Subex
SUBEXLTD NSE
Subex
Information TechnologyNSE: SUBEXLTD BSE: 532348 IT - Software
Key Fundamentals
MicrocapSoftware ProductsInformation TechnologyMarket Cap
₹1,123 Cr
Volatility
Moderate
P/E Ratio
39.25
EBITDA
₹57.50 Cr
Return on Equity
8.32%
Debt to Equity
0.08
Book Value
₹6.17
52W High
₹20.28
52W Low
₹6.61
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company is almost debt free.
Weaknesses
3- Stock is trading at 3.42 times its book value
- The company has delivered a poor sales growth of -5.59% over past five years.
- Company has a low return on equity of -5.29% over last 3 years.
Growth Rate
Revenue Growth
6.22% higher than
3Y
Net Income Growth
-191% lower than
3Y
Cash Flow Change
653% lower than
3Y
ROE
-181% lower than
3Y
ROCE
-304% lower than
3Y
EBITDA Margin (Avg.)
-803% lower than
3Y
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 67 | 77 | 82 | 84 | 68 | 74 | 73 | 71 | 66 | 69 | 71 | 73 | 79 |
| Expenses | 82 | 81 | 81 | 81 | 74 | 72 | 70 | 84 | 62 | 63 | 62 | 64 | 64 |
| Operating Profit | -15 | -5 | 1 | 3 | -6 | 2 | 2 | -13 | 4 | 6 | 9 | 9 | 15 |
| OPM % | -22% | -6% | 0.7% | 3.7% | -9% | 2.5% | 3.4% | -18% | 6% | 9% | 13% | 13% | 19% |
| Other Income | 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 |
| PBT | -18 | -8 | -2 | -147 | -8 | 3 | 0 | -14 | 15 | 4 | 6 | 13 | 16 |
| Tax % | 7% | 36% | 105% | 7% | 34% | 79% | 916% | 25% | 13% | 32% | 49% | 22% | 14% |
| Net Profit | -19 | -11 | -5 | -157 | -11 | 1 | -3 | -18 | 13 | 3 | 3 | 10 | 14 |
| EPS in Rs | -0.34 | -0.2 | -0.09 | -2.78 | -0.2 | 0.01 | -0.06 | -0.31 | 0.23 | 0.05 | 0.05 | 0.18 | 0.25 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 360 | 322 | 357 | 324 | 348 | 365 | 372 | 333 | 279 | 310 | 286 | 279 | 292 |
| Expenses | 275 | 231 | 268 | 290 | 297 | 279 | 273 | 298 | 309 | 325 | 300 | 253 | 253 |
| Operating Profit | 85 | 91 | 89 | 34 | 51 | 86 | 99 | 36 | -30 | -16 | -15 | 26 | 39 |
| OPM % | 24% | 28% | 25% | 11% | 15% | 24% | 27% | 11% | -11% | -5% | -5% | 9% | 14% |
| Other Income | -4 | -87 | -97 | 13 | 3 | -303 | 8 | 10 | 8 | -141 | 11 | 27 | 13 |
| Interest | 61 | 62 | 20 | 8 | 2 | 6 | 4 | 3 | 3 | 3 | 2 | 3 | 3 |
| Depreciation | 4 | 4 | 5 | 5 | 5 | 15 | 14 | 10 | 14 | 16 | 14 | 12 | 11 |
| PBT | 16 | -62 | -34 | 34 | 47 | -238 | 89 | 34 | -39 | -175 | -20 | 37 | 39 |
| Tax % | 36% | 21% | 29% | 40% | 46% | 13% | 42% | 38% | 31% | 10% | 59% | 24% | — |
| Net Profit | 10 | -74 | -43 | 21 | 25 | -269 | 52 | 21 | -51 | -192 | -31 | 29 | 30 |
| EPS in Rs | 0.56 | -1.48 | -0.85 | 0.37 | 0.45 | -4.79 | 0.92 | 0.37 | -0.91 | -3.4 | -0.56 | 0.51 | 0.53 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 82% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 183 | 503 | 507 | 562 | 562 | 562 | 281 | 281 | 281 | 281 | 281 | 281 |
| Reserves | 26 | 231 | 177 | 217 | 232 | -47 | 268 | 283 | 241 | 53 | 23 | 62 |
| Borrowings | 725 | 228 | 186 | 32 | 0 | 49 | 26 | 15 | 33 | 28 | 19 | 28 |
| Other Liabilities | 188 | 80 | 86 | 81 | 96 | 114 | 151 | 140 | 140 | 167 | 163 | 181 |
| Total Liabilities | 1,121 | 1,042 | 957 | 892 | 890 | 678 | 725 | 719 | 695 | 528 | 487 | 552 |
| Fixed Assets | 865 | 775 | 668 | 666 | 664 | 393 | 375 | 368 | 385 | 228 | 217 | 228 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 14 | 9 | 22 | 32 |
| Other Assets | 257 | 267 | 289 | 226 | 226 | 286 | 350 | 339 | 296 | 292 | 248 | 292 |
