Subex Ltd.
•₹ 18.669.25%
2026-08-21
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
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
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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 15 | 1 | 3 | 12 | 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 |
| -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 | -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
- 65
- 80
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 1
- Depreciation
- 3
- -18
- Tax %
- -3.80%
- Net Profit
- -19
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 67
- 78
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 4
- -15
- Tax %
- -4.19%
- Net Profit
- -16
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 72
- 77
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 3
- -8
- Tax %
- -16.25%
- Net Profit
- -10
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 65
- 70
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 1
- Depreciation
- 3
- -156
- Tax %
- -8.04%
- Net Profit
- -169
- -3
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 65
- 77
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 1
- Depreciation
- 3
- -15
- Tax %
- -8.88%
- Net Profit
- -16
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 68
- 73
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 0
- Depreciation
- 3
- -4
- Tax %
- -13.37%
- Net Profit
- -5
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 69
- 73
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 0
- Depreciation
- 3
- -7
- Tax %
- -6.38%
- Net Profit
- -7
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 66
- 83
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 0
- Depreciation
- 3
- -20
- Tax %
- -8.46%
- Net Profit
- -22
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 63
- 66
- Operating Profit
- —
- OPM %
- —
- Other Income
- 15
- Interest
- 1
- Depreciation
- 4
- 8
- Tax %
- 9.37%
- Net Profit
- 7
- 0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 64
- 64
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 1
- Depreciation
- 3
- -3
- Tax %
- -27.27%
- Net Profit
- -3
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 65
- 64
- Operating Profit
- —
- OPM %
- —
- Other Income
- 3
- Interest
- 1
- Depreciation
- 3
- -3
- Tax %
- -24.72%
- Net Profit
- -3
- -0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 65
- 37
- Operating Profit
- —
- OPM %
- —
- Other Income
- 12
- Interest
- 1
- Depreciation
- 3
- 7
- Tax %
- 12.84%
- Net Profit
- 6
- 0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 73
- 66
- Operating Profit
- —
- OPM %
- —
- Other Income
- 3
- Interest
- 1
- Depreciation
- 2
- 9
- Tax %
- 9.52%
- Net Profit
- 9
- 0
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 281
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 59 | 10 | -18 | 15 | 31 | -3 | -63 | -34 | -35 | 57 | — |
| OPM % | 18 | 6 | -95 | 138 | 106 | -4 | -23 | -13 | -13 | 22 | — |
| Other Income | 13 | 9 | 2 | 41 | 47 | 15 | 2 | 2 | 2 | 63 | 19 |
| Interest | 15 | 5 | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 3 | 3 |
| Depreciation | 3 | 7 | 6 | 6 | 2 | 2 | 12 | 14 | 13 | 12 | 10 |
| -4 | 2 | -25 | -205 | 27 | -4 | -77 | -198 | -46 | 9 | 11 | |
| Tax % | -59 | 83 | 0 | -1 | 1 | 0 | 11 | -8 | -9 | 36 | 29 |
| Net Profit | -7 | 0 | -25 | -206 | 26 | -4 | -69 | -213 | -50 | 6 | 8 |
