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Subex Ltd (SUBEXLTD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532348 NSE: SUBEXLTD IT - Software | Small Cap | Subex Share Price

₹10.75 0.20 (1.90%)

As on 05-Jun'26 10:24

Subex Ltd (SUBEXLTD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532348 NSE: SUBEXLTD IT - Software | Small Cap | Subex Share Price

₹10.75 0.20 (1.90%)

As on 05-Jun'26 10:24

Key Metrics
Valuation Multiples
Market Cap
₹593 Cr.
Current Price
₹10.8
52-Week Low / High
₹7 / 17
TTM EPS
₹0.1
TTM Sales
₹256 Cr.
Book Value per Share
₹3
P/E Ratio
101.18
Industry PE
22.2
Price to Book (P/B)
3.53
Lower than its 5-year historical median
Price to Sales (P/S)
2.32
Lower than its 5-year historical median
EV/EBITDA
9.94
Higher than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
-26.75%
Underperforms industry median
Return on Capital Employed (ROCE)
-23.16%
Underperforms industry median
Return on Assets (ROA)
-14.90%
Operating Profit Margin
-13.2%
Net Profit Margin
-18.52%
Gross Profit Margin
-13.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-0.07%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
0.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹-113 Cr.
Equity
₹281 Cr.
Face Value
₹5
All Time Low / High
₹2.80 / 803.25

Subex stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Subex Ltd a good quality company?
Subex Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does Subex Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Subex Ltd vs industry peers?
Subex Ltd revenue CAGR is 90.23%, compared to the industry median CAGR of 2.48%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Subex Ltd?
Promoters hold 0.00% of the Subex Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Subex Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 1.3% based on the current price.
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10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Subex Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ-17.8%1.4%1%-3.4%-33.7%5.3%-0.9%-16.4%-61.4%-23.2%-
Value Creation
Index ⓘ		-2.3-0.9-0.9-1.2-3.4-0.6-1.1-2.2-5.4-2.7-

Growth Parameters ⓘ
Sales ⓘ29632418019.210.829.268.4274269269256
Sales YoY Gr.-9.7%-44.5%-89.4%-43.7%170.3%134.4%300.1%-1.7%-0.1%-
Adj EPS ⓘ-4.1-00-0.2-3.90.1-0.1-1.2-1.9-0.90.1
YoY Gr.-NANA-675%NANA-171.4%NANANA-
BVPS (₹) ⓘ12.712.613.212.78.98.98.77.53.72.93
Adj Net
Profit ⓘ		-205-1.92.3-13.1-2207.8-5.5-69.2-106-51.26
Cash Flow from Ops. ⓘ35.458.962.5-0.8-12.61.5-18.745.5-4.17.7-
Debt/CF from Ops. ⓘ4.31.900000000-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ-1.1%90.2%57.8%-0.1%
Adj EPS ⓘNANANANA
BVPSⓘ-15.2%-20.2%-30.7%-23%
Share Price 1.6% -29.2% -27.1% -29.4%

Key Financial Parameters ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		-44.3-0.30.3-1.8-36.41.6-1.1-15.2-33.3-27.13.4
Op. Profit
Mgn % ⓘ		17.816.76-10.3-59.315.8-25.9-23.8-11.4-13.29.9
Net Profit
Mgn % ⓘ		-69.3-0.61.3-68.2-2042.926.7-8-25.3-39.5-19.12.2
Debt to
Equity ⓘ		0.20.2000000000
Working Cap
Days ⓘ		7964633211,0022,1041,070563189210173100
Cash Conv.
Cycle ⓘ		-172-120181482421441644827-53

