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On 6 Nov 2026, Subex was priced at ₹16.75, or 31.0× trailing earnings, against an industry P/E of 27.7×, and the shares are 27% below their 52-week high. Sales grew 0.0% a year over 3 years, with ROCE of 9.2% and ROE of 8.8%. It carries very little debt. It is a small-cap company with a market cap of ₹929 Cr, ranked 27th of 74 Software (Application) companies by market cap; the shares rose 34% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹17.11
Day high
₹17.26
Day low
₹16.60
Prev. close
₹17.27
Volume
29.6 L

Health check

3 good · 1 fair · 2 to check
  • ReturnsAhead

    +33.9% over a year, better than 5 of 7 peers.

  • Price tagIn line

    P/E 31.0 vs industry 27.7.

  • GrowthSlow

    Sales +0.0% a year over 3 years.

  • ProfitabilityWeak

    ROCE 9.2% vs peer median 12.6%.

  • Balance sheetSolid

    Debt 0.08× equity, interest covered 9.0×.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Software - Application

73 listed peers. Screen the industry

Small cap

₹929 Cr, #27 of 74 in its industry by size.

Moves with the market

Beta 1.04 vs the NIFTY 50: tracks the market closely.

Key metrics

Last 12 months to Jun 2026: sales ₹292 Cr · profit ₹30 Cr
Market cap
₹929 Cr
Small cap
P/E
31.0
Industry 27.7
Price to book
2.71
Peers 8.24
Dividend yield
0.00%
ROE
8.8%
Peers 15.3%
ROCE
9.2%
Peers 12.6%
Debt to equity
0.08
Debt ₹28 Cr
EPS (TTM)
₹0.54
Face value ₹5
OPM (TTM)
14.4%
Net margin 10.3%
Sales growth
+19.7%
Latest quarter vs a year ago
Profit growth
+11.0%
Latest quarter vs a year ago
Price to sales
3.18
EV/EBITDA 27.5

Strengths and risks

Strengths

  • Practically debt-free.
  • Quarterly sales up 19.7% on a year ago.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About Subex

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. It also provides a signaling risk intelligence solution, which detects and prevents various protocol attacks at…

Headquarters
Bengaluru
Employees
626
Sector
Technology
ISIN
INE754A01055
Website
subex.com

Price range

52 weeks

₹6.61₹22.80

Today

₹16.60₹17.26
Avg volume (3M)
1 Cr
1-year return
plus 33.9%
From 52-week high
minus 26.5%

Peers · Software - Application

Compare with peersScreen the whole industry
Company
TATAELXSITata Elxsi3,855.00minus 1.66%24,01935.88.2426.2%23.9%22.7%6.1%−5.9%1.95%minus 27.2%
URBANCOUrban Company158.12minus 0.25%23,446–12.14−7.2%−21.5%−22.9%34.7%–0.00%plus 6.5%
KFINTECHKfin Technologies915.80minus 1.14%15,83545.69.7518.9%22.6%38.1%22.5%20.6%1.31%minus 13.4%
KPITTECHKPIT Technologies540.45plus 0.12%14,71327.73.9921.3%15.3%26.7%24.2%18.7%1.39%minus 53.3%
BBOXBlack Box810.95minus 5.36%14,40262.211.1812.6%21.3%9.0%0.2%109.3%0.12%plus 56.1%
AMAGIAmagi Media Labs568.25minus 0.04%12,293119.96.745.0%6.3%3.9%30.3%–0.00%plus 63.2%
BLACKBUCKBLACKBUCK557.55plus 3.06%10,16156.46.7111.7%12.8%23.9%53.9%–0.00%minus 17.3%
SUBEXLTDSubex16.75minus 3.01%92931.02.71–8.7%14.4%––0.00%plus 33.9%
Median of 7 peers–−0.25%14,71351.08.2412.6%15.3%22.7%24.2%19.7%0.12%−13.4%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26
66.468.970.87379.5
62.561.661.562.464.5
3.97.39.310.615
5.9%10.6%13.1%14.5%18.9%
15.81.54.37.54.7
10.80.70.80.6
42.82.42.92.6
–−1−4.8−1.6–
14.74.25.812.816.5
12.9%32.2%49.1%22.4%13.6%
12.82.92.99.914.2
0.230.050.050.180.26

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
0.0%
ROE
8.8%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
279310286279
–+11.1%minus 7.8%minus 2.3%
291315278251
−12.3−5.17.928
−4.4%−1.6%2.8%10.0%
7.4−146524
2.22.423.1
1415.614.112.1
−17.9−5.6−16.60.7
−39.1−175−19.837.5
−31.1%−9.5%−58.6%23.9%
−51.2−192−31.428.5
-0.93-3.47-0.570.51

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
281281281281
24152.523.561.8
33.428.219.428.3
148168163181
704530487552
41.331.620.832
1.71.76.96.9
120108106166
541389353347
704530487552

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
9.2−8.39.571.5
−37.834.6−16.4−32.8
−6.5−9.3−12.1−8.7
−35.117−1930
−4.9−2.7−2.4−4
4.3−117.167.5
–−0––

Shareholding pattern

Source: NSE filings
0.0%
promoters
  • Public98.73%
  • Employee trusts1.27%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 20260.00%98.73%0.00
30 Jun 20260.00%98.73%0.00
31 Mar 20260.00%98.73%0.00
31 Dec 20250.00%98.73%0.00
30 Sep 20250.00%98.73%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you