# Subex share price today (Subex Ltd, NSE: SUBEXLTD)

> Subex share price today: ₹16.27 at the NSE close on 3 November 2026. Subex (NSE: SUBEXLTD) is worth ₹918 crore and trades at a P/E of 28.4. > Subex Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. SUBEXLTD · IT - Software · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/subex-ltd

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## Key numbers

- Price: ₹16.27
- P/E: 28.4× (higher than 60% of the last 9.8 years)
- Revenue (Jun 2026): ₹79.0 Cr (+19.7% on a year ago)
- Profit (Jun 2026): ₹14.0 Cr (+7.7% on a year ago)
- Operating margin: 19.0% (+13.0 points on a year ago)
- ROCE: 13%, FY26
- ROIC: 8.1%, against a 12.0% cost of capital: −3.9 points
- Profit that came in as cash: 152%, last 3 years

Biggest thing to watch: the price has already been rising for 15 weeks, so timing is the risk more than the business. ## What is the Subex share price today? Subex Ltd's share price was ₹16.27 at the close on 3 November 2026. It has been rising for 15 weeks. That is 12.1% 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. Since its first close in our records, on 17 April 2026, it has traded between ₹9 and ₹21, and at that close it sat 59% of the way up from that low. Over the last 6 months the share price moved +67% 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. ## What changed at Subex this quarter? 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. ## What are Subex's latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹79.0 crore | ₹66.0 crore | +19.7% |
| Profit | ₹14.0 crore | ₹13.0 crore | +7.7% |
| Earnings per share | ₹0.25 | ₹0.23 | +8.7% |
| Operating margin | 19.0% | 6.0% | +13.0 points |

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.)

## What is the Subex share price history? Subex closed at ₹16.27 on 3 November 2026. Its highest weekly close since April 2026 was ₹21.41 on 25 September 2026. ### Subex share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹16.59 | −1.9% |
| 1 month ago · 1 Oct 2026 | ₹19.36 | −16.0% |
| 6 months ago · 30 Apr 2026 | ₹9.34 | +74.2% |
| Earliest weekly close in our records · 17 Apr 2026 | ₹9.73 | +67.2% |
| Highest weekly close since April 2026 · 25 Sep 2026 | ₹21.41 | −24.0% |
| Lowest weekly close since April 2026 · 24 Apr 2026 | ₹8.83 | +84.3% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (36 weekly closes from 17 April 2026 to 3 November 2026.)

## What is the latest news on Subex? 3 Nov 2026: Subex closed at ₹16.27, down 1.9% on the week and down 16.0% 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. ## What dividend does Subex pay? Subex paid no dividend in the 12 months to 4 November 2026. The last was a dividend of ₹0.25 a share, ex-date 1 July 2021. ### Subex dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 1 Jul 2021 | ₹0.25 | Dividend | 2 Jul 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 1 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did Subex management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/4357/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 6 August 2026.)

## What is the future of Subex? What is changing in the business? One change in Subex's own numbers looks lasting: costs spread over more sales. Costs spread over more sales looks lasting

Subex cut its cost base and then held it while sales started to rise. Costs (sales minus operating profit) were about ₹63 crore, ₹62 crore, ₹64 crore and ₹64 crore in the last four quarters, against ₹72 crore, ₹71 crore, ₹84 crore and ₹62 crore a year earlier. Operating profit (profit from the business before interest, depreciation and tax) went from ₹6 crore to ₹15 crore over the four quarters, and operating margin from 9% to 19%. Why it may last: Expect some of the margin to be spent on reinvestment by choice, so the margin level may ease even if the lower cost base stays. What could be flattering it: Profit lifted by other income, a lower tax rate, a currency gain or a weak year-ago base rather than by the business. Next check: 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. Quarter by quarter, 4 quarters

July to September 2025

First quarter of net profit without one-offs since June 2022. Operating profit ₹6 crore on ₹69 crore of sales (9% margin), against ₹2 crore on ₹74 crore a year earlier, profit up while sales fell, so this is a cost reset, not more sales. ✓ fact

