MarketFriction

Subex Ltd

NSE SUBEXLTD · BSE 532348 · Software Products
₹19.34 -1.98%
NSE close2026-10-01
52 week range6.61 - 22.80
Market cap₹1,146 Cr.
P/E35.4
Price band 20% Delivery 26.8%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales778284687473716669717379
Expenses818181747270846263626464
Operating Profit-513-622-13469915
OPM %-6%0.7%3.7%-9%2.5%3.4%-18%6%9%13%13%19%
Other Income11-1452513162-075
Interest111111011111
Depreciation444443343233
Profit before tax-8-2-147-83-0-1415461316
Tax %36%105%7%34%79%916%25%13%32%49%22%14%
Net Profit-11-5-157-111-3-1813331014
EPS in Rs-0.20-0.09-2.78-0.200.01-0.06-0.310.230.050.050.180.25
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales322357324348365372333279310286279292
Expenses231268290297279273298309325300253253
Operating Profit91893451869936-30-16-152639
OPM %28%25%11%15%24%27%11%-11%-5%-5%9%14%
Other Income-87-97133-3038108-141112713
Interest62208264333233
Depreciation45551514101416141211
Profit before tax-62-343447-2388934-39-175-203739
Tax %21%29%40%46%13%42%38%31%10%59%24%
Net Profit-74-432125-2695221-51-192-312930
EPS in Rs-1.48-0.850.370.45-4.790.920.37-0.91-3.40-0.560.510.53
Dividend Payout %0%0%0%0%0%82%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-1%-6%0%3%
Compounded Profit Growth12%-8%38%449%
Stock Price CAGR6%-17%-14%73%
Return on Equity2%-4%-5%10%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital183503507562562562281281281281281281
Reserves26231177217232-47268283241532362
Borrowings72522818632049261533281928
Other Liabilities18880868196114151140140167163181
Total Liabilities1,1211,042957892890678725719695528487552
Fixed Assets865775668666664393375368385228217228
CWIP000000000000
Investments0000000121492232
Other Assets257267289226226286350339296292248292
Total Assets1,1211,042957892890678725719695528487552
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity64665454556691-89-81072
Cash from Investing Activity-117-11-7-11-2-6-34-3634-16-31
Cash from Financing Activity-47-36-55-91-34-13-32-15-7-9-12-9
Net Cash Flow637-12-4495153-58-3317-1932
Free Cash Flow58634851526382-144-11768
CFO/OP86%85%74%204%127%94%106%41%-48%-36%-124%146%
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-69-128-965160626911071445270
ROCE %9%7%10%4%6%13%16%6%-6%-5%-6%13%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
FIIs0.91%1.30%1.23%1.08%1.06%1.02%1.74%0.77%0.77%0.93%1.10%0.60%
DIIs0.09%0.12%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.00%
Public97.43%97.05%97.38%97.53%97.57%97.58%96.86%97.95%97.94%97.80%97.62%98.14%
Others1.56%1.53%1.38%1.38%1.38%1.38%1.38%1.27%1.27%1.27%1.27%1.27%
No. of Shareholders3,39,8063,36,6643,81,3303,75,6463,69,6363,66,3363,62,1413,59,6073,52,5413,45,8633,38,4833,33,893

