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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹72.96 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹10.58 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Subex reported Q4 FY26 revenue of ₹72.96 crore, up 3% sequentially, with EBITDA at ₹10.58 crore (14.5% margin) and PAT of ₹9.93 crore. The full-year order intake grew 24%, and the company added 70 crore in liquidity. Management emphasized that the transformation phase is complete, with a strong backlog and pipeline. Key drivers include AI-led product traction (FraudZap, agentic AI), new logo wins in North Africa and Middle East, and expansion of managed services into AI use cases. For FY27, the CEO is bullish, targeting a run-rate of ₹100 crore per quarter as implementation cycles convert to subscription revenue. Risks include geopolitical uncertainty in the Middle East (31% revenue exposure) and GPU hardware constraints delaying commercial deployment of the team-of-LLMs product.
Colored figures show movement against the previous available record.
Guidance to track
- CEO stated internally the goal is to reach ₹100 crore per quarter, expecting revenue uptick by mid-FY27 as implementation cycles complete.
- Management plans to hit the road this quarter to present to PMS and HNI investors to improve the cap table.
- With ~₹50 crore available after working capital, the board is actively discussing potential bolt-on acquisitions this year.
Risks flagged
- 31% of revenue comes from the Middle East; new deal decisions may be delayed due to regional instability, though existing projects are being offshored.
- Customers are reluctant to procure GPUs, delaying commercialization of the team-of-LLMs product despite completed PoCs and customer interest.
- Customers increasingly want contracts in local currencies, but Subex insists on USD/euro, causing delays in deal closures.
Key quotes
- I truly believe that the stock is materially undervalued relative to our fundamentals and our trajectory and I think that gap will close and we intend to close it by executing.
- The reset is done, the foundation is built, and FY27 is where we will convert it.
- We are going into this year on the front foot, not hoping for growth but we are organized and resourced to deliver it.
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