From our notes of the call for July to September 2025: Normalized operating profit expansion expected to continue as operating leverage from subscription transition compounds. October to December 2025

Operating profit ₹9 crore on ₹71 crore of sales (13% margin) against ₹2 crore on ₹73 crore a year earlier. Sales still slightly below the year before; the gain is again from lower costs. ✓ fact

From our notes of the call for October to December 2025: Management demonstrated confidence in operational recovery with operating margin expansion to 13.1% and profit margin of 10.8%. January to March 2026

Operating profit ₹9 crore on ₹73 crore (13% margin), against a loss of ₹13 crore on ₹71 crore a year earlier. The year-ago quarter was unusually bad, so the jump flatters; the level matches the previous quarter. ✓ fact

From our notes of the call for January to March 2026: Operating profit improvement driven by cost optimization below COGS line - driver: operating leverage and cost control. April to June 2026

Now the classic version: sales rose ₹13 crore (₹66 crore to ₹79 crore, about 20%) while costs rose only about ₹2 crore (₹62 crore to ₹64 crore), so operating profit went from ₹4 crore to ₹15 crore and margin from 6% to 19%. ✓ fact

From our notes of the call for April to June 2026: Backlog execution, tighter cost management and consistent billing milestones underpinned the quarter. 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.)

## What could change the Subex story? What are the risks? 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.)

## What to watch in Subex's next results? 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. | What to check | Why |
| --- | --- |
| 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. | Costs spread over more sales |
| Next quarterly print to confirm that backlog conversion is sustaining the growth trajectory rather than reverting after one strong quarter. | From the call |
| Middle East and Asia Pacific contract closures to show shorter legal and approval timelines, with no cancellations emerging. | From the call |
| PEM renewals and new deal flow to convert into reported revenue and validate the emerging growth contribution. | From the call |
| FraudZap margin realization and implementation-cycle gains to confirm product monetisation and faster subscription conversion. | From the call |

## Which stock lists is Subex on? Subex is on 3 of our India lists: Multibagger study list, Penny stocks and IT stocks. - [Multibagger study list Study stage: middle](https://www.sectoralpha.in/multibagger-stocks-india)
- [Penny stocks](https://www.sectoralpha.in/penny-stocks-india)
- [IT stocks Market value (₹ crore): 925.0704225352115](https://www.sectoralpha.in/sectors/it-stocks-india)

## Is Subex profitable? 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. 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. ## How much revenue does Subex make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Subex keep? 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. 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. ## Is Subex's profit turning into cash? 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. 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. ## Where does Subex's cash go? 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. 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. ## What is Subex's P/E ratio, and how does it compare with its own history? Subex Ltd's P/E is 28.4×, in the middle of its own history: higher than 60% 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. 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. ## What growth does the Subex share price assume? 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 28.4×, higher than 60% of its own last 9.8 years. 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 3 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. ## Is the Subex business getting better or worse? 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. 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. ## What is the Subex story, and has it been checked? 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. From the numbers. The current matrix label is…

