Subex Ltd
Subex Q4 FY25 earnings call: Revenue & Margins
Q4 FY25 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
Core telco business is steady with no degrowth, but growth has been slower than desired. Management acknowledges FY25 results below expectations but core telco business remains steady and profitable.
From Subex Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Core telco business is steady with no degrowth, but growth has been slower than desired.
- Focus this year is on driving top-line growth after stabilizing the bottom line.
- Aim to achieve more aggressive revenue growth, with a personal ambition to see a 100-crore quarter.
- Delayed order closures from previous quarters expected to start impacting positively from Q1 FY26.
- Efforts underway to build a new pipeline with net new offerings and new business outside traditional areas.
- Renewals continue to be a strong, high-quality recurring revenue source.
- Reinforcement on profitable growth with reinvestment of freed-up cash into core portfolio and new growth levers.
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
- The company is evaluating pulling some development efforts upfront for a contract, which may lead to increased cash burn in the short term but is intended to potentially exit the contract sooner (Page 37-38).
- There is a focus on fixing fundamentals and investing in the core business over the last two years (Page 38).
- Cash released through EBITDA improvement and tax refunds is planned to be reinvested in new areas to build a net new pipeline of offerings and opportunities that did not exist earlier for Subex (Page 19).
- The management is balancing cost optimization with selective investment in growth initiatives, including technology and new product pipeline development (Pages 15-16, 19).
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
- Several deals have been delayed, with some moved quarter-on-quarter due to macroeconomic caution and slower decision-making.
- No deals were lost; rather, closures were postponed, with expectations of many closures in H1 FY26.
- The company is engaged in competitive RFP (Request for Proposal) processes, which are critical to winning business.
- As of the call, the company is at L1 (leading) stage in some contracts, with closures pending, expected soon in Q1.
- Management is evaluating strategies to accelerate some contracts by bringing forward development efforts, potentially increasing cash burn in the short term.
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
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Potential multibaggers · Q2 FY27
Potential multibaggers in IT - Software
on management's own guidance
- Strong growth2
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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 Q4 FY25 results?
Core telco business is steady with no degrowth, but growth has been slower than desired. Management acknowledges FY25 results below expectations but core telco business remains steady and profitable.
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?
The company is evaluating pulling some development efforts upfront for a contract, which may lead to increased cash burn in the short term but is intended to potentially exit the contract sooner (Page 37-38).
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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.