Subex Ltd

BSE: SUBEXLTD532348ISIN INE754A01055

Information Technology
Software Products
BSE Information Technology

Share price

₹17.29+1.00 (+6.14%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹22.84
52W low: ₹6.63
Off 52W high: -24.30%
1M return: -10.04%
3M return: +24.48%
6M return: +68.03%
1Y return: +33.93%
20D avg volume: 4,22,007
50 DMA: ₹18.65
200 DMA: ₹12.67

Key ratios Consolidated

Market cap: ₹971.70 Cr
Current price: ₹17.29
52W high / low: ₹22.84 / ₹6.63
Face value: ₹5.00
P/E: 23.49
P/B: 2.53
EPS (TTM): ₹0.74
Book value / share: ₹6.82
ROE: —
ROCE: 9.20%
Operating margin: —
Net margin: —
Debt / equity: 0.00
Net debt: ₹-82.18 Cr
Interest cover: 12.46
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 89.7 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	85.59	79.45	72.96	70.79	68.91	66.40	70.60	72.69	74.16	68.16	83.80	81.82
	2.58	4.69	7.51	4.25	1.52	15.81	2.76	1.07	1.20	1.92	2.69	1.41
	88.17	84.14	80.47	75.04	70.43	82.21	73.36	73.76	75.36	70.08	86.49	83.23
	71.15	67.68	67.51	64.78	66.21	67.50	87.48	74.08	76.59	78.45	85.14	85.62
	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	0.00	—	—	—	—	—
	46.52	40.15	40.61	40.30	42.48	41.17	40.62	46.45	50.35	47.76	48.32	52.01
	0.59	0.63	0.80	0.66	0.82	0.99	0.50	0.54	0.59	0.59	0.64	0.63
	2.73	2.60	2.91	2.37	2.76	4.04	3.38	3.35	3.73	3.66	3.78	3.74
	21.31	24.30	23.19	21.45	20.15	21.30	42.98	23.74	21.92	26.44	32.40	29.24
	17.02	16.46	12.96	10.26	4.22	14.71	-14.12	-0.32	-1.23	-8.37	1.35	-2.39
	0.00	0.00	-0.16	-4.50	0.00	0.00	0.00	0.00	4.22	0.00	-147.95	0.00
	17.02	16.46	12.80	5.76	4.22	14.71	-14.12	-0.32	2.99	-8.37	-146.60	-2.39
	2.73	2.24	2.87	2.83	1.36	1.90	3.48	2.93	2.37	2.84	9.91	2.50
	14.29	14.22	9.93	2.93	2.86	12.81	-17.60	-3.25	0.62	-11.21	-156.51	-4.89
	0.26	0.26	0.18	0.05	0.05	0.23	-0.32	-0.06	0.01	-0.20	-2.83	-0.09
Key metrics
	20.34	19.69	16.51	8.79	7.80	19.74	-10.24	3.57	7.31	-4.12	-142.18	1.98
	23.80%	24.80%	22.60%	12.40%	11.30%	29.70%	-14.50%	4.90%	9.90%	-6.00%	-169.70%	2.40%
	16.70%	17.90%	13.60%	4.10%	4.20%	19.30%	-24.90%	-4.50%	0.80%	-16.40%	-186.80%	-6.00%
	3.70%	—	3.10%	—	1.20%	—	-3.50%	—	—	—	—	—
	24.20%	19.70%	3.30%	-2.60%	-7.10%	-2.60%	-15.80%	-11.20%	—	—	—	—
