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Last Updated: April 2, 2026, 3:44 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532348 | NSE: SUBEXLTD

Subex Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹67.63Undervalued by 806.57%vs CMP ₹7.46

P/E (128.0) × ROE (11.3%) × BV (₹5.73) × DY (2.00%)

₹15.99Undervalued by 114.34%vs CMP ₹7.46
MoS: +53.3% (Strong)Confidence: 38/100 (Low)Models: 1 Under, 2 Fair, 3 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹37.7336%Under (+405.8%)
Graham NumberEarnings₹1.6121%Over (-78.4%)
Net Asset ValueAssets₹5.7211%Over (-23.3%)
Earnings YieldEarnings₹0.2011%Over (-97.3%)
ROCE CapitalReturns₹7.4011%Fair (-0.8%)
Revenue MultipleRevenue₹7.609%Fair (+1.9%)
Consensus (6 models)₹15.99100%Undervalued
Key Drivers: EPS CAGR -44.2% drags value — could be higher if earnings stabilize. | P/E of 128 makes PE-ROE unreliable — asset/earnings models are better benchmarks.

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

Investment Snapshot

45
Subex Ltd scores 45/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health46/100 · Moderate
ROCE 6.4% WeakROE 11.3% 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 Rank30/100 · Weak
P/E 128.0 vs industry 98.1 In-lineROCE 6.4% vs industry 14.9% Below peers3Y 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. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:44 am

Market Cap 421 Cr.
Current Price 7.46
Intrinsic Value₹15.99
High / Low 17.3/6.61
Stock P/E128
Book Value 5.73
Dividend Yield0.00 %
ROCE6.44 %
ROE11.3 %
Face Value 5.00
PEG Ratio-2.90

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

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 421 Cr. 7.46 17.3/6.61128 5.730.00 %6.44 %11.3 % 5.00
ABM Knowledgeware Ltd 416 Cr. 208 325/15329.4 1200.60 %8.62 %6.78 % 5.00
Tera Software Ltd 391 Cr. 313 599/19619.0 1070.32 %11.3 %8.04 % 10.0
Trejhara Solutions Ltd 341 Cr. 145 300/14053.6 1030.00 %2.99 %1.82 % 10.0
Cybertech Systems & Software Ltd 337 Cr. 108 275/95.310.2 61.93.70 %19.4 %14.9 % 10.0
Industry Average17,316.11 Cr418.4898.13120.780.77%14.90%21.00%6.77

All Competitor Stocks of Subex Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 73.6647.2767.2976.8181.8283.8068.1674.1672.6970.6066.4068.9170.79
Expenses 68.5784.0382.0381.3881.2480.7274.2072.2770.1983.6062.4762.6361.75
Operating Profit 5.09-36.76-14.74-4.570.583.08-6.041.892.50-13.003.936.289.04
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 0.813.721.351.281.41-145.261.925.421.072.7615.811.52-0.25
Interest 0.760.720.700.660.630.640.590.590.540.500.990.820.66
Depreciation 3.813.823.874.203.753.783.663.733.353.384.042.762.37
Profit before tax 1.33-37.58-17.96-8.15-2.39-146.60-8.372.99-0.32-14.1214.714.225.76
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 -4.68-47.18-19.28-11.05-4.89-156.51-11.210.62-3.25-17.6012.812.862.93
EPS in Rs -0.08-0.84-0.34-0.20-0.09-2.78-0.200.01-0.06-0.310.230.050.05

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

Quarterly Chart

Profit & Loss - Annual Report

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

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 340360322357324348365372333279310286277
Expenses 272275231268290297279273298309325300270
Operating Profit 688591893451869936-30-16-156
OPM % 20%24%28%25%11%15%24%27%11%-11%-5%-5%2%
Other Income -0-4-87-97133-3038108-1411120
Interest 67616220826433323
Depreciation 24455515141014161413
Profit before tax -216-62-343447-2388934-39-175-2011
Tax % 416%36%21%29%40%46%13%42%38%31%10%59%
Net Profit -1210-74-432125-2695221-51-192-311
EPS in Rs -0.700.56-1.48-0.850.370.45-4.790.920.37-0.91-3.40-0.560.02
Dividend Payout % 0%0%0%0%0%0%0%82%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
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: December 4, 2025, 2:02 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 167183503507562562562281281281281281281
Reserves 726231177217232-47268283241532342
Borrowings 76372522818632049261533281930
Other Liabilities 15618880868196114151140140167163165
Total Liabilities 1,0931,1211,042957892890678725719695528487517
Fixed Assets 862865775668666664393375368385228217231
CWIP 0000000000000
Investments 0000000012149229
Other Assets 230257267289226226286350339296292248278
Total Assets 1,0931,1211,042957892890678725719695528487517

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 6164665454556691-89-810
Cash from Investing Activity + -2-117-11-7-11-2-6-34-3634-15
Cash from Financing Activity + -60-47-36-55-91-34-13-32-15-7-9-12
Net Cash Flow -2637-12-4495153-58-3317-17
Free Cash Flow 5758634851526382-144-117
CFO/OP 96%86%85%74%204%127%94%106%41%-48%-36%-126%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-695.00-640.00-137.00-97.002.0051.0037.0073.0021.00-63.00-44.00-34.00

