Subex Limited (IN:SUBEXLTD)
:SUBEXLTD
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Subex Limited
(SUBEXLTD)
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Rating:60Neutral
Price Target:
₹11.50
▲(0.61% Upside)
Action:Reiterated
Date:05/22/26
The score is driven mainly by improving financial performance in FY2026 (return to profitability and stronger cash flow with low leverage), but tempered by multi-year volatility and notably weaker gross margin. Technicals are moderately supportive (positive momentum above key shorter-term averages), while valuation appears reasonable on P/E but lacks dividend yield support.
Positive Factors
Conservative Balance Sheet
Low leverage and a conservatively financed balance sheet provide financial flexibility to fund product development, customer implementations, or strategic moves. This reduces refinancing risk during industry cycles and supports durable operations even if revenue re-accelerates unevenly.
Negative Factors
Gross Margin Compression
A sharp fall in gross margin to ~6% suggests structural margin pressure from pricing, rising costs, or a mix shift toward lower-margin services. If persistent, low gross margins would limit the company's ability to translate revenue growth into sustainable operating profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Low leverage and a conservatively financed balance sheet provide financial flexibility to fund product development, customer implementations, or strategic moves. This reduces refinancing risk during industry cycles and supports durable operations even if revenue re-accelerates unevenly.
Read all positive factors
Subex Limited (SUBEXLTD) vs. iShares MSCI India ETF (INDA)
Market Cap
₹5.95B
Dividend YieldN/A
Average Volume (3M)264.43K
Price to Earnings (P/E)20.3
Beta (1Y)2.10
Revenue Growth-2.29%
EPS GrowthN/A
CountryIN
Employees828
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.10
Shares Outstanding562,002,900
10 Day Avg. Volume427,974
30 Day Avg. Volume264,433
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 selling and supporting enterprise software used by communication service providers. Its revenue model typically includes: (1) software licensing and/or subscription fees for its core product suites (commonly deployed...
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 | 2.79B | 2.79B | 2.86B | 3.10B | 2.79B | 3.31B |
| Gross Profit | 1.32B | 167.00M | 567.40M | 768.80M | 780.00M | 1.04B |
| EBITDA | 208.70M | 257.40M | -35.20M | -1.57B | -220.70M | 461.30M |
| Net Income | -51.80M | 285.30M | -314.40M | -1.92B | -512.10M | 209.90M |
Balance Sheet | ||||||
| Total Assets | 5.17B | 5.52B | 4.87B | 5.30B | 7.04B | 7.20B |
| Cash, Cash Equivalents and Short-Term Investments | 1.35B | 1.26B | 938.40M | 1.04B | 1.20B | 1.18B |
| Total Debt | 297.00M | 282.70M | 193.80M | 281.60M | 333.90M | 146.80M |
| Total Liabilities | 1.95B | 2.09B | 1.82B | 1.96B | 1.82B | 1.56B |
| Stockholders Equity | 3.23B | 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
11.43
Price Trends
9.87
Positive
9.58
Positive
11.03
Negative
Market Momentum
0.09
Positive
52.54
Neutral
31.36
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 11.43 is above the 20-day moving average (MA) of 10.58, above the 50-day MA of 9.87, and above the 200-day MA of 11.03, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 52.54 is Neutral, neither overbought nor oversold. The STOCH value of 31.36 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ₹68.13B | 13.31 | ― | 3.28% | 9.68% | 1.75% | |
72 Outperform | ₹16.43B | 18.97 | ― | 0.13% | 30.09% | 129.09% | |
66 Neutral | ₹253.21B | 40.30 | ― | 1.38% | 0.76% | -19.95% | |
65 Neutral | ₹66.11B | 21.72 | ― | 0.59% | 5.89% | -5.03% | |
62 Neutral | ₹8.07B | 9.55 | ― | ― | 10.85% | 7.23% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | ₹5.95B | 20.32 | ― | ― | -2.29% | ― |
* Technology Sector Average
IN:SUBEXLTD
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10.58
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-29.37%
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Subex Limited Corporate Events
Subex releases Q4 FY26 investor presentation ahead of earnings call
May 12, 2026
Subex Limited has released its investor presentation for the fourth quarter of FY26 ahead of an earnings call scheduled for May 13, 2026. The disclosure, made under SEBI’s listing regulations to both BSE and NSE, signals ongoing engagement w...
Subex Seeks Shareholder Nod via E-Vote for Appointment of New Director
Apr 16, 2026
Subex Limited has initiated a postal ballot process to seek shareholder approval for the appointment of Stephane Raymond Marie Le Letty as a non-executive, non-independent director on its board. The vote will be conducted exclusively via remote e-...
Subex Shareholders Approve Appointment of Two Independent Directors via Postal Ballot
Mar 20, 2026
Subex Limited has secured shareholder approval via postal ballot for the appointment of two new independent directors to its board, strengthening its corporate governance framework. Shareholders approved the appointment of Venkata Erinti Narayana ...
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.