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales29632418019112968274269269
Operating Expenses > ⓘ + 25027817839374586339305306
Manufacturing Costs6751001283031
Material Costs1000000000
Employee Cost 798562761443122118113
Other Costs > ⓘ 16318611131303142188157162
Operating Profit > ⓘ 46472-20-26-16-18-65-36-38
Operating Profit Margin (%) 15.5%14.4%0.9%-104.0%-243.0%-54.3%-25.9%-23.9%-13.3%-14.0%
Other Income > ⓘ + 71392414715222
Exceptional Items > ⓘ -204-4640-214-200-1484
Interest > ⓘ 511550000222
Depreciation > ⓘ 3376622121413
Profit Before Tax > ⓘ -205-42-25-20527-4-77-198-46
Tax > ⓘ 532-0100-8154
Profit After Tax -210-70-25-20626-4-69-213-50
PAT Margin (%) -71.0%-2.1%0.2%-128.0%-1,908.1%89.9%-6.5%-25.1%-79.3%-18.5%
Adjusted EPS (₹)-4.2-0.10.0-0.4-3.70.5-0.1-1.2-3.8-0.9
Dividend Payout Ratio (%)0%0%0%0%0%160.80%0%0%0%0%

Valuation of Subex - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 637637742711499499487419210162
Share Capital ⓘ 503507562562562281281281281281
Reserves ⓘ 134130180149-63218206138-71-119
Debt +1338600000000
Long Term Debt29000000000
Short Term Debt1048600000000
Minority Interest0000000000
Trade Payables452144433412826966
Others Liabilities ⓘ 59627355986551037884
Total Liabilities ⓘ 1,280929753749561589554605357311

Fixed Assets

Net Fixed Assets ⓘ +4556501297413121
Gross Block7106363666363108112114
Accumulated Depreciation35713545455678092
CWIP ⓘ 0000000000
Investments ⓘ 718657644644476476428346176155
Inventories0000000000
Trade Receivables497190148922581097555
Cash Equivalents 2221449461217
Others Assets ⓘ 60763746617952646262
Total Assets ⓘ 1,280929753749561589554605357311

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + 355962-1-131-1945-48
PBT ⓘ -205-42-25-20527-4-77-198-46
Adjustment ⓘ 27069523192-21156817951
Changes in Working Capital ⓘ -25-16630-4-2859196
Tax Paid ⓘ -5-5-10-2-0-0-1-4-5-3
Cash Flow From Investing Activity ⓘ + -2-5-75-0162533-24-2-4
Capex -1-4-63-0-0-10-3-2-1
Net Investments -1-11-11-2-0-1-719-21
Others ⓘ 0-1-1310182633-14-1919
Cash Flow From Financing Activity ⓘ + -33-5413-0-1-27-10-5-7-10
Net Proceeds from Shares ⓘ 00770014120
Net Proceeds from Borrowing ⓘ 0000000000
Interest Paid ⓘ -10-12-10-0-0-0-0-2-2-2
Dividend Paid ⓘ 00000-27-140-00
Others ⓘ -23-42-540-1-1-0-4-7-8
Net Cash Flow ⓘ 1-01-130416-13-6

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-45.39-1.070.05-3.38-34.025.25-0.91-15.18-67.71-26.75
ROCE (%)-17.771.40.99-3.37-33.735.32-0.87-16.36-61.35-23.16
Asset Turnover Ratio0.210.290.210.030.020.050.120.470.560.8
PAT to CFO Conversion(x)N/AN/AN/AN/AN/A0.04N/AN/AN/AN/A
Working Capital Days
Receivable Days628.70386.20206.20210.10297.20194213.80111.50124.7088.50
Inventory Days0000000000
Payable Days0000000000

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Subex Ltd FAQs

The current trading price of Subex on 05-Jun-2026 10:24 is ₹10.75.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Jun-2026 the market cap of Subex stood at ₹592.9 Cr

The latest P/E ratio of Subex as of 04-Jun-2026 is 101.2.

The latest P/B ratio of Subex as of 04-Jun-2026 is 3.53.

The 52-week high of Subex is ₹17.30 and the 52-week low is ₹6.63.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Subex is ₹256 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Subex Ltd is a below average quality company.

The key valuation ratios of Subex Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Subex Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Subex Ltd

Incorporated in 1992 by Subash Menon, Subex is the leading global provider of Operation Support System solutions (OSS) with a mission to empower communication service providers to achieve competitive advantage and deliver new service experiences to subscribers.

