
- 37
- Tax %
- 24
- Net Profit
- 29
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
TTM
- 292
- 256
- Operating Profit
- —
- OPM %
- —
- Other Income
- 18
- Interest
- 3
- Depreciation
- 11
- 39
- Tax %
- 24
- Net Profit
- 30
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
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:
- -19%
- 3 Years:
- -17%
- 1 Year:
- 40%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| 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 | 0 | 6 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 18 | 13 | 8 | 16 | 13 | 17 | 13 | 24 | 21 | 25 |
| 153 | 77 | 97 | 162 | 181 | 162 | 187 | 197 | 187 | 186 | |
| Total Liabilities | 963 | 902 | 900 | 693 | 746 | 740 | 717 | 551 | 510 | 552 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 186 | 32 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 0 |
| Net Working Capital | -20 | 78 | 99 | 153 | 215 | 221 | 176 | 146 | 118 | 179 |
| Contingent Liabilities | 176 | 305 | 251 | 106 | 106 | 108 | 89 | 142 | 166 | 160 |
| Book Value per Share | 13.49 | 13.87 | 14.13 | 9.15 | 9.72 | 9.98 | 9.21 | 5.87 | 5.36 | 6.07 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
| Total Debt | 186 | 32 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 0 |
| Net Working Capital | -20 | 78 | 99 | 153 | 215 | 221 | 176 | 146 | 118 | 179 |
| Contingent Liabilities | 176 | 305 | 251 | 106 | 106 | 108 | 89 | 142 | 166 | 160 |
| Book Value per Share | 13.49 | 13.87 | 14.13 | 9.15 | 9.72 | 9.98 | 9.21 | 5.87 | 5.36 | 6.07 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
Mar 2017
- Equity Capital
- 507
- 177
- 109
- Trade Payables
- 18
- 153
- Total Liabilities
- 963
- 668
- 0
- 0
- Cash & Bank
- 74
- 221
- Total Assets
- 963
- Total Debt
- 186
- Net Working Capital
- -20
- Contingent Liabilities
- 176
- Book Value per Share
- 13.49
- Face Value
- 10.00
- Total Debt
- 186
- Net Working Capital
- -20
- Contingent Liabilities
- 176
- Book Value per Share
- 13.49
- Face Value
- 10.00
Mar 2018
- Equity Capital
- 562
- 217
- 32
- Trade Payables
- 13
- 77
- Total Liabilities
- 902
- 666
- 0
- 0
- Cash & Bank
- 33
- 203
- Total Assets
- 902
- Total Debt
- 32
- Net Working Capital
- 78
- Contingent Liabilities
- 305
- Book Value per Share
- 13.87
- Face Value
- 10.00
- Total Debt
- 32
- Net Working Capital
- 78
- Contingent Liabilities
- 305
- Book Value per Share
- 13.87
- Face Value
- 10.00
Mar 2019
- Equity Capital
- 562
- 232
- 0
- Trade Payables
- 8
- 97
- Total Liabilities
- 900
- 664
- 0
- 0
- Cash & Bank
- 42
- 193
- Total Assets
- 900
- Total Debt
- 0
- Net Working Capital
- 99
- Contingent Liabilities
- 251
- Book Value per Share
- 14.13
- Face Value
- 10.00
- Total Debt
- 0
- Net Working Capital
- 99
- Contingent Liabilities
- 251
- Book Value per Share
- 14.13
- Face Value
- 10.00
Mar 2020
- Equity Capital
- 562
- -48
- 0
- Trade Payables
- 16
- 162
- Total Liabilities
- 693
- 393
- 0
- 0
- Cash & Bank
- 91
- 209
- Total Assets
- 693
- Total Debt
- 0
- Net Working Capital
- 153
- Contingent Liabilities
- 106
- Book Value per Share
- 9.15
- Face Value
- 10.00
- Total Debt
- 0
- Net Working Capital