From the price. Price stage 2, week 15, above its 200-day line, relative strength falling. Where they disagree. 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. 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. 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. ## Did Subex management deliver what it promised? 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. ## How much does Subex earn on its capital? 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 3.9 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. 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: 8.1% − 12.0% = −3.9 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 8.1% 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. ## Does Subex have too much debt? 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. ## What is the Subex shareholding pattern? 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. 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%. ## How far is Subex from balance-sheet trouble? 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. ## How does Subex rank in its industry? 54.2 out of 100, rank 28 of 69 in IT - Software, with 64% of the evidence available. Subex Ltd scores 54.2 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 + 9 + 9.6 + 12 = 54.2. 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. ## Which companies is Subex compared with? Subex ranks 28 of 69 IT - Software companies on the 4-Factor Sector Score, with 54.2 out of 100. 1. [Coforge Ltd](https://www.sectoralpha.in/stocks/coforge-ltd) COFORGE · leader · Most evidence points up · 100% evidence 69.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.4/35 · Revenue 41.5% · Profit 56.3% · Operating margin change 1 points · 100% evidence Capital efficiency 16.5/25 · ROCE 23.5% · Operating margin 20% · 100% evidence Valuation 11.3/20 · P/E 41.7× · PEG 0.57 · 100% evidence Relative strength 18.5/20 · Lead over its industry 24.5% · Lead over NIFTY 500 35.5% · 1 year 15% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.4 + 16.5 + 11.3 + 18.5 = 69.7 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Expleo Solutions Ltd](https://www.sectoralpha.in/stocks/expleo-solutions-ltd) EXPLEOSOL · breaking out · Most evidence points up · 81% evidence 68.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.6/35 · Revenue 10.4% · Profit 39.4% · Operating margin change 4 points · 88% evidence Capital efficiency 15.4/25 · ROCE 24.2% · Operating margin 15% · 100% evidence Valuation 18.7/20 · P/E 8.5× · PEG 0.33 · 100% evidence Relative strength 9.6/20 · Lead over its industry n/a · Lead over NIFTY 500 -2.7% · 1 year -20.7% · 25% evidence · 8 of 12 weeks ahead Exact sum: 24.6 + 15.4 + 18.7 + 9.6 = 68.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Cigniti Technologies Ltd](https://www.sectoralpha.in/stocks/cigniti-technologies-ltd) CIGNITITEC · Too little evidence to rank firmly · 55% evidence 68.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.8/43.75 · Revenue 14% · Profit 96.1% · Operating margin change 2 points · 47% evidence Capital efficiency 20.9/31.25 · ROCE 34.1% · Operating margin 18% · 75% evidence Valuation 19.5/25 · P/E 11.4× · PEG 0.74 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 27.8 + 20.9 + 19.5 = 68.2 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 4. [Metalic Technoforge Ltd](https://www.sectoralpha.in/stocks/metalic-technoforge-ltd) META · turning · Too little evidence to rank firmly · 51% evidence 67.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.8/43.75 · Revenue 100% · Profit 100% · Operating margin change 0 points · 83% evidence Capital efficiency 20.2/31.25 · ROCE 44% · Operating margin 11% · 76% evidence Valuation 14.3/25 · P/E 6.6× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 32.8 + 20.2 + 14.3 = 67.3 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 5. [Sahana Systems Ltd](https://www.sectoralpha.in/stocks/sahana-systems-ltd) SAHANA · leader · Too little evidence to rank firmly · 54% evidence 66.