With a start up capital of Rs 20,000 in 1992, it has won a client list that includes 32 of the world's 50 largest telecommunications service providers within a period of 17 years. It has more than 300 installations across 70 countries worldwide. Subex migrated into the software space in 2000.

It is organized into three distinct business units namely: Revenue Maximization Solutions BU, Fulfillment and Assurance Solutions BU (formerly Syndesis) and BT Business BU.

The company pioneered the strategic concept of the Revenue Operations Center  -- a centralized and integrated infrastructure for end-to-end monitoring, measurement and control of the operator's revenue chain -- to foster operational dexterity and, hence, sustained profitability.

Subex offers a wide range of solutions namely Revenue Assurance, Fraud Management, Credit Risk Management, Interconnect Billing, Interparty Management, Route Optimization and Cost Management.

Acquisitions:

  • 2001- Acquired Canada based Magardi Inc, 
  • 2004- Acquired Alcatel FMS Biz , Lightbridge FMS business,
  • 2006- Acquired Azure Solutions, UK
  • 2007- Acquired Syndesis , Canada

Milestones Achieved:

  • 2001- First international installation of FMS
  • 2002- Awarded a £39M 5-year contract by BT
  • 2004- Became largest FMS vendor globally
  • 2007- Listing on London stock Exchange; Market Ccapitalisation of $600 million
  • 2011
    Subex Completes successful implementation of its ROC TM Revenue Assurance Solution for leading South East Asian Operator"".
    Subex and Swisscom presented award winning fraud model at GSMA Fraud Forum 2011.
    Subex wins US$ 12 mln Revenue Operations Center (ROC) License Contract.
    Subex wins Multi-Million Dollar deal from Middle East operator for Revenue Operations Centre (ROCâ„¢) for complete Business Optimization.
    Subex introduces Prepaid Channel Assurance solution.
    Subex and Swisscom awarded the Global Telecoms Business Innovation Award 2011 for industry's first Risk Reward Sharing Model.
    2012
    Subex launches ROCware Product Performance Management solution.
    Subex launches Integrated Bypass Fraud solution.
    Subex Ranked Number One by Leading Industry Analyst Firm"".
    Subex awarded the Global Telecoms Business Innovations Awards 2012.
    Subex awarded 2012 Global Communications Service Provider Financial Assurance Market Share Leadership Award by Frost & Sullivan.
    Awards:
  • Subex wins 2007 Verizon Supplier Excellence Award
  • Subex finalist for Billing & OSS World 2008 Excellence Award
  • Chosen as one of NASSCOM's 100 IT Innovators - 2007
  • Subex Azure awarded for Successful Listing at LSE
  • Subex wins ‘ISV Partner of the Year’ award from Sun Microsystems
  • Subex honored by AT&T as Outstanding Supplier
  • Included in Deloitte & Touche's Tech Fast 50 APAC 2006 and 2007
  • Chosen as one of the 8 most innovative Indian companies by NASSCOM (India) 2005
  • Winner of Best Revenue Assurance Project for KPN at the World Billing Awards 2005
  • Winner of Most Promising Company award at Billing and OSS World Excellence Awards 2005
  • Best Customer Success Story, Billing and OSS World Excellence Awards 2004
  • Product of the Year, Communications Solutions Magazine 2003
  • Internet Telephony Product of the Year 2003
  • Best New Product, OSS Excellence Awards 2003
  • Operational Excellence, OSS World Excellence Awards 2003
  • SBC Supplier Recognition Award, Customer Service 2003
  • Tele Management Forum Operational Excellence Award 2003
  • Winner of Organization with Innovative HR Practices at India HRD Congress 2002
  • Best Provisioning Product, OSS World Excellence Awards 2002
  • Best Customer Service, OSS World 2001

Strategic Alliances:

Subex has partnered with various leading system integrators and technology vendors from around the globe to offer best-in-class solutions.

Its Global System Integration Partners include Accenture, Wipro, IBM, Infosys, Siemens, and Tech Mahindra.

The Regional System Integration Partners are AMT, Business edge, TCS, Gantech Technology and its technology partners include CISCO, NEC, SUN, GE Energy, IBM, Polystar, Broad Soft etc.

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