SUBEXLTD
Subex financials
- Market cap
- ₹774 Cr
- Sector
- Information Technology
- Calls analysed
- 6
Subex Q1 FY27
What went well
- Revenue for the quarter grew 8.9% sequentially and 19.7% over the corresponding quarter last year.
- EBITDA margin was at 21.2%, while PAT stood at 17.9%.
- EBITDA has now grown fourfold compared to same quarter last year.
What to watch
- Slowdown in contract closures from the Middle East due to legal and commercial complexities, causing 1-2 month delays.
- Extended timelines for contract closures also observed in the APAC region.
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 4 delivered 3 missed 7 open- Operating Margin delivered said Q4 FY25 Promised: get to the benchmark, which is in the range of 10% to 17%. Q1 FY27: EBITDA margin improved significantly to 21.2%, well exceeding the target range of 10-17%.
- Investor Day / Outreach missed said Q4 FY25 Promised: I think on a 6 months basis or something, we can, think about it... We'll do it. Q1 FY27: Promise remains missed. No mention of an investor day in the current quarter.
- Total Income Growth revised up said Q4 FY26 Promised: Full year FY27 total income came in at 6% YoY. Q1 FY27: Q1 revenue grew 19.7% YoY. Management revised guidance upwards to 'double-digit growth, or high single digits', exceeding the original 6% target.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 16.3%, net profit up 24.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 68 | 69 | 66 | 63 | 64 −7% | 65 −5% | 65 −3% | 73 +16% |
| EBITDA | -5 | -4 | -17 | -3 | -0 +91% | 1 +136% | 28 +260% | 9 +393% |
| Net profit | -5 | -7 | -22 | 7 | -3 +27% | -3 +54% | 6 +128% | 9 +24% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +61.6% 1Y
1Y: ₹12.87 on 10 Sept 2025 → ₹20.8. High ₹20.8 (11 Sept 2026), low ₹6.68 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.6%
- 6 Aug
- Q4 FY26
- +1.8%
- 13 May
- Q3 FY26
- +2.0%
- 11 Feb
- Q2 FY26
- −4.1%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 2.8% a year over 3 years, FY23 to FY26. Operating margin widened to 9.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹278 Cr | ₹269 Cr | ₹269 Cr | ₹256 Cr |
| Operating profit | ₹-30 Cr | ₹-36 Cr | ₹-38 Cr | ₹25 Cr |
| Operating margin | -10.9% | -13.5% | -14.0% | 9.9% |
| Interest | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹3 Cr |
| Depreciation | ₹14 Cr | ₹14 Cr | ₹13 Cr | ₹12 Cr |
| Net profit | ₹-51 Cr | ₹-213 Cr | ₹-50 Cr | ₹6 Cr |
| Net margin | -18.2% | -79.3% | -18.5% | 2.4% |
| Cash from operations | ₹45 Cr | ₹-4 Cr | ₹8 Cr | ₹71 Cr |
| Free cash flow | ₹42 Cr | ₹-7 Cr | ₹7 Cr | ₹67 Cr |
| ROCE | -16.0% | -14.0% | -23.0% | 24.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹281 Cr | ₹281 Cr | ₹281 Cr | ₹281 Cr | ₹281 Cr | ₹281 Cr |
| Reserves | ₹221 Cr | ₹208 Cr | ₹143 Cr | ₹-67 Cr | ₹42 Cr | ₹-109 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹30 Cr | ₹25 Cr | ₹30 Cr | ₹26 Cr |
| Other liabilities | ₹77 Cr | ₹54 Cr | ₹152 Cr | ₹107 Cr | ₹165 Cr | ₹147 Cr |
| Total liabilities | ₹579 Cr | ₹544 Cr | ₹606 Cr | ₹347 Cr | ₹517 Cr | ₹344 Cr |
| Fixed assets | ₹9 Cr | ₹7 Cr | ₹41 Cr | ₹31 Cr | ₹231 Cr | ₹30 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹476 Cr | ₹428 Cr | ₹346 Cr | ₹176 Cr | ₹9 Cr | ₹160 Cr |
| Other assets | ₹95 Cr | ₹109 Cr | ₹220 Cr | ₹139 Cr | ₹278 Cr | ₹154 Cr |
| Total assets | ₹579 Cr | ₹544 Cr | ₹606 Cr | ₹347 Cr | ₹517 Cr | ₹344 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Subex
Guides on how to read this kind of business and the numbers that matter.