What was Subex's revenue in Q4 FY26?

Subex reported revenue of ₹73 Cr in Q4 FY26, a — change year-over-year.

Did Subex management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Subex Q4 FY26 Research Workspace: Revenue ₹73 Cr (—)

Q: What guidance did Subex management give?

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.

Revenue ₹73 Cr

EBITDA ₹11 Cr

PAT ₹10 Cr

EBITDA Margin 14.5%

Duration 75 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

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.

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Research workspace

Focused Modules

!Risks 3 risks

Risk Intelligence

Middle East geopolitical exposure

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Quarter Snapshot

Order Intake Growth 24%

+24% YoY

Full-year order intake grew 24% year-over-year, with 35% higher than any prior year.

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.

Fast read

Guidance and risk preview

Top 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.

Top risk 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 offsho...