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 10811012612110590929810611812099
Inventory Days
Days Payable
Cash Conversion Cycle 10811012612110590929810611812099
Working Capital Days -119-69-128-9651606269110714745
ROCE %7%9%7%10%4%6%13%16%6%-6%-5%-6%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
FIIs 0.99%0.84%0.91%1.30%1.23%1.08%1.06%1.02%1.74%0.77%0.77%0.93%
DIIs 0.01%0.01%0.09%0.12%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public 97.03%97.36%97.43%97.05%97.38%97.53%97.57%97.58%96.86%97.95%97.94%97.80%
Others 1.98%1.79%1.56%1.53%1.38%1.38%1.38%1.38%1.38%1.27%1.27%1.27%
No. of Shareholders 3,57,8623,44,4033,39,8063,36,6643,81,3303,75,6463,69,6363,66,3363,62,1413,59,6073,52,5413,45,863

Shareholding Pattern Chart

No. of Shareholders

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

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Motilal Oswal Nifty Microcap 250 Index Fund 620,589 0.34 2.11620,5892025-04-22 15:56:530%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) -0.57-3.47-0.930.380.96
Diluted EPS (Rs.) -0.57-3.47-0.930.380.96
Cash EPS (Rs.) -0.30-3.13-0.660.541.17
Book Value[Excl.RevalReserv]/Share (Rs.) 5.425.939.2910.039.76
Book Value[Incl.RevalReserv]/Share (Rs.) 5.425.939.2910.039.76
Revenue From Operations / Share (Rs.) 5.085.514.965.936.62
PBDIT / Share (Rs.) -0.13-0.15-0.400.801.84
PBIT / Share (Rs.) -0.38-0.43-0.640.631.59
PBT / Share (Rs.) -0.35-3.12-0.690.591.59
Net Profit / Share (Rs.) -0.55-3.41-0.910.370.92
NP After MI And SOA / Share (Rs.) -0.55-3.41-0.910.370.92
PBDIT Margin (%) -2.69-2.88-8.0613.6427.75
PBIT Margin (%) -7.63-7.91-13.0810.6824.04
PBT Margin (%) -6.93-56.53-14.0110.1024.02
Net Profit Margin (%) -11.00-61.90-18.376.2913.90
NP After MI And SOA Margin (%) -11.00-61.90-18.376.2913.90
Return on Networth / Equity (%) -10.32-57.48-9.813.729.42
Return on Capital Employeed (%) -5.65-5.77-5.905.5314.20
Return On Assets (%) -6.45-36.19-7.272.917.11
Total Debt / Equity (X) 0.000.000.000.000.01
Asset Turnover Ratio (%) 0.560.500.390.100.08
Current Ratio (X) 2.122.393.053.903.22
Quick Ratio (X) 2.122.393.053.903.22
Dividend Payout Ratio (NP) (%) 0.000.000.0065.1253.09
Dividend Payout Ratio (CP) (%) 0.000.000.0044.2841.92
Earning Retention Ratio (%) 0.000.000.0034.8846.91
Cash Earning Retention Ratio (%) 0.000.000.0055.7258.08
Interest Coverage Ratio (X) -3.47-3.40-8.7223.4634.88
Interest Coverage Ratio (Post Tax) (X) -15.06-15.65-18.8511.8217.50
Enterprise Value (Cr.) 607.261588.901485.241695.351857.02
EV / Net Operating Revenue (X) 2.135.135.335.084.99
EV / EBITDA (X) -78.86-177.93-66.0437.2517.99
MarketCap / Net Operating Revenue (X) 2.405.455.725.415.37
Retention Ratios (%) 0.000.000.0034.8746.90
Price / BV (X) 2.255.063.063.203.64
Price / Net Operating Revenue (X) 2.405.455.725.415.37
EarningsYield -0.04-0.11-0.030.010.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Subex 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 L85110KA1994PLC016663 and registration number is 016663. Currently Company is involved in the business activities of Other information technology and computer service activities n.e.c. Company's Total Operating Revenue is Rs. 268.81 Cr. and Equity Capital is Rs. 281.00 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
IT Consulting & SoftwarePritech Park-SEZ, Block-9, 4th floor, B Wing, Survey No. 51-64/4, Bengaluru Karnataka 560103Contact not found
Management
NamePosition Held
Mr. Anil SinghviChairman, Non Ind & Non Exe Director
Ms. Nisha DuttManaging Director & CEO
Ms. Poornima PrabhuIndependent Director
Mrs. Archana MuthappaIndependent Director
Mr. Rupinder GoelIndependent Director
Mr. Murali KalyanaramanIndependent Director

FAQ

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

As of 15 April 2026, Subex Ltd's intrinsic value is ₹15.99, which is 114.34% higher than the current market price of ₹7.46, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (11.3 %), book value (₹5.73), 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 ₹7.46 as of 15 April 2026, with a FY2026-2027 high of ₹17.3 and low of ₹6.61. The stock is currently near its 52-week low. Market cap stands at ₹421 Cr..

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

Subex Ltd has a P/E ratio of 128, which is above the industry average of 98.13. The premium over industry average may reflect growth expectations or speculative interest.

Is Subex Ltd financially healthy?

Key indicators for Subex Ltd: ROCE of 6.44 % is on the lower side compared to the industry average of 14.90%. 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 ₹7.46. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Subex Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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