Fundamentals

Market Cap₹ 1,146 Cr.
Current Price₹ 20.4
Stock P/E35.4
Book Value₹ 6.08
ROCE12.8 %
ROE9.90 %
Dividend Yield0.00 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)3%
Compounded Profit Growth (TTM)449%
Consolidated figures.
Valuation
Market capRs 1,087 Cr
Enterprise valueRs 1,015 Cr
P/E (TTM)36.30x
Price to book3.17x
Price to sales3.72x
EV / EBITDA19.22x
EV / EBIT24.07x
EV / sales3.47x
Price to cash flow15.20x
Earnings yield2.75%
P/E, 3-year average13.16x
P/B, 3-year average2.80x
P/E, 5-year average49.62x
P/B, 5-year average2.94x
Profitability
Operating margin (excl. other income)9.33%
Operating margin (incl. other income)18.93%
EBITDA margin18.07%
Pre-tax margin13.43%
Net profit margin10.25%
Net margin, latest quarter17.90%
ROE8.82%
ROCE11.73%
ROA5.49%
ROE, 3-year average-15.29%
ROCE, 3-year average-10.34%
ROA, 3-year average-10.68%
ROE, 5-year average-10.31%
ROCE, 5-year average-6.20%
ROA, 5-year average-7.28%
ROIC (approx.)11.86%
Tax rate23.90%
Other income / net worth7.82%
Growth
Sales growth (latest year)-2.29%
Sales CAGR, 3 years0.04%
Sales CAGR, 5 years-5.59%
Profit CAGR, 5 years-11.22%
Sales growth QoQ8.90%
Profit growth QoQ43.20%
Sales growth YoY (latest quarter)19.65%
Profit growth YoY (latest quarter)11.01%
Per share
EPS (TTM)Rs 0.53
EPS (latest year)Rs 0.51
EPS (latest quarter)Rs 0.25
EPS, 3-year averageRs -1.15
EPS, 5-year averageRs -0.80
Book value per shareRs 6.10
Sales per shareRs 5.20
Cash flow per shareRs 1.27
Free cash flow per shareRs 1.21
Efficiency
Asset turnover0.51x
Fixed asset turnover1.22x
Debtor days122 days
Debtors turnover2.98x
Cash conversion cycle122 days
Working capital days70 days
Leverage
Total debtRs 28 Cr
Cash and bankRs 101 Cr
Net debtRs -72 Cr
Debt to equity0.08x
Net debt / EBITDA-1.37x
Interest coverage14.48x
Current ratio (filing 2026-03-31)2.64x
Quick ratio (filing 2026-03-31)2.64x
Trade payables (filing 2026-03-31)Rs 25 Cr
Owners' fund to total sources62.12%
Debt to assets5.12%
Cash flow
Cash from Operating Activity (latest year)Rs 72 Cr
Cash from Investing Activity (latest year)Rs -31 Cr
Cash from Financing Activity (latest year)Rs -9 Cr
Net Cash Flow (latest year)Rs 32 Cr
Free cash flow (latest year)Rs 68 Cr
FCFE (approx.: FCF + change in debt)Rs 77 Cr
Sales to cash flow3.90x
Statement figures
Net sales (TTM)Rs 292 Cr
Net sales (latest year)Rs 279 Cr
Sales (latest quarter)Rs 79 Cr
Operating profit excl. other income (latest year)Rs 26 Cr
Operating profit (latest quarter)Rs 15 Cr
Other income (TTM)Rs 13 Cr
EBITDA (TTM)Rs 53 Cr
PBDT (TTM)Rs 50 Cr
Profit before tax (TTM)Rs 39 Cr
Tax (latest year)Rs 9 Cr
Net profit (TTM)Rs 30 Cr
Net profit (latest year)Rs 29 Cr
Net profit (latest quarter)Rs 14 Cr
Depreciation (TTM)Rs 11 Cr
Depreciation (latest quarter)Rs 3 Cr
Interest (TTM)Rs 3 Cr
Cost of goods sold (latest year)Rs 42 Cr
Total expenditure (latest year)Rs 253 Cr
Total income (latest year)Rs 306 Cr
Share capitalRs 281 Cr
ReservesRs 62 Cr
Shareholders' fundsRs 343 Cr
Total assetsRs 552 Cr
Net blockRs 228 Cr
InvestmentsRs 32 Cr
ReceivablesRs 94 Cr
Other liabilitiesRs 181 Cr
Shares outstanding (crore)56.20
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 36.3 is at the 55th percentile of its own 4.6-year range (median 31.1, low 7.0, high 375.4).
P/B 3.17 is at the 65th percentile (median 2.41).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodSUBEXLTDNifty 50Difference
1 week-6.6%-2.8% -3.8 pts
1 month+8.2%-6.8% +15.0 pts
3 months+66.7%-7.6% +74.3 pts
6 months+189.5%+0.4% +189.1 pts
1 year+57.7%-9.9% +67.7 pts
2 years-29.1%-13.6% -15.5 pts
3 years-40.6%+14.2% -54.8 pts
5 years-62.2%+27.9% -90.1 pts