| EPS | -0 | 0 | -0 | -4 | 0 | -0 | -1 | -4 | -1 | 0 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 161 | 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 | -0 | 0 | -0 | -4 | 0 | -0 | -1 | -4 | -1 | 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 | -0 | 0 | -0 | -4 | 0 | -0 | -1 | -4 | -1 | 0 | — |
Mar 2017
- 324
- 278
- Operating Profit
- 59
- OPM %
- 18
- Other Income
- 13
- Interest
- 15
- Depreciation
- 3
- -4
- Tax %
- -59
- Net Profit
- -7
- 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 2018
- 180
- 178
- Operating Profit
- 10
- OPM %
- 6
- Other Income
- 9
- Interest
- 5
- Depreciation
- 7
- 2
- Tax %
- 83
- Net Profit
- 0
- 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
- 19
- 39
- Operating Profit
- -18
- OPM %
- -95
- Other Income
- 2
- Interest
- 0
- Depreciation
- 6
- -25
- Tax %
- 0
- 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
- 11
- 37
- Operating Profit
- 15
- OPM %
- 138
- Other Income
- 41
- Interest
- 0
- Depreciation
- 6
- -205
- Tax %
- -1
- Net Profit
- -206
- EPS
- -4
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -4
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -4
Mar 2021
- 29
- 45
- Operating Profit
- 31
- OPM %
- 106
- Other Income
- 47
- Interest
- 0
- Depreciation
- 2
- 27
- Tax %
- 1
- Net Profit
- 26
- EPS
- 0
- Dividend Payout %
- 161
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
Mar 2022
- 68
- 86
- Operating Profit
- -3
- OPM %
- -4
- Other Income
- 15
- Interest
- 0
- Depreciation
- 2
- -4
- Tax %
- 0
- Net Profit
- -4
- 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
- 274
- 339
- Operating Profit
- -63
- OPM %
- -23
- Other Income
- 2
- Interest
- 2
- Depreciation
- 12
- -77
- Tax %
- 11
- Net Profit
- -69
- 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
- 269
- 305
- Operating Profit
- -34
- OPM %
- -13
- Other Income
- 2
- Interest
- 2
- Depreciation
- 14
- -198
- Tax %
- -8
- Net Profit
- -213
- EPS
- -4
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -4
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -4
Mar 2025
- 269
- 306
- Operating Profit
- -35
- OPM %
- -13
- Other Income
- 2
- Interest
- 2
- Depreciation
- 13
- -46
- Tax %
- -9
- Net Profit
- -50
- 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
- 256
- 262
- Operating Profit
- 57
- OPM %
- 22
- Other Income
- 63
- Interest
- 3
- Depreciation
- 12
- 9
- Tax %
- 36
- Net Profit
- 6
- 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
TTM
- 266
- 231
- Operating Profit
- —
- OPM %
- —
- Other Income
- 19
- Interest
- 3
- Depreciation
- 10
- 11
- Tax %
- 29
- Net Profit
- 8
- 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:
- 54%
- 3 Years:
- -2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -26%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -19%
- 3 Years:
- -17%
- 1 Year:
- 40%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 144 | 4 | 3 | 3 | 4 | 12 | 82 | 69 | 66 | 40 |
| 39 | 7 | 35 | 59 | 86 | 55 | 103 | 78 | 84 | 138 | |
| Total Liabilities | 929 | 753 | 749 | 561 | 589 | 554 | 604 | 357 | 311 | 348 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 109 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Working Capital | -58 | 7 | -23 | -17 | -10 | 25 | 18 | -7 | -25 | 7 |
| Contingent Liabilities | 121 | 259 | 204 | 60 | 60 | 60 | 84 | 107 | 102 | 87 |
| Book Value per Share | 12.57 | 13.21 | 12.66 | 8.88 | 8.89 | 8.66 | 7.46 | 3.74 | 2.88 | 3.02 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
| Total Debt | 109 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Working Capital | -58 | 7 | -23 | -17 | -10 | 25 | 18 | -7 | -25 | 7 |
