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Subex

SUBEXLTD NSE
₹17.22 No trade today
P/E
32.49
View as Markdown
MCP
Close 4 Nov 2026 ₹17.22 +4.73 +37.9% 1Y
Start ₹12.49

Key Fundamentals

MicrocapIT - SoftwareInformation Technology

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
12.80%
Debt to Equity
0.08
EPS (TTM)
₹0.53
Book Value
₹6.17
Market Cap
—
P/E (TTM)
32.49
P/B
2.79
ROE
9.90%
Dividend Yield
4.61%
EBITDA
₹57.50 Cr
52W High
₹22.80
52W Low
₹6.61
Volume
0

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

60 Good

Data confidence 100/100

Category scores

Quality
58
Good
Returns, margins, earnings quality 22% weight
Valuation
64
Good
Cheap vs sector & own history 24% weight
Growth
20
Poor
Sales & profit trajectory 9% weight
Financial Health
46
Average
Solvency, leverage, coverage 9% weight
Momentum
95
Strong
Trend strength, vol-adjusted 12% weight
Ownership
66
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

3
  • Stock is trading at 3.01 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish667
OscillatorsBearish261
Moving AveragesStrong Bullish406

Key readings

RSI (14)
46.03
Neutral
MACD (12,26,9)
−0.58
Bearish
SMA (50)
18.64
Bearish
SMA (200)
12.66
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y−1.42%
5Y−5.59%
3Y0.00%
1Y−2.45%
TTM+2.82%

Net profit

Net profit growth by window
10YTurned to profit
5Y−11.02%
3YTurned to profit
1YTurned to profit
TTMTurned to profit

Operating cash flow

Operating cash flow growth by window
10Y+0.87%
5Y−4.58%
3Y+100.00%
1Y+620.00%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−18.94 pp
5Y−17.29 pp
3Y+20.07 pp
1Y+14.56 pp
TTM+15.12 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹357 Cr
Mar 2018₹324 Cr
Mar 2019₹348 Cr
Mar 2020₹365 Cr
Mar 2021₹372 Cr
Mar 2022₹333 Cr
Mar 2023₹279 Cr
Mar 2024₹310 Cr
Mar 2025₹286 Cr
Mar 2026₹279 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹43.00 Cr
Mar 2018₹21.00 Cr
Mar 2019₹25.00 Cr
Mar 2020−₹269 Cr
Mar 2021₹52.00 Cr
Mar 2022₹21.00 Cr
Mar 2023−₹51.00 Cr
Mar 2024−₹192 Cr
Mar 2025−₹31.00 Cr
Mar 2026₹29.00 Cr

Quarterly Results

₹ Cr
SUBEXLTD quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
67
77
82
84
68
74
73
71
66
69
71
73
79
86
Expenses
82
81
81
81
74
72
70
84
62
63
62
64
64
68
Operating Profit
−15
−5
1
3
−6
2
2
−13
4
6
9
9
15
18
OPM %
−22%
−6%
0.7%
3.7%
−9%
2.5%
3.4%
−18%
6%
9%
13%
13%
19%
21%
Other Income
1
1
1
−145
2
5
1
3
16
2
0
7.51
5
3
Interest
1
1
1
1
1
1
1
0
1
1
1
1
1
1
Depreciation
4
4
4
4
4
4
3
3
4
3
2
3
3
3
PBT
−18
−8
−2
−147
−8
3
0
−14
15
4
6
13
16
17
Tax %
7%
36%
105%
7%
34%
79%
916%
25%
13%
32%
49%
22%
14%
16%
Net Profit
−19
−11
−5
−157
−11
1
−3
−18
13
3
3
10
14
14
EPS (₹)
−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
—

Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SUBEXLTD profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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

₹ Cr
SUBEXLTD balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
SUBEXLTD cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
86
85
74
204
127
94
106
41
−48
−36
−124
146

Ratios

SUBEXLTD financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Subex insights

66 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Public 97.64%
  • FIIs 1.08%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

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
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 Software Products industry.
What is the PE ratio of Subex Ltd?
Subex Ltd trades at a PE ratio of 32.49 as of 4 Nov 2026, on earnings per share of ₹0.53, 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 ₹22.8 as of 4 Nov 2026.
Does Subex Ltd pay dividends?
Subex Ltd has a dividend yield of 4.61%.
What is the Return on Equity (ROE) of Subex Ltd?
Subex Ltd reported a return on equity of 9.90%. 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

Website subex.com
CEO Ms. Nisha Dutt
Employees 731
Listed 5 Nov 2020
Face Value ₹5

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