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_questionSubex 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.
bullish
medium
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Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
GPU 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_commentary