- 153
- Contingent Liabilities
- 106
- Book Value per Share
- 9.15
- Face Value
- 10.00
Mar 2021
- Equity Capital
- 281
- 265
- 6
- Trade Payables
- 13
- 181
- Total Liabilities
- 746
- 375
- 0
- 0
- Cash & Bank
- 145
- 226
- Total Assets
- 746
- Total Debt
- 6
- Net Working Capital
- 215
- Contingent Liabilities
- 106
- Book Value per Share
- 9.72
- Face Value
- 5.00
- Total Debt
- 6
- Net Working Capital
- 215
- Contingent Liabilities
- 106
- Book Value per Share
- 9.72
- Face Value
- 5.00
Mar 2022
- Equity Capital
- 281
- 280
- 0
- Trade Payables
- 17
- 162
- Total Liabilities
- 740
- 368
- 12
- 0
- Cash & Bank
- 109
- 252
- Total Assets
- 740
- Total Debt
- 0
- Net Working Capital
- 221
- Contingent Liabilities
- 108
- Book Value per Share
- 9.98
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 221
- Contingent Liabilities
- 108
- Book Value per Share
- 9.98
- Face Value
- 5.00
Mar 2023
- Equity Capital
- 281
- 236
- 0
- Trade Payables
- 13
- 187
- Total Liabilities
- 717
- 385
- 14
- 0
- Cash & Bank
- 109
- 209
- Total Assets
- 717
- Total Debt
- 0
- Net Working Capital
- 176
- Contingent Liabilities
- 89
- Book Value per Share
- 9.21
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 176
- Contingent Liabilities
- 89
- Book Value per Share
- 9.21
- Face Value
- 5.00
Mar 2024
- Equity Capital
- 281
- 49
- 0
- Trade Payables
- 24
- 197
- Total Liabilities
- 551
- 228
- 9
- 102
- Cash & Bank
- 101
- 112
- Total Assets
- 551
- Total Debt
- 0
- Net Working Capital
- 146
- Contingent Liabilities
- 142
- Book Value per Share
- 5.87
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 146
- Contingent Liabilities
- 142
- Book Value per Share
- 5.87
- Face Value
- 5.00
Mar 2025
- Equity Capital
- 281
- 20
- 0
- Trade Payables
- 21
- 187
- Total Liabilities
- 510
- 217
- 22
- 78
- Cash & Bank
- 61
- 131
- Total Assets
- 510
- Total Debt
- 0
- Net Working Capital
- 118
- Contingent Liabilities
- 166
- Book Value per Share
- 5.36
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 118
- Contingent Liabilities
- 166
- Book Value per Share
- 5.36
- Face Value
- 5.00
Mar 2026
- Equity Capital
- 281
- 60
- 0
- Trade Payables
- 25
- 186
- Total Liabilities
- 552
- 228
- 32
- 94
- Cash & Bank
- 101
- 98
- Total Assets
- 552
- Total Debt
- 0
- Net Working Capital
- 179
- Contingent Liabilities
- 160
- Book Value per Share
- 6.07
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 179
- Contingent Liabilities
- 160
- Book Value per Share
- 6.07
- Face Value
- 5.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 54 | 54 | 55 | 66 | 91 | -8 | 9 | -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 | |
| Free Cash Flow | 54 | 51 | 52 | 66 | 91 | -8 | -19 | -13 | 10 | 72 |
| OCF / Net Profit | -1.25 | 2.59 | 2.16 | -0.25 | 1.76 | -0.39 | -0.18 | 0.04 | -0.30 | 2.51 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 313 | 251 | 182 | 117 | 60 | 41 |
| OCF / Net Profit | -1.25 | 2.59 | 2.16 | -0.25 | 1.76 | -0.39 | -0.18 | 0.04 | -0.30 | 2.51 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 313 | 251 | 182 | 117 | 60 | 41 |
Mar 2017
- 54
- Cash from Investing
- -7
