Subex Ltd: Intrinsic Value & Share Price Analysis

Q: What is the intrinsic value of Subex Ltd and is it undervalued?

As of 10 September 2026, Subex Ltd's intrinsic value is 5.72, which is 68.57% lower than the current market price of 18.20, suggesting the stock is overvalued. Calculated using the PE ratio method factoring in ROE (9.90 %), book value (6.08), dividend yield (0.00 %), and 5-year EPS CAGR.

Q: What is the current share price and 52-week range of Subex Ltd?

Subex Ltd is trading at 18.20 as of 10 September 2026, with a FY2026-2027 high of 19.4 and low of 6.61. The stock is currently near its 52-week high. Market cap stands at 1,029 Cr..

Q: Is Subex Ltd financially healthy?

Key indicators: ROCE of 12.8 % is moderate. Dividend yield is 0.00 %.

Q: Is Subex Ltd profitable and how is the profit trend?

Subex Ltd reported a net profit of -31 Cr in Mar 2025 on revenue of 286 Cr. Compared to 21 Cr in Mar 2022, the net profit shows a declining trend.

Fair Value

₹15.62Overvalued by 14.18%vs CMP ₹18.20

P/E (31.8) × ROE (9.9%) × BV (₹6.08) × DY (2.00%)

₹5.72Overvalued by 68.57%vs CMP ₹18.20

MoS: -218.2% (Negative)Confidence: 60/100 (Moderate)Models: All 6: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹8.71	36%	Over (-52.1%)
Graham Number	Earnings	₹1.65	21%	Over (-90.9%)
Net Asset Value	Assets	₹6.07	11%	Over (-66.6%)
Earnings Yield	Earnings	₹0.20	11%	Over (-98.9%)
ROCE Capital	Returns	₹7.76	11%	Over (-57.4%)
Revenue Multiple	Revenue	₹7.59	9%	Over (-58.3%)
Consensus (6 models)		₹5.72	100%	Overvalued

Key Drivers: EPS CAGR -44.2% drags value — could be higher if earnings stabilize. | Wide model spread (₹0–₹9) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -44.2%

*Investments are subject to market risks

Analyst Summary

Subex Ltd operates in the IT Consulting & Software segment, NSE: SUBEXLTD | BSE: 532348, current market price is ₹18.20, market cap is 1,029 Cr.. At a glance, stock P/E is 31.8, ROE is 9.90 %, ROCE is 12.8 %, book value is 6.08, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹5.72, around 68.6% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹286 Cr versus the prior period change of -7.7%, while latest net profit is about ₹-31 Cr with a prior-period change of 83.9%. The 52-week range shown on this page is 19.4/6.61, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisSubex Ltd. is a Public Limited Listed company incorporated on 06/12/1994 and has its registered office in the State of Karnataka, India. Company's Corporate Identification Number(CIN) is L85110KA1994P…

This summary is generated from the stock page data available for Subex Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

Subex Ltd scores 51/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health60/100 · Moderate

ROCE 12.8% GoodROE 9.9% AverageD/E 0.01 Low debtInterest Coverage 0.0x RiskyProfitable 2/5 years Inconsistent

Smart Money50/100 · Moderate

FII holding stable No change

Earnings Quality50/100 · Moderate

OPM contracting (0% → -5%) DecliningWorking capital: 45 days (improving) Efficient

Quarterly Momentum45/100 · Moderate

Revenue (4Q): -7% YoY DecliningOPM: 12.8% (up 9.3% YoY) Margin expansion

Industry Rank40/100 · Moderate

P/E 31.8 vs industry 45.3 In-lineROCE 12.8% vs industry 15.1% Average3Y sales CAGR: -5% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily.