	399.70%	11.00%	156.40%	190.20%	361.30%	214.30%	88.80%	33.50%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	308.79	279.06	285.61	309.72	278.69	333.44
	19.03	31.76	6.95	6.73	8.16	10.37
	327.82	310.82	292.56	316.45	286.85	343.81
	271.12	268.67	316.60	343.60	325.91	310.12
	0.00	0.00	0.00	—	—	—
	0.00	0.00	0.00	—	—	—
	167.58	164.56	185.18	209.00	200.69	214.49
	2.68	3.27	2.22	2.63	2.58	1.94
	10.61	12.08	14.12	15.59	13.99	9.88
	90.25	88.76	115.08	116.38	108.65	83.81
	56.70	42.15	-24.04	-27.15	-39.06	33.69
	-4.66	-4.66	4.22	-147.95	0.00	0.00
	52.04	37.49	-19.82	-175.10	-39.06	33.69
	10.67	8.96	11.62	16.63	12.15	12.70
	41.37	28.53	-31.44	-191.73	-51.21	20.99
	0.75	0.51	-0.57	-3.47	-0.93	0.38
Key metrics
	65.33	52.84	-3.48	-156.88	-22.49	45.51
	21.16%	18.90%	-1.20%	-50.70%	-8.10%	13.60%
	13.40%	10.20%	-11.00%	-61.90%	-18.40%	6.30%
	—	9.20%	-4.60%	—	—	—
	10.84%	-2.30%	-7.80%	11.10%	-16.40%	—
	—	190.70%	83.60%	-274.40%	-344.00%	—
	—	67.54	7.34	—	—	—
	—	2.51	-0.31	—	—	—
	—	0.00	0.00	—	—	—
	—	-82.18	-52.36	—	—	—
	—	89.7	72.2	—	—	—
Balance sheet
	—	551.90	486.96	—	—	—
	—	288.45	214.43	—	—	—
	—	82.18	52.36	—	—	—
	—	93.51	77.62	—	—	—
	—	0.00	0.00	—	—	—
	—	23.35	25.76	—	—	—
	—	32.01	20.84	—	—	—
	—	24.92	21.09	—	—	—
	—	109.25	101.06	—	—	—
	—	0.00	0.00	—	—	—
	—	0.00	0.00	—	—	—
	—	0.00	0.00	—	—	—
	—	342.81	304.48	—	—	—
Cash flow
	—	71.51	9.75	—	—	—
	—	-32.78	-14.97	—	—	—
	—	-8.73	-12.05	—	—	—
	—	3.97	2.41	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	79.09	72.78	64.56	65.44	63.51	62.56	66.27	69.08	68.48	64.98	65.04	72.20
	1.90	3.01	11.53	3.42	1.06	15.41	0.58	0.37	0.34	0.90	1.02	0.29
	80.99	75.79	76.09	68.86	64.57	77.97	66.85	69.45	68.82	65.88	66.06	72.49
	70.87	66.34	40.49	67.29	67.21	70.39	87.06	76.35	77.08	80.52	74.25	80.92
	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	0.00	—	—	—	—	—
	31.88	26.00	27.50	26.70	27.47	28.07	26.49	28.90	28.58	29.01	27.56	29.77
	0.56	0.59	0.74	0.63	0.67	0.92	0.43	0.47	0.50	0.54	0.56	0.57
	2.32	2.39	2.78	2.53	2.58	3.69	3.14	3.17	3.20	3.15	3.22	3.26
	36.11	37.36	9.47	37.43	36.49	37.71	57.00	37.43	41.00	41.03	42.91	46.16
	10.12	9.45	35.60	1.57	-2.64	7.58	-20.21	-6.90	-8.26	-14.64	-8.19	-8.43
	0.00	0.00	-28.67	-4.28	0.00	0.00	0.00	—	4.22	—	-147.95	—