- Cash from Financing
- -55
- -8
- Free Cash Flow
- 54
- OCF / Net Profit
- -1.25
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -1.25
- Cumulative 5-Year FCF
- 0
Mar 2018
- 54
- Cash from Investing
- -3
- Cash from Financing
- -91
- -41
- Free Cash Flow
- 51
- OCF / Net Profit
- 2.59
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 2.59
- Cumulative 5-Year FCF
- 0
Mar 2019
- 55
- Cash from Investing
- -11
- Cash from Financing
- -34
- 9
- Free Cash Flow
- 52
- OCF / Net Profit
- 2.16
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 2.16
- Cumulative 5-Year FCF
- 0
Mar 2020
- 66
- Cash from Investing
- -4
- Cash from Financing
- -13
- 49
- Free Cash Flow
- 66
- OCF / Net Profit
- -0.25
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.25
- Cumulative 5-Year FCF
- 0
Mar 2021
- 91
- Cash from Investing
- -7
- Cash from Financing
- -32
- 52
- Free Cash Flow
- 91
- OCF / Net Profit
- 1.76
- Cumulative 5-Year FCF
- 313
- OCF / Net Profit
- 1.76
- Cumulative 5-Year FCF
- 313
Mar 2022
- -8
- Cash from Investing
- -35
- Cash from Financing
- -15
- -59
- Free Cash Flow
- -8
- OCF / Net Profit
- -0.39
- Cumulative 5-Year FCF
- 251
- OCF / Net Profit
- -0.39
- Cumulative 5-Year FCF
- 251
Mar 2023
- 9
- Cash from Investing
- -38
- Cash from Financing
- -7
- -35
- Free Cash Flow
- -19
- OCF / Net Profit
- -0.18
- Cumulative 5-Year FCF
- 182
- OCF / Net Profit
- -0.18
- Cumulative 5-Year FCF
- 182
Mar 2024
- -8
- Cash from Investing
- 35
- Cash from Financing
- -9
- 17
- Free Cash Flow
- -13
- OCF / Net Profit
- 0.04
- Cumulative 5-Year FCF
- 117
- OCF / Net Profit
- 0.04
- Cumulative 5-Year FCF
- 117
Mar 2025
- 10
- Cash from Investing
- -16
- Cash from Financing
- -12
- -19
- Free Cash Flow
- 10
- OCF / Net Profit
- -0.30
- Cumulative 5-Year FCF
- 60
- OCF / Net Profit
- -0.30
- Cumulative 5-Year FCF
- 60
Mar 2026
- 72
- Cash from Investing
- -33
- Cash from Financing
- -9
- 30
- Free Cash Flow
- 72
- OCF / Net Profit
- 2.51
- Cumulative 5-Year FCF
- 41
- OCF / Net Profit
- 2.51
- Cumulative 5-Year FCF
- 41
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | -0.85 | 0.37 | 0.45 | -4.79 | 0.92 | 0.37 | -0.91 | -3.41 | -0.56 | 0.51 |
| Book Value (₹) | 13.49 | 13.87 | 14.13 | 9.15 | 9.72 | 9.98 | 9.21 | 5.87 | 5.36 | 6.07 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.75 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -0.76 | 0.46 | 0.53 | -4.52 | 1.17 | 0.55 | -0.66 | -3.13 | -0.31 | 0.72 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 28.16% | 11.00% | 15.53% | 27.59% | 27.91% | 13.88% | -8.07% | -5.06% | -5.13% | 9.22% |
| Net Margin % | -12.10% | 6.38% | 7.24% | -73.74% | 13.90% | 6.29% | -18.38% | -61.90% | -11.01% | 10.22% |
| ROE % | -6.10% | 2.83% | 3.21% | -41.15% | 9.75% | 3.79% | -9.50% | -45.25% | -9.96% | 8.88% |
| ROCE % | -1.44% | 5.01% | 6.13% | -35.44% | 17.37% | 6.51% | -6.72% | -40.33% | -5.52% | 12.59% |