| Total Assets | 1,121 | 1,042 | 957 | 892 | 890 | 678 | 725 | 719 | 695 | 528 | 487 | 552 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 64 | 66 | 54 | 54 | 55 | 66 | 91 | -8 | 9 | -8 | 10 | 72 |
| Investing | -11 | 7 | -11 | -7 | -11 | -2 | -6 | -34 | -36 | 34 | -16 | -31 |
| Financing | -47 | -36 | -55 | -91 | -34 | -13 | -32 | -15 | -7 | -9 | -12 | -9 |
| Net Cash Flow | 6 | 37 | -12 | -44 | 9 | 51 | 53 | -58 | -33 | 17 | -19 | 32 |
| Free Cash Flow | 58 | 63 | 48 | 51 | 52 | 63 | 82 | -14 | 4 | -11 | 7 | 68 |
| CFO/OP | 86 | 85 | 74 | 204 | 127 | 94 | 106 | 41 | -48 | -36 | -124 | 146 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 110 | 126 | 121 | 105 | 90 | 92 | 98 | 106 | 118 | 120 | 99 | 122 |
| Cash Conversion Cycle | 110 | 126 | 121 | 105 | 90 | 92 | 98 | 106 | 118 | 120 | 99 | 122 |
| Working Capital Days | -69 | -128 | -96 | 51 | 60 | 62 | 69 | 110 | 71 | 44 | 52 | 70 |
| ROCE % | 9% | 7% | 10% | 4% | 6% | 13% | 16% | 6% | -6% | -5% | -6% | 13% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Subex insights
53 extracted metrics + investor summaries across FY15–FY27.
Documents
2
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
4 May - Subex received Rs. 2.37 crore income tax refund for AY 2008-09 today. 4 May - Subex received Rs. 2.37 crore income tax refund for AY 2008-09 today.
3
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
4 May - Subex received Rs. 2.37 crore income tax refund for AY 2008-09 today. 4 May - Subex received Rs. 2.37 crore income tax refund for AY 2008-09 today.
4
Board Meeting Intimation for The Board Meeting Scheduled To Be Held On May 12, 2026
20 Apr - Subex board meets May 12, 2026 to approve FY26 audited results; earnings call on May 13. 20 Apr - Subex board meets May 12, 2026 to approve FY26 audited results; earnings call on May 13.
5
Update on board meeting
20 Apr - Board to meet May 12, 2026 for Q4 FY26 audited results; earnings call May 13, 2026. 20 Apr - Board to meet May 12, 2026 for Q4 FY26 audited results; earnings call May 13, 2026.
Frequently Asked Questions about Subex
What does Subex Ltd do?
Incorporated in 1992, Subex Ltd is a global provider of Operations and Business Support Systems to communication service providers worldwide, in the Telecom industry[1]
Where is Subex Ltd (SUBEXLTD) listed?
Subex Ltd trades as SUBEXLTD on the NSE and under code 532348 on the BSE.
Which sector does Subex Ltd belong to?
Subex Ltd is classified under the Information Technology sector, in the IT - Software industry.
What is the market capitalisation of Subex Ltd?
Subex Ltd has a market capitalisation of ₹1,123 Cr, which places it in the Small Cap band.
What is the PE ratio of Subex Ltd?
Subex Ltd trades at a PE ratio of 39.25, against a book value of ₹6.17 per share.
What is the 52-week high and low of Subex Ltd?
Over the last 52 weeks Subex Ltd has traded between ₹6.61 and ₹20.28.
Does Subex Ltd pay dividends?
Subex Ltd has a dividend yield of 3.80%.
What is the Return on Equity (ROE) of Subex Ltd?
Subex Ltd reported a return on equity of 8.32%. Its debt-to-equity ratio is 0.08.
Company Information
Incorporated in 1992, Subex Ltd is a global provider of Operations and Business Support Systems to communication service providers worldwide, in the Telecom industry[1]
Website subex.com
CEO Ms. Nisha Dutt
Employees 731
Listed 2020-11-05
Face Value ₹ 5
Issued Size 56,20,02,935
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