SUBEXLTD

Subex Limited

Telecom-focused fraud management and revenue assurance software provider

Information Technology›Information Technology›IT - Software›Software Products

subex.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹19.00
Market cap
1,068 Cr
Stock P/E
35.7
P/B
3.11
Dividend yield
2.6%
ROE (FY26)
8.3%
ROCE (FY26)
11.9%
Operating margin (FY26)
4.9%
Debt / equity (FY26)
0.00
OCF / EBITDA (FY26)
277.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Subex builds fraud management and revenue assurance software that telecom operators use to protect and check their revenue.

Company snapshot

8thBy market cap

Ranked among 14 companies in Software Products.

What we see

Positives
  • ✓Cash flow from operations is higher than reported profit — earnings quality looks solid.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales77 Cr82 Cr84 Cr68 Cr74 Cr73 Cr71 Cr66 Cr69 Cr71 Cr73 Cr79 Cr
Operating expenses (approx.)81 Cr81 Cr81 Cr74 Cr72 Cr70 Cr84 Cr62 Cr63 Cr62 Cr64 Cr64 Cr
EBITDA-5 Cr0.57 Cr3 Cr-6 Cr2 Cr3 Cr-13 Cr4 Cr6 Cr9 Cr9 Cr15 Cr
OPM %-5.9%0.7%3.7%-8.9%2.5%3.4%-18.4%5.9%9.1%12.8%12.6%18.9%
Other income1 Cr1 Cr3 Cr2 Cr1 Cr1 Cr3 Cr16 Cr2 Cr4 Cr8 Cr5 Cr
Interest0.66 Cr0.63 Cr0.64 Cr0.59 Cr0.59 Cr0.54 Cr0.50 Cr0.99 Cr0.82 Cr0.66 Cr0.80 Cr0.63 Cr
Depreciation4 Cr4 Cr4 Cr4 Cr4 Cr3 Cr3 Cr4 Cr3 Cr2 Cr3 Cr3 Cr
Profit before tax-8 Cr-2 Cr-147 Cr-8 Cr3 Cr-0.32 Cr-14 Cr15 Cr4 Cr6 Cr13 Cr16 Cr
Tax %-35.6%-104.6%-6.8%-33.9%79.3%-915.6%-24.6%12.9%32.2%49.1%22.4%13.6%
Net profit-11 Cr-5 Cr-157 Cr-11 Cr0.62 Cr-3 Cr-18 Cr13 Cr3 Cr3 Cr10 Cr14 Cr
EPS (₹)₹-0.20₹-0.09₹-2.83₹-0.20₹0.01₹-0.06₹-0.32₹0.23₹0.05₹0.05₹0.18₹0.26

