Subex Ltd
NSE: SUBEXLTD · Software Products · sector
₹17.25NSE close 2026-10-26
Key numbers
Market cap₹969 cr
Price₹17.25
52w high / low₹23 / ₹7
P/E31.9xSector median 16.9x
P/B2.8xSector median 1.8x
Book value₹6.1
Dividend yield–Sector median 2.02%
ROE9.2%Sector median 5.3%
ROCE12.3%Sector median 5.3%
OPM11.9%Sector median 8.7%
Debt / equity0.00xSector median 0.00x
EV/EBITDA24.2xSector median 15.0x
Interest cover14.5x
Current ratio2.64x
Sales growth 3y+0.0%Sector median +11.3%
Profit growth 3y–Sector median +16.1%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 47 companies in Software Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹126 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 14.5x in the last 12 months.
- Operating cash flow was below net profit in 1 of the last 5 years (FY22).
- Net loss in 2 of the last 8 quarters.
- Revenue was higher than a year earlier in 2 of the last 4 quarters.
- Other income was 60% of net profit in the last 12 months.
- Dividend paid in 1 of the last 5 financial years.
- Price ₹17.25 on 2026-10-26: -24.3% from the 52-week high, +161.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹27.27 · low ₹7.46
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 74 | 73 | 71 | 66 | 69 | 71 | 73 | 79 |
| EBITDA | 6 | 2 | -13 | 4 | 6 | 5 | 9 | 15 |
| OPM % | 8.2% | 3.4% | -18.4% | 5.9% | 9.1% | 6.4% | 12.3% | 18.9% |
| Other income | 1 | 1 | 3 | 16 | 2 | 4 | 8 | 5 |
| Net profit | 1 | -3 | -18 | 13 | 3 | 3 | 10 | 14 |
| EPS (₹) | 0.01 | -0.06 | -0.32 | 0.23 | 0.05 | 0.05 | 0.18 | 0.26 |
| Revenue YoY | -7.1% | -2.6% | +3.3% | +19.7% | ||||
| Profit YoY | +361.3% | – | – | +11.0% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 333 | 279 | 310 | 286 | 279 | 292 |
| EBITDA | 35 | -31 | -164 | -10 | 21 | 35 |
| Net profit | 21 | -51 | -192 | -31 | 29 | 30 |
| EPS (₹) | 0.38 | -0.93 | -3.47 | -0.57 | 0.51 | 0.54 |
| Revenue growth | -16.4% | +11.1% | -7.8% | -2.3% | +2.9% | |
| Profit growth | -344.0% | – | – | – | – | |
| Dividend / share (₹) | 0.25 | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | 0.0% | -5.6% | +2.9% |
| Net profit | – | -11.2% | – |
| EPS | – | -11.9% | – |
| Share price | – | -14.0% (2y) | +33.8% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 522 | 334 | 304 | 343 |
| Borrowings | – | 9 | 0 | 0 | 0 |
| Cash & equivalents | – | 121 | 106 | 94 | 126 |
| Total assets | – | 704 | 530 | 487 | 552 |
| Fixed assets | – | 10 | 32 | 21 | 32 |
| Capital work in progress | – | 0 | 0 | 0 | 0 |
| Investments | – | 2 | 2 | 7 | 7 |
| Receivables | – | 90 | 102 | 78 | 94 |
| Inventory | – | 0 | 0 | 0 | 0 |
| Payables | – | 13 | 24 | 21 | 25 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -9 | 9 | -8 | 10 | 72 |
| Cash from investing | -35 | -38 | 33 | -15 | -33 |
| Cash from financing | -15 | -7 | -9 | -12 | -9 |
| Capex | 5 | 5 | 3 | 2 | 4 |
| Free cash flow | -14 | 4 | -11 | 7 | 68 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | -9.8% | -57.5% | -10.3% | 8.3% |
| ROCE % | – | -6.9% | -51.7% | -5.8% | 11.9% |
| Debtor days | – | 118 | 120 | 99 | 122 |
| Inventory days | – | 0 | 0 | 0 | 0 |
| Payable days | – | 17 | 28 | 27 | 33 |
| Cash conversion cycle (days) | – | 101 | 92 | 72 | 89 |
| Working capital days | – | 230 | 172 | 145 | 234 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| FIIs | 1.08% |
| DIIs | 0.00% |
| of which Mutual funds | 0.00% |
| of which Insurance | 0.00% |
| Government | 0.00% |
| Public (non-institutions) | 97.64% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Public holders above 1% | % |
|---|---|
| Subex Employee Welfare and Esop Benefit Trust | 1.27% |
3,36,980 shareholders. Pledged: – of promoter shares.
Peers in Software Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| OFSS | ₹86,243 cr | 25.3x | 11.0x | 42.2% | 60.3% | 50.4% | +10.4% | 3.98% |
| TANLA | ₹7,530 cr | 14.1x | 3.0x | 22.4% | 27.0% | 16.5% | +9.6% | 2.13% |
| MAPMYINDIA | ₹4,530 cr | 32.9x | 5.0x | 16.3% | 22.3% | 35.7% | +19.0% | 0.42% |
| CAPILLARY | ₹4,433 cr | 80.4x | 4.3x | 5.1% | 5.3% | 16.0% | – | – |
| TECHNVISN | ₹2,302 cr | 200.6x | 153.4x | 19.2% | 20.1% | 2.8% | +167.4% | – |
| RAMCOSYS | ₹1,909 cr | 45.7x | 5.5x | 12.5% | 13.4% | 18.7% | +12.5% | – |
| NUCLEUS | ₹1,725 cr | 16.4x | 1.9x | 12.2% | 14.7% | 10.1% | +11.3% | 1.91% |
| BLUECLOUDS | ₹1,149 cr | 16.4x | 1.2x | 12.3% | 9.1% | 15.1% | +225.5% | – |
| SUBEXLTD | ₹969 cr | 31.9x | 2.8x | 9.2% | 12.3% | 11.9% | +0.0% | – |
| UNIECOM | ₹871 cr | 40.7x | 4.5x | 16.1% | 15.0% | 15.4% | – | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-07-29 | Other | Annual General Meeting |
| 2023-09-22 | Other | Annual General Meeting |
| 2022-09-09 | Other | Annual General Meeting |
| 2021-07-01 | Dividend | Annual General Meeting/Dividend - Rs 0.25 Per Share |
| 2021-02-10 | Dividend | Interim Dividend - Rs 0.50 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Services and related activities: 62099
- IT Software: 62099
| Sector | Information Technology |
| Industry | Software Products |
| Sub-industry | Software Products |
| Symbol | SUBEXLTD |
| BSE code | 532348 |
| ISIN | INE754A01055 |
| Face value | ₹5.0 |
| Incorporated | 1994-12-06 |
| Website | www.subex.com |
| Plants (India / abroad) | 0 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.