Subex Ltd(SUBEXLTD)

NSE: SUBEXLTDBSE: 532348

₹ 16.64-2.69%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 935 crNext results: 3 Nov 2026Website: www.subex.comUpdated: 24 Oct 2026

About

Subex Limited is an Indian telecom software products company. It sells revenue assurance, fraud management and partner ecosystem management solutions to communication service providers around the world. The company reported revenue of ₹279.06 crores in FY26 and reports as a single segment, with 99% of turnover coming from exports across 6 international offices. Subex serves 150+ global telecom operators, and about 70% of its revenue is recurring.^[1][2]

Business segments and geography

Subex reports as a single segment: telecom software products and related services.^[1]
EMEA was the largest geography in FY26 at Rs 187.45 Cr, compared with Rs 167.65 Cr in FY25.^[1][3]
APAC and rest of the world brought in Rs 39.29 Cr in FY26, compared with Rs 80.27 Cr in FY25.^[1][3]
Americas brought in Rs 23.05 Cr in FY26 (Rs 36.55 Cr in FY25). India brought in Rs 6.28 Cr in FY26 (Rs 1.14 Cr in FY25).^[1][3]
In FY25, telco revenue was Rs 28,016 lakhs and non-telco revenue was Rs 545 lakhs.^[3]
Exports make up 99% of turnover. The company has 1 national office and 6 international offices across the Americas, EMEA and Asia.^[1]

Products and platforms

The three flagship platforms are FraudZap™ (AI fraud detection), AI Agent Squad™ (agentic operations) and ROC/HyperSense (business assurance, and revenue assurance and fraud management).^[1]
FraudZap™ is a plug-and-play AI tool aimed at handset and device fraud, Mobile Money fraud and MVNO fraud.^[1]
Partner Ecosystem Management covers onboarding, billing, settlements, disputes, wholesale billing, roaming settlements and digital services billing.^[1]
Over 80% of new deals in FY26 included AI use cases, and the number of AI models in production has grown 5x since 2023.^[1]
Embedded GenAI has been added to the HyperSense RA&FM platform for conversational, AI-driven investigation.^[1]

Key operating numbers

Customer retention was about 92% in Q1 FY27, compared with about 95% in Q3 - Q4 FY26. About 70% of revenue is recurring.^[4]
Order intake grew 24% YoY in FY26.^[5]
DSO improved to about 90 days in Q3 FY26, down 29 days YoY.^[6]
Remaining performance obligations were Rs 9,666 lakhs at March 31, 2025, against Rs 10,170 lakhs a year earlier, and are expected to be recognised over 1 - 2 years.^[3]

Workforce and R&D

Headcount was about 700 in Q1 FY27, of whom about 200 work in R&D.^[4]
An AI software development life cycle is in use across product engineering.^[1]
R&D spending is being directed at adding GenAI to the RAFM and PEM products and at new adjacencies in data centres and satellites.^[4]

Customers and distribution

Subex serves 150+ global telecom operators across Europe, the Middle East, Africa and APAC.^[7]
FraudZap™ had 3 paying telco customers by Q4 FY26, signed through an intermediary channel that reaches smaller operators.^[5]
Subex was named in Gartner's Magic Quadrant for AI in CSP operations for the second year running (as of Q2 FY26).^[7]

Recent deal wins

Oct 2026: a deal with a leading African mobile operator for HyperSense Fraud Management, valued at USD 0.7 million over 3 years.^[8]
Sep 2026: a US$ 5 million, 5-year contract with a major APAC mobile operator to modernise its Partner Ecosystem Management operations.^[9]
Q1 FY27: a new BAFM deal in Europe, plus renewals with a Tier 1 Middle East operator, an African operator and a Tier 1 APAC operator.^[4]

Strategy and expansion

Over two years, management targets a revenue mix of 60% existing products, 30% portfolio expansion and 10% experimental adjacencies.^[4]
The internal target is ₹100 crore of revenue per quarter, aimed for around March 2027.^[4]
Small (tuck-in) acquisitions are being evaluated for technology or market access. There were no active negotiations as of Q1 FY27.^[4]
The board is seeking shareholder approval to buy up to 2% of shares from the market for an ESOP in Q3 FY27.^[4]
Subex aims to cut the time from contract to subscription revenue from about 5 quarters to about 4.^[4]

Governance and other developments

On Sep 29, 2025, three directors left the board, taking it below the minimum of six. The company was non-compliant from Dec 30, 2025 to Mar 24, 2026, and the exchanges imposed fines.^[1]
FY26: an executive director sat on the Nomination and Remuneration Committee for 86 days, which departed from SEBI's listing (LODR) rules.^[1]
Subex has no promoter holding. The public held 98.62% as of FY25.^[3]
The company has a target of net-zero emissions by 2035.^[1]

Market Cap

₹935 Cr

High / Low

₹23 / 7

Stock P/E

35.9

Price / Book

3.1

Book Value

₹6

EPS

₹0.5

No. of Shares

56.2 Cr

ROCE

13.2%

ROE

8.8%

OPM

14.6%

Debt / Equity

0.00

Sales

₹279 Cr

Net Profit

₹29 Cr

Promoter holding

0.0%

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