Subex Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 28 May 2026 | IT - Software | Market Cap: ₹779 Cr
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.
Price
₹18.7
Market Cap
₹779 Cr
P/E Ratio
24.1
How does Subex Ltd rank in IT - Software?
Compare Subex Ltd against every IT - Software company this quarter on revenue, margins and earnings-call signals.
Subex Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹73 Cr, net profit ₹10 Cr.
Full financials →📊 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.
- →The company is focused on fixing fundamentals and stabilizing operations before exploring new growth bets.
- →While cautious due to market volatility, management expresses confidence in achieving sustainable profitable growth in upcoming quarters.
📈 Profitability & Margins
- →Subex is in a multi-year transformation journey focused on stabilizing and growing the telco business, the core revenue driver.
- →Telco business showed 2% QoQ growth in Q3FY25 with a 9% EBITDA margin, up from negative margins last year, indicating improving profitability.
- →Management targets consistent margin improvement, aiming for double-digit EBITDA margins though no specific quarter was committed.
- →Operating costs are being reduced via automation and deprioritizing cash-burning, non-core units like Sectrio to strengthen operational efficiency.
- →The focus is on making the telco business cash-generative to enable reinvestment into high-growth areas like next-gen fraud management leveraging AI.
- →Management remains conservative, emphasizing cash preservation and measured growth rather than aggressive bets.
- →Despite volatile stock markets and short-term revenue stagnation, leadership expresses confidence in achieving profitable and sustainable growth.
- →Investors are encouraged to have patience as the company improves fundamentals and transitions to steady growth and profitability.
🏗️ 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.
- →The focus is on reinvesting in the core telco business by reducing burn from non-core assets.
- →Any significant investments will depend on successful partnerships or favorable funding opportunities as they arise.
💰 Fundraising & Capital Structure
📋 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.
- →There are ongoing efforts to improve contract disclosures and announcements, with a commitment to better transparency on contract wins in the future.
- →Farming (growing) existing customer accounts is a key strategic focus rather than relying solely on new contract wins.
Key Metrics
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.
Keep Subex Ltd on your radar — track it to get its next earnings analysis in your feed.
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.