Subex Ltd

- From the call transcript, there is no explicit mention of any current or planned fundraising through debt or equity. - The management highlights that in the past, attempts were made to raise money (including for a specific project related to IDC), but they were unsuccessful. - The focus going forward is on improving cash flow by fixing business fundamentals and generating bottom line profit to self-fund investments. - There is mention of freeing up cash and reinvesting in the core business rather than relying on external fundraising. - Management emphasizes improving operational efficiency and growth to strengthen financials. - No direct indications or plans for new debt or equity raising were discussed on the call.

- 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). - No specific mention of large capital expenditure projects, but strategic investments are targeted towards new product development and core business enhancement (overall call).

- 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. - Market opportunities growing in fraud management and AI agent markets, with product roadmaps aligned to industry trends. - Expect growth to be the main lever to improve healthy bottom line further.

- Management acknowledges FY25 results below expectations but core telco business remains steady and profitable. - Focus is on stabilizing and growing the top line aggressively, aiming for significant revenue growth including aspirational 100-crore quarterly revenue. - EBITDA improved by 8% YoY on core telco business, aiming to reach industry benchmark operating margins of 10-17% from current ~4%. - Growth has been a challenge; management targets renewed growth in FY26 by closing delayed deals and building a new pipeline of offerings. - Non-core business being phased out to reduce burn and improve bottom line. - Cash flow improvements expected to enable reinvestment in new areas to drive growth. - Bottom-line has improved, but further sustainable profit growth depends on top-line growth acceleration. - Management plans enhanced investor outreach and an Investor Day for better communication.

- 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. - Current steady-state business assumes a run rate of around INR 75 crores in top line with EBITDA in the range of 4% to 8%. - Ongoing focus on servicing and pre-closing some existing contracts, including negotiations for early closure of Sectrio contracts. Overall, the order book reflects delayed but active opportunities with expected recoveries in upcoming quarters.