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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

₹20.18 -0.17 (-0.84%)

As on 29-Sep'26 12:40

Subex Ltd (SUBEXLTD)

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

₹20.18 -0.17 (-0.84%)

As on 29-Sep'26 12:40

Key Metrics
Valuation Multiples
Market Cap
₹1,144 Cr.
Current Price
₹20.2
52-Week Low / High
₹7 / 23
TTM EPS
₹0.5
TTM Sales
₹292 Cr.
Book Value per Share
₹6.3
P/E Ratio
38.20
Industry PE
20.2
Price to Book (P/B)
3.22
Lower than its 5-year historical median
Price to Sales (P/S)
3.92
Lower than its 5-year historical median
EV/EBITDA
18.16
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
8.88%
Outperforms industry median
Return on Capital Employed (ROCE)
12.59%
Outperforms industry median
Return on Assets (ROA)
5.38%
Operating Profit Margin
9.3%
Net Profit Margin
10.22%
Gross Profit Margin
19.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-4.74%
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
₹74 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

Somewhat Good
Check detailed performance

Valuation

Somewhat Undervalued

Check Valuation charts

Price Trend

Strong
Check Price chart
Q.1 Is Subex Ltd a good quality company?
Subex Ltd is a average quality company, based on a somewhat consistent 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.

View More

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.

View More
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 -5.59%, compared to the industry median CAGR of 0%, indicating slower growth and losing 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 6.6% based on the current price.
View More

10 Year X-Ray :

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 performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ1.4%1%-3.4%-33.7%5.3%-0.9%-16.4%-61.4%-23.2%7.2%-
Value Creation
Index ⓘ		-0.9-0.9-1.2-3.4-0.6-1.1-2.2-5.4-2.7-0.5-

Growth Parameters ⓘ
Sales ⓘ32418019.210.829.268.4274269269256266
Sales YoY Gr.--44.5%-89.4%-43.7%170.3%134.4%300.1%-1.7%-0.1%-4.7%-
Adj EPS ⓘ-00-0.2-3.90.1-0.1-1.2-1.9-0.90.50.1
YoY Gr.-NA-675%NANA-171.4%NANANANA-
BVPS (₹) ⓘ12.613.212.78.98.98.77.53.72.933.2
Adj Net
Profit ⓘ		-1.92.3-13.1-2207.8-5.5-69.2-106-51.226.68
Cash Flow from Ops. ⓘ58.962.5-0.8-12.61.5-18.745.5-4.18.170.7-
Debt/CF from Ops. ⓘ1.9000000000-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ-2.6%54.4%-2.2%-4.7%
Adj EPS ⓘNA27.4%NANA
BVPSⓘ-14.7%-19.4%-26%4.9%
Share Price 6.6% -17.1% -14.7% 70.9%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		-0.30.3-1.8-36.41.6-1.1-15.2-33.3-27.115.84.5
Op. Profit
Mgn % ⓘ		16.76-10.3-59.315.8-25.9-23.8-11.4-13.2-2.214.2
Net Profit
Mgn % ⓘ		-0.61.3-68.2-2042.926.7-8-25.3-39.5-19.110.43
Debt to
Equity ⓘ		0.2000000000-
Working Cap
Days ⓘ		4633211,0022,1041,070563189210179181100
Cash Conv.
Cycle ⓘ		-120181482421441644827-5-83

Valuation of Subex - Consolidated

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!

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 (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales357324348365372333279310286279
Operating Expenses > ⓘ + 275290297279274299311325300253
Manufacturing Costs910101191115161818
Material Costs0000000000
Employee Cost 159175191175197214201209185165
Other Costs > ⓘ 10810695936874951009771
Operating Profit > ⓘ 823451869835-32-16-1526
Operating Profit Margin (%) 23.0%10.5%14.8%23.6%26.2%10.4%-11.6%-5.1%-5.1%9.2%
Other Income > ⓘ + 192315612107732
Exceptional Items > ⓘ -109120-318300-1484-5
Interest > ⓘ 20826433323
Depreciation > ⓘ 55515141014161412
Profit Before Tax > ⓘ -343447-2388934-39-175-2037
Tax > ⓘ 1014223138131217129
Profit After Tax -432125-2695221-51-192-3129
PAT Margin (%) -12.1%6.4%7.2%-73.7%13.9%6.3%-18.4%-61.9%-11.0%10.2%
Adjusted EPS (₹)-0.90.40.5-4.80.90.4-0.9-3.4-0.60.5
Dividend Payout Ratio (%)0%0%0%0%81.50%0%0%0%0%0%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 684779794514546561517330301341
Share Capital ⓘ 506.91562562562281281281281281281
Reserves ⓘ 177217232-48265280236492060
Debt +863200600000
Long Term Debt0000000000
Short Term Debt863200600000
Minority Interest0000000000
Trade Payables1813816131713242125
Others Liabilities ⓘ 1757797162181162187197187186
Total Liabilities ⓘ 963902900693746740717551510552

