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Swing Capital

Subex Ltd

NSE: SUBEXLTD BSE: 532348Telecom

Incorporated in 1992, Subex Ltd is a global provider of Operations and Business Support Systems to communication service providers worldwide, in the Telecom industry[1]

₹10.2
52W: ₹6.61 — ₹17.3
PE 16.1 · Book ₹3.04 · +236% vs book
Market Cap₹572 Cr
Stock P/E16.1Price to Earnings
ROCE23.6%Return on Capital
ROE21.1%Return on Equity
Div. Yield0%Face Value ₹5

Strengths

  • +Debtor days have improved from 79.1 to 60.3 days.

Weaknesses

  • −Stock is trading at 3.35 times its book value
  • −Company has a low return on equity of -13.7% over last 3 years.

Shareholding Pattern

Promoters0%
FIIs1.1%
DIIs0.01%
Public97.62%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters0%0%0%0%0%0%0%0%
FIIs1.08%1.06%▼0.01.02%▼0.01.74%▲0.70.77%▼1.00.77%0.93%▲0.21.1%▲0.2
DIIs0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public97.53%97.57%▲0.097.58%▲0.096.86%▼0.797.95%▲1.197.94%▼0.097.8%▼0.197.62%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales72.265.0464.9868.4869.0866.2762.5663.5165.4464.56
Expenses77.0970.4776.8373.3872.7183.4965.7863.9664.1336.97
Operating Profit-4.89-5.43-11.85-4.9-3.63-17.22-3.22-0.451.3127.59
OPM %-6.77%-8.35%-18.24%-7.16%-5.25%-25.98%-5.15%-0.71%2%42.74%
Net Profit-9.8-168.72-15.94-4.58-7.34-21.926.87-3.36-3.386.04
EPS ₹-0.17-2.99-0.28-0.08-0.13-0.390.12-0.06-0.060.11

AI Insights

Revenue Trend

Mar 2026 revenue at ₹256Cr, down 4.8% YoY. OPM at 10%.

Debt Position

Borrowings at ₹26Cr. Debt-to-equity ratio: N/Ax. High leverage — monitor closely.

Institutional Flow

DIIs: 0.01% (+0.00pp change). FIIs: 1.1% (+0.26pp change). Promoters hold 0%.

Margin & Efficiency

ROCE improving from 3% (Mar 2015) to 24% (Mar 2026). Working capital days: -32.

Valuation

PE 16.1x with 23.6% ROCE. Price is 236% above book value of ₹3.04. Dividend yield: 0%.

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