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Subex Limited (SUBEXLTD) Fair Value & Analysis

Technology · IN · Market cap ₹6.4B

SL Subex Limited SUBEXLTD · NSE
Price₹11.60
Fair Value₹8.74
Upside-24.7%
Quality63/100
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Evidence: High Range ₹6.56 – ₹10.93

Fair value as of: Jul 3, 2026

From 24 valuation models · updated today

Share price +7.9% over the past month.

Price vs Fair Value (12 months)

₹14.69 ₹6.68 Fair Value ₹8.74 Jul 2025 Jul 2026

12‑month range ₹6.68 – ₹14.69 · fair‑value band ₹6.56 – ₹10.93 · the ₹11.60 price screens above the ₹8.74 fair value. As of Jul 3, 2026.

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Analysis

Subex Limited (SUBEXLTD) currently trades at ₹11.60, while our model-based Fair Value estimate is ₹8.74 — implying the stock looks roughly 24.7% overvalued today. We read business quality at 63/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium — the entry price still matters most (evidence: high).

Over the trailing twelve months, Subex Limited generated revenue of ₹2.8B at a net margin of 10.2%. Revenue grew 3.3% year over year. It earns a return on equity of 8.8%. The balance sheet holds a net cash position of ₹724M. Fundamentals as of Jul 3, 2026

Key figures & financial health

Revenue (TTM) ₹2.8B
Revenue growth (YoY) +3.3%
Net margin 10.2%
Return on equity 8.8%
Free cash flow ₹715M FY2026
P/E ratio 22.7
More key figures
Operating margin 8.6%
EPS (TTM) ₹0.5100
EPS growth (YoY) +400%
Net cash ₹724M FY2026

Figures from reported company fundamentals (EODHD) · as of Jul 3, 2026. TTM = trailing twelve months.

About the company

Subex Limited provides operations and business support systems to communication service providers (CSPs) worldwide. The company offers fraud management solutions that address fraud across various services, including bypass, handset, international revenue share fraud, robocalling, and SMS fraud solutions, as well as scam and spam calls. It also provides a signaling risk intelligence solution, which detects and prevents various protocol attacks at the signaling layer in real-time; business assurance, an active risk intelligence solution that assures revenues for business models comprising margin, asset and inventory, digital partner, enterprise 5G, IoT, digital profile, migration, and direct carrier billing assurance; and enterprise billing solution that include subscription management, billing and revenue management, configure, price and quote, service delivery platform, multi-level channel management, and customer relationship management services. In addition, the company offers …

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Subex Limited reported revenue of ₹2.8B in FY2026 versus ₹3.3B in FY2022, a compound −4.2%/yr. Reported net income was ₹285M in FY2026, compounding +8.0%/yr from FY2022.

Revenue −4.2%/yr
FY22 ₹3.3B
FY23 ₹2.8B
FY24 ₹3.1B
FY25 ₹2.9B
FY26 ₹2.8B
Net income +8.0%/yr
FY22 ₹210M
FY23 −₹512M
FY24 −₹1.9B
FY25 −₹314M
FY26 ₹285M

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Frequently asked questions

Is Subex Limited (SUBEXLTD) undervalued?
As of Jul 3, 2026, our model estimates a fair value of ₹8.74 versus a price of ₹11.60 — about −25% (overvalued). Model-based estimate, not financial advice.
What is the fair value of SUBEXLTD?
Our model-based fair value for Subex Limited is ₹8.74 (as of Jul 3, 2026), built from audited fundamentals. The current price is ₹11.60.
What is the quality score of SUBEXLTD?
Subex Limited has a Quality Score of 63/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Subex Limited (SUBEXLTD)?
Subex Limited reported trailing-twelve-month revenue of about ₹2.8B (latest available figure, as of Jul 3, 2026).
What is the net profit margin of SUBEXLTD?
The net profit margin of Subex Limited is about 10.2%, meaning it keeps roughly 10.2% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.