	10.12	9.45	6.93	-2.71	-2.64	7.58	-20.21	-6.90	-4.04	-14.64	-156.14	-8.43
	0.11	0.90	0.89	0.67	0.72	0.71	1.71	0.44	0.54	1.30	12.56	1.37
	10.01	8.55	6.04	-3.38	-3.36	6.87	-21.92	-7.34	-4.58	-15.94	-168.70	-9.80
	0.18	0.15	0.11	-0.06	-0.06	0.12	-0.40	-0.13	-0.08	-0.29	-3.05	-0.18
Key metrics
	13.00	12.43	10.45	0.45	0.61	12.19	-16.64	-3.26	-0.34	-10.95	-152.36	-4.60
	16.40%	17.10%	16.20%	0.70%	1.00%	19.50%	-25.10%	-4.70%	-0.50%	-16.90%	-234.30%	-6.40%
	12.70%	11.70%	9.40%	-5.20%	-5.30%	11.00%	-33.10%	-10.60%	-6.70%	-24.50%	-259.40%	-13.60%
	5.00%	—	3.90%	—	-1.00%	—	-11.30%	—	—	—	—	—
	24.50%	16.30%	-2.60%	-5.30%	-7.30%	-3.70%	1.90%	-4.30%	—	—	—	—
	397.90%	24.50%	127.60%	54.00%	26.60%	143.10%	87.00%	25.10%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	281.87	256.07	268.81	269.01	273.52	68.36
	19.86	31.42	2.19	1.51	2.42	0.06
	301.73	287.49	271.00	270.52	275.94	68.42
	244.99	245.38	321.01	320.56	352.93	72.89
	0.00	0.00	0.00	—	—	—
	0.00	0.00	0.00	—	—	—
	112.08	109.75	112.98	117.84	121.91	42.93
	2.52	2.96	1.94	2.37	2.30	0.12
	10.02	11.58	12.66	13.50	11.87	1.63
	120.37	121.09	193.43	176.73	185.26	15.48
	56.74	42.11	-50.01	-50.04	-76.99	-4.47
	-32.95	-32.95	4.22	-147.95	—	—
	23.79	9.16	-45.79	-197.99	-76.99	-4.47
	2.57	3.30	3.99	15.26	8.23	—
	21.22	5.86	-49.78	-213.25	-68.76	-4.47
	0.38	0.11	-0.90	-3.86	-1.25	-0.08
Key metrics
	36.33	23.70	-31.19	-182.12	-62.82	-2.72
	12.89%	9.30%	-11.60%	-67.70%	-23.00%	-4.00%
	7.53%	2.30%	-18.50%	-79.30%	-25.10%	-6.50%
	—	6.20%	-25.10%	—	—	—
	7.82%	-4.70%	-0.10%	-1.60%	300.10%	—
	—	111.80%	76.70%	-210.10%	-1,438.30%	—
	—	67.08	6.42	—	—	—
	—	12.06	-0.16	—	—	—
	—	0.00	0.00	—	—	—
	—	-17.85	-4.66	—	—	—
	—	3.6	-14.1	—	—	—
Balance sheet
	—	344.43	299.77	—	—	—
	—	155.15	99.70	—	—	—
	—	17.85	4.66	—	—	—
	—	42.31	55.33	—	—	—
	—	0.00	0.00	—	—	—
	—	24.50	8.68	—	—	—
	—	29.07	18.86	—	—	—
	—	39.76	65.66	—	—	—
	—	148.20	124.76	—	—	—
	—	0.00	0.00	—	—	—
	—	0.00	0.00	—	—	—
	—	0.00	0.00	—	—	—
	—	171.59	164.87	—	—	—
Cash flow
	—	70.68	7.72	—	—	—
	—	-49.88	-3.82	—	—	—
	—	-7.61	-10.29	—	—	—
	—	3.60	1.30	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: -2.17%
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +7.82%
Profit YoY (TTM): +182.41%

