Subex share price today

Subex Ltd's share price was ₹17.22 at the close on 4 November 2026. It has been rising for 15 weeks. That is 18.6% above its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 19 weeks in a row.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Subex Ltd is in stage 2. The phase helps read everything below.

Since its first close in our records, on 17 April 2026, it has traded between ₹9 and ₹21, and at that close it sat 67% of the way up from that low.

Over the last 6 months the share price moved +77% while the NIFTY 500 moved −5%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

1. Best operating margin in 14 quarters

   Operating margin was 19% in the June 2026 quarter, against 6% a year earlier.

   Why: Margins rose because the company completed more of its existing orders and kept costs tighter, and it billed customers on schedule.

   From the earnings call on 6 Aug 2026.

3. Profit up on a year earlier for 9 quarters in a row

   In the June 2026 quarter profit was ₹14 crore, +7.7% on a year earlier.

   Why: Profit rose because revenue grew as the company completed more existing orders and kept costs tighter.

   Next results: check whether the order backlog keeps turning into revenue after one strong quarter.

   From the earnings call on 6 Aug 2026.

For April to June 2026 (the quarter ended 30 June 2026), Subex reported revenue of ₹79.0 crore, up 19.7% from ₹66.0 crore a year earlier, and a profit of ₹14.0 crore, up 7.7% from ₹13.0 crore.

Subex results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Subex's management discussed these results on a call held on 6 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Subex closed at ₹17.22 on 4 November 2026. Its highest weekly close since April 2026 was ₹21.41 on 25 September 2026.

Subex share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

36 weekly closes from 17 April 2026 to 4 November 2026.

4 Nov 2026: Subex closed at ₹17.22, up 5.3% on the week and down 11.1% on the month. 6 Aug 2026: Subex held its results call for April to June 2026. Management guided: FY27 top-line growth is the priority, with quarterly revenue expected to reach ₹100 crore within two quarters; no annual growth rate committed.

Earlier

• Results for April to June 2026: Revenue up 19.7% and profit up 7.7% on a year earlier.

Subex paid no dividend in the 12 months to 5 November 2026. The last was a dividend of ₹0.25 a share, ex-date 1 July 2021.

Subex dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Not in its latest year. Subex Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 1 of its last 12 reported years, so there is a history but no current dividend.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 6 August 2026, Subex's management guided: FY27 top-line growth is the priority, with quarterly revenue expected to reach ₹100 crore within two quarters; no annual growth rate committed.

“I do not want to continue expanding margins at the cost of reinvesting in the business. We want to reach a healthy margin profile, and I believe we are at a healthy margin profile. - Nisha”CEO, on the call for April to June 2026

What management guided

• At least 30%-40% of previously announced deal value expected to be taken in the current year.
• Margins to remain in a healthy range with reasonable expansion and reinvestment.
• Implementation cycle planned to shorten by one quarter through reusable libraries and R&D initiatives.
• R&D intensity to increase, with horizon allocation planned at 60%-30%-10% within two years across current, near-term and experimental work.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 6 August 2026.

One change in Subex's own numbers looks lasting: costs spread over more sales.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to April to June 2026, 10 October 2026.

Go-live dates continue slipping or renewals fail to replace contracts completing their revenue cycle.

Each change stops working if

• Implementation-to-subscription conversion: Go-live dates continue slipping or renewals fail to replace contracts completing their revenue cycle.
• PEM renewal and product rebuilding: The renewal is followed by no additional executable wins or product revenue.

The main risks

• : Reported profit overstates the evidence for repeatable operating earnings. ⚠ estimate
• : Subscription timing has lengthened while annual growth confidence has moderated. ⚠ estimate
• : Cash balances are unreconciled and receivable days increased despite lower annual revenue. ⚠ estimate
• : Recent margins exceed their normalized level and management plans to reinvest. ⚠ estimate

Our read after the April to June 2026 results, written 10 October 2026.

When Subex reports July to September 2026, these are the 5 checks that show whether the story is still on course. First: Operating margin stays above 15% in the September 2026 quarter, with quarterly costs (sales minus operating profit) below about ₹68 crore, even as management reinvests.

Subex is on 3 of our India lists: Multibagger study list, Penny stocks and IT stocks.