Share Price and Basic Stock Data

Last Updated: August 25, 2026, 8:10 am

Market Cap	1,029 Cr.
Current Price	18.2
Intrinsic Value	₹5.72
High / Low	19.4/6.61
Stock P/E	31.8
Book Value	6.08
Dividend Yield	0.00 %
ROCE	12.8 %
ROE	9.90 %
Face Value	5.00
PEG Ratio	-0.72

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Subex Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Subex Ltd	1,029 Cr.	18.2	19.4/6.61	31.8	6.08	0.00 %	12.8 %	9.90 %	5.00
Genesys International Corporation Ltd	1,194 Cr.	179	442/135	34.3	105	0.00 %	8.23 %	5.74 %	5.00
IZMO Ltd	1,260 Cr.	841	1,380/562	23.4	273	0.00 %	12.6 %	12.4 %	10.0
Quick Heal Technologies Ltd	762 Cr.	140	371/125		80.5	0.00 %	4.65 %	2.49 %	10.0
Danlaw Technologies India Ltd	748 Cr.	1,536	1,580/428	29.4	205	0.00 %	27.2 %	26.1 %	10.0
Industry Average	17,742.14 Cr	521.81		45.27	127.79	0.73%	15.13%	17.10%	6.68

All Competitor Stocks of Subex Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	73.66	47.27	67.29	76.81	81.82	83.80	68.16	74.16	72.69	70.60	66.40	68.91	70.79
Expenses	68.57	84.03	82.03	81.38	81.24	80.72	74.20	72.27	70.19	83.60	62.47	62.63	61.75
Operating Profit	5.09	-36.76	-14.74	-4.57	0.58	3.08	-6.04	1.89	2.50	-13.00	3.93	6.28	9.04
OPM %	6.91%	-77.77%	-21.91%	-5.95%	0.71%	3.68%	-8.86%	2.55%	3.44%	-18.41%	5.92%	9.11%	12.77%
Other Income	0.81	3.72	1.35	1.28	1.41	-145.26	1.92	5.42	1.07	2.76	15.81	1.52	-0.25
Interest	0.76	0.72	0.70	0.66	0.63	0.64	0.59	0.59	0.54	0.50	0.99	0.82	0.66
Depreciation	3.81	3.82	3.87	4.20	3.75	3.78	3.66	3.73	3.35	3.38	4.04	2.76	2.37
Profit before tax	1.33	-37.58	-17.96	-8.15	-2.39	-146.60	-8.37	2.99	-0.32	-14.12	14.71	4.22	5.76
Tax %	451.88%	25.55%	7.35%	35.58%	104.60%	6.76%	33.93%	79.26%	915.62%	24.65%	12.92%	32.23%	49.13%
Net Profit	-4.68	-47.18	-19.28	-11.05	-4.89	-156.51	-11.21	0.62	-3.25	-17.60	12.81	2.86	2.93
EPS in Rs	-0.08	-0.84	-0.34	-0.20	-0.09	-2.78	-0.20	0.01	-0.06	-0.31	0.23	0.05	0.05

Last Updated: March 3, 2026, 2:32 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 12:16 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	340	360	322	357	324	348	365	372	333	279	310	286	277
Expenses	272	275	231	268	290	297	279	273	298	309	325	300	270
Operating Profit	68	85	91	89	34	51	86	99	36	-30	-16	-15	6
OPM %	20%	24%	28%	25%	11%	15%	24%	27%	11%	-11%	-5%	-5%	2%
Other Income	-0	-4	-87	-97	13	3	-303	8	10	8	-141	11	20
Interest	67	61	62	20	8	2	6	4	3	3	3	2	3
Depreciation	2	4	4	5	5	5	15	14	10	14	16	14	13
Profit before tax	-2	16	-62	-34	34	47	-238	89	34	-39	-175	-20	11
Tax %	416%	36%	21%	29%	40%	46%	13%	42%	38%	31%	10%	59%
Net Profit	-12	10	-74	-43	21	25	-269	52	21	-51	-192	-31	1
EPS in Rs	-0.70	0.56	-1.48	-0.85	0.37	0.45	-4.79	0.92	0.37	-0.91	-3.40	-0.56	0.02
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	82%	0%	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	183.33%	-840.00%	41.89%	148.84%	19.05%	-1176.00%	119.33%	-59.62%	-342.86%	-276.47%	83.85%
Change in YoY Net Profit Growth (%)	0.00%	-1023.33%	881.89%	106.95%	-129.79%	-1195.05%	1295.33%	-178.95%	-283.24%	66.39%	360.32%

