Subex Ltd
Subex Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
Guidance rank: #18 of 38 in IT - Software
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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.
2 more points from Subex Ltd's call on revenue
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Profitability & Margins
See what Subex Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- 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.
2 more points from Subex Ltd's call on capex
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Top-ranked in IT - Software
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 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.
2 more points from Subex Ltd's call on order book
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Subex Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): 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's management said in earlier quarters
Others in IT - Software this season
- Systango Tech (Q2 FY26)
Year-on-Year (YoY) revenue growth for H1-FY26 is 58.0% compared to H1-FY25 revenue of INR 288 million. Key investor presentation takeaways from Systango Technol
- 3i Infotech (Q2 FY26)
Q2 FY26 consolidated revenue from operations: ₹174.9 crore, a 2.5% increase quarter-on-quarter (QoQ) but a 2% decrease year-on-year (YoY) from ₹177.6 crore in…
- C.E. Info System (Q2 FY26)
IoT-led business growth is robust, with a 50% revenue increase from INR 54 crores to INR 74.5 crores year-on-year. Key concall takeaways from C.E. Info Systems…
- Cybertech Sys. (Q2 FY26)
Q2FY26 Total Revenue: ₹667.3 million, up 5.2% year-on-year (YoY) . Key investor presentation takeaways from Cybertech Systems & Software Ltd's Q2 FY26 investor
Potential multibaggers · Q2 FY27
Potential multibaggers in IT - Software
on management's own guidance
- Strong growth2
- Strong growth1
- CapitalNumbersGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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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.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.