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.4/35 · Revenue 100% · Profit 100% · Operating margin change -3 points · 27% evidence Capital efficiency 18.4/25 · ROCE 39.8% · Operating margin 29% · 57% evidence Valuation 12.0/20 · P/E 14.5× · PEG n/a · 50% evidence Relative strength 17.2/20 · Lead over its industry 12.3% · Lead over NIFTY 500 22.7% · 1 year 5.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 18.4 + 18.4 + 12 + 17.2 = 66 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 6. [Silver Touch Technologies Ltd](https://www.sectoralpha.in/stocks/silver-touch-technologies-ltd) SILVERTUC · quiet · Most evidence points up · 100% evidence 65.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.9/35 · Revenue 21.7% · Profit 88% · Operating margin change 5 points · 100% evidence Capital efficiency 21.3/25 · ROCE 29.8% · Operating margin 21% · 100% evidence Valuation 11.2/20 · P/E 31.6× · PEG 1.11 · 100% evidence Relative strength 3.0/20 · Lead over its industry -21.7% · Lead over NIFTY 500 -13.9% · 1 year 52.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 29.9 + 21.3 + 11.2 + 3 = 65.4 · What this means: Earnings are strong; relative strength in its sector is -21.7% and the one-year return is 52.9%. 7. [NINtec Systems Ltd](https://www.sectoralpha.in/stocks/nintec-systems-ltd) NINSYS · turning · Most evidence points up · 93% evidence 65.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.2/35 · Revenue 18.8% · Profit 23.3% · Operating margin change 2 points · 100% evidence Capital efficiency 22.4/25 · ROCE 54% · Operating margin 27% · 100% evidence Valuation 6.6/20 · P/E 48.1× · PEG 2.08 · 65% evidence Relative strength 18.2/20 · Lead over its industry 57.5% · Lead over NIFTY 500 70.4% · 1 year 113.7% · 100% evidence · 4 of 12 weeks ahead Exact sum: 18.2 + 22.4 + 6.6 + 18.2 = 65.4 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 8. [Unified Data- Tech Solutions Ltd](https://www.sectoralpha.in/stocks/unified-data-tech-solutions-ltd) breaking out · Too little evidence to rank firmly · 56% evidence 63.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.0/35 · Revenue n/a · Profit n/a · Operating margin change 2 points · 26% evidence Capital efficiency 18.4/25 · ROCE 34.1% · Operating margin 15% · 95% evidence Valuation 10.2/20 · P/E 17.3× · PEG n/a · 15% evidence Relative strength 17.8/20 · Lead over its industry 11.5% · Lead over NIFTY 500 22% · 1 year -7.6% · 100% evidence · 8 of 12 weeks ahead Exact sum: 17 + 18.4 + 10.2 + 17.8 = 63.4 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 9. [ASM Technologies Ltd](https://www.sectoralpha.in/stocks/asm-technologies-ltd) leader · Evidence leans up · 61% evidence 63.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.1/35 · Revenue 67.8% · Profit 89.5% · Operating margin change 2 points · 83% evidence Capital efficiency 16.0/25 · ROCE 27% · Operating margin 23% · 95% evidence Valuation 8.7/20 · P/E 124× · PEG n/a · 15% evidence Relative strength 12.3/20 · Lead over its industry n/a · Lead over NIFTY 500 66.2% · 1 year 78.6% · 25% evidence · 12 of 12 weeks ahead Exact sum: 26.1 + 16 + 8.7 + 12.3 = 63.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Tanla Platforms Ltd](https://www.sectoralpha.in/stocks/tanla-platforms-ltd) TANLA · turning · Evidence leans up · 85% evidence 62.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 17.7% · Profit 15.4% · Operating margin change 0 points · 100% evidence Capital efficiency 18.4/25 · ROCE 26.3% · Operating margin 16% · 100% evidence Valuation 14.0/20 · P/E 15× · PEG 1.07 · 100% evidence Relative strength 11.7/20 · Lead over its industry n/a · Lead over NIFTY 500 26.7% · 1 year 2.8% · 25% evidence · 3 of 12 weeks ahead Exact sum: 18.7 + 18.4 + 14 + 11.7 = 62.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [String Metaverse Ltd](https://www.sectoralpha.in/stocks/string-metaverse-ltd) breaking out · Evidence leans up · 83% evidence 62.5 out of 100 Growth Capital Valuation Relative
