Arthneeti

Subex Q1 FY27 Share Price & Earnings Call Analysis

₹17.74+3.20% today
Market cap
₹1,005 Cr
P/E
31.06
ROE
9.90%
PEG
0.83
Price to sales
3.45
Debt to equity
0.08
52W high / low
₹22.1 / ₹6.68
Sales growth (5Y)
-5.59%
EBITDA margin
13.52%
Net profit margin
11.48%
Sales (last year)
₹292 Cr

Incorporated in 1992, Subex Ltd is a global provider of Operations and Business Support Systems to communication service providers worldwide, in the Telecom industry[1]

Guidance scorecard · Q1 FY27 call

What Subex Ltd's management guided
and where it ranks in IT - Software

#19of 38 in
IT - Software
Revenue10–20%MarginsUp 0–2%CapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Subex is focused on delivering consistent growth, aiming for double-digit growth in FY27.
  • Management acknowledges the current base but aspires for meaningful expansion, aware that growth rates in the telco industry tend to be moderate.
  • 70% of revenues are recurring, with 30% coming from new contracts each year, which fuels future growth.
  • There is a clear line of sight to reaching INR 100 crores topline within a few quarters, driven by backlog and new wins.
  • The company intends to reinvest profits into growth initiatives, especially in AI and future areas like satellites and data centers.
  • Subex is exploring inorganic growth through acquisitions, leveraging its cash reserves.

2 more points from Subex Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Up 0–2%

See what Subex Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Subex is investing significantly in R&D, focusing on two key areas: engineering and AI engineering, with increasing R&D intensity planned to stay competitive and enable GenAI capabilities in products.
  • There is a large CapEx expansion globally, especially in data centers and satellite sectors; Subex is actively exploring these markets and investing in new capabilities to enter these exciting spaces.
  • The company plans to transition revenue split over the next two years to 60% Horizon 1 (current products), 30% Horizon 2 (new markets/portfolio expansion), and 10% Horizon 3 (experimental innovations).

2 more points from Subex Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Subex Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Subex maintains a qualified sales pipeline approximately 3-4 times the order intake target at any point.
  • The order book includes multi-year contracts, with about 70% of revenue recurring annually and 30% coming from new contracts signed during the year.
  • For contracts announced last year, around 30-40% of those values are expected to be billed this year and form part of the current backlog.
  • Some slowdown and delays in order closures are noted, especially in the Middle East due to geopolitical and economic factors, but no cancellations have occurred.

2 more points from Subex Ltd's call on the order book

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Full Q1 FY27 analysis
Full IT - Software ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in IT - Software
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. CapitalNumbersGood growth
    3
See all potential multibaggersWhere does Subex Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

IT - Software companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹569 Cr34.7
240%+Flat₹336 Cr7.3
3CapitalNumbers20–40%Up 2%+₹181 Cr9.2
420–40%Up 2%+₹159 Cr11.5
520–40%Up 0–2%₹1,826 Cr28.5
620–40%Flat₹4,341 Cr84.7

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Financials of Subex Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Subex Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +47.2767.2976.8181.8283.8068.1674.1672.6970.6066.4068.9170.7972.96
Expenses +84.0382.0381.3881.2480.7274.2072.2770.1983.6062.4762.6361.7563.80
Operating Profit-36.76-14.74-4.570.583.08-6.041.892.50-13.003.936.289.049.16
OPM %-77.77%-21.91%-5.95%0.71%3.68%-8.86%2.55%3.44%-18.41%5.92%9.11%12.77%12.55%
Other Income +3.721.351.281.41-145.261.925.421.072.7615.811.52-0.257.35
Interest0.720.700.660.630.640.590.590.540.500.990.820.660.80
Depreciation3.823.874.203.753.783.663.733.353.384.042.762.372.91
Profit before tax-37.58-17.96-8.15-2.39-146.60-8.372.99-0.32-14.1214.714.225.7612.80
Tax %25.55%7.35%35.58%104.60%6.76%33.93%79.26%915.62%24.65%12.92%32.23%49.13%22.42%
Net Profit +-47.18-19.28-11.05-4.89-156.51-11.210.62-3.25-17.6012.812.862.939.93
EPS in Rs-0.84-0.34-0.20-0.09-2.78-0.200.01-0.06-0.310.230.050.050.18

Financials of Subex Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +360322357324348365372333279310286279
Expenses +275231268290297279273298309325300253
Operating Profit8591893451869936-30-16-1526
OPM %24%28%25%11%15%24%27%11%-11%-5%-5%9%
Other Income +-4-87-97133-3038108-1411127
Interest616220826433323
Depreciation4455515141014161412
Profit before tax16-62-343447-2388934-39-175-2037
Tax %36%21%29%40%46%13%42%38%31%10%59%24%
Net Profit +10-74-432125-2695221-51-192-3129
EPS in Rs0.56-1.48-0.850.370.45-4.790.920.37-0.91-3.40-0.560.51
Dividend Payout %0%0%0%0%0%0%82%0%0%0%0%0%

Financials of Subex Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital183503507562562562281281281281281281
Reserves26231177217232-47268283241532362
Borrowings +72522818632049261533281928
Other Liabilities +18880868196114151140140167163181
Total Liabilities1,1211,042957892890678725719695528487552
Fixed Assets +865775668666664393375368385228217228
CWIP000000000000
Investments0000000121492232
Other Assets +257267289226226286350339296292248292
Total Assets1,1211,042957892890678725719695528487552

Financials of Subex Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +64665454556691-89-81072
Cash from Investing Activity +-117-11-7-11-2-6-34-3634-15-33
Cash from Financing Activity +-47-36-55-91-34-13-32-15-7-9-12-9
Net Cash Flow637-12-4495153-58-3317-1730
Free Cash Flow58634851526382-144-11768
CFO/OP86%85%74%204%127%94%106%41%-48%-36%-126%148%

Financials of Subex Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days11012612110590929810611812099122
Inventory Days
Days Payable
Cash Conversion Cycle11012612110590929810611812099122
Working Capital Days-69-128-9651606269110714425103
ROCE %9%7%10%4%6%13%16%6%-6%-5%-6%13%

Guidance history

How Subex Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%Up 0–2%Planned——
Q4 FY26 call →10–20%FlatPlannedPlannedRising
Q3 FY26 call →10–20%FlatPlanned—Rising
Q2 FY26 call →10–20%FlatNone plannedNone planned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

45out of 100

Momentum score · price trend

45 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+35.7%80%
Last 6 months+89.9%95%
Last 3 months+51.0%96%

The price is 97.6% below its all-time high of ₹724.4 (25 Jan 2007). Stocks more than 20% below their peak have their score halved, so 89 became 45.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Subex Ltd: 0.4 × 80 + 0.4 × 95 + 0.2 × 96 = 89, halved to 45 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Subex Ltd's management said in earlier quarters

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