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Subex Limited
(SUBEXLTD)
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Rating:61Neutral
Price Target:
₹20.00
▲(65.56% Upside)
Action:Reiterated
Date:08/22/26
The score is primarily driven by improved financial performance in FY2026 (profitability and stronger cash flow on a low-leverage balance sheet), but tempered by a historically volatile track record and sharply lower gross margin. Technicals are supportive with strong momentum, though overbought readings add near-term risk. Valuation is a headwind due to a higher P/E and no dividend yield data.
Positive Factors
FY2026 Profitability and Cash Flow Turnaround
The return to profit alongside strong operating and free cash flow improves internal funding capacity and supports business resilience. If maintained, this turnaround can provide resources for product investment and reduce dependence on external financing.
Negative Factors
Sharp Gross-Margin Compression
The steep margin decline raises concern about the quality and durability of the earnings recovery. Sustained lower gross margins would reduce operating leverage, limit reinvestment capacity, and make future profitability more sensitive to revenue execution.
Read all positive and negative factors
Positive Factors
Negative Factors
FY2026 Profitability and Cash Flow Turnaround
The return to profit alongside strong operating and free cash flow improves internal funding capacity and supports business resilience. If maintained, this turnaround can provide resources for product investment and reduce dependence on external financing.
Read all positive factors
Subex Limited (SUBEXLTD) vs. iShares MSCI India ETF (INDA)
Market Cap
₹10.02B
Dividend YieldN/A
Average Volume (3M)264.43K
Price to Earnings (P/E)32.6
Beta (1Y)1.95
Revenue Growth2.91%
EPS GrowthN/A
CountryIN
Employees632
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.54
Shares Outstanding562,002,900
10 Day Avg. Volume427,974
30 Day Avg. Volume264,433
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)1.09
Price to Sales (P/S)1.34
P/FCF Ratio5.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Subex Limited Business Overview & Revenue Model
Company Description
Established in 1992 and headquartered in Bengaluru, India, Subex Limited delivers comprehensive operational and business support systems (OSS/BSS) to telecommunication service providers worldwide. The company's diverse offerings encompass advanced...
How the Company Makes Money
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Subex Limited Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
72
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.92B | 2.79B | 2.86B | 3.10B | 2.79B | 3.31B |
| Gross Profit | 57.40M | 167.00M | 567.40M | 768.80M | 780.00M | 1.04B |
| EBITDA | 407.50M | 257.40M | -35.20M | -1.57B | -220.70M | 461.30M |
| Net Income | 299.40M | 285.30M | -314.40M | -1.92B | -512.10M | 209.90M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 5.52B | 4.87B | 5.30B | 7.04B | 7.20B |
| Cash, Cash Equivalents and Short-Term Investments | 1.24B | 1.26B | 938.40M | 1.04B | 1.20B | 1.18B |
| Total Debt | 0.00 | 282.70M | 193.80M | 281.60M | 333.90M | 146.80M |
| Total Liabilities | -3.43B | 2.09B | 1.82B | 1.96B | 1.82B | 1.56B |
| Stockholders Equity | 3.43B | 3.43B | 3.04B | 3.34B | 5.22B | 5.64B |
Cash Flow | ||||||
| Free Cash Flow | 295.50M | 714.60M | 73.40M | -110.10M | 43.20M | -141.60M |
| Operating Cash Flow | 328.50M | 754.30M | 97.50M | -82.80M | 92.50M | -87.60M |
| Investing Cash Flow | 234.60M | -366.90M | -149.70M | 331.50M | -378.10M | -353.40M |
| Financing Cash Flow | -40.40M | -87.30M | -120.50M | -93.40M | -65.10M | -128.80M |
Subex Limited Technical Analysis
Positive
12.08
Price Trends
13.29
Positive
11.66
Positive
11.11
Positive
Market Momentum
1.41
Negative
69.34
Neutral
75.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SUBEXLTD, the sentiment is Positive. The current price of 12.08 is below the 20-day moving average (MA) of 14.86, below the 50-day MA of 13.29, and above the 200-day MA of 11.11, indicating a bullish trend. The MACD of 1.41 indicates Negative momentum. The RSI at 69.34 is Neutral, neither overbought nor oversold. The STOCH value of 75.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SUBEXLTD.
Subex Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹73.68B | 13.04 | ― | 2.00% | 13.21% | 12.05% | |
76 Outperform | ₹15.12B | 7.16 | ― | 0.13% | 35.35% | 59.52% | |
70 Outperform | ₹74.90B | 23.53 | ― | 1.19% | 7.88% | -1.77% | |
70 Outperform | ₹227.33B | 34.74 | ― | 2.12% | 5.19% | -12.17% | |
62 Neutral | ₹7.19B | 8.09 | ― | ― | 9.34% | 1.11% | |
61 Neutral | ₹10.02B | 32.63 | ― | ― | 2.91% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:SUBEXLTD
Subex Limited
17.93
5.25
41.40%
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Subex Limited Corporate Events
Subex Wins EUR 0.6 Million Partner Ecosystem Deal with European Fibre Operator
Aug 21, 2026
Subex Limited has secured a new contract with a major European open-access fibre operator to deploy its Partner Ecosystem Management solutions. The three-year international deal, valued at EUR 0.6 million, is aimed at supporting the operator’...
Subex to Unveil Q1 FY27 Results and Host Investor Earnings Call
Jul 6, 2026
Subex Limited, a prominent telecom analytics solutions provider listed on BSE and NSE, delivers data-driven software and services to global communications operators to enhance network efficiency, risk management and operational performance. The co...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.