Subex Ltd earned ₹14.0 Cr of net profit in the Jun 2026 quarter, +7.7% on the same quarter a year earlier. Full-year FY26 profit was ₹29.0 Cr. That is 17.7% of the quarter's revenue. The same quarter a year earlier earned ₹13.0 Cr. 6 of the last 12 reported quarters were loss-making.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

FY26-Q4. Profitability improves, but annual revenue disagrees with the summary's growth statement

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Subex Ltd reported ₹79.0 Cr of revenue in the Jun 2026 quarter, +19.7% on the same quarter a year earlier. That is the 2nd quarter in a row with growth on the year before. Over 10 years it has grown −1.4% a year on average. The last full year, FY26, came in at ₹279 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Management expects revenue uplift as implementations finish. Customers must complete approvals and go-live steps before subscriptions begin; Subex receives milestone revenue earlier but cannot capture the full annuity immediately. The latest timing is longer than the earlier expectation, so remaining revenue is a forecast rather than a delivered benefit.

The last four reported quarters add to ₹292 Cr.

FY26 revenue was ₹279 Cr, −2.4% on the year before.

Recent pace: the last four quarters grew +3.3% on average, against −1.4% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +2.8%, against −3.1% a year over the last 8 quarters (accelerating).

FY26-Q4. Profitability improves, but annual revenue disagrees with the summary's growth statement

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Subex Ltd's operating margin was 19.0% in the Jun 2026 quarter, 13.0 percentage points higher than the same quarter a year ago. Across 12 years it has been between −11.0% and 28.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The Operating Leverage Catapult explains the delivered improvement: billing growth spread existing operating costs over more revenue. Backlog conversion, utilization and profit growth are one dependent mechanism. Further benefit requires additional deployments; management's planned reinvestment will absorb part of the incremental contribution.

Why the margin moved: operating margin changed +13.0 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

FY26-Q4. Profitability improves, but annual revenue disagrees with the summary's growth statement

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Over the last 3 years, 152% of Subex Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹72.0 Cr of operating cash against ₹29.0 Cr of profit. After ₹23.0 Cr of spending on assets, ₹49.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 152% of profit came in as cash: the cash cycle got 24 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: it has been selling more assets than it buys. The next section shows those figures.

Subex Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 122 days in FY26, up from 98 days in FY21. Over the last 3 years it sold more assets than it bought, by ₹115 Cr.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹279 Cr, each day of that cycle ties up about ₹0.8 Cr, so roughly ₹93.0 Cr is tied up in the business at any time.

Over the last 3 years, money from selling assets was ₹115 Cr more than it spent on new ones. Work still in progress is ₹0.0 Cr (FY26).

In short: assets are being sold, not built, so this cash is not going into new capacity.

Subex Ltd's P/E is 30.0×, in the middle of its own history: higher than 62% of past readings. Its usual P/E (the middle reading) is 21.7×, over 9.8 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹0.53.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

Worked out from its price on 11 October 2026, Subex Ltd's share price assumed profit growth of about 22.3% a year. Today its P/E is 30.0×, higher than 62% of its own last 9.8 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Subex Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 12 quarters of 2 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Subex Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: MID EXPANSION. Still open: The next results show lower revenue and lower operating profit than the latest reported quarter, while management again postpones subscription conversion without identifying completed deployments.

NOT YET CHECKED

From the numbers. The current matrix label is…

From the price. Price stage 2, week 15, above its 200-day line, relative strength falling.

What is not proven yet. The next results show lower revenue and lower operating profit than the latest reported quarter, while management again postpones subscription conversion without identifying completed deployments.

What would change our mind. The next results show lower revenue and lower operating profit than the latest reported quarter, while management again postpones subscription conversion without identifying completed deployments.

The test written in advance. The next results show lower revenue and lower operating profit than the latest reported quarter, while management again postpones subscription conversion without identifying completed deployments. Measured by: the thesis as written as stated by the next result.

What the company does. Revenue and operating profit improved together in the latest quarter, making the recovery more than a reported-profit rebound. Subscription conversion and newer fraud products offer further revenue, but customer approvals and implementation delays postpone the cash and earnings benefit.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: The latest quarter appears to confirm an accelerating earnings recovery. The research reads it further: Revenue and operating profit improved together, supporting backlog execution and cost leverage. Other income and a lower tax rate also contributed to PAT.

What the surface reading misses. The surface reading is: The return to profit appears to establish a higher earnings base. The research reads it further: Operating profit recovered, but other income contributed to the below-the-line result.

• 1 · Operating leveragebuilding
• 2 · Value-added mixquiet
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 1 · Operating leverage: building. Delivered billing milestones and cost control increased operating profit alongside revenue. What proves it keeps working: Backlog execution and operating leverage.

Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Subex Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

FY27 Growth Confidence Has Weakened · 6 August 2026. In May 2026, management described FY27 as a year in which it was organized and resourced to deliver growth, conveying high confidence in execution. In Aug 2026, despite reporting strong Q1 growth, management said it remained uncertain whether growth would be double-digit or high-single-digit. This is a notable change in confidence around the core FY27 growth objective, although it is not a formal numerical guidance cut.

Subscription Revenue Conversion Timeline Extended · 6 August 2026. In Feb 2026, management indicated that subscription revenue for traditional products would generally begin about three quarters after a deal was announced. In Aug 2026, management described the typical period as 4-5 quarters from contract signing to subscription revenue, implying a potentially material 1-2 quarter extension in the backlog monetization timeline. The latest call cited product complexity and milestone-based revenue during implementation, but did not reconcile the longer subscription-timing assumption with the earlier three-quarter expectation.

Stated Cash Position Collapses Without Explanation · 13 May 2026. In the Q3 FY26 call (Feb 2026), management cited approximately INR 150 crores in cash as justification for potential tuck-in acquisitions, presenting it as a position of financial strength. However, the Q4 FY26 call (May 2026) reports only about INR 50 crores of cash on the balance sheet, a roughly INR 100 crore reduction in a single quarter with no explanation provided. This is made more confusing by a simultaneous Q4 FY26 prepared remark claiming that liquidity strengthened by INR 70 crores over the full year, a figure irreconcilable with the sharp quarter-on-quarter cash decline without transparency on what drove the change.

Company Day Commitment Repeatedly Broken Without Acknowledgment · 13 May 2026. By Q3 FY26 (Feb 2026), this had already slipped and management issued a firm revised promise that the event would definitely occur within FY26 ending March 2026. In the Q4 FY26 call (May 2026), the company day remains undelivered, neither missed deadline is acknowledged or explained, and the only forward-looking reference is a vague mention of an shareholder conference with no committed timeline.

Every quote above is taken word for word from the company’s own earnings calls.

Subex Ltd earned a ROCE of 13% in FY26. That is up from a low of −6% in FY23. Its return on capital used (ROIC) is 3.1 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 10.4% net margin and 0.51× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 10.4% net margin × 0.51× asset turnover × 1.61× leverage (assets divided by equity) ≈ 8.5% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 8.9% − 12.0% = −3.1 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

The 8.9% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 4.2%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Subex Ltd has total debt of ₹28.0 Cr against shareholder equity of ₹343 Cr as of Jun 2026, so its debt is 0.08× its equity, which is very little. Year by year, that ratio went from 0.03 in FY22 to 0.08 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

No group of Subex Ltd's owners changed its stake by a full percentage point over the last two years. Domestic institutions moved +0.0 points over the same period, to 0.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Foreign institutions: +0.0 points over 8 quarters, to 1.1%; Domestic institutions: +0.0 points over 8 quarters, to 0.0%.

For Subex Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

55.4 out of 100, rank 28 of 69 in IT - Software, with 64% of the evidence available.

Subex Ltd scores 55.4 out of 100 against the 69 companies it is compared with in IT - Software, ranking 28. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 23.6 + 10.2 + 9.6 + 12 = 55.4. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Subex ranks 28 of 69 IT - Software companies on the 4-Factor Sector Score, with 55.4 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: IT - Software, all 69 compared on one page.

Subex is the 41st largest of 68 IT - Software companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Dynacons Systems & Solutions, IZMO and Sahana Systems. Just below it: Excelsoft Technologies, Unified Data- Tech Solutions and Unicommerce eSolutions.

IT - Software companies close in size

38. Dynacons Systems & Solutions Ltd ₹1,208 crore
39. IZMO Ltd ₹1,006 crore
40. Sahana Systems Ltd ₹981 crore
41. Subex Ltd ₹920 crore
42. Excelsoft Technologies Ltd ₹898 crore
43. Unified Data- Tech Solutions Ltd ₹896 crore
44. Unicommerce eSolutions Ltd ₹893 crore

All 68 IT - Software companies, largest first

Companies close in size in other industries

1649. Sacheerome Ltd ₹922 crore · Chemicals - Organic
1650. Veljan Denison Ltd ₹922 crore · Compressors
1651. Subex Ltd ₹920 crore
1652. Centrum Capital Ltd ₹919 crore · Finance - Capital Markets
1653. SEPC Ltd ₹919 crore · Project Consultancy/Turnkey

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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