Consolidated

Sales CAGR 3Y: +0.04%
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +10.84%
Profit YoY (TTM): +898.65%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 0.00%

Quarter	September 2026	June 2026
Promoter %	0.00%	0.00%

Holder	Type	Holding	Previous	Change
SUBEX EMPLOYEE WELFARE AND ESOP BENEFIT TRUST	Public	1.27%	1.27%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Oracle Financial Services Software Limited	88,871	10,199.00	24.89	43.20%	+28.14% TTM	+50.40% TTM	+22.58%
TANLA PLATFORMS LIMITED	8,744	659.25	15.78	25.20%	+17.68% TTM	+15.64% TTM	+6.08%
C.E. Info Systems Limited	4,903	894.45	35.54	21.40%	+3.39% TTM	+6.19% TTM	-49.79%
Capillary Technologies India Limited	4,056	509.60	63.65	5.40%	—	—	—
TechNVision Ventures Limited	2,655	4,231.00	882.92	9.70%	+23.39% TTM	+248.51% TTM	-6.98%
Ramco Systems Ltd	2,023	537.45	68.81	11.90%	+10.73% TTM	+239.38% TTM	-11.23%
Mobavenue AI Tech Limited	2,000	258.80	57.14	33.80%	—	—	+14.91%
Blue Cloud Softech Solutions Limited	1,662	18.01	25.95	10.10%	+41.04% TTM	+32.96% TTM	-45.34%
Nucleus Software Exports Ltd	1,661	631.00	16.55	15.40%	+1.97% TTM	-42.25% TTM	-38.67%
Subex Ltd	972	17.29	23.49	9.20%	+10.84% TTM	+898.65% TTM	+33.93%
UNICOMMERCE ESOLUTIONS LIMITED	941	83.73	42.28	14.20%	+25.33% TTM	+15.23% TTM	-34.71%
Quick Heal Technologies Limited	795	146.50	-62.07	-4.70%	-16.75% TTM	-1,631.08% TTM	-54.00%
IRIS RegTech Solutions Limited	436	212.15	3.48	8.60%	+6.15% TTM	+1,084.69% TTM	-36.81%
Sotefin Bharat Limited	434	239.00	—	—	—	—	—
ABM Knowledgeware Ltd.	296	148.00	29.91	7.40%	+4.37% TTM	-46.97% TTM	-51.11%
Ace Software Exports ltd.	241	189.15	78.13	5.50%	+46.15% TTM	-22.77% TTM	—
AION TECH SOLUTIONS LIMITED	196	37.42	-25.95	2.50%	+58.08% TTM	-146.57% TTM	-37.63%
Virinchi Limited	162	14.40	-6.23	1.40%	-10.02% TTM	-2,82,100.00% TTM	-48.72%
Avance Technologies Ltd.	147	0.74	16.47	2.50%	+8.61% TTM	+623.58% TTM	-60.22%
Atishay Limited S	141	127.85	35.51	17.60%	-9.71% TTM	-50.00% TTM	-32.75%
NEW MARKETS AVENUE LIMITED S	139	135.80	-212.19	-5.50%	-78.79% TTM	-650.00% TTM	—
Xelpmoc Design and Tech Limited	120	80.89	-15.16	-9.20%	-1.26% TTM	-13.98% TTM	-37.73%
Cranes Software International Ltd.	100	5.23	-6.98	1.60%	-16.32% TTM	-0.28% TTM	+9.87%
Omega Interactive Technologies Ltd. S	95	11.99	8.44	18.10%	+793.87% TTM	+257.19% TTM	-52.09%
Odyssey Technologies Ltd. S	74	46.44	25.94	9.00%	-5.68% TTM	-35.15% TTM	-43.74%