12. [Tech Mahindra Ltd](https://www.sectoralpha.in/stocks/tech-mahindra-ltd) TECHM · leader · Evidence leans up · 85% evidence 62.1 out of 100 Growth Capital Valuation Relative
13. [Infosys Ltd](https://www.sectoralpha.in/stocks/infosys-ltd) INFY · breaking out · Evidence leans up · 82% evidence 61.7 out of 100 Growth Capital Valuation Relative
14. [InfoBeans Technologies Ltd](https://www.sectoralpha.in/stocks/infobeans-technologies-ltd) INFOBEAN · quiet · Evidence leans up · 100% evidence 61.6 out of 100 Growth Capital Valuation Relative
15. [Zensar Technologies Ltd](https://www.sectoralpha.in/stocks/zensar-technologies-ltd) ZENSARTECH · turning · Evidence leans up · 100% evidence 61.6 out of 100 Growth Capital Valuation Relative
16. [Tata Consultancy Services Ltd](https://www.sectoralpha.in/stocks/tata-consultancy-services-ltd) TCS · breaking out · Evidence leans up · 100% evidence 60.9 out of 100 Growth Capital Valuation Relative
17. [Sasken Technologies Ltd](https://www.sectoralpha.in/stocks/sasken-technologies-ltd) SASKEN · turning · Evidence leans up · 100% evidence 60.8 out of 100 Growth Capital Valuation Relative
18. [Birlasoft Ltd](https://www.sectoralpha.in/stocks/birlasoft-ltd) BSOFT · breaking out · Evidence leans up · 100% evidence 59.6 out of 100 Growth Capital Valuation Relative
19. [Seshaasai Technologies Ltd](https://www.sectoralpha.in/stocks/seshaasai-technologies-ltd) STYL · quiet · Evidence leans up · 68% evidence 59.6 out of 100 Growth Capital Valuation Relative
20. [Xchanging Solutions Ltd](https://www.sectoralpha.in/stocks/xchanging-solutions-ltd) XCHANGING · quiet · Evidence leans up · 85% evidence 59.1 out of 100 Growth Capital Valuation Relative
21. [RNIT AI Solutions Ltd](https://www.sectoralpha.in/stocks/rnit-ai-solutions-ltd) AUTOPALIND · breaking out · Evidence leans up · 69% evidence 59.1 out of 100 Growth Capital Valuation Relative
22. [Danlaw Technologies India Ltd](https://www.sectoralpha.in/stocks/danlaw-technologies-india-ltd) breaking out · Evidence leans up · 68% evidence 58.8 out of 100 Growth Capital Valuation Relative
23. [Softtech Engineers Ltd](https://www.sectoralpha.in/stocks/softtech-engineers-ltd) SOFTTECH · breaking out · Evidence leans up · 79% evidence 58.3 out of 100 Growth Capital Valuation Relative
24. [R Systems International Ltd](https://www.sectoralpha.in/stocks/r-systems-international-ltd) RSYSTEMS · losing its lead · Evidence leans up · 96% evidence 57.1 out of 100 Growth Capital Valuation Relative
25. [HCL Technologies Ltd](https://www.sectoralpha.in/stocks/hcl-technologies-ltd) HCLTECH · leader · Evidence leans up · 82% evidence 56.7 out of 100 Growth Capital Valuation Relative
26. [Datamatics Global Services Ltd](https://www.sectoralpha.in/stocks/datamatics-global-services-ltd) DATAMATICS · quiet · Evidence leans up · 81% evidence 55.8 out of 100 Growth Capital Valuation Relative
27. [Wipro Ltd](https://www.sectoralpha.in/stocks/wipro-ltd) WIPRO · turning · Evidence leans up · 100% evidence 55.4 out of 100 Growth Capital Valuation Relative
28. Subex Ltd this page SUBEXLTD · breaking out · Evidence leans up · 64% evidence 54.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.6/35 · Revenue 2.8% · Profit 100% · Operating margin change 13 points · 88% evidence Capital efficiency 9.0/25 · ROCE 12.8% · Operating margin 19% · 100% evidence Valuation 9.6/20 · P/E 28.4× · PEG n/a · 15% evidence Relative strength 12.0/20 · Lead over its industry n/a · Lead over NIFTY 500 37% · 1 year n/a · 25% evidence · 12 of 12 weeks ahead Exact sum: 23.6 + 9 + 9.6 + 12 = 54.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 29. [Ksolves India Ltd](https://www.sectoralpha.in/stocks/ksolves-india-ltd) KSOLVES · quiet · Evidence leans up · 100% evidence 52.8 out of 100 Growth Capital Valuation Relative
