Subex Limited (SUBEXLTD) AI Stock Analysis

• Market Cap: ₹7.26B
• Dividend Yield: N/A
• Average Volume (3M): 264.43K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.99
• Revenue Growth: -9.53%
• EPS Growth: 96.99%
• Country: IN
• Employees: 828
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.05
• Shares Outstanding: 562,002,900
• 10 Day Avg. Volume: 427,974
• 30 Day Avg. Volume: 264,433
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: ₹13.50 ▲(5.39% Upside)

Subex Limited's overall stock score is primarily impacted by its financial performance and valuation challenges. While the company maintains a strong equity position, profitability issues and a negative P/E ratio weigh heavily on its attractiveness. Technical indicators provide some support but are not strong enough to offset the financial and valuation concerns.

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, with strong equity and low leverage but significant challenges in profitability and cash flow stability. Negative net margins and inconsistent cash flow metrics highlight operational inefficiencies.

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	-35.20M	-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: Negative
• Last Price: 12.81
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 Negative. The current price of 12.81 is below the 20-day moving average (MA) of 13.09, below the 50-day MA of 12.87, and below the 200-day MA of 13.75, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 48.26 is Neutral, neither overbought nor oversold. The STOCH value of 68.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SUBEXLTD.

Subex Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INFOBEAN	73 Outperform	₹15.01B	23.72	―	0.16%	14.57%	80.44%
ADSL	70 Outperform	₹9.94B	27.36	―	0.89%	20.23%	-17.78%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
INSPIRISYS	61 Neutral	₹3.66B	10.36	―	―	-1.07%	187.83%
SUBEXLTD	50 Neutral	₹7.26B	-96.42	―	―	-9.53%	96.99%
HCL.INSYS	40 Underperform	₹4.93B	-25.61	―	―	-22.96%	28.55%

Subex Limited Corporate Events

Subex Limited Announces Resignation of Chief Human Resources Officer

Subex Limited has announced the resignation of Ms. Asha Subramanian from her role as Chief Human Resources Officer, effective at the close of business on October 30, 2025. This change in senior management is part of her decision to pursue opportunities outside the company, potentially impacting the company’s human resources strategy and operations.

Subex Secures $6.62 Million Contract for Telecom Billing Platform in Netherlands

Subex Limited has been selected by a leading telecom operator in the Netherlands to deliver a single, converged platform for MVNO billing and wholesale partner settlement, in a deal valued at USD 6.62 million. This contract, which spans six years with an option for a two-year extension, signifies an extension of Subex’s existing relationship with the operator and highlights its strategic positioning in the international telecommunications market.

Subex Limited Announces Trading Window Closure

Subex Limited has announced the closure of its trading window in compliance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. This measure will be in effect from October 1, 2025, until 48 hours after the declaration of the company’s unaudited financial results for the quarter ending September 30, 2025. This step is part of the company’s commitment to adhere to regulatory requirements and maintain transparency in its financial dealings, ensuring that designated persons and their immediate relatives do not engage in trading activities during this sensitive period.