Subex Limited (SUBEXLTD) AI Stock Analysis

• Market Cap: ₹7.83B
• Dividend Yield: N/A
• Average Volume (3M): 281.40K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.96
• Revenue Growth: -8.61%
• EPS Growth: 95.97%
• Country: IN
• Employees: 828
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.23
• Shares Outstanding: 562,002,900
• 10 Day Avg. Volume: 423,570
• 30 Day Avg. Volume: 281,402
• PEG Ratio: 0.27
• Price to Book (P/B): 2.31
• Price to Sales (P/S): 2.46
• P/FCF Ratio: 95.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹13.00
• Price Target Upside: -4.69% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 50 Neutral
• Price Target: ₹13.00 ▼(-4.69% Downside)

Subex Limited's overall stock score is primarily impacted by its financial performance and valuation challenges. The company's profitability issues and inconsistent cash flow are significant concerns. Technical indicators provide a neutral outlook, but the negative P/E ratio and lack of dividend yield further weigh down the score.

Subex Limited Business Overview & Revenue Model

Company Description

Subex Limited (SUBEXLTD) is a leading provider of software solutions for the telecommunications sector, specializing in revenue assurance, fraud management, and network analytics. Established in 1992, the company operates primarily in the digital transformation space, offering a comprehensive suite of products designed to enhance operational efficiencies and revenue integrity for telecom operators. Subex's core services include advanced analytics, machine learning applications, and business process outsourcing, aimed at helping clients to optimize their revenue streams and mitigate risks associated with fraud and operational inefficiencies.

How the Company Makes Money

Subex Limited generates revenue through a combination of software licensing, subscription services, and consulting fees. The company provides its software products on a subscription basis, allowing telecom operators to integrate and utilize its solutions for ongoing revenue assurance and fraud management. Key revenue streams include the sale of licenses for its software solutions, implementation and training services, and ongoing support and maintenance contracts. Additionally, Subex has formed strategic partnerships with telecommunications firms and technology providers, enhancing its market reach and providing bundled solutions that drive additional revenue. The company's focus on innovation and digital transformation also positions it to capitalize on emerging trends in the telecom industry, contributing to its financial performance.

Subex Limited Financial Statement Overview

Summary

Subex Limited's financial performance is mixed. While the company maintains a strong equity base and manageable debt levels, it faces significant challenges in profitability and cash flow stability, reflected in negative net margins and inconsistent cash flow metrics.

Income Statement

Subex Limited has experienced volatility in its revenue and profitability. The revenue growth rate shows fluctuations, with a notable decline in recent years. The company reported a negative net profit margin in the latest period, indicating ongoing challenges in achieving profitability. Despite a positive gross profit margin, the EBITDA margin was negative, reflecting operational inefficiencies.

Balance Sheet

The balance sheet shows a strong equity position, with a healthy equity ratio. However, the company has faced a declining return on equity due to negative net income. The debt-to-equity ratio remains low, suggesting manageable leverage levels, which is a positive aspect.

Cash Flow

Cash flow has been inconsistent, with fluctuations in operating cash flow and free cash flow over the years. The company achieved a positive free cash flow in the latest period, but the operating cash flow to net income ratio indicates challenges in converting income to cash, partly due to negative net income.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.84B	2.86B	3.10B	2.79B	3.31B	3.72B
Gross Profit	1.30B	567.40M	768.80M	780.00M	1.04B	1.28B
EBITDA	203.80M	-34.80M	-1.57B	-220.70M	461.30M	1.07B
Net Income	-74.20M	-314.40M	-1.92B	-512.10M	209.90M	517.20M
Balance Sheet
Total Assets	0.00	4.87B	5.30B	7.04B	7.20B	7.27B
Cash, Cash Equivalents and Short-Term Investments	938.40M	938.40M	1.04B	1.20B	1.18B	1.43B
Total Debt	0.00	193.80M	281.60M	333.90M	146.80M	257.90M
Total Liabilities	-3.04B	1.82B	1.96B	1.82B	1.56B	1.78B
Stockholders Equity	3.04B	3.04B	3.34B	5.22B	5.64B	5.49B
Cash Flow
Free Cash Flow	0.00	73.40M	-110.10M	43.20M	-141.60M	823.30M
Operating Cash Flow	0.00	97.50M	-82.80M	92.50M	-87.60M	909.50M
Investing Cash Flow	0.00	-149.70M	331.50M	-378.10M	-353.40M	-72.20M
Financing Cash Flow	0.00	-120.50M	-93.40M	-65.10M	-128.80M	-320.70M

Subex Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.64
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 13.64 is above the 20-day moving average (MA) of 12.77, above the 50-day MA of 12.87, and below the 200-day MA of 14.46, indicating a neutral trend. The MACD of 0.26 indicates Negative momentum. The RSI at 59.40 is Neutral, neither overbought nor oversold. The STOCH value of 74.78 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ADSL	70 Outperform	₹10.39B	28.58	―	0.83%	21.48%	-25.48%
INSPIRISYS	69 Neutral	₹3.51B	10.28	―	―	-27.51%	278.69%
INFOBEAN	68 Neutral	₹12.13B	22.77	―	0.20%	9.57%	99.67%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SUBEXLTD	50 Neutral	₹7.83B	―	―	―	-8.61%	95.97%
HCL.INSYS	41 Neutral	₹4.92B	―	―	―	-14.71%	-52.20%

Subex Limited Corporate Events

Subex Limited Releases Q1 2025 Earnings Call Recording

Subex Limited announced that the audio recording of its earnings call for the quarter ended March 31, 2025, is now available on the company’s website. This announcement is part of the company’s compliance with regulatory requirements and provides stakeholders with insights into the company’s financial performance and strategic direction.