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Subex Limited
(SUBEXLTD)
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Rating:62Neutral
Price Target:
₹22.00
▲(82.12% Upside)
Action:Reiterated
Date:09/09/26
The score is driven primarily by an improving financial profile (FY2026 profitability and strong cash flow with low leverage), but tempered by inconsistent multi-year performance and compressed gross margins. Technicals are supportive with a strong uptrend, while valuation is a headwind due to the high P/E and no dividend yield data.
Positive Factors
Return to profitability
Subex's return to profitability in FY2026, after losses in FY2024–FY2025, indicates a meaningful operating recovery. If maintained, positive earnings can strengthen internal funding, improve resilience, and support investment in its telecom analytics portfolio over the next several quarters.
Negative Factors
Volatile profitability
The sharp swings between substantial losses and a single profitable year show that Subex's earnings base remains unproven. Such volatility can make planning, reinvestment, and customer or partner confidence harder, while increasing the risk that the recent recovery does not represent a durable earnings trend.
Read all positive and negative factors
Positive Factors
Negative Factors
Return to profitability
Subex's return to profitability in FY2026, after losses in FY2024–FY2025, indicates a meaningful operating recovery. If maintained, positive earnings can strengthen internal funding, improve resilience, and support investment in its telecom analytics portfolio over the next several quarters.
Read all positive factors
Subex Limited (SUBEXLTD) vs. iShares MSCI India ETF (INDA)
Market Cap
₹11.30B
Dividend Yield1.33%
Average Volume (3M)955.26K
Price to Earnings (P/E)37.2
Beta (1Y)1.86
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. Volume1,253,203
30 Day Avg. Volume955,259
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 | -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
15.54
Positive
13.24
Positive
11.59
Positive
Market Momentum
1.34
Negative
65.09
Neutral
61.91
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 18.65, below the 50-day MA of 15.54, and above the 200-day MA of 11.59, indicating a bullish trend. The MACD of 1.34 indicates Negative momentum. The RSI at 65.09 is Neutral, neither overbought nor oversold. The STOCH value of 61.91 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 | ₹64.94B | 12.13 | ― | 2.45% | 13.21% | 12.05% | |
75 Outperform | ₹14.67B | 6.95 | ― | 0.66% | 35.35% | 59.52% | |
74 Outperform | ₹70.88B | 22.32 | ― | 1.21% | 7.88% | -1.77% | |
70 Outperform | ₹208.10B | 31.09 | ― | 2.25% | 5.19% | -12.17% | |
62 Neutral | ₹11.30B | 37.24 | ― | 1.33% | 2.91% | ― | |
60 Neutral | ₹7.22B | 8.15 | ― | 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
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Subex Limited Corporate Events
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’...
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.