Red flags

F-score 6 of 8
lookProfit leans on other income Other income was 72% of pre-tax profit in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹79 Cr +19.7% vs Jun 2025. Net profit ₹14 Cr +7.7%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-07-29Annual General Meeting
2023-09-22Annual General Meeting
2022-09-09Annual General Meeting
2021-07-01 Annual General Meeting/Dividend - Rs 0.25 Per Share
2021-02-10 Interim Dividend - Rs 0.50 Per Share
DateTypeWhat it says
2026-09-24General UpdatesGrant of options under ESOP 2025
2026-09-23Awarding of order(s)/contracSubex secured a contract with a major mobile network operator in the Asia Pacific region
2026-09-12Shareholder meetingPostal Ballot Notice dated August 05, 2026 - Voting results along with the Scrutinizers Report
2026-08-26Awarding of order(s)/contracSubex secured a contract with a leading African mobile operator.
2026-08-21Awarding of order(s)/contracAwarding of order(s)/contract(s)
2026-08-18Investor PresentationInvestor Presentation
2026-08-15Concall / analyst meetSchedule of meet
2026-08-13Shareholder meetingDisclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 - Postal Ballot Notice
2026-08-07Concall / analyst meetTranscript
2026-08-06Concall / analyst meetAudio Recording of the Earnings Call for the quarter ended June 30, 2026
2026-08-05Investor PresentationInvestor Presentation
2026-08-05General UpdatesImplementation of New ESOP Scheme and Secondary acquisition by the Trust
2026-08-05Board meeting outcomeUnaudited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 2026
2026-08-04Shareholder meetingSubex Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 04, 2026.
2026-08-04Shareholder meetingProceedings of Annual General Meeting held on August 04, 2026
2026-07-13UpdatesBusiness Responsibility and Sustainability Reporting (BRSR) for the financial year 2025-26
2026-07-13Shareholder meetingNotice of Annual General Meeting to be held on August 04, 2026
2026-07-06Concall / analyst meetSchedule of meet
2026-07-01General Updates32nd Annual general Meeting will be held on Tuesday, 4th August 2026 at 2:00 PM. The Cut-off date is Tuesday, 28 July 2026
2026-06-24Concall / analyst meetIntimation of Schedule of Analyst / Institutional Investor/ Shareholder meeting
2026-06-08Concall / analyst meetIntimation of Schedule of Analyst / Institutional Investor meeting - Non-Deal Roadshow
2026-05-28General UpdatesDisclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Imposition of fine by Stock Exchanges
2026-05-21Awarding of order(s)/contracEngagement with a leading telecom operator in North Africa to modernize its RAFM operations.
2026-05-19Concall / analyst meetTranscript of Earnings Call
2026-05-18Shareholder meetingPostal Ballot Notice dated April 13, 2026 - Voting results along with the Scrutinizers Report
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Close to Close price movement greater than 50perc in previous 3 monthsClose to Close price movement greater than 75perc in previous 6 monthsHigh low price variation greater than 75perc in previous 3 months

Quick answers

What is the market cap of Subex Ltd?

Subex Ltd (SUBEXLTD) has a market capitalisation of Rs 1,146 Cr. at the 2026-10-01 close.

What is the P/E ratio of Subex Ltd?

Subex Ltd trades at a P/E of 35.4 on trailing twelve-month profit, at the 2026-10-01 close.

What were Subex Ltd's latest quarterly results?

In the Jun 2026 quarter, Subex Ltd sales was Rs 79 Cr (+19.7% vs Jun 2025) and net profit was Rs 14 Cr.

What is the 52-week high and low of Subex Ltd?

The 52-week high is Rs 22.80 and the 52-week low is Rs 6.61.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03