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Subex Limited (SUBEXLTD) · mywealthgrid

About

Subex develops software products for the IT sector with quarterly revenue around ₹65–80 crore and market cap of ₹780 crore. The company operates in a capital-light software-products segment typically offering higher profit margins than IT services. Recent quarters show recovery from losses (Sep–Dec 2025) to profitability, but sustainability requires verification.

Face value: ₹5

Market cap

₹1,087 Cr

P/E

36.3×

P/B

3.2×

Dividend yield

ROE

8.8%

ROCE

11%

Debt / equity

OPM

9.2%

EPS (TTM)

₹0.5

Book value

₹6.1

52-week high

₹22.1

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme operating-margin volatility: OPM swung from –0.71% (Sep 2025) to 42.74% (Mar 2026), averaging 9.22%. Swings this large suggest operational instability or lumpy revenue rather than durable business quality.
Unresolved loss period: Net profit turned negative in Sep–Dec 2025 (–₹3.36 Cr, –₹3.38 Cr). Verify whether these reflected one-time charges, customer churn, or structural issues.
Zero promoter ownership (0% vs 98.14% public) is unusual in Indian IT and raises questions about founder alignment and long-term strategic intent.
Valuation disconnect: PE 26.05 relative to ROE 8.82% leaves little margin of safety if earnings revert to historical norms.

Generated analysis · source review pending

Growth drivers

Margin recovery trajectory: OPM rebounded to 18.88% (Jun 2026) from –0.71% (Sep 2025). If this level sustains, profits would grow substantially at flat revenue due to cost absorption.
Software-products model: Proprietary software typically yields higher margins than services. Verify whether revenue mix has shifted toward products and whether 18%+ margins can persist.
Zero debt (D/E 0) provides capital flexibility for R&D, product innovation, or acquisitions without financial strain.
Stable revenue base: ₹65–80 crore quarterly revenue over 12 months suggests established customer relationships. Even modest growth (5–10% annually) would drive material profit increases at sustained margins.

Generated analysis · source review pending

₹19.3+61.3%1Y

Beta

1.97

Amplifies index moves

Volatility (1y)

55.5%

Annualised, daily returns

RSI (14)

Neither overbought nor oversold

Rel. strength (1y)

49%

Ahead of the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 13.9×
+Outperformed the universe by 49% over 1 year

Cons

−Low return on equity of -15.3% (3-yr avg)
−Profit declined 11.2% a year over the last 5 years
−Revenue shrank over the last 5 years (-5.6% a year)

Research score

Structured signal from quality, growth, valuation and momentum.

58/100

Business quality: 48
Growth: 43
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Oracle Financial Services Software LimitedOFSSOFSS	₹90,758 Cr	₹90,758 Cr	₹8,945 Cr	₹4,508 Cr	45.3%	₹3,413 Cr	34.4%	42.1%	32.6%	56
Tanla Platforms LimitedTANLATANLA	₹6,468 Cr	₹6,468 Cr	₹4,603 Cr	₹761 Cr	16.4%	₹533 Cr	11.5%	26.3%	21.4%	15
C.e. Info Systems LimitedMAPMYINDIAMAPMYINDIA	₹4,635 Cr	₹4,635 Cr	₹492 Cr	₹176 Cr	37%	₹138 Cr	28.3%	22.9%	15.8%	-138
Capillary Technologies India LimitedCAPILLARYCAPILLARY	₹4,410 Cr	₹4,455 Cr	₹735 Cr	₹93 Cr	12.6%	₹52 Cr	7.1%	3%	5.1%	48
Technvision Ventures LimitedTECHNVISNTECHNVISN	₹2,371 Cr	—	₹228 Cr	₹4 Cr	1.7%	₹0 Cr	0.1%	—	—	—
Mobavenue AI Tech LtdMOBAVENUEMOBAVENUE	₹2,238 Cr	₹2,247 Cr	₹218 Cr	₹45 Cr	20.8%	₹29 Cr	13.4%	60.8%	55.5%	—
Ramco Systems LimitedRAMCOSYSRAMCOSYS	₹2,054 Cr	₹2,054 Cr	₹712 Cr	₹155 Cr	22.6%	₹42 Cr	6%	17.6%	12.6%	15
Nucleus Software Exports LimitedNUCLEUSNUCLEUS	₹1,701 Cr	₹1,701 Cr	₹869 Cr	₹100 Cr	14.3%	₹105 Cr	13.3%	18.7%	13.6%	42
Blue Cloud Softech Solutions LtdBLUECLOUDSBLUECLOUDS	₹1,497 Cr	₹1,587 Cr	₹797 Cr	₹70 Cr	8.8%	₹44 Cr	5.6%	48.8%	44.5%	52
Subex LimitedSUBEXLTDSUBEXLTD	₹1,087 Cr	₹1,087 Cr	₹292 Cr	₹39 Cr	9.2%	₹30 Cr	10.2%	11%	8.8%	86
Unicommerce Esolutions LimitedUNIECOMUNIECOM	₹928 Cr	₹928 Cr	₹211 Cr	₹32 Cr	17.3%	₹22 Cr	10%	20%	15.6%	-34
Quick Heal Technologies LimitedQUICKHEALQUICKHEAL	₹749 Cr	₹749 Cr	₹249 Cr	₹-37 Cr	-11.3%	₹-11 Cr	-4.2%	-4.6%	-2.5%	-3,095

