Subex

₹17.23As of Sun 8 Nov 2026, 12:00 UTC

NSE:SUBEXLTDTechnology

Country India

PE (Fwd) 38.19

TSR 10Y CAGR 4.24%

Div yield —

ROE —

Software (Application)

Beta (5Y) 1.04

PE TTM 33.55

TSR TTM 33.77%

Mkt cap ₹9.305B

ROIC —

SE Grade™

—

Value

Quality

Moat

—

1Y Price

Reference

₹20

15.65%

(91.36%)

Price above Reference Value

FY23

FY24

FY25

FY26

Earnings per share₹

(0.93)

(3.47)

(0.57)

0.51

(344.98%)

(272.75%)

83.57%

189.47%

Revenue₹B

2.787

3.097

2.856

2.791

(16.42%)

11.13%

(7.78%)

(2.29%)

TTM

FYE 31 Mar INR

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026

FY2027E

Trend

10Y

Peers

2.791

Revenue₹B

—

3.334

2.787

3.097

2.856

2.791

2.760

(4.35%)

(2.29)

Revenue growth%

—

(16.42)

11.13

(7.78)

(2.29)

(1.10)

(5.04)

—

93.95

Gross margin%

—

97.19

95.03

95.30

94.38

93.95

93.88

95.03

100

4.94

Operating margin%

—

7.10

(16.70)

(8.75)

(9.66)

4.94

4.20

(8.75)

10.22

Net margin%

—

6.29

(18.38)

(61.90)

(11.01)

10.22

9.45

(11.01)

33.55

P/E ratio (avg)x

—

139.5

—

22.86

36.69

81.20

—

69.41

EV/EBITx

—

123.7

—

47.30

82.60

85.50

—

FCF yield (avg)%

—

FCF margin%

—

FCF / Net incomex

—

ROIC%

—

Return on equity%

—

Return on assets%

—

0.51

EPS₹

—

0.38

(0.93)

(3.47)

(0.57)

0.51

0.47

7.94%

—

190.56

EPS growth%

—

(346.06)

(272.57)

83.65

190.56

(8.55)

(94.46)

—

Bookvalue per sh₹

—

FCF per share₹

—

Dividend per sh₹

—

Div yield (avg)%

—

Payout ratio%

—

555.5

Shares (diluted)M

—

554.8

550.1

552.8

554.4

555.5

◌555.5

0.03%

(0.20)

Buyback yield%

—

0.85

(0.49)

(0.29)

(0.20)

◌—

(0.24)

—

D/E ratiox

—

9.571

Enterprise value₹B

—

29.29

18.05

19.06

14.92

6.522

9.571

(31.31%)

—

LT debt₹M

—

Peers (US$99.32M)

Cap (US$)

Unicommerce eSolutions…

101.1M

45.47x

Excelsoft Technologies…

90.68M

18.82x

TAC Infosec Limited

86.37M

36.30x

Enigmo Inc.

98.74M

67.32x

Capital

TTM

10Y

Leveragex

—

EBIT/Intx

4.434

(11.25)

Own earn%

—

Sh yield%

(0.20)

(0.24)

Owners

Insiders/Inst%

0.01

0.62

Short interest%

—

SBC / revenue%

0.17

Record

10Y

Profitable years

2/5

Revenue growth years

1/4

EPS growth years

2/4

Dividend streakyrs

Op margin range%

−17–7

$1 testx

—

Incr. ROIC%

—

Subex Limited engages in the provision of operations and business support systems to communication service providers (CSPs) worldwide. It offers fraud management solutions that address fraud across various services, including bypass, handset, international revenue share fraud, robocalling, and SMS fraud solutions, as well as scam and spam calls.

Growth vs revenue

Latest

Trend

4Y CAGR

Rel growth

Revenue

₹2.791B

(4.35%)

1.00×

Cost of revenue

₹168.9M

15.84%

2.15×

Operating expenses

₹2.484B

(4.64%)

0.99×

Revenue by region

No breakdown available

Reinvestment returns

n/m

Trend

Reinvestment rate

n/m

Return on capital

n/m

Spread over hurdle

n/m