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Subex Limited

NSE: SUBEXLTD · Unclassified

₹16.75-3.01%06 Nov 2026

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Instant answers about Subex Limited — computed from its filings, no language model
Market cap₹941 cr
Current price₹16.75
High / Low₹22 / ₹7
P/E94.8
P/B2.46
Book value₹6.8
ROE2.6%
ROCE14.3%
Debt / equity0.00
Dividend yield—
EPS (TTM)₹0.18
Face value₹5

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin
FY21FY22FY23FY24FY25FY26
Revenue372.0333.4278.7309.7285.6279.1
EBITDA98.535.1-30.6-15.7-14.725.7
Operating margin26.5%10.5%-11.0%-5.1%-5.1%9.2%
Interest3.01.92.62.62.23.3
Depreciation13.89.914.015.614.112.1
Profit before tax89.433.7-39.1-175.1-19.837.5
Tax37.612.712.216.611.69.0
Net profit0.00.00.00.00.028.5
EPS ₹0.960.38-0.93-3.47-0.570.51
Operating cash flow—-8.89.2-8.39.871.5
Capex—5.44.92.72.44.0
Dividend paid—0.00.00.00.00.0
Total assets——703.6529.7487.0551.9
Equity——521.8333.5304.5342.8

Quarterly performance

last 24 quarters · ₹ crore
showing latest 8 of 24 periods
DEC '20MAR '21JUN '21SEP '21DEC '21MAR '22JUN '22SEP '22DEC '22MAR '23JUN '23SEP '23DEC '23MAR '24JUN '24SEP '24DEC '24MAR '25JUN '25SEP '25DEC '25MAR '26JUN '26SEP '26
Revenue93.996.280.686.387.778.883.374.573.747.367.376.881.883.868.274.272.770.666.468.970.873.079.585.6
Operating profit20.423.116.29.98.01.00.70.35.1-36.8-14.7-4.60.63.1-6.01.92.5-13.03.96.39.09.215.017.8
Operating margin21.7%24.1%20.1%11.5%9.2%1.3%0.9%0.4%6.9%-77.8%-21.9%-5.9%0.7%3.7%-8.9%2.5%3.4%-18.4%5.9%9.1%12.8%12.6%18.9%20.8%
Other income1.11.76.71.00.72.02.61.00.83.71.41.31.42.71.91.21.12.815.81.54.27.54.72.6
Interest0.40.50.40.30.90.30.30.80.80.70.70.70.60.60.60.60.50.51.00.80.70.80.60.6
Depreciation4.22.22.42.52.52.52.63.83.83.83.94.23.73.83.73.73.43.44.02.82.42.92.62.7
Profit before tax16.822.220.18.15.30.20.5-3.31.3-37.6-18.0-8.2-2.4-146.6-8.43.0-0.3-14.114.74.25.812.816.517.0
Tax8.16.66.63.33.2-0.4-5.11.66.09.61.32.92.59.92.82.42.93.51.91.42.82.92.22.7
Net profit0.00.00.00.00.00.05.50.0-4.70.00.00.00.00.00.00.60.00.00.00.00.09.90.00.0
EPS ₹0.160.290.250.090.040.010.10-0.09-0.08-0.86-0.35-0.20-0.09-2.83-0.200.01-0.06-0.320.230.050.050.180.260.26
Revenue YoY————-6.5%-18.1%3.3%-13.7%-16.0%-40.0%-19.2%3.1%11.1%77.3%1.3%-3.5%-11.2%-15.8%-2.6%-7.1%-2.6%3.3%19.7%24.2%
Profit YoY——————————-100.0%————————-100.0%————

Earlier results (standalone, Sep '07 – Sep '20)