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	323	357	324	348	365	372	333	279	310	286	279
	208	268	290	295	270	274	298	309	325	300	253
	115	89	34	53	95	99	35	-31	-16	-15	26
OPM %	35.6%	24.9%	10.6%	15.2%	26%	26.5%	10.5%	-11%	-5.1%	-5.1%	9.2%
Depreciation	4	5	5	5	15	14	10	14	16	14	12
Interest	46	20	8	2	6	3	2	3	3	2	3
	1	-97	13	1	6	8	10	8	-141	11	27
Profit before tax	72	—	—	—	—	89	34	-39	-175	-20	37
Tax	—	—	—	—	—	38	13	12	17	12	9
Tax %	—	—	—	—	—	42.1%	37.7%	31.1%	9.5%	58.6%	23.9%
	59	-43	21	25	-269	52	21	-51	-192	-31	29
PAT margin %	18.2%	-12.1%	6.4%	7.2%	-73.7%	13.9%	6.3%	-18.4%	-61.9%	-11%	10.2%
EPS (₹)	—	—	—	—	—	1	0.4	-0.9	-3.5	-0.6	0.5
EPS adjusted (₹)	1.6	-0.4	0.2	0.2	-2.4	0.9	0.4	-0.9	-3.4	-0.6	0.5
	—	—	—	—	—	78.1%	0%	—	—	—	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	183	507	562	562	562	281	281	281	281	281	281
Reserves	69	177	217	232	-47	268	283	241	53	23	62
	678	86	32	—	6	6	0	9	0	0	0
	190	187	86	102	160	172	156	173	196	182	209
Total equity & liabilities	1,119	957	898	896	681	727	720	704	530	487	552
	8	9	7	5	4	375	368	354	228	217	228
CWIP	—	—	—	—	—	—	—	0	0	0	0
Investments	—	—	—	—	—	0	12	14	9	22	32
	1,111	947	890	891	677	351	341	336	293	248	292
Total assets	1,119	957	898	896	681	727	720	704	530	487	552

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	15.2%	26%	26.5%	10.5%	-11%	-5.1%	-5.1%	9.2%
EBIT margin %	13.9%	21.9%	22.8%	7.6%	-16%	-10.1%	-10.1%	4.9%
PAT margin %	7.2%	-73.7%	13.9%	6.3%	-18.4%	-61.9%	-11%	10.2%
Working capital
Receivable days	90	92	98	106	118	120	99	122
Inventory days	—	—	0	0	0	0	0	0
Payable days	10	22	17	20	15	27	26	36
NWC days	—	—	80	86	103	93	74	86
Leverage
Current ratio	2.24	2.71	3.23	3.9	3.05	2.39	2.12	2.64
Debt to EBITDA	—	0.06	0.06	0	—	—	—	0
Debt to equity	—	0.01	0.01	0	0.02	0	0	0
Interest coverage	22.8	15.2	30.2	18.4	-14.1	-9.3	-9.8	13.9
Asset turnover	0.39	0.54	0.51	0.46	0.4	0.58	0.59	0.51
Return ratios
Return on assets %	2.8%	-39.5%	7.1%	2.9%	-7.3%	-36.2%	-6.5%	5.2%
Return on capital employed %	6.1%	12.2%	14.7%	5.6%	-5.8%	-4.7%	-5.4%	11%
Return on equity %	3.2%	-52.2%	9.4%	3.7%	-9.8%	-57.5%	-10.3%	8.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0.91%	1.3%	1.23%	1.08%	1.05%	1.03%	1.74%	0.77%	0.77%	0.92%	1.1%	0.59%
	0.09%	0.12%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	97.44%	97.05%	97.38%	97.53%	97.56%	97.58%	96.87%	97.94%	97.94%	97.79%	97.61%	98.14%
No. of shareholders	—	—	—	—	—	—	—	—	3,52,541	3,45,863	3,38,483	3,33,893