30. [Capillary Technologies India Ltd](https://www.sectoralpha.in/stocks/capillary-technologies-india-ltd) CAPILLARY · breaking out · Too little evidence to rank firmly · 59% evidence 52.6 out of 100 Growth Capital Valuation Relative
31. [LTM Ltd](https://www.sectoralpha.in/stocks/ltm-ltd) LTM · losing its lead · Evidence leans up · 100% evidence 51.2 out of 100 Growth Capital Valuation Relative
32. [TechNVision Ventures Ltd](https://www.sectoralpha.in/stocks/technvision-ventures-ltd) TECHNVISN · quiet · Evidence leans up · 64% evidence 51.2 out of 100 Growth Capital Valuation Relative
33. [Saksoft Ltd](https://www.sectoralpha.in/stocks/saksoft-ltd) SAKSOFT · basing · Evidence leans up · 96% evidence 50.9 out of 100 Growth Capital Valuation Relative
34. [BLS E-Services Ltd](https://www.sectoralpha.in/stocks/bls-e-services-ltd) BLSE · leader · Evidence leans up · 78% evidence 50.5 out of 100 Growth Capital Valuation Relative
35. [Mphasis Ltd](https://www.sectoralpha.in/stocks/mphasis-ltd) MPHASIS · breaking out · Evidence leans up · 81% evidence 50.4 out of 100 Growth Capital Valuation Relative
36. [Excelsoft Technologies Ltd](https://www.sectoralpha.in/stocks/excelsoft-technologies-ltd) EXCELSOFT · breaking out · Too little evidence to rank firmly · 59% evidence 50.3 out of 100 Growth Capital Valuation Relative
37. [Blue Cloud Softech Solutions Ltd](https://www.sectoralpha.in/stocks/blue-cloud-softech-solutions-ltd) BLUECLOUDS · turning · Evidence leans down · 64% evidence 49.9 out of 100 Growth Capital Valuation Relative
38. [ACS Technologies Ltd](https://www.sectoralpha.in/stocks/acs-technologies-ltd) ACSTECH · Evidence leans down · 74% evidence 49.5 out of 100 Growth Capital Valuation Relative
39. [Magellanic Cloud Ltd](https://www.sectoralpha.in/stocks/magellanic-cloud-ltd) MCLOUD · basing · Evidence leans down · 81% evidence 49.2 out of 100 Growth Capital Valuation Relative
40. [Dynacons Systems & Solutions Ltd](https://www.sectoralpha.in/stocks/dynacons-systems-solutions-ltd) DSSL · quiet · Evidence leans down · 96% evidence 48.6 out of 100 Growth Capital Valuation Relative
41. [IZMO Ltd](https://www.sectoralpha.in/stocks/izmo-ltd) IZMO · quiet · Evidence leans down · 81% evidence 48.0 out of 100 Growth Capital Valuation Relative
42. [Mastek Ltd](https://www.sectoralpha.in/stocks/mastek-ltd) MASTEK · quiet · Evidence leans down · 100% evidence 47.1 out of 100 Growth Capital Valuation Relative
43. [Sonata Software Ltd](https://www.sectoralpha.in/stocks/sonata-software-ltd) SONATSOFTW · quiet · Evidence leans down · 96% evidence 46.9 out of 100 Growth Capital Valuation Relative
44. [AvenuesAI Ltd](https://www.sectoralpha.in/stocks/avenuesai-ltd) CCAVENUE · quiet · Evidence leans down · 89% evidence 44.8 out of 100 Growth Capital Valuation Relative
45. [Unicommerce eSolutions Ltd](https://www.sectoralpha.in/stocks/unicommerce-esolutions-ltd) UNIECOM · turning · Evidence leans down · 78% evidence 44.6 out of 100 Growth Capital Valuation Relative
46. [Hexaware Technologies Ltd](https://www.sectoralpha.in/stocks/hexaware-technologies-ltd) HEXT · basing · Evidence leans down · 85% evidence 42.0 out of 100 Growth Capital Valuation Relative
47. [Allied Digital Services Ltd](https://www.sectoralpha.in/stocks/allied-digital-services-ltd) ADSL · basing · Evidence leans down · 74% evidence 41.1 out of 100 Growth Capital Valuation Relative
48. [Hypersoft Technologies Ltd](https://www.sectoralpha.in/stocks/hypersoft-technologies-ltd) quiet · Evidence leans down · 80% evidence 40.9 out of 100 Growth Capital Valuation Relative
49. [Kellton Tech Solutions Ltd](https://www.sectoralpha.in/stocks/kellton-tech-solutions-ltd) KELLTONTEC · quiet · Evidence leans down · 96% evidence 39.0 out of 100 Growth Capital Valuation Relative