₹ crore · from BSE, before the NSE XBRL filings begin

Subex Limited reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 11 periods
FY09†FY10†FY12†FY13†FY14†FY15†FY16†FY17†FY18†FY19†FY20†
Revenue301.1320.2332.4265.6293.7305.7296.2326.2178.324.110.8
Operating profit90.088.890.036.139.022.160.742.87.8-19.8-13.0
Operating margin29.9%27.7%27.1%13.6%13.3%7.2%20.5%13.1%4.4%-82.4%-120.4%
Other income22.1———7.85.42.310.72.71.627.8
Interest35.242.239.149.058.351.753.6—5.5—0.3
Depreciation13.78.83.62.31.62.62.62.77.06.25.6
Profit before tax-139.4138.12.0-34.6-28.1-26.9-126.6-4.31.9-24.6-204.7
Tax3.21.2-0.40.01.51.65.32.51.6-0.01.2
Net profit-142.7136.92.4-34.6-29.5-28.4-132.0-6.80.3-24.5-205.9

Quarters

showing latest 8 of 52 periods
SEP '07†DEC '07†MAR '08†JUN '08†SEP '08†DEC '08†MAR '09†JUN '09†SEP '09†DEC '09†MAR '10†JUN '10†SEP '10†DEC '10†JUN '11†SEP '11†DEC '11†MAR '12†JUN '12†SEP '12†DEC '12†MAR '13†JUN '13†SEP '13†DEC '13†MAR '14†JUN '14†SEP '14†DEC '14†MAR '15†JUN '15†SEP '15†DEC '15†MAR '16†JUN '16†SEP '16†DEC '16†MAR '17†JUN '17†SEP '17†DEC '17†MAR '18†JUN '18†SEP '18†DEC '18†MAR '19†JUN '19†SEP '19†DEC '19†MAR '20†JUN '20†SEP '20†
Revenue48.366.025.737.949.638.9174.876.981.580.681.293.377.774.279.578.593.081.357.261.677.469.465.872.582.073.454.477.578.595.364.372.776.382.976.775.086.987.570.877.826.82.96.54.82.810.12.21.92.83.95.84.3
Operating profit-4.42.3-9.711.923.410.644.222.019.523.423.941.123.923.517.019.534.918.6-4.42.618.119.89.16.418.45.0-9.28.47.715.22.59.922.426.08.35.417.911.23.18.0-2.9-0.3-8.2-5.0-6.60.0-6.3-2.3-3.8-0.62.00.6
Operating margin-9.2%3.5%-37.9%31.4%47.2%27.2%25.3%28.6%24.0%29.0%29.4%44.0%30.7%31.7%21.4%24.9%37.5%22.8%-7.7%4.3%23.4%28.5%13.9%8.8%22.5%6.8%-16.9%10.8%9.8%16.0%3.9%13.6%29.3%31.4%10.8%7.2%20.6%12.8%4.3%10.2%-11.0%-10.2%-126.5%-105.0%-240.2%0.0%-288.1%-120.9%-133.1%-16.5%34.4%14.0%
Other income15.17.1-3.74.00.10.018.14.24.52.4———————5.74.0—4.3-11.111.94.0-9.51.43.00.41.20.70.80.60.50.52.22.63.92.10.50.12.00.00.01.30.20.13.01.40.123.47.66.7
Interest6.4—8.49.29.710.36.011.210.910.39.810.49.19.69.19.510.010.47.613.413.514.614.414.415.314.213.413.012.812.51.86.239.06.63.43.33.5—2.11.91.40.10.0—0.00.00.10.10.10.10.10.1
Depreciation2.92.83.74.04.02.92.82.92.91.61.41.41.41.50.90.90.90.90.70.60.50.50.40.40.40.40.70.70.60.60.70.70.70.60.70.70.70.71.02.32.21.51.61.61.61.51.71.71.70.50.50.5
Profit before tax1.46.5-25.5-58.2-64.2-33.916.852.68.946.729.814.725.411.26.0-29.516.09.6-8.6-28.08.4-6.46.2-4.4-6.7-23.1-20.2-4.9-4.52.74.516.061.2-208.36.54.017.6-32.44.33.9-4.5-1.9-9.7-5.3-8.0-1.5-5.1-2.6-219.122.29.04.4
Tax-0.11.0-0.60.10.30.32.50.01.20.00.00.00.20.81.10.00.0-1.50.00.00.00.00.8-4.31.33.70.10.30.70.50.53.01.70.20.10.80.51.11.10.8-0.2-0.10.00.00.0-0.00.00.00.01.20.00.0
Net profit1.55.5-24.9-58.3-64.5-34.214.352.67.746.729.814.725.210.34.9-29.516.011.1-8.6-28.08.4-6.45.4-0.1-8.0-26.8-20.3-5.2-5.12.24.013.059.5-208.46.43.217.1-33.53.23.1-4.2-1.8-9.7-5.3-8.0-1.4-5.1-2.6-219.121.09.04.4
EPS ₹0.441.58-7.13-16.74-18.50-0.984.1115.112.2213.136.012.544.041.590.71-4.262.301.59-1.25-1.860.53-0.390.32-0.01-0.48-1.61-1.20-0.31-0.300.130.200.611.82-4.900.130.060.34-0.660.060.06-0.07-0.03-0.17-0.10-0.14-0.03-0.09-0.05-4.040.390.170.08
Revenue YoY————2.7%-41.1%581.0%103.0%64.5%107.4%-53.5%21.3%-4.7%-7.9%-14.7%1.1%25.3%—-28.1%-21.6%-16.9%-14.6%15.1%17.6%6.0%5.7%-17.3%7.0%-4.4%29.8%18.2%-6.2%-2.7%-13.0%19.3%3.2%13.8%5.6%-7.7%3.7%-69.2%-96.7%-90.9%-93.8%-89.7%253.0%-66.1%-61.0%2.9%-61.3%162.6%128.9%
Profit YoY————-4313.7%-721.5%————107.9%-72.1%226.7%-77.8%-66.5%-217.1%54.4%—-275.4%—-47.2%-157.6%——-194.8%—-475.7%——————-9531.2%60.5%-75.3%-71.2%—-49.1%-3.4%-124.5%—-400.3%-272.3%————————

