Subex Ltd
Subex Ltd (SUBEXLTD) last reported results for the quarter ended Jun 2026, with sales of ₹79 crore and net profit of ₹14 crore. The stock last traded at ₹19.7, a market capitalisation of ₹1,109 crore, on a P/E of 34.3. Over the past 52 weeks the stock has ranged between ₹6.61 and ₹22.8. Figures are as of 6 Oct 2026 and are not real time.
Subex Ltd share price and key metrics
- Current price
- ₹19.7
- Market cap
- ₹1,109 cr
- Stock P/E
- 34.3
- Book value
- ₹6.08
- ROE
- 9.90%
- ROCE
- 12.8%
- Dividend yield
- 0.00%
- 52w high / low
- 22.8/6.61
Metrics as of 6 Oct 2026. Not real time.
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Subex Ltd growth and returns
- 10 Years
- -1%
- 5 Years
- -6%
- 3 Years
- 0%
- TTM
- 3%
- 10 Years
- 12%
- 5 Years
- -8%
- 3 Years
- 38%
- TTM
- 449%
- 10 Years
- 6%
- 5 Years
- -18%
- 3 Years
- -15%
- 1 Year
- 59%
- 10 Years
- 2%
- 5 Years
- -4%
- 3 Years
- -5%
- Last Year
- 10%
Subex Ltd quarterly results
In the quarter ended Jun 2026, sales were ₹79 cr, up 19.7% from ₹66 cr a year earlier. Net profit was ₹14 cr, up 7.7% year on year.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 74 | 73 | 71 | 66 | 69 | 71 | 73 | 79 |
| Expenses | 72 | 70 | 84 | 62 | 63 | 62 | 64 | 64 |
| Operating profit | 2 | 2 | -13 | 4 | 6 | 9 | 9 | 15 |
| OPM % | 2.5% | 3.4% | -18% | 6% | 9% | 13% | 13% | 19% |
| Other income | 5 | 1 | 3 | 16 | 2 | -0 | 7 | 5 |
| Interest | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 4 | 3 | 3 | 4 | 3 | 2 | 3 | 3 |
| Profit before tax | 3 | -0 | -14 | 15 | 4 | 6 | 13 | 16 |
| Tax % | 79% | 916% | 25% | 13% | 32% | 49% | 22% | 14% |
| Net profit | 1 | -3 | -18 | 13 | 3 | 3 | 10 | 14 |
| EPS (₹) | 0.01 | -0.06 | -0.31 | 0.23 | 0.05 | 0.05 | 0.18 | 0.25 |
Consolidated figures as reported by the company. Percentages are as published; totals may not sum exactly.
Subex Ltd annual results
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 357 | 324 | 348 | 365 | 372 | 333 | 279 | 310 | 286 | 279 | 292 |
| Operating profit | 89 | 34 | 51 | 86 | 99 | 36 | -30 | -16 | -15 | 26 | 39 |
| OPM % | 25% | 11% | 15% | 24% | 27% | 11% | -11% | -5% | -5% | 9% | 14% |
| Net profit | -43 | 21 | 25 | -269 | 52 | 21 | -51 | -192 | -31 | 29 | 30 |
| EPS (₹) | -0.85 | 0.37 | 0.45 | -4.79 | 0.92 | 0.37 | -0.91 | -3.40 | -0.56 | 0.51 | 0.53 |
TTM is the trailing twelve months to the most recent quarter.
Subex Ltd balance sheet
| ₹ crore | 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 |
| Reserves | 177 | 217 | 232 | -47 | 268 | 283 | 241 | 53 | 23 | 62 |
| Borrowings | 186 | 32 | 0 | 49 | 26 | 15 | 33 | 28 | 19 | 28 |
| Other liabilities | 86 | 81 | 96 | 114 | 151 | 140 | 140 | 167 | 163 | 181 |
| Total liabilities | 957 | 892 | 890 | 678 | 725 | 719 | 695 | 528 | 487 | 552 |
| Fixed assets | 668 | 666 | 664 | 393 | 375 | 368 | 385 | 228 | 217 | 228 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 12 | 14 | 9 | 22 | 32 |
| Other assets | 289 | 226 | 226 | 286 | 350 | 339 | 296 | 292 | 248 | 292 |
| Total assets | 957 | 892 | 890 | 678 | 725 | 719 | 695 | 528 | 487 | 552 |
As reported by the company. Total assets equal total liabilities by construction.
Subex Ltd cash flow
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 54 | 54 | 55 | 66 | 91 | -8 | 9 | -8 | 10 | 72 |
| Cash from investing | -11 | -7 | -11 | -2 | -6 | -34 | -36 | 34 | -16 | -31 |
| Cash from financing | -55 | -91 | -34 | -13 | -32 | -15 | -7 | -9 | -12 | -9 |
| Net cash flow | -12 | -44 | 9 | 51 | 53 | -58 | -33 | 17 | -19 | 32 |
| Free cash flow | 48 | 51 | 52 | 63 | 82 | -14 | 4 | -11 | 7 | 68 |
| CFO / operating profit | 74% | 204% | 127% | 94% | 106% | 41% | -48% | -36% | -124% | 146% |
Negative figures are outflows. CFO / operating profit is a ratio, not an amount.
