Subex Ltd
Subex Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
H1 FY26 was fairly good with a strong order book and profitability; momentum is expected to continue in H2, which usually performs slightly better than H1. H1 FY26 was fairly good with a strong order book and profitability momentum.
From Subex Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- H1 FY26 was fairly good with a strong order book and profitability; momentum is expected to continue in H2, which usually performs slightly better than H1.
- Management aims to achieve INR 100 crore quarterly revenue, driven by a robust order book and faster deal conversions compared to previous years.
- Sales pipeline is actively managed with a target funnel of INR 180-200 million for the year, typically 4-5 times the order intake target.
- Approximately 20-30% of large multi-year orders convert into revenue within the first year, with the remainder spilling into future periods.
- Focus is on sustainable profitability and converting backlog into revenue rather than relying on one-time gains.
- Realistic revenue targets are always backed by a strong and diligently tracked sales funnel.
- Product enhancements include AI and GenAI native solutions aimed at lighter, faster deployments to unlock new industry segments.
Profitability & Margins
See what Subex Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Current products are self-funded; no explicit mention of new external capital investment at the moment.
- Internal cash and funds are planned to be reinvested into existing businesses to drive next-level growth.
- New product developments are backed by internal IRR calculations to avoid cash burn from non-performing investments.
- Strategic investment example: Subex holds a 2.6% stake in Privasapien, a data privacy/AI company; no current plans to increase this stake.
- Focus remains on reinvesting internally identified opportunities rather than external investments.
- No active M&A pursuits currently, but efforts to stabilize the capital table may lead to future strategic moves.
- Product roadmap includes making all products GenAI native and lighter to reduce heavy implementation cycles.
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Subex Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- The exact order book as of November 1 is not disclosed publicly due to competitive sensitivity.
- The company operates on a backlog basis, with a stronger order book this year compared to last year, reflecting an uptick in order intake.
- Order funnel is internally tracked between INR 180 million to INR 200 million, indicating a pipeline 4-5 times the targeted annual order intake.
- Large orders typically range from 4 to 5 years, with about 20-30% revenue realization in the current year and the rest spilling over.
- Renewal orders maintain annuity revenue but don't contribute to growth.
- Management aims to reach INR 100 crore quarterly revenue, supported by the robust funnel and backlog.
- The company maintains confidentiality around orders due to the duopoly market and competitive concerns.
- New order visibility and forecasts are provided mainly through deal disclosures rather than detailed funnel breakdowns.
Subex Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹73 Cr, net profit ₹10 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Subex Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Subex Ltd Q2 FY26 results?
H1 FY26 was fairly good with a strong order book and profitability; momentum is expected to continue in H2, which usually performs slightly better than H1. H1 FY26 was fairly good with a strong order book and profitability momentum.
What is Subex Ltd share price analysis?
Subex Ltd currently shows a neutral. The stock trades at a P/E of 24.1 with a market cap of ₹779 Cr. Investors should review the full earnings analysis for detailed insights.
Is Subex Ltd planning capital expenditure?
Current products are self-funded; no explicit mention of new external capital investment at the moment.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.