Filings & corporate actions

Recent announcements

Audio Recording of the Earnings Call for the quarter and half year ended September 30, 20264 Nov 2026 · Company Update / Analyst / Investor Meet
Newspaper publication of the Unaudited Financial Results for the quarter and half year ended September 30, 20264 Nov 2026 · Company Update / Newspaper Publication
Investor Presentation Q2 FY273 Nov 2026 · Company Update / Investor Presentation
Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 20263 Nov 2026 · Result / Financial Results
The unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 20263 Nov 2026 · Board Meeting / Outcome of Board Meeting
Subex Secures Strategic AI Agents Contract with a Tier-1 African Telecom Operator30 Oct 2026 · Others
Earnings Call for the period ended 30 September, 202614 Oct 2026 · Company Update / Analyst / Investor Meet
Subex Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 03/11/2026 ,inter alia, to consider and approve the financial results for the period ....14 Oct 2026 · Board Meeting / Board Meeting
A new Deal with a leading African mobile operator for the deployment of its HyperSense Fraud Management solutions9 Oct 2026 · Company Update / Award of Order / Receipt of Order
Certificate under Regulation 74(5) of the SEBI (DP) Regulations, 2018 for the quarter ended September 30, 2026.5 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Closure of Trading Window30 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Grant of options under ESOP 202524 Sep 2026 · Company Update / General
Subex secured a contract with a major mobile network operator in the Asia Pacific region23 Sep 2026 · Company Update / Award of Order / Receipt of Order
Postal Ballot Notice dated August 05, 2026 - voting results along with the Scrutinizer''s Report12 Sep 2026 · AGM/EGM / Postal Ballot
Subex secured a contract with a leading African mobile operator.26 Aug 2026 · Company Update / Award of Order / Receipt of Order
Subex secured a new-logo from a major European open -access fibre operator to deploy the Company's Partner Ecosystem Management Solutions.21 Aug 2026 · Company Update / Award of Order / Receipt of Order
Investor Presentation for Analyst / Institutional Investor meeting18 Aug 2026 · Company Update / Investor Presentation
Intimation of Schedule of Analyst/ Institutional Investor meet - Non-Deal Roadshow15 Aug 2026 · Company Update / Analyst / Investor Meet
Newspaper Publication - Postal Ballot14 Aug 2026 · Company Update / Newspaper Publication
Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 - Postal Ballot Notice13 Aug 2026 · AGM/EGM / Postal Ballot
Transcript of Earnings Call7 Aug 2026 · Company Update / Earnings Call Transcript
Audio Recording of the Earnings Call for the quarter ended June 30, 20266 Aug 2026 · Company Update / Analyst / Investor Meet
Newspaper publication of the Unaudited Financial Results for the quarter ended June 30, 20266 Aug 2026 · Company Update / Newspaper Publication
Investor Presentation Q1 FY275 Aug 2026 · Company Update / Investor Presentation
Implementation of New ESOP Scheme and Secondary acquisition by the Trust5 Aug 2026 · Company Update / General
Unaudited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 20265 Aug 2026 · Result / Financial Results
Unaudited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 20265 Aug 2026 · Board Meeting / Outcome of Board Meeting
Disclosure under Regulation 44(3) of SEBI(LODR) Regulations, 2015 - Scrutinizer''s Report & Voting Results4 Aug 2026 · AGM/EGM / AGM
Summary of Proceedings of the 32nd Annual General Meeting held on August 04, 20264 Aug 2026 · AGM/EGM / AGM
Newspaper Advertisement - Notice of 32nd Annual General Meeting of Subex Limited14 Jul 2026 · Company Update / Newspaper Publication
Business Responsibility and Sustainability Report for the financial year 2025-2613 Jul 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Annual Report for the financial year 2025-2613 Jul 2026 · Others / Reg. 34 (1) Annual Report
Notice of 32nd Annual General Meeting ('AGM') And Annual Report 2025-2613 Jul 2026 · AGM/EGM / AGM
Earnings Call for the quarter ended June 30, 20266 Jul 2026 · Company Update / Analyst / Investor Meet
Subex Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 05/08/2026 ,inter alia, to consider and approve the financial results for the period ....6 Jul 2026 · Board Meeting / Board Meeting
Newspaper Advertisement - 32nd Annual General Meeting of Subex Limited2 Jul 2026 · Company Update / Newspaper Publication
Certificate under Regulation 74(5) of the SEBI (DP) Regulations, 2018 for the quarter ended June 30, 2026.2 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
32nd Annual general Meeting will be held on Tuesday, 4th August 2026 at 2:00 PM. The Cut-off date is Tuesday, 28 July 20261 Jul 2026 · Company Update / General
Closure of Trading Window29 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Intimation of Schedule of Analyst / Institutional Investor / Shareholder meeting24 Jun 2026 · Company Update / Analyst / Investor Meet

Board meetings

3 Nov 2026 Board Meeting - Financial Results
5 Aug 2026 Board Meeting - Financial Results