| Contingent Liabilities | 121 | 259 | 204 | 60 | 60 | 60 | 84 | 107 | 102 | 87 |
| Book Value per Share | 12.57 | 13.21 | 12.66 | 8.88 | 8.89 | 8.66 | 7.46 | 3.74 | 2.88 | 3.02 |
| 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
- 130
- 109
- Trade Payables
- 144
- 39
- Total Liabilities
- 929
- 5
- 657
- 0
- Cash & Bank
- 2
- 266
- Total Assets
- 929
- Total Debt
- 109
- Net Working Capital
- -58
- Contingent Liabilities
- 121
- Book Value per Share
- 12.57
- Face Value
- 10.00
- Total Debt
- 109
- Net Working Capital
- -58
- Contingent Liabilities
- 121
- Book Value per Share
- 12.57
- Face Value
- 10.00
Mar 2018
- Equity Capital
- 562
- 180
- 0
- Trade Payables
- 4
- 7
- Total Liabilities
- 753
- 56
- 644
- 0
- Cash & Bank
- 2
- 51
- Total Assets
- 753
- Total Debt
- 0
- Net Working Capital
- 7
- Contingent Liabilities
- 259
- Book Value per Share
- 13.21
- Face Value
- 10.00
- Total Debt
- 0
- Net Working Capital
- 7
- Contingent Liabilities
- 259
- Book Value per Share
- 13.21
- Face Value
- 10.00
Mar 2019
- Equity Capital
- 562
- 149
- 0
- Trade Payables
- 3
- 35
- Total Liabilities
- 749
- 50
- 644
- 0
- Cash & Bank
- 1
- 54
- Total Assets
- 749
- Total Debt
- 0
- Net Working Capital
- -23
- Contingent Liabilities
- 204
- Book Value per Share
- 12.66
- Face Value
- 10.00
- Total Debt
- 0
- Net Working Capital
- -23
- Contingent Liabilities
- 204
- Book Value per Share
- 12.66
- Face Value
- 10.00
Mar 2020
- Equity Capital
- 562
- -63
- 0
- Trade Payables
- 3
- 59
- Total Liabilities
- 561
- 12
- 476
- 0
- Cash & Bank
- 4
- 70
- Total Assets
- 561
- Total Debt
- 0
- Net Working Capital
- -17
- Contingent Liabilities
- 60
- Book Value per Share
- 8.88
- Face Value
- 10.00
- Total Debt
- 0
- Net Working Capital
- -17
- Contingent Liabilities
- 60
- Book Value per Share
- 8.88
- Face Value
- 10.00
Mar 2021
- Equity Capital
- 281
- 218
- 0
- Trade Payables
- 4
- 86
- Total Liabilities
- 589
- 9
- 476
- 0
- Cash & Bank
- 4
- 101
- Total Assets
- 589
- Total Debt
- 0
- Net Working Capital
- -10
- Contingent Liabilities
- 60
- Book Value per Share
- 8.89
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- -10
- Contingent Liabilities
- 60
- Book Value per Share
- 8.89
- Face Value
- 5.00
Mar 2022
- Equity Capital
- 281
- 206
- 0
- Trade Payables
- 12
- 55
- Total Liabilities
- 554
- 7
- 428
- 0
- Cash & Bank
- 9
- 110
- Total Assets
- 554
- Total Debt
- 0
- Net Working Capital
- 25
- Contingent Liabilities
- 60
- Book Value per Share
- 8.66
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 25
- Contingent Liabilities
- 60
- Book Value per Share
- 8.66
- Face Value
- 5.00
Mar 2023
- Equity Capital
- 281
- 138
- 0
- Trade Payables
- 82
- 103
- Total Liabilities
- 604
- 41
- 346
- 0
- Cash & Bank
- 46
- 173
- Total Assets
- 604
- Total Debt
- 0
- Net Working Capital
- 18
- Contingent Liabilities
- 84
- Book Value per Share
- 7.46
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 18
- Contingent Liabilities
- 84
- Book Value per Share
- 7.46
- Face Value
- 5.00
Mar 2024
- Equity Capital
- 281
- -71
- 0
- Trade Payables
- 69
- 78
- Total Liabilities
- 357
- 31
- 176
- 75
- Cash & Bank
- 12
- 62
- Total Assets
- 357
- Total Debt
- 0
- Net Working Capital
- -7
- Contingent Liabilities
- 107
- Book Value per Share
- 3.74
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- -7
- Contingent Liabilities
- 107
- Book Value per Share
- 3.74
- Face Value
- 5.00
Mar 2025
- Equity Capital
- 281
- -119
- 0
- Trade Payables