Promoter holding up 0 percentage points since Sep 2023.

163 deals · 11 Aug 2021 – 23 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Sell	29,43,521	₹21.60	₹6.36 Cr
23 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Buy	26,93,369	₹21.60	₹5.82 Cr
15 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	31,77,870	₹21.10	₹6.71 Cr
15 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	27,59,386	₹21.26	₹5.87 Cr
11 Sept 2026	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED	Bulk	NSE	Sell	36,12,845	₹20.02	₹7.23 Cr
11 Sept 2026	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED	Bulk	NSE	Buy	5,41,948	₹20.40	₹1.11 Cr
19 Aug 2026	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED	Bulk	NSE	Sell	61,65,722	₹16.45	₹10.14 Cr
19 Aug 2026	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED	Bulk	NSE	Buy	36,99,179	₹16.80	₹6.21 Cr
18 Aug 2026	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED	Bulk	NSE	Buy	1,00,76,356	₹16.52	₹16.65 Cr
18 Aug 2026	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED	Bulk	NSE	Sell	65,00,946	₹16.45	₹10.69 Cr

1–10 of 163

1 / 17

Ms. NISHA DUTTExecutive Director-CEO-MD
Mr. RUPINDER GOELNon-Executive - Independent Director
Mr. MURALI KALYANARAMANNon-Executive - Independent Director
Mr. VENKATA ERINTI NARAYANANon-Executive - Independent Director
Mr. ALOK OHRIENon-Executive - Independent Director
Mr. STEPHANE RAYMOND MARIE LE LETTYNon-Executive - Non Independent Director
Mr. Sumit AgarwalChief Financial Officer
Mr. Ramu AkkiliCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Subex Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

3

Final dividend1 Jul 2021 · ex-date₹0.25
Interim dividend10 Feb 2021 · ex-date₹0.5
Final dividend19 Jul 2007 · ex-date₹2

1

Board meeting to consider results5 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

107 announcementsExport CSV

30 Sept 2026, 11:16 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

12 Sept 2026, 7:47 pmAGM/EGM

Subex Ltd - 532348 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report

Postal Ballot PDF

26 Aug 2026, 10:05 amCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

21 Aug 2026, 9:18 amCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

18 Aug 2026, 9:29 pmCompany Update

Announcement under Regulation 30 (LODR)-Investor Presentation

Investor Presentation PDF

15 Aug 2026, 7:48 amCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

14 Aug 2026, 11:39 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

7 Aug 2026, 4:32 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

Date	Category	Subject	Filing
30 Sept 2026, 11:16 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
12 Sept 2026, 7:47 pm	AGM/EGM Postal Ballot	Subex Ltd - 532348 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report	PDF

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₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	66	59	54	55	66	91	-9	9	-8	10	72
	2	-5	-3	-11	-4	-7	-35	-38	33	-15	-33
	-36	-54	-91	-34	-13	-32	-15	-7	-9	-12	-9
Net cash flow	32	-0	-41	9	49	52	-59	-35	16	-17	30
Free cash flow	63	56	51	52	63	82	-14	4	-11	7	68
CFO / Operating profit %	57.8%	66.1%	156.6%	102.9%	69.7%	92.3%	-24.9%	—	—	—	277.8%

Subex Limited

Subex Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

3

1

Announcements

3

1

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

No fund holdings on record

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

Subex Limited

Subex Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Dividends3

Board meetings1

Announcements

Dividends3

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

3

1

3

1