Subex Ltd operating ratios
| Per year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 10% | 4% | 6% | 13% | 16% | 6% | -6% | -5% | -6% | 13% |
| Debtor days | 121 | 105 | 90 | 92 | 98 | 106 | 118 | 120 | 99 | 122 |
| Cash conversion cycle | 121 | 105 | 90 | 92 | 98 | 106 | 118 | 120 | 99 | 122 |
| Working capital days | -96 | 51 | 60 | 62 | 69 | 110 | 71 | 44 | 52 | 70 |
Ratios as computed by the source from the reported statements. Rows a company does not report are omitted.
Subex Ltd shareholding pattern
| % held | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| FIIs | 1.06% | 1.02% | 1.74% | 0.77% | 0.77% | 0.93% | 1.10% | 0.60% |
| DIIs | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.00% |
| Public | 97.57% | 97.58% | 96.86% | 97.95% | 97.94% | 97.80% | 97.62% | 98.14% |
| No. of shareholders | 3,69,636 | 3,66,336 | 3,62,141 | 3,59,607 | 3,52,541 | 3,45,863 | 3,38,483 | 3,33,893 |
As disclosed by the company to the exchanges. The last row is a count of shareholders, not a percentage.
Subex Ltd corporate filings
- Subex secures USD 0.7 million (approx. INR 5.8 crore) deal with a leading African mobile operator for deploying HyperSense Fraud Management solutionCompany Updatehigh impact
Cruxal's analysis: Subex Limited announced a new three-year contract valued at USD 0.7 million (around INR…
Read the full analysis - Certificate under Regulation 74(5) of the SEBI (DP) Regulations, 2018 for the quarter ended September 30, 2026.Company Updatelow impact
- Closure of Trading WindowInsider Trading / SASTlow impact
- Subex Ltd announces grant of stock options under ESOP 2025Company Updatelow impact
Cruxal's analysis: Subex Ltd has announced the grant of options under its ESOP 2025 scheme as of September…
Read the full analysis - Subex secures 5-year Partner Ecosystem Management contract with major APAC mobile operator valued at 42 crore INRCompany Updatehigh impact
Cruxal's analysis: Subex Limited has announced a new-logo engagement with a major Asia Pacific mobile…
Read the full analysis - Subex Limited shareholders approve new ESOP scheme and secondary market share acquisition trustAGM/EGMmedium impact
Cruxal's analysis: Subex Limited has received shareholder approval via postal ballot for the implementation…
Read the full analysis - Subex secures 3-year HyperSense fraud management contract with leading African mobile operatorCompany Updatemedium impact
Cruxal's analysis: Subex Limited has announced a new-logo engagement with a leading African mobile operator…
Read the full analysis - Subex secures 3-year European contract worth approximately 5.5 crore INR for Partner Ecosystem ManagementCompany Updatemedium impact
Cruxal's analysis: Subex Limited has announced a new-logo engagement with a major European open-access fibre…
Read the full analysis - Subex Limited Investor Presentation Highlights AI-Driven Turnaround and Margin Expansion StrategyCompany Updatehigh impact
Cruxal's analysis: Subex Limited has released an investor presentation detailing its strategic pivot toward…
Read the full analysis - Subex Ltd schedules non-deal roadshow for institutional investorsCompany Updatelow impact
Cruxal's analysis: Subex Ltd has announced a schedule for a non-deal roadshow to engage with analysts and…
Read the full analysis - Subex Ltd publishes newspaper notice regarding Postal Ballot processCompany Updatelow impact
Cruxal's analysis: Subex Ltd has issued a mandatory newspaper publication regarding a Postal Ballot, a…
Read the full analysis - Subex Limited Announces New ESOP Scheme 2026 and Secondary Market Share Acquisition PlanAGM/EGMmedium impact
Cruxal's analysis: Subex Limited has initiated a postal ballot to seek shareholder approval for the 'Subex…
Read the full analysis - Subex Limited Reports Strong Q1 FY27 Financials with 19.7% YoY Revenue Growth and Improved ProfitabilityCompany Updatehigh impact
Cruxal's analysis: Subex Limited reported a strong start to FY27, with revenue reaching INR 79.45 crore…
Read the full analysis - Subex Limited Files Audio Recording of Q1 FY2027 Earnings CallCompany Updatelow impact
Cruxal's analysis: Subex Limited has formally filed the audio recording of its earnings conference call for…
Read the full analysis - Subex Limited reports Q1 FY2027 financial results with improved profitability and revenue growthCompany Updatehigh impact
Cruxal's analysis: Subex Limited has released its unaudited financial results for the quarter ended June 30…
Read the full analysis - Subex Limited Reports Strong Q1 FY27 Financials with 19.6% YoY Revenue Growth and Improved EBITDA MarginsCompany Updatehigh impact
Cruxal's analysis: Subex Limited has delivered a robust performance for Q1 FY27, reporting revenue of 79.45…
Read the full analysis - Subex Limited Reports Q1 FY27 Financial Results and Announces New ESOP 2026 SchemeCompany Updatehigh impact
Cruxal's analysis: Subex Limited reported consolidated revenue of 79.45 crore for the quarter ended June 30…
Read the full analysis - Subex Limited announces successful passing of all resolutions at 32nd Annual General MeetingAGM/EGMlow impact
Cruxal's analysis: Subex Limited has concluded its 32nd Annual General Meeting held on August 4, 2026, with…
Read the full analysis - Subex Limited concludes 32nd Annual General Meeting; re-appoints Independent Director and adopts FY26 financial statementsAGM/EGMlow impact
Cruxal's analysis: Subex Limited has successfully concluded its 32nd Annual General Meeting held on August…
Read the full analysis
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