| -4.29% | 2.22% | 2.80% | -33.80% | 7.19% | 2.83% | -7.03% | -30.23% | -5.93% | 5.38% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 117 | 119 | 93 | 89 | 94 | 107 | 123 | 113 | 114 | 112 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 117 | 119 | 93 | 89 | 94 | 107 | 123 | 113 | 114 | 112 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.27x | 0.04x | 0.00x | 0.00x | 0.01x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | -0.65x | 5.44x | 22.80x | -41.15x | 26.25x | 13.43x | -14.14x | -65.58x | -7.93x | 12.46x |
| 0.93x | 1.71x | 2.20x | 2.71x | 3.21x | 3.90x | 3.05x | 2.37x | 2.22x | 2.64x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 10.81% | -9.24% | 7.34% | 4.84% | 1.93% | -10.37% | -16.42% | 11.13% | -7.78% | -2.29% |
| Operating Profit Growth % | 45.99% | -64.55% | 51.58% | 86.20% | 3.12% | -55.42% | -148.60% | 60.29% | 13.77% | 846.75% |
| Net Profit Growth % | 41.81% | 147.84% | 21.95% | -1167.21% | 119.22% | -59.42% | -343.97% | -274.40% | 83.60% | 190.74% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -274.41% | 83.60% | 190.76% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 13.18x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 5.11x | 2.28x | 1.10x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -177.66x | -81.07x | 4.79x |
Mar 2017
- EPS (₹)
- -0.85
- Book Value (₹)
- 13.49
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -0.76
- Operating Margin %
- 28.16%
- Net Margin %
- -12.10%
- ROE %
- -6.10%
- ROCE %
- -1.44%
- -4.29%
- Debtor Days
- 117
- Inventory Days
- 0
- Payable Days
- 0
- 117
- Debt to Equity (x)
- 0.27x
- Interest Coverage (x)
- -0.65x
- 0.93x
- Revenue Growth %
- 10.81%
- Operating Profit Growth %
- 45.99%
- Net Profit Growth %
- 41.81%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 0.37
- Book Value (₹)
- 13.87
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 0.46
- Operating Margin %
- 11.00%
- Net Margin %
- 6.38%
- ROE %
- 2.83%
- ROCE %
- 5.01%
- 2.22%
- Debtor Days
- 119
- Inventory Days
- 0
- Payable Days
- 0
- 119
- Debt to Equity (x)
- 0.04x
- Interest Coverage (x)
- 5.44x
- 1.71x
- Revenue Growth %
- -9.24%
- Operating Profit Growth %
- -64.55%
- Net Profit Growth %
- 147.84%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 0.45
- Book Value (₹)
- 14.13
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 0.53
- Operating Margin %
- 15.53%
- Net Margin %
- 7.24%
- ROE %
- 3.21%
- ROCE %
- 6.13%
- 2.80%
- Debtor Days
- 93
- Inventory Days
- 0
- Payable Days
- 0
- 93
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 22.80x
- 2.20x
- Revenue Growth %
- 7.34%
- Operating Profit Growth %
- 51.58%
- Net Profit Growth %
- 21.95%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- -4.79
- Book Value (₹)
- 9.15
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -4.52
- Operating Margin %
- 27.59%
- Net Margin %
- -73.74%
- ROE %
- -41.15%
- ROCE %
- -35.44%
- -33.80%
- Debtor Days
- 89
- Inventory Days
- 0
- Payable Days
- 0
- 89
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- -41.15x
- 2.71x
- Revenue Growth %
- 4.84%
- Operating Profit Growth %
- 86.20%
- Net Profit Growth %
- -1167.21%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 0.92
- Book Value (₹)
- 9.72
- Dividend per Share (₹)
- 0.75
- Cash EPS (₹)
- 1.17
- Operating Margin %
- 27.91%
- Net Margin %
- 13.90%
- ROE %
- 9.75%
- ROCE %