Returns & margins

trailing-twelve-month, per quarter
showing latest 8 of 21 periods
SEP '21DEC '21MAR '22JUN '22SEP '22DEC '22MAR '23JUN '23SEP '23DEC '23MAR '24JUN '24SEP '24DEC '24MAR '25JUN '25SEP '25DEC '25MAR '26JUN '26SEP '26
ROE————1.0%0.2%0.2%-0.9%-0.9%0.0%0.0%0.0%0.2%0.2%0.2%0.2%0.0%0.0%2.9%2.9%2.6%
ROCE————0.9%0.2%-6.9%-10.3%-12.1%-12.8%-51.7%-48.9%-46.9%-46.3%-5.8%1.9%2.3%4.2%11.9%12.3%14.3%
Net margin0.0%0.0%0.0%1.6%1.7%0.3%0.3%-1.8%-1.8%0.0%0.0%0.0%0.2%0.2%0.2%0.2%0.0%0.0%3.6%3.4%3.2%
EBITDA margin19.5%16.3%10.5%5.8%3.1%2.3%-11.0%-17.5%-19.2%-20.3%-5.1%-2.2%-0.2%0.5%-5.1%-1.6%-0.1%2.3%10.2%13.5%16.5%
Debt / equity————0.000.000.020.020.000.000.000.000.000.000.000.000.000.000.000.000.00
Interest coverage43.7627.8918.378.782.180.42-14.14-18.16-20.96-23.38-65.58-64.68-62.01-63.53-7.932.242.584.5612.4614.4820.42
Asset turnover————0.430.420.400.370.390.400.580.590.600.580.590.580.540.530.510.530.52