- 66
- 84
- Total Liabilities
- 311
- 21
- 155
- 55
- Cash & Bank
- 8
- 71
- Total Assets
- 311
- Total Debt
- 0
- Net Working Capital
- -25
- Contingent Liabilities
- 102
- Book Value per Share
- 2.88
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- -25
- Contingent Liabilities
- 102
- Book Value per Share
- 2.88
- Face Value
- 5.00
Mar 2026
- Equity Capital
- 281
- -111
- 0
- Trade Payables
- 40
- 138
- Total Liabilities
- 348
- 30
- 160
- 42
- Cash & Bank
- 30
- 85
- Total Assets
- 348
- Total Debt
- 0
- Net Working Capital
- 7
- Contingent Liabilities
- 87
- Book Value per Share
- 3.02
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 7
- Contingent Liabilities
- 87
- Book Value per Share
- 3.02
- Face Value
- 5.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 59 | 62 | -1 | -13 | 1 | -19 | 45 | -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 | |
| Free Cash Flow | 55 | 10 | -1 | -16 | 1 | -19 | 0 | -8 | 6 | 71 |
| OCF / Net Profit | -8.62 | 195.16 | 0.03 | 0.06 | 0.06 | 4.18 | -0.66 | 0.02 | -0.16 | 12.06 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 50 | -24 | -34 | -41 | -19 | 50 |
| OCF / Net Profit | -8.62 | 195.16 | 0.03 | 0.06 | 0.06 | 4.18 | -0.66 | 0.02 | -0.16 | 12.06 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 50 | -24 | -34 | -41 | -19 | 50 |
Mar 2017
- 59
- Cash from Investing
- -5
- Cash from Financing
- -54
- -0
- Free Cash Flow
- 55
- OCF / Net Profit
- -8.62
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -8.62
- Cumulative 5-Year FCF
- 0
Mar 2018
- 62
- Cash from Investing
- -75
- Cash from Financing
- 13
- 1
- Free Cash Flow
- 10
- OCF / Net Profit
- 195.16
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 195.16
- Cumulative 5-Year FCF
- 0
Mar 2019
- -1
- Cash from Investing
- -0
- Cash from Financing
- -0
- -1
- Free Cash Flow
- -1
- OCF / Net Profit
- 0.03
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.03
- Cumulative 5-Year FCF
- 0
Mar 2020
- -13
- Cash from Investing
- 16
- Cash from Financing
- -1
- 3
- Free Cash Flow
- -16
- OCF / Net Profit
- 0.06
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.06
- Cumulative 5-Year FCF
- 0
Mar 2021
- 1
- Cash from Investing
- 25
- Cash from Financing
- -27
- 0
- Free Cash Flow
- 1
- OCF / Net Profit
- 0.06
- Cumulative 5-Year FCF
- 50
- OCF / Net Profit
- 0.06
- Cumulative 5-Year FCF
- 50
Mar 2022
- -19
- Cash from Investing
- 33
- Cash from Financing
- -10
- 4
- Free Cash Flow
- -19
- OCF / Net Profit
- 4.18
- Cumulative 5-Year FCF
- -24
- OCF / Net Profit
- 4.18
- Cumulative 5-Year FCF
- -24
Mar 2023
- 45
- Cash from Investing
- -24
- Cash from Financing
- -5
- 16
- Free Cash Flow
- 0
- OCF / Net Profit
- -0.66
- Cumulative 5-Year FCF
- -34
- OCF / Net Profit
- -0.66
- Cumulative 5-Year FCF
- -34
Mar 2024
- -4
- Cash from Investing
- -2
- Cash from Financing
- -7
- -13
- Free Cash Flow
- -8
- OCF / Net Profit
- 0.02
- Cumulative 5-Year FCF
- -41
- OCF / Net Profit
- 0.02
- Cumulative 5-Year FCF
- -41
Mar 2025
- 8
- Cash from Investing
- -4
- Cash from Financing
- -10
- -6
- Free Cash Flow
- 6
- OCF / Net Profit
- -0.16
- Cumulative 5-Year FCF
- -19
- OCF / Net Profit
- -0.16
- Cumulative 5-Year FCF
- -19
Mar 2026
- 71
- Cash from Investing
- -50
- Cash from Financing
- -8
- 13
- Free Cash Flow
- 71
- OCF / Net Profit
- 12.06
- Cumulative 5-Year FCF
- 50
- OCF / Net Profit
- 12.06
- Cumulative 5-Year FCF
- 50
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | -0.13 | 0.01 | -0.44 | -3.66 | 0.47 | -0.08 | -1.22 | -3.79 | -0.89 | 0.10 |