- 17.37%
- 7.19%
- Debtor Days
- 94
- Inventory Days
- 0
- Payable Days
- 0
- 94
- Debt to Equity (x)
- 0.01x
- Interest Coverage (x)
- 26.25x
- 3.21x
- Revenue Growth %
- 1.93%
- Operating Profit Growth %
- 3.12%
- Net Profit Growth %
- 119.22%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 0.37
- Book Value (₹)
- 9.98
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 0.55
- Operating Margin %
- 13.88%
- Net Margin %
- 6.29%
- ROE %
- 3.79%
- ROCE %
- 6.51%
- 2.83%
- Debtor Days
- 107
- Inventory Days
- 0
- Payable Days
- 0
- 107
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 13.43x
- 3.90x
- Revenue Growth %
- -10.37%
- Operating Profit Growth %
- -55.42%
- Net Profit Growth %
- -59.42%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- -0.91
- Book Value (₹)
- 9.21
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -0.66
- Operating Margin %
- -8.07%
- Net Margin %
- -18.38%
- ROE %
- -9.50%
- ROCE %
- -6.72%
- -7.03%
- Debtor Days
- 123
- Inventory Days
- 0
- Payable Days
- 0
- 123
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- -14.14x
- 3.05x
- Revenue Growth %
- -16.42%
- Operating Profit Growth %
- -148.60%
- Net Profit Growth %
- -343.97%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- -3.41
- Book Value (₹)
- 5.87
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -3.13
- Operating Margin %
- -5.06%
- Net Margin %
- -61.90%
- ROE %
- -45.25%
- ROCE %
- -40.33%
- -30.23%
- Debtor Days
- 113
- Inventory Days
- 0
- Payable Days
- 0
- 113
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- -65.58x
- 2.37x
- Revenue Growth %
- 11.13%
- Operating Profit Growth %
- 60.29%
- Net Profit Growth %
- -274.40%
- -274.41%
- P/E (x)
- 0.00x
- P/B (x)
- 5.11x
- Dividend Yield %
- 0.00%
- -177.66x
Mar 2025
- EPS (₹)
- -0.56
- Book Value (₹)
- 5.36
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -0.31
- Operating Margin %
- -5.13%
- Net Margin %
- -11.01%
- ROE %
- -9.96%
- ROCE %
- -5.52%
- -5.93%
- Debtor Days
- 114
- Inventory Days
- 0
- Payable Days
- 0
- 114
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- -7.93x
- 2.22x
- Revenue Growth %
- -7.78%
- Operating Profit Growth %
- 13.77%
- Net Profit Growth %
- 83.60%
- 83.60%
- P/E (x)
- 0.00x
- P/B (x)
- 2.28x
- Dividend Yield %
- 0.00%
- -81.07x
Mar 2026
- EPS (₹)
- 0.51
- Book Value (₹)
- 6.07
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 0.72
- Operating Margin %
- 9.22%
- Net Margin %
- 10.22%
- ROE %
- 8.88%
- ROCE %
- 12.59%
- 5.38%
- Debtor Days
- 112
- Inventory Days
- 0
- Payable Days
- 0
- 112
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 12.46x
- 2.64x
- Revenue Growth %
- -2.29%
- Operating Profit Growth %
- 846.75%
- Net Profit Growth %
- 190.74%
- 190.76%
- P/E (x)
- 13.18x
- P/B (x)
- 1.10x
- Dividend Yield %
- 0.00%
- 4.79x
Documents
Announcements
- Awarding of order(s)/contract(s)
2026-08-21 - Subex Limited has informed the Exchange about Awarding of order(s)/contract(s)
- Investor Presentation
2026-08-18 - Subex Limited has informed the Exchange about Investor Presentation
Annual Reports
Credit Ratings
Nothing filed yet.
Concalls
Aug 2026
May 2026
Mar 2026