Balance sheet

equity vs borrowings over time · ₹ crore
showing latest 6 of 9 periods
SEP '22MAR '23SEP '23MAR '24SEP '24MAR '25SEP '25MAR '26SEP '26
Share capital281.0281.0281.0281.0281.0281.0281.0281.0281.0
Other equity / reserves290.2240.8212.652.543.023.541.761.8102.3
Total equity571.2521.8493.6333.5324.1304.5322.7342.8383.3
Borrowings0.08.60.00.00.00.00.00.00.0
Current liabilities75.285.898.1104.8105.5101.197.6109.2121.6
Non-current liabilities99.696.094.991.487.881.497.099.894.2
Total assets746.0703.6686.6529.7517.3487.0517.4551.9599.1
Property, plant & equipment10.99.737.531.627.120.834.832.07.9
Capital work-in-progress0.00.00.00.00.00.00.00.00.0
Investments9.113.911.49.010.522.48.931.961.0
Inventories0.00.00.00.00.00.00.00.00.0
Receivables119.490.497.7101.5101.877.688.593.597.8
Cash & equivalents54.252.440.267.858.252.4105.182.240.0

Cash flow

annual · ₹ crore · line = free cash flow
FY22FY23FY24FY25FY26
Cash from operations-8.89.2-8.39.871.5
Cash from investing-35.3-37.833.1-15.0-32.8
Cash from financing-14.7-6.5-9.3-12.1-8.7
Capex5.44.92.72.44.0
Free cash flow-14.24.3-11.07.367.5
Dividends paid0.00.00.00.00.0

Where the assets sit

Sep '26 · ₹ crore
Fixed assets (PPE)
₹7.9 cr1%
Investments
₹61.0 cr10%
Receivables
₹97.8 cr16%
Cash & equivalents
₹40.0 cr7%
Other assets
₹392.3 cr65%

Peer comparison

largest in Unclassified · this company in bold
CompanyMarket cap ₹crPriceP/EP/BROE
Avantel Limited36,86,04,549138.69—1059360.680.0%
Ducol Organics And Colours Limited19,55,275120.00—20089.130.0%
Jio Platforms Limited12,57,1811,406.40—3.57—
SBI Funds Management Limited1,01,750499.55———
Tamilnadu Telecommunication Limited91,3149.93———
Manipal Health Enterprises Limited76,294646.70———
INDO-MIM Limited59,0421,219.50———
AvenuesAI Limited45,138129.25153.69.516.2%
Dhoot Transmission Limited32,7611,601.60—8.11—
3M India Limited31,07127,570.0053.817.5732.7%
Subex Limited94116.7594.82.462.6%

StoxGud checklist: Neutral setup · 5/10

  • Price above 50-day average
  • Price above 200-day average
  • 50-day average above 200-day (uptrend)
  • RSI in healthy 40–70 zone
  • Positive 1-year return
  • Return on equity above 15%
  • Debt to equity below 1
  • Revenue growing year on year
  • Net profit margin above 10%
  • P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-12.5%
6 months+58.6%
1 year+28.2%
3Y CAGR-19.6%
5Y CAGR-16.8%
10Y CAGR—
50-day avg₹18.60
200-day avg₹12.73
RSI (14)35

FAQs

What is the share price of Subex Limited?

Subex Limited (SUBEXLTD) closed at ₹16.75 on NSE on 06 Nov 2026.

What is the market cap of Subex Limited?

₹941 crore at the latest close.

What is the P/E ratio of Subex Limited?

94.8, on trailing-twelve-month earnings from its filings.

How fast is Subex Limited growing?

Subex Limited: revenue has compounded at 0.0% a year over three years. Latest-quarter revenue is up 24.2% year on year.

How profitable is Subex Limited?

On a trailing-twelve-month basis return on equity is 2.6%, return on capital employed 14.3%, operating margin 16.5%, net margin 3.2%.

How much debt does Subex Limited have?

Subex Limited is debt-free: debt to equity is 0.00 with borrowings of ₹0 cr against cash of ₹40 cr (balance sheet of 2026-09-30). Operating profit covers interest 20.4 times.

Financials parsed from Subex Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from DEC '20, annual from FY21, balance sheet from Sep '22. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.