50. [3i Infotech Ltd](https://www.sectoralpha.in/stocks/3i-infotech-ltd) 3IINFOLTD · Too little evidence to rank firmly · 58% evidence 38.9 out of 100 Growth Capital Valuation Relative
51. [Innovana Thinklabs Ltd](https://www.sectoralpha.in/stocks/innovana-thinklabs-ltd) INNOVANA · basing · Evidence leans down · 81% evidence 37.6 out of 100 Growth Capital Valuation Relative
52. [Mindteck (India) Ltd](https://www.sectoralpha.in/stocks/mindteck-indialtd) MINDTECK · Most evidence points down · 76% evidence 32.8 out of 100 Growth Capital Valuation Relative
53. [Aurionpro Solutions Ltd](https://www.sectoralpha.in/stocks/aurionpro-solutions-ltd) AURIONPRO · basing · Most evidence points down · 93% evidence 29.7 out of 100 Growth Capital Valuation Relative
54. [Moschip Technologies Ltd](https://www.sectoralpha.in/stocks/moschip-technologies-ltd) MOSCHIP · quiet · Most evidence points down · 65% evidence 26.1 out of 100 Growth Capital Valuation Relative
55. [Quick Heal Technologies Ltd](https://www.sectoralpha.in/stocks/quick-heal-technologies-ltd) QUICKHEAL · turning · Most evidence points down · 80% evidence 22.9 out of 100 Growth Capital Valuation Relative
56. Orient Technologies Ltd ORIENTTECH · quiet · Most evidence points down · 76% evidence 21.2 out of 100 Growth Capital Valuation Relative
57. [Covance Softsol Ltd](https://www.sectoralpha.in/stocks/covance-softsol-ltd) Too little evidence to rank firmly · 31% evidence 62.9 out of 100 Growth Capital Valuation Relative
58. [Exato Technologies Ltd](https://www.sectoralpha.in/stocks/exato-technologies-ltd) losing its lead · Too little evidence to rank firmly · 43% evidence 59.3 out of 100 Growth Capital Valuation Relative
59. [TAC Infosec Ltd](https://www.sectoralpha.in/stocks/tac-infosec-ltd) TAC · quiet · Too little evidence to rank firmly · 48% evidence 58.5 out of 100 Growth Capital Valuation Relative
60. [Veefin Solutions Ltd](https://www.sectoralpha.in/stocks/veefin-solutions-ltd) VEEFIN · basing · Too little evidence to rank firmly · 43% evidence 54.2 out of 100 Growth Capital Valuation Relative
61. [Kody Technolab Ltd](https://www.sectoralpha.in/stocks/kody-technolab-ltd) KODYTECH · leader · Too little evidence to rank firmly · 35% evidence 53.5 out of 100 Growth Capital Valuation Relative
62. [Optivalue Tek Consulting Ltd](https://www.sectoralpha.in/stocks/optivalue-tek-consulting-ltd) OPTIVALUE · Too little evidence to rank firmly · 32% evidence 51.4 out of 100 Growth Capital Valuation Relative
63. [Workmates Core2cloud Solution Ltd](https://www.sectoralpha.in/stocks/workmates-core2cloud-solution-ltd) Too little evidence to rank firmly · 26% evidence 50.7 out of 100 Growth Capital Valuation Relative
64. [Trident Techlabs Ltd](https://www.sectoralpha.in/stocks/trident-techlabs-ltd) TECHLABS · Too little evidence to rank firmly · 27% evidence 47.6 out of 100 Growth Capital Valuation Relative
65. [ERP Soft Systems Ltd](https://www.sectoralpha.in/stocks/erp-soft-systems-ltd) Too little evidence to rank firmly · 36% evidence 46.7 out of 100 Growth Capital Valuation Relative
66. [Sancode Technologies Ltd](https://www.sectoralpha.in/stocks/sancode-technologies-ltd) Too little evidence to rank firmly · 35% evidence 46.6 out of 100 Growth Capital Valuation Relative
67. [63 Moons Technologies Ltd](https://www.sectoralpha.in/stocks/63-moons-technologies-ltd) 63MOONS · leader · Too little evidence to rank firmly · 46% evidence 45.6 out of 100 Growth Capital Valuation Relative
68. [XT Global Infotech Ltd](https://www.sectoralpha.in/stocks/xt-global-infotech-ltd) XTGLOBAL · Too little evidence to rank firmly · 40% evidence 45.4 out of 100 Growth Capital Valuation Relative
69. [IDream Film Infrastructure Company Ltd](https://www.sectoralpha.in/stocks/idream-film-infrastructure-company-ltd) quiet · Too little evidence to rank firmly · 42% evidence 34.9 out of 100 Growth Capital Valuation Relative

