Order Intake Growth
24%
+24% YoY
Full-year order intake grew 24% year-over-year, with 35% higher than any prior year.
SUBEX
Other
15 Apr 2026
Subex Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Liquidity Increase
₹70 crore
+₹70 crore YoY
Liquidity strengthened by ₹70 crore over the year, providing investment flexibility.
Active Customers
125-130
flat
Subex has 125-130 active customers with 80% of T1 operators and very low churn.
FraudZap Customers
3
+2 QoQ
FraudZap now has 3 paying telcos via an intermediary, up from 1 last quarter.
Management Guidance
Target ₹100 crore quarterly revenue run-rate
CEO stated internally the goal is to reach ₹100 crore per quarter, expecting revenue uptick by mid-FY27 as implementation cycles complete.
revenuePlan to engage with PMS and HNI investors
Management plans to hit the road this quarter to present to PMS and HNI investors to improve the cap table.
otherPotential M&A using available cash
With ~₹50 crore available after working capital, the board is actively discussing potential bolt-on acquisitions this year.
expansionKey Risks
Middle East geopolitical exposure
31% of revenue comes from the Middle East; new deal decisions may be delayed due to regional instability, though existing projects are being offshored.
high · analyst_questionGPU hardware constraint for team-of-LLMs
Customers are reluctant to procure GPUs, delaying commercialization of the team-of-LLMs product despite completed PoCs and customer interest.
medium · management_commentaryCurrency fluctuation in contract negotiations
Customers increasingly want contracts in local currencies, but Subex insists on USD/euro, causing delays in deal closures.
medium · management_commentaryNotable 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.