Subex Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	-2%
5 Years:	-5%
3 Years:	-5%
TTM:	-9%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	80%

Stock Price CAGR
10 Years:	2%
5 Years:	5%
3 Years:	-29%
1 Year:	-56%

Return on Equity
10 Years:	1%
5 Years:	-3%
3 Years:	-11%
Last Year:	-10%

Last Updated: September 5, 2025, 1:36 pm

Balance Sheet

Last Updated: May 14, 2026, 5:00 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	183	503	507	562	562	562	281	281	281	281	281	281
Reserves	26	231	177	217	232	-47	268	283	241	53	23	62
Borrowings	725	228	186	32	0	49	26	15	33	28	19	28
Other Liabilities	188	80	86	81	96	114	151	140	140	167	163	181
Total Liabilities	1,121	1,042	957	892	890	678	725	719	695	528	487	552
Fixed Assets	865	775	668	666	664	393	375	368	385	228	217	228
CWIP	0	0	0	0	0	0	0	0	0	0	0	0
Investments	0	0	0	0	0	0	0	12	14	9	22	32
Other Assets	257	267	289	226	226	286	350	339	296	292	248	292
Total Assets	1,121	1,042	957	892	890	678	725	719	695	528	487	552

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	64	66	54	54	55	66	91	-8	9	-8	10	72
Cash from Investing Activity +	-11	7	-11	-7	-11	-2	-6	-34	-36	34	-16	-31
Cash from Financing Activity +	-47	-36	-55	-91	-34	-13	-32	-15	-7	-9	-12	-9
Net Cash Flow	6	37	-12	-44	9	51	53	-58	-33	17	-19	32
Free Cash Flow	58	63	48	51	52	63	82	-14	4	-11	7	68
CFO/OP	86%	85%	74%	204%	127%	94%	106%	41%	-48%	-36%	-124%	146%

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	68.00	-640.00	-137.00	-97.00	2.00	51.00	37.00	73.00	21.00	-63.00	-44.00	-34.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	108	110	126	121	105	90	92	98	106	118	120	99
Inventory Days
Days Payable
Cash Conversion Cycle	108	110	126	121	105	90	92	98	106	118	120	99
Working Capital Days	-119	-69	-128	-96	51	60	62	69	110	71	47	45
ROCE %	7%	9%	7%	10%	4%	6%	13%	16%	6%	-6%	-5%	-6%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
FIIs	0.91%	1.30%	1.23%	1.08%	1.06%	1.02%	1.74%	0.77%	0.77%	0.93%	1.10%	0.60%
DIIs	0.09%	0.12%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%
Public	97.43%	97.05%	97.38%	97.53%	97.57%	97.58%	96.86%	97.95%	97.94%	97.80%	97.62%	98.14%
Others	1.56%	1.53%	1.38%	1.38%	1.38%	1.38%	1.38%	1.27%	1.27%	1.27%	1.27%	1.27%
No. of Shareholders	3,39,806	3,36,664	3,81,330	3,75,646	3,69,636	3,66,336	3,62,141	3,59,607	3,52,541	3,45,863	3,38,483	3,33,893