Fixed Assets

Net Fixed Assets ⓘ +668666664393375368385376217228
Gross Block677680683426402401429434264262
Accumulated Depreciation9141934263344584733
CWIP ⓘ 0000000000
Investments ⓘ 00000121492232
Inventories0000000000
Trade Receivables11993859210097901027894
Cash Equivalents 7433429114510910910161101
Others Assets ⓘ 103110108117126155119-3613198
Total Assets ⓘ 963902900693746740717551510552
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 5454556691-89-81072
PBT ⓘ -343447-2388934-39-175-2037
Adjustment ⓘ 133283241783017130-12
Changes in Working Capital ⓘ -333310-6-2-272210713
Tax Paid ⓘ -12-16-10-15-14-23-4-14-933
Cash Flow From Investing Activity ⓘ + -7-3-11-4-7-35-3835-16-33
Capex -7-3-2-4-9-5-5-3-2-4
Net Investments -0-1-6-2-2-33-3533-16-33
Others ⓘ 00-31332424
Cash Flow From Financing Activity ⓘ + -55-91-34-13-32-15-7-9-12-9
Net Proceeds from Shares ⓘ 07700141200
Net Proceeds from Borrowing ⓘ 0000000000
Interest Paid ⓘ -13-13-2-5-3-2-2-2-2-3
Dividend Paid ⓘ 0000-27-140-000
Others ⓘ -42-155-32-9-3-4-5-9-10-6
Net Cash Flow ⓘ -8-4194952-59-3517-1930
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)-6.12.833.21-41.159.753.79-9.5-45.25-9.968.88
ROCE (%)-1.445.016.13-35.4417.376.51-6.72-40.33-5.5212.59
Asset Turnover Ratio0.350.350.390.460.520.450.380.490.540.53
PAT to CFO Conversion(x)N/A2.572.2N/A1.75-0.38N/AN/AN/A2.48
Working Capital Days
Receivable Days117.5011993.5088.7094107.50122.60113.10114.50111.90
Inventory Days0000000000
Payable Days0000000000

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Announcements

Subex Ltd FAQs

The current trading price of Subex on 29-Sep-2026 12:40 is ₹20.18.

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 28-Sep-2026 the market cap of Subex stood at ₹1,143.7 Cr

The latest P/E ratio of Subex as of 28-Sep-2026 is 145.7.

The latest P/B ratio of Subex as of 28-Sep-2026 is 6.42.

The 52-week high of Subex is ₹22.84 and the 52-week low is ₹6.63.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Subex is ₹266 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Subex Ltd is a 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 Strong which suggest that the price of Subex Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Subex Ltd

Subex, a public limited company incorporated in 1994, is a leading global provider of Operations and Business Support Systems (OSS/BSS) to communication service providers (CSPs) worldwide in the Telecom industry.  The company pioneered the concept of a Revenue Operations Centre (ROC) - a centralized approach that sustains profitable growth and financial health for the CSPs through coordinated operational control. Subex’s product portfolio powers the ROC and its best-in-class solutions enable new service creation, operational transformation, subscriber-centric fulfilment, provisioning automation, data integrity management, revenue assurance, cost management, fraud management and interconnect/ interparty settlement. Subex also offers a scalable Managed Services Program. 

Subex’s portfolio is a comprehensive suite of AI-powered solutions designed to empower CSPs and enterprise customers in the telecommunications industry. Leveraging its award-winning expertise in Business Assurance and Fraud Management, it has integrated AI through HyperSense to deliver cutting-edge solutions. These solutions help CSPs combat fraud, mitigate risks, and optimize their business operations, ultimately enhancing profitability. The CSPs achieve competitive advantage through Business Optimization and Service Agility and improve their operational efficiency to deliver enhanced service experiences to their subscribers. The company has its registered office in Bengaluru and operates through its wholly owned subsidiaries in India, USA, UK, Singapore, Canada, Bangladesh and UAE and branches in USA, UK, Canada, Australia, Italy, UAE and Saudi Arabia.

Business area of the company 

Subex is a telecom AI solutions Company enabling Communications Service Providers (CSP) across the globe to create connected experiences for their customers. Subex leverages its award-winning product portfolio in areas such as Business Assurance, Fraud Management, Partner Ecosystem Management and Enterprise Asset Management to help CSPs reduce risk, combat fraud, and thereby ensure profitability.