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales357 Cr324 Cr348 Cr365 Cr372 Cr333 Cr279 Cr310 Cr286 Cr279 CrSign in free for the trailing twelve months
Operating expenses (approx.)268 Cr290 Cr295 Cr270 Cr274 Cr298 Cr309 Cr325 Cr300 Cr253 CrSign in free for the trailing twelve months
EBITDA89 Cr34 Cr53 Cr95 Cr99 Cr35 Cr-31 Cr-16 Cr-15 Cr26 CrSign in free for the trailing twelve months
OPM %24.9%10.6%15.2%26.0%26.5%10.5%-11.0%-5.1%-5.1%9.2%Sign in free for the trailing twelve months
Other income12 Cr1 Cr1 Cr6 Cr5 Cr10 Cr8 Cr7 Cr7 Cr32 CrSign in free for the trailing twelve months
Interest20 Cr8 Cr2 Cr6 Cr3 Cr2 Cr3 Cr3 Cr2 Cr3 CrSign in free for the trailing twelve months
Depreciation5 Cr5 Cr5 Cr15 Cr14 Cr10 Cr14 Cr16 Cr14 Cr12 CrSign in free for the trailing twelve months
Profit before tax-34 Cr34 Cr47 Cr-238 Cr89 Cr34 Cr-39 Cr-175 Cr-20 Cr37 CrSign in free for the trailing twelve months
Tax %-28.6%39.9%46.4%-13.2%42.1%37.7%-31.1%-9.5%-58.6%23.9%Sign in free for the trailing twelve months
Net profit-43 Cr21 Cr25 Cr-269 Cr52 Cr21 Cr-51 Cr-192 Cr-31 Cr29 CrSign in free for the trailing twelve months
EPS (₹)₹-0.85₹0.37₹0.45₹-4.94₹0.96₹0.38₹-0.93₹-3.47₹-0.57₹0.51Sign in free for the trailing twelve months
Dividend payout %————53.1%0.0%———0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital507 Cr562 Cr562 Cr562 Cr281 Cr281 Cr281 Cr281 Cr281 Cr281 Cr
Reserves177 Cr217 Cr232 Cr-47 Cr268 Cr283 Cr241 Cr53 Cr23 Cr62 Cr
Borrowings86 Cr32 Cr——6 Cr5 Cr9 Cr———
Other liabilities187 Cr86 Cr102 Cr166 Cr172 Cr152 Cr173 Cr196 Cr182 Cr209 Cr
Total liabilities957 Cr898 Cr896 Cr681 Cr727 Cr720 Cr704 Cr530 Cr487 Cr552 Cr
Fixed assets (net)8 Cr7 Cr5 Cr49 Cr12 Cr10 Cr10 Cr32 Cr21 Cr32 Cr
CWIP——0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Investments——0 Cr0 Cr0 Cr12 Cr14 Cr9 Cr22 Cr32 Cr
Loans & advances——1 Cr1 Cr2 Cr2 Cr1 Cr0.97 Cr3 Cr1 Cr
Trade receivables119 Cr93 Cr85 Cr92 Cr92 Cr97 Cr90 Cr102 Cr78 Cr94 Cr
Cash & bank74 Cr30 Cr39 Cr90 Cr143 Cr85 Cr52 Cr68 Cr52 Cr82 Cr
Other assets756 Cr768 Cr765 Cr449 Cr478 Cr515 Cr536 Cr319 Cr311 Cr311 Cr
Total assets957 Cr898 Cr896 Cr681 Cr727 Cr720 Cr704 Cr530 Cr487 Cr552 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity54 Cr54 Cr55 Cr67 Cr91 Cr-9 Cr9 Cr-8 Cr10 Cr72 Cr
Cash from investing-7 Cr-3 Cr-11 Cr-4 Cr-7 Cr-35 Cr-38 Cr33 Cr-15 Cr-33 Cr
Cash from financing-55 Cr-91 Cr-34 Cr-14 Cr-32 Cr-15 Cr-7 Cr-9 Cr-12 Cr-9 Cr
Net cash flow-8 Cr-41 Cr9 Cr49 Cr53 Cr-58 Cr-33 Cr15 Cr-17 Cr32 Cr
Free cash flow (OCF − Capex)47 Cr51 Cr52 Cr64 Cr82 Cr-14 Cr4 Cr-11 Cr7 Cr68 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %-1.7%5.2%6.2%-45.0%16.7%6.3%-6.9%-51.7%-5.8%11.9%
ROE %-6.3%2.7%3.2%-52.2%9.4%3.7%-9.8%-57.5%-10.3%8.3%
Debtor days12110489929010611812099122
Inventory days——00000000
Days payable1815916131816282733
Cash conversion cycle1028981767787102917289
OCF / EBITDA %60.5%156.6%102.9%70.6%92.3%-24.9%———277.8%
OCF / EBITDA % (3 years)——91.9%96.1%86.2%65.3%88.8%———
Debt / equity0.130.04—0.000.010.00830.020.000.000.00
Current ratio0.931.732.242.713.223.903.052.392.122.64
Net debt / EBITDA0.140.06-0.74-0.95-1.39-2.30———-3.19