Shareholding Pattern Chart

No. of Shareholders

Subex Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Motilal Oswal Nifty Microcap 250 Index Fund	620,589	0.34	2.11	620,589	2025-04-22 15:56:53	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	5.00	5.00	5.00	5.00	5.00
Basic EPS (Rs.)	-0.57	-3.47	-0.93	0.38	0.96
Diluted EPS (Rs.)	-0.57	-3.47	-0.93	0.38	0.96
Cash EPS (Rs.)	-0.30	-3.13	-0.66	0.54	1.17
Book Value[Excl.RevalReserv]/Share (Rs.)	5.42	5.93	9.29	10.03	9.76
Book Value[Incl.RevalReserv]/Share (Rs.)	5.42	5.93	9.29	10.03	9.76
Revenue From Operations / Share (Rs.)	5.08	5.51	4.96	5.93	6.62
PBDIT / Share (Rs.)	-0.13	-0.15	-0.40	0.80	1.84
PBIT / Share (Rs.)	-0.38	-0.43	-0.64	0.63	1.59
PBT / Share (Rs.)	-0.35	-3.12	-0.69	0.59	1.59
Net Profit / Share (Rs.)	-0.55	-3.41	-0.91	0.37	0.92
NP After MI And SOA / Share (Rs.)	-0.55	-3.41	-0.91	0.37	0.92
PBDIT Margin (%)	-2.69	-2.88	-8.06	13.64	27.75
PBIT Margin (%)	-7.63	-7.91	-13.08	10.68	24.04
PBT Margin (%)	-6.93	-56.53	-14.01	10.10	24.02
Net Profit Margin (%)	-11.00	-61.90	-18.37	6.29	13.90
NP After MI And SOA Margin (%)	-11.00	-61.90	-18.37	6.29	13.90
Return on Networth / Equity (%)	-10.32	-57.48	-9.81	3.72	9.42
Return on Capital Employeed (%)	-5.65	-5.77	-5.90	5.53	14.20
Return On Assets (%)	-6.45	-36.19	-7.27	2.91	7.11
Total Debt / Equity (X)	0.00	0.00	0.00	0.00	0.01
Asset Turnover Ratio (%)	0.56	0.50	0.39	0.10	0.08
Current Ratio (X)	2.12	2.39	3.05	3.90	3.22
Quick Ratio (X)	2.12	2.39	3.05	3.90	3.22
Dividend Payout Ratio (NP) (%)	0.00	0.00	0.00	65.12	53.09
Dividend Payout Ratio (CP) (%)	0.00	0.00	0.00	44.28	41.92
Earning Retention Ratio (%)	0.00	0.00	0.00	34.88	46.91
Cash Earning Retention Ratio (%)	0.00	0.00	0.00	55.72	58.08
Interest Coverage Ratio (X)	-3.47	-3.40	-8.72	23.46	34.88
Interest Coverage Ratio (Post Tax) (X)	-15.06	-15.65	-18.85	11.82	17.50
Enterprise Value (Cr.)	607.26	1588.90	1485.24	1695.35	1857.02
EV / Net Operating Revenue (X)	2.13	5.13	5.33	5.08	4.99
EV / EBITDA (X)	-78.86	-177.93	-66.04	37.25	17.99
MarketCap / Net Operating Revenue (X)	2.40	5.45	5.72	5.41	5.37
Retention Ratios (%)	0.00	0.00	0.00	34.87	46.90
Price / BV (X)	2.25	5.06	3.06	3.20	3.64
Price / Net Operating Revenue (X)	2.40	5.45	5.72	5.41	5.37
EarningsYield	-0.04	-0.11	-0.03	0.01	0.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

[display_about_company_data title=”About the Company – Qualitative Analysis”]

FAQ

What is the intrinsic value of Subex Ltd and is it undervalued?

As of 10 September 2026, Subex Ltd's intrinsic value is ₹5.72, which is 68.57% lower than the current market price of ₹18.20, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (9.90 %), book value (₹6.08), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Subex Ltd?

Subex Ltd is trading at ₹18.20 as of 10 September 2026, with a FY2026-2027 high of ₹19.4 and low of ₹6.61. The stock is currently near its 52-week high. Market cap stands at ₹1,029 Cr..

How does Subex Ltd's P/E ratio compare to its industry?

Subex Ltd has a P/E ratio of 31.8, which is below the industry average of 45.27. This is broadly in line with or below the industry average.

Is Subex Ltd financially healthy?

Key indicators for Subex Ltd: ROCE of 12.8 % is moderate. Dividend yield is 0.00 %.

Is Subex Ltd profitable and how is the profit trend?

Subex Ltd reported a net profit of ₹-31 Cr in Mar 2025 on revenue of ₹286 Cr. Compared to ₹21 Cr in Mar 2022, the net profit shows a declining trend.

Does Subex Ltd pay dividends?

Subex Ltd has a dividend yield of 0.00 % at the current price of ₹18.20. The company is currently not paying meaningful dividends.