Solution and services of the company

  • Fraud management
  • Business assurance
  • Partner ecosystem management
  • Fraudzap
  • Signaling risk intelligence
  • Managed services
  • Business consulting services 

Awards, accreditations and recognition 

  • 2001: Best Customer Service, OSS World 2001.
  • 2002: Winner of Organization with Innovative HR Practices at India HRD Congress 2002.
  • 2002: Best Provisioning Product, OSS World Excellence Awards 2002.
  • 2003: Product of the Year, Communications Solutions Magazine 2003.
  • 2003: Internet Telephony Product of the Year 2003.
  • 2003: Best New Product, OSS Excellence Awards 2003.
  • 2003: Operational Excellence, OSS World Excellence Awards 2003.
  • 2003: SBC Supplier Recognition Award, Customer Service 2003.
  • 2003: Tele Management Forum Operational Excellence Award 2003.
  • 2004: Best Customer Success Story, Billing and OSS World Excellence Awards 2004.
  • 2005: Chosen as one of the 8 most innovative Indian companies by NASSCOM (India) 2005.
  • 2005: Winner of Best Revenue Assurance Project for KPN at the World Billing Awards 2005.
  • 2005: Winner of Most Promising Company award at Billing and OSS World Excellence Awards 2005.
  • 2007: Subex wins 2007 Verizon Supplier Excellence Award.
  • 2007: Chosen as one of NASSCOM's 100 IT Innovators - 2007.
  • 2007: Included in Deloitte & Touche's Tech Fast 50 APAC 2006 and 2007.
  • 2008: Subex finalist for Billing & OSS World 2008 Excellence Award.
  • 2011: Subex and Swisscom awarded the Global Telecoms Business Innovation Award 2011 for industry's first Risk Reward Sharing Model.
  • 2012: Subex awarded the Global Telecoms Business Innovations Awards 2012.
  • 2012: Subex awarded 2012 Global Communications Service Provider Financial Assurance Market Share Leadership Award by Frost & Sullivan.
  • 2013: Subex has been awarded the Global Market Share Leader in Financial Assurance 2012 by Frost & Sullivan.
  • 2015: Subex along with Mobily, has been awarded the prestigious GTB Innovation Award 2015 for Business Service Innovation and has also been named one of the ‘Top 10 to Watch’ companies by leading analyst firm, Frost & Sullivan.
  • 2017: Pipeline Innovation Awards 2018 under ‘Managed Services’ category & ‘Innovations in Security & Assurance’ and ‘Big Data & Analytics’.
  • 2017: Aegis Graham Bell Award 2017 for Innovation in ROC Insights under ‘Data Science’ Category.
  • 2018: Pipeline Innovation Awards 2018 under ‘Managed Services’ category & ‘Innovations in Security & Assurance’ and ‘Big Data & Analytics’.
  • 2021: Subex named as Sample Vendor of Partner Ecosystem Management solutions.
  • 2022: Subex named in 2022 Gartner Market Guide for Multipersona Data Science & Machine Learning Platforms.

History and milestones

  • 2001: First international installation of FMS.
  • 2002: Awarded a 39 million pound 5-year contract by BT.
  • 2004: Became largest FMS vendor globally.
  • 2007: Listing on London stock Exchange; Market capitalisation of $600 million.
  • 2011: Subex completes successful implementation of its ROC TM Revenue Assurance Solution for leading South East Asian Operator'.
  • 2011: Subex and Swisscom presented award winning fraud model at GSMA Fraud Forum 2011.
  • 2012: Subex launches ROCware Product Performance Management solution.
  • 2012: Subex launches Integrated Bypass Fraud solution. 
  • 2019: Subex launched new brand ‘CrunchMetrics’.
  • 2019: The company won 5-year deal from Umniah to deploy ROC Revenue Assurance.
  • 2019: It won multi-year deal from Econet Wireless Zimbabwe.
  • 2019: Subex entered into a strategic partnership with Rhino Niger Networks to cater to the digital transformation demands within the African markets.
  • 2020: Subex launched Partner Ecosystem Management platform.
  • 2020: The company joined O-RAN Alliance to help accelerate adoption of open radio access networks.
  • 2021: Subex rebranded IoT and OT Cybersecurity product as 'Sectrio'.
  • 2022: Subex incorporated a wholly-owned subsidiary named as ‘Subex Account Aggregator Services’.
  • 2024: Subex won a deal with a leading telecom operator in Southeast Asia.
  • 2025: Subex launched FraudZap.
  • 2025: Subex secured contract from leading telecom operator in Netherlands.
  • 2025: Subex won 5 year deal in Europe with a leading integrated energy & telecom provider.
  • 2026: Subex chosen by a leading North African Telecom operator for an Enterprise Asset Management (EAM) engagement.
  • 2026: Subex expanded its long-standing engagement with a leading telecom operator in North Africa to modernize North African telecom operator’s Revenue Assurance and Fraud Management (RAFM) operations.

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