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](https://www.sectoralpha.in/sectors/it-software), all 69 compared on one page. ## Which companies are close to Subex in size? 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

1. [Dynacons Systems & Solutions Ltd](https://www.sectoralpha.in/stocks/dynacons-systems-solutions-ltd) ₹1,208 crore
2. [IZMO Ltd](https://www.sectoralpha.in/stocks/izmo-ltd) ₹1,006 crore
3. [Sahana Systems Ltd](https://www.sectoralpha.in/stocks/sahana-systems-ltd) ₹981 crore
4. Subex Ltd ₹920 crore
5. [Excelsoft Technologies Ltd](https://www.sectoralpha.in/stocks/excelsoft-technologies-ltd) ₹898 crore
6. [Unified Data- Tech Solutions Ltd](https://www.sectoralpha.in/stocks/unified-data-tech-solutions-ltd) ₹896 crore
7. [Unicommerce eSolutions Ltd](https://www.sectoralpha.in/stocks/unicommerce-esolutions-ltd) ₹893 crore

[All 68 IT - Software companies, largest first](https://www.sectoralpha.in/sectors/it-software#all-companies)

### Companies close in size in other industries

1. [Sacheerome Ltd](https://www.sectoralpha.in/stocks/sacheerome-ltd) ₹922 crore · Chemicals - Organic
2. [Veljan Denison Ltd](https://www.sectoralpha.in/stocks/veljan-denison-ltd) ₹922 crore · Compressors
3. Subex Ltd ₹920 crore
4. [Centrum Capital Ltd](https://www.sectoralpha.in/stocks/centrum-capital-ltd) ₹919 crore · Finance - Capital Markets
5. [SEPC Ltd](https://www.sectoralpha.in/stocks/sepc-ltd) ₹919 crore · Project Consultancy/Turnkey

## What else do people ask about Subex? ### What is Subex's share price today? Subex Ltd's share price is ₹16.27. The whole company is worth ₹918 Cr on the market. In the last 52 weeks it traded between ₹9 to ₹21; today it is 59% of the way up from the low, 12.1% above its 200-day average. The price has been rising for 15 weeks (as of 3 November 2026). ### What were Subex's latest quarterly results? Subex Ltd reported revenue of ₹79.0 Cr and net profit of ₹14.0 Cr for the Jun 2026 quarter. Revenue rose 19.7% and profit rose 7.7% compared with a year earlier. Earnings per share were ₹0.25. The operating margin was 19.0%, 13.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Subex's market cap? Subex Ltd's market capitalisation is ₹918 Cr at a share price of ₹16.27. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Subex performing? Subex Ltd's share price has been rising for 15 weeks. In its latest quarter, revenue rose 19.7% and profit rose 7.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 19 weeks running (as of 3 November 2026). ### Will Subex's share price go up? This page does not forecast Subex Ltd's share price. What it shows instead: the share price is ₹16.27, and it has been rising for 15 weeks. Its P/E of 28.4× is higher than 60% of its own last 10 years (as of 3 November 2026). ### Where is Subex in its business cycle? Subex Ltd's FY26 operating margin was 9.0%, against a 12-year range of −11.0% to 28.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 19.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Subex story? Biggest thing to watch: the price has already been rising for 15 weeks, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Subex a stock worth studying right now? What the numbers show: Subex Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Subex share price forecast for 2026? What management itself guided: FY27 top-line growth is the priority, with quarterly revenue expected to reach ₹100 crore within two quarters; no annual growth rate committed. One change in Subex's own numbers looks lasting: costs spread over more sales. What would change the story: Go-live dates continue slipping or renewals fail to replace contracts completing their revenue cycle. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Penny stocks: https://www.sectoralpha.in/penny-stocks-india
- IT stocks: https://www.sectoralpha.in/sectors/it-stocks-india

This is research, not advice. We’re not SEBI-registered.