| Book Value (₹) | 12.57 | 13.21 | 12.66 | 8.88 | 8.89 | 8.66 | 7.46 | 3.74 | 2.88 | 3.02 |
| 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 (₹) | -0.08 | 0.13 | -0.33 | -3.56 | 0.50 | -0.05 | -1.01 | -3.55 | -0.66 | 0.31 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 18.31% | 5.84% | -95.30% | 137.63% | 105.97% | -3.92% | -22.97% | -13.26% | -13.99% | -2.35% |
| Net Margin % | -2.11% | 0.18% | -128.03% | -1908.06% | 89.92% | -6.54% | -25.14% | -79.27% | -18.52% | 2.29% |
| ROE % | -1.07% | 0.05% | -3.37% | -34.02% | 5.25% | -0.91% | -15.18% | -67.71% | -26.75% | 3.54% |
| ROCE % | 1.40% | 0.99% | -3.37% | -33.73% | 5.32% | -0.87% | -16.36% | -61.35% | -23.16% | 7.20% |
| -0.62% | 0.04% | -3.27% | -31.43% | 4.56% | -0.78% | -11.88% | -44.36% | -14.90% | 1.78% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 386 | 206 | 210 | 297 | 194 | 214 | 111 | 125 | 88 | 70 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 386 | 206 | 210 | 297 | 194 | 214 | 111 | 125 | 88 | 70 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.17x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 0.71x | 1.35x | -612.75x | -638.69x | 177.73x | -26.94x | -32.47x | -82.54x | -22.60x | 4.09x |
| 0.80x | 1.80x | 0.34x | 0.65x | 0.86x | 1.46x | 1.11x | 0.94x | 0.80x | 1.05x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 9.66% | -44.54% | -89.35% | -43.68% | 170.25% | 134.43% | 300.12% | -1.65% | -0.07% | -4.74% |
| Operating Profit Growth % | 12.44% | -82.32% | -273.90% | 181.33% | 108.08% | -108.67% | -2244.03% | 45.61% | -3.63% | 259.98% |
| Net Profit Growth % | 96.75% | 104.69% | -7765.62% | -739.30% | 112.74% | -117.05% | -1438.26% | -210.14% | 76.66% | 111.77% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -210.13% | 76.66% | 111.77% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 64.14x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 8.02x | 4.24x | 2.22x |
| 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 | -49.02x | -19.14x | 6.11x |
Mar 2017
- EPS (₹)
- -0.13
- Book Value (₹)
- 12.57
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -0.08
- Operating Margin %
- 18.31%
- Net Margin %
- -2.11%
- ROE %
- -1.07%
- ROCE %
- 1.40%
- -0.62%
- Debtor Days
- 386
- Inventory Days
- 0
- Payable Days
- 0
- 386
- Debt to Equity (x)
- 0.17x
- Interest Coverage (x)
- 0.71x
- 0.80x
- Revenue Growth %
- 9.66%
- Operating Profit Growth %
- 12.44%
- Net Profit Growth %
- 96.75%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 0.01
- Book Value (₹)
- 13.21
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 0.13
- Operating Margin %
- 5.84%
- Net Margin %
- 0.18%
- ROE %
- 0.05%
- ROCE %
- 0.99%
- 0.04%
- Debtor Days
- 206
- Inventory Days
- 0
- Payable Days
- 0
- 206
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 1.35x
- 1.80x
- Revenue Growth %
- -44.54%
- Operating Profit Growth %
- -82.32%
- Net Profit Growth %
- 104.69%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- -0.44
- Book Value (₹)
- 12.66
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -0.33
- Operating Margin %
- -95.30%
- Net Margin %
- -128.03%
- ROE %
- -3.37%
- ROCE %
- -3.37%
- -3.27%
- Debtor Days
- 210
- Inventory Days
- 0
- Payable Days
- 0
- 210
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- -612.75x
- 0.34x
- Revenue Growth %
- -89.35%
- Operating Profit Growth %
- -273.90%
- Net Profit Growth %
- -7765.62%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- -3.66
- Book Value (₹)
