Subex Ltd

- No explicit mention of any current or planned fundraising through equity or debt during the Q1 FY26 earnings call. - Management discussed plans for investor outreach including an Investor Day or roadshow targeted around Q3 FY26 to possibly engage investors better. - They are focusing on structured investor relations by planning to appoint an IR firm for better communication, not directly related to fundraising. - No concrete commitments or timelines given regarding raising new capital. - The company is emphasizing growth through operational improvements and strategic investments (e.g., Subex Middle-East) rather than immediate fundraising.

- Subex Limited is investing in setting up an innovation lab specifically for fraud, likely to be located outside India, focused on R&D for new and upcoming frauds (Page 33). - The company continues to invest in PrivaSapien, an area focused on privacy and responsible AI, viewing it as a growing and important space (Page 20). - Capitalization of Subex Middle-East indicates an investment aimed at growth plans in that region (Page 28). - No specific new capital expenditure (capex) amounts or timelines were detailed for future strategic investments. - Plans for investor outreach, including an Investor Day or roadshows, are on the radar but not directly related to capex (Page 26-27). Overall, current investments are focused on innovation labs, strategic geographic expansion, and growth in adjacent technology sectors.

- Management acknowledges top-line growth is currently a challenge but is actively working to get growth back on track and improve quarters going forward. (Page 36) - Focus on deploying solutions like FraudZap, with potential gain-share agreements to incentivize adoption and create live testing opportunities at customers' sites, aiming to expand sales. (Page 36) - There are significant deals in the pipeline, including some big deals expected to be announced after closure, indicating future revenue growth potential. (Page 33) - The company hopes to grow revenues by expanding adjacencies such as telco wallets, fintech, ecommerce device services, and OTT/video segments, which are already part of the revenue mix. (Page 29) - While Q1 and H1 are seasonally lower, management anticipates stronger business in H2 and aims to reach INR 100 crore per quarter revenue goal, though no forward-looking guidance is officially given. (Pages 28-29) - Overall, fundamentals are fixed, and management is optimistic about moving the needle on top-line growth. (Page 28)

- Management is focused on getting growth back on track after addressing challenges in top line (Page 36). - Bottom-line profitability has been delivered consistently, with diligence to continue maintaining it (Page 36). - There is optimism about growth returning via new product lines and expansions in adjacent sectors like telco fintech, OTT, video on demand, and ecommerce (Pages 26, 29). - Some large deals in the pipeline expected to close soon, potentially boosting revenue significantly (Page 33). - R&D spend remains robust at approximately 15% annually, supporting innovation and future growth (Page 33). - Company aims to increase quarterly revenue to INR 100 crore per quarter as a personal aspiration of management but no firm timeline given (Page 27). - Growth momentum expected to pick up in H2 FY26, with Q1 and H1 typically being slower (Page 27, 36). - Management’s intent to execute gain-share and value-share agreements to stimulate sales and client adoption (Pages 34-35).

- The company mentions having about five or six deals currently in their pipeline (Page 34). - There are some significant deals expected to close soon, with announcements planned once finalized (Page 33). - A few deals spilled over from Q1 to Q2, currently in late stages such as contractual negotiations or awaiting purchase orders, with no expected threat to closure (Page 27). - The management notes a developing momentum in deal closures, though some procedural delays remain (Page 27). - Discussions indicate cautious optimism regarding order inflow and achieving revenue targets, with efforts ongoing to ramp up top-line growth (Pages 27 and 36).