Subex Ltd
Subex Q3 FY25 earnings call: Revenue & Margins
Q3 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
Subex expects double-digit growth in its core telco business, which is currently growing at about 2% QoQ, outperforming the broader industry growth of 1-2%. Subex is in a multi-year transformation journey focused on stabilizing and growing the telco business, the core revenue driver.
From Subex Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Subex expects double-digit growth in its core telco business, which is currently growing at about 2% QoQ, outperforming the broader industry growth of 1-2%.
- Growth will focus on strengthening the telecom core business while expanding adjacent areas like edge, fintech, and OTT services.
- There is significant emphasis on upselling and cross-selling within existing key accounts, leveraging a strong customer base with over 100 logos globally.
- AI and fraud management are seen as major growth levers, with over 80% of new deals including AI use cases and ongoing POCs in Americas, Middle East, and APAC.
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Profitability & Margins
See what Subex Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Subex is cash positive and 100% debt free, indicating financial strength to invest when needed.
- The company continuously engages in conversations and efforts to explore funding and strategic investments.
- No specific current or future capex or strategic investments were explicitly announced.
- Management is mindful about how to approach funding discussions, balancing the need for cash with strategic opportunities.
- Efforts are ongoing to build key partnerships, including with Big Four firms and product companies, to enhance go-to-market and product suites.
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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 transcript does not explicitly state the current or expected order book or pending orders in specific figures.
- It is indicated that Subex is actively servicing existing contracts, including Sectrio contracts, but has deprioritized new business in that segment.
- The company is focused on revamping sales, doubling down on growing regions, and balancing business priorities across geographies.
- There is mention of Tier 1 opportunities in North America and Middle East, with at least one significant win in the last quarter.
- The management highlighted that despite competitive challenges, they remain engaged in Request for Proposals (RFPs) and continue to compete in the market.
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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 Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Subex Ltd Q3 FY25 results?
Subex expects double-digit growth in its core telco business, which is currently growing at about 2% QoQ, outperforming the broader industry growth of 1-2%. Subex is in a multi-year transformation journey focused on stabilizing and growing the telco business, the core revenue driver.
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?
Subex is cash positive and 100% debt free, indicating financial strength to invest when needed.
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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.