- 8.88
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -3.56
- Operating Margin %
- 137.63%
- Net Margin %
- -1908.06%
- ROE %
- -34.02%
- ROCE %
- -33.73%
- -31.43%
- Debtor Days
- 297
- Inventory Days
- 0
- Payable Days
- 0
- 297
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- -638.69x
- 0.65x
- Revenue Growth %
- -43.68%
- Operating Profit Growth %
- 181.33%
- Net Profit Growth %
- -739.30%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 0.47
- Book Value (₹)
- 8.89
- Dividend per Share (₹)
- 0.75
- Cash EPS (₹)
- 0.50
- Operating Margin %
- 105.97%
- Net Margin %
- 89.92%
- ROE %
- 5.25%
- ROCE %
- 5.32%
- 4.56%
- Debtor Days
- 194
- Inventory Days
- 0
- Payable Days
- 0
- 194
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 177.73x
- 0.86x
- Revenue Growth %
- 170.25%
- Operating Profit Growth %
- 108.08%
- Net Profit Growth %
- 112.74%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- -0.08
- Book Value (₹)
- 8.66
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -0.05
- Operating Margin %
- -3.92%
- Net Margin %
- -6.54%
- ROE %
- -0.91%
- ROCE %
- -0.87%
- -0.78%
- Debtor Days
- 214
- Inventory Days
- 0
- Payable Days
- 0
- 214
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- -26.94x
- 1.46x
- Revenue Growth %
- 134.43%
- Operating Profit Growth %
- -108.67%
- Net Profit Growth %
- -117.05%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- -1.22
- Book Value (₹)
- 7.46
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -1.01
- Operating Margin %
- -22.97%
- Net Margin %
- -25.14%
- ROE %
- -15.18%
- ROCE %
- -16.36%
- -11.88%
- Debtor Days
- 111
- Inventory Days
- 0
- Payable Days
- 0
- 111
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- -32.47x
- 1.11x
- Revenue Growth %
- 300.12%
- Operating Profit Growth %
- -2244.03%
- Net Profit Growth %
- -1438.26%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- -3.79
- Book Value (₹)
- 3.74
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -3.55
- Operating Margin %
- -13.26%
- Net Margin %
- -79.27%
- ROE %
- -67.71%
- ROCE %
- -61.35%
- -44.36%
- Debtor Days
- 125
- Inventory Days
- 0
- Payable Days
- 0
- 125
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- -82.54x
- 0.94x
- Revenue Growth %
- -1.65%
- Operating Profit Growth %
- 45.61%
- Net Profit Growth %
- -210.14%
- -210.13%
- P/E (x)
- 0.00x
- P/B (x)
- 8.02x
- Dividend Yield %
- 0.00%
- -49.02x
Mar 2025
- EPS (₹)
- -0.89
- Book Value (₹)
- 2.88
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -0.66
- Operating Margin %
- -13.99%
- Net Margin %
- -18.52%
- ROE %
- -26.75%
- ROCE %
- -23.16%
- -14.90%
- Debtor Days
- 88
- Inventory Days
- 0
- Payable Days
- 0
- 88
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- -22.60x
- 0.80x
- Revenue Growth %
- -0.07%
- Operating Profit Growth %
- -3.63%
- Net Profit Growth %
- 76.66%
- 76.66%
- P/E (x)
- 0.00x
- P/B (x)
- 4.24x
- Dividend Yield %
- 0.00%
- -19.14x
Mar 2026
- EPS (₹)
- 0.10
- Book Value (₹)
- 3.02
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 0.31
- Operating Margin %
- -2.35%
- Net Margin %
- 2.29%
- ROE %
- 3.54%
- ROCE %
- 7.20%
- 1.78%
- Debtor Days
- 70
- Inventory Days
- 0
- Payable Days
- 0
- 70
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 4.09x
- 1.05x
- Revenue Growth %
- -4.74%
- Operating Profit Growth %
- 259.98%
- Net Profit Growth %
- 111.77%
- 111.77%
- P/E (x)
- 64.14x
- P/B (x)
- 2.22x
- Dividend Yield %
- 0.00%
- 6.11x
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