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Subex Limited
(SUBEXLTD)
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Rating:60Neutral
Price Target:
₹19.50
▲(61.42% Upside)
Action:Reiterated
Date:09/24/26
The score is driven primarily by improving financial performance (FY2026 profitability and cash-flow rebound with low leverage), supported by strong technical uptrend signals. These positives are offset by an expensive valuation (high P/E) and remaining questions about the consistency and quality of the turnaround given prior-year volatility and sharply lower FY2026 gross margin.
Positive Factors
FY2026 Profitability and Cash Rebound
FY2026’s return to profitability, together with materially stronger operating and free cash flow, indicates that the business can currently convert operations into funding. If sustained, this improves resilience and supports product investment without relying as heavily on external capital.
Negative Factors
Sharp Gross-Margin Compression
The sharp gross-margin decline suggests that the FY2026 profitability rebound may not yet represent a stable earnings profile. Lower gross profitability leaves less room to absorb operating costs, invest in product development, or generate durable margin expansion as revenue grows.
Read all positive and negative factors
Positive Factors
Negative Factors
FY2026 Profitability and Cash Rebound
FY2026’s return to profitability, together with materially stronger operating and free cash flow, indicates that the business can currently convert operations into funding. If sustained, this improves resilience and supports product investment without relying as heavily on external capital.
Read all positive factors
Subex Limited (SUBEXLTD) vs. iShares MSCI India ETF (INDA)
Market Cap
₹10.77B
Dividend Yield1.33%
Average Volume (3M)983.08K
Price to Earnings (P/E)34.1
Beta (1Y)2.06
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. Volume870,174
30 Day Avg. Volume983,077
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
Subex primarily makes money by licensing and delivering its software products to communications service providers and charging ongoing fees to operate and support those deployments. Key revenue streams typically include (1) software license revenu...
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 | -34.80M | -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
17.38
Positive
14.48
Positive
12.12
Positive
Market Momentum
0.45
Positive
46.36
Neutral
16.13
Positive
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 19.95, below the 50-day MA of 17.38, and below the 200-day MA of 12.12, indicating a neutral trend. The MACD of 0.45 indicates Positive momentum. The RSI at 46.36 is Neutral, neither overbought nor oversold. The STOCH value of 16.13 is Positive, 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 | ₹65.62B | 12.23 | ― | 2.44% | 13.21% | 12.05% | |
75 Outperform | ₹14.28B | 6.73 | ― | 0.68% | 35.35% | 59.52% | |
74 Outperform | ₹63.68B | 19.86 | ― | 1.36% | 7.88% | -1.77% | |
70 Outperform | ₹192.40B | 28.51 | ― | 2.50% | 5.19% | -12.17% | |
60 Neutral | ₹10.77B | 34.09 | ― | 1.33% | 2.91% | ― | |
60 Neutral | ₹6.42B | 7.08 | ― | 0.46% | 9.34% | 2.71% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:SUBEXLTD
Subex Limited
18.44
5.27
40.02%
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Subex Limited Corporate Events
Subex Confirms SEBI Compliance on Share Dematerialization for Q2 2026
Oct 5, 2026
Subex Limited has reported regulatory compliance under SEBI’s Depositories and Participants Regulations for the quarter ended September 30, 2026. The company, through its registrar and transfer agent KFin Technologies, has confirmed that all...
Subex wins US$5 million Asia-Pacific telecom partner ecosystem deal
Sep 23, 2026
Subex Limited has secured a new-logo contract with a major mobile network operator in the Asia Pacific region to modernize and future‑proof the operator’s Partner Ecosystem Management operations. The engagement centers on deploying Sub...
Subex Shareholders Clear New ESOP Scheme and Trust Funding Plan
Sep 12, 2026
Subex Limited has secured shareholder approval via a postal ballot for a comprehensive new employee stock option framework, including the launch of the Subex Employees Stock Option Scheme 2026 and the extension of stock option grants to employees ...
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’...
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.