Subex Limited (SUBEXLTD) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Subex Limited ₹10.70, price ₹19.34, upside -44.7%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range ₹6.68 – ₹72.50 · fair‑value band ₹7.55 – ₹13.48 · the ₹19.34 price screens above the ₹10.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 5 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 2, 2026.
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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.
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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 partner ecosystem management that consists of partner and contract lifecycle management, digital services and roaming billing, and wholesale billing and routing services; and enterprise asset management solutions comprising network analytics, network asset management, and data integrity management. Further, it provides managed and business consulting services. Subex Limited was founded in 1992 and is based in Bengaluru, India.
Stock analysis
Subex Limited (SUBEXLTD) currently trades at ₹19.34, while our model-based Fair Value estimate is ₹10.70, 44.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹11.51 per share, and 0 of the 22 models we run sit above the ₹19.34 price.
Bear case: the Earnings-Based group reads lowest at ₹2.80, and 22 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹7.55 (bear) to ₹13.48 (bull), the price of ₹19.34 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Technology sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
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.
Key figures
Market cap ₹10.8B (≈ $112M) · P/E ratio 36.5 · P/S ratio 3.73 · EPS (TTM) ₹0.5300 · Net margin 10.2% · Return on equity 8.8% · Return on assets (EBIT) −2.0% · Operating margin 15.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 190% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −8% fair-value upside, at −45%, SUBEXLTD screens richer than that median.
Fair Value models
Bear ₹7.55Fair Value ₹10.70Bull ₹13.48
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹0.2701 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−2.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.6%
Start year 2021 (pandemic). Over 10 years: −1.5% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.2%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−5.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−5.0% vs −5.8%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26% → 5%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 12.8%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +8.6% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 636 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside−44.7% · Below median
Profitability
Return on equity (TTM)8.8% · Above median
Return on assets1.7% · Below median
Net margin (TTM)10.3% · Above median
Operating margin (TTM)15.6% · Above median
Growth and dividend
Revenue growth19.7% · Above median
Valuation Multiplesvs Software - Application median · lower = cheaper
P/E (TTM)36.5× · Pricier than median
P/B3.16× · Pricier than median
P/S (TTM)3.70× · Pricier than median
P/FCF15.1× · Cheaper than median
EV/EBITDA33.4× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 27
FUTURE (revenue growth)99· sector 44
PAST (return on equity)35· sector 19
HEALTH (low debt)100· sector 97
DIVIDEND (yield)0· sector 30
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Subex Limited Fair Value". https://www.fairvalue-calculator.com/stock/SUBEXLTD
Frequently asked questions
Is Subex Limited (SUBEXLTD) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of ₹10.70 versus a price of ₹19.34, about −45% upside (overvalued).
What is the fair value of SUBEXLTD?
Our model-based fair value for Subex Limited is ₹10.70 (as of Oct 2, 2026), built from audited fundamentals. The current price: ₹19.34.
What is the quality score of SUBEXLTD?
Subex Limited has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Subex Limited (SUBEXLTD)?
Our model-based price target is the fair value of ₹10.70 (as of Oct 2, 2026) from 22 valuation models. Cautious scenario ₹7.55, optimistic scenario ₹13.48. It is a calculation from audited fundamentals, not an analyst target.
What is the Subex Limited stock forecast for 2026?
Our models put fair value at ₹10.70, about −45% upside versus a price of ₹19.34 (overvalued). Cautious scenario ₹7.55, optimistic scenario ₹13.48. The calculation is refreshed regularly with new filings.
What is the revenue of Subex Limited (SUBEXLTD)?
Subex Limited reported trailing-twelve-month revenue of about ₹2.9B (latest available figure, as of Oct 2, 2026).
What growth is priced into Subex Limited (SUBEXLTD)?
For today's price to be fair in a discounted-cash-flow model, Subex Limited would have to grow free cash flow by +13.1 % per year for five years (discount rate 15.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -5.6 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of SUBEXLTD use?
Our models discount Subex Limited at 15.1 %: a base by market capitalisation (micro), damped by beta 0.92, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Subex Limited that is +13.1 % per year a year over ten years, using the same discount rate (15.1 %) and the same formula as our fair value.
How much growth has Subex Limited (SUBEXLTD) delivered so far?
Over the past 5 years revenue at Subex Limited grew -5.6 % a year. The price currently implies +13.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Subex Limited (SUBEXLTD) growing?
The median revenue growth in the sector is +10.0 % a year. That is the yardstick for the growth priced into Subex Limited (+13.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Subex Limited (SUBEXLTD)?
The free-cash-flow yield on the price is 6.61 %: that much free cash flow Subex Limited produces per unit of market value. When it exceeds the discount rate of our models (15.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Subex Limited (SUBEXLTD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Subex Limited it is ₹10.70 per share (as of Oct 2, 2026), against a price of ₹19.34. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Subex Limited stock overvalued or undervalued in 2026?
As of Oct 2, 2026, SUBEXLTD trades above its calculated fair value: price ₹19.34, fair value ₹10.70, a gap of about −45% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SUBEXLTD?
No. The price is what the market pays today (₹19.34); the fair value is what the company's own numbers justify (₹10.70). For Subex Limited the two are ₹8.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is Subex Limited worth?
The market values Subex Limited at about ₹10.8B (market capitalisation, as of Oct 2, 2026). Per share that is ₹19.34; our models calculate a fair value of ₹10.70 per share.
What do the bullish and bearish scenarios say about SUBEXLTD?
Our models span a range for Subex Limited: cautious scenario ₹7.55, base ₹10.70, optimistic ₹13.48 per share (as of Oct 2, 2026, price ₹19.34). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SUBEXLTD?
Subex Limited trades at a price-to-earnings ratio of 36.5 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹10.70 is built from several models across several years. Other multiples: P/B 3.2, P/S 3.7, EV/EBITDA 33.4.
How solid is the balance sheet of Subex Limited (SUBEXLTD)?
Balance-sheet figures for Subex Limited (as of Oct 2, 2026): return on equity 8.8%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is SUBEXLTD from its 52-week high?
Subex Limited trades at ₹19.34, about 12% below its 52-week high of ₹22.08 and 190% above the low of ₹6.68 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹10.70 is for.
Which stocks are comparable to Subex Limited?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Subex Limited stock attractive at the current price?
The data as of Oct 2, 2026: price ₹19.34, calculated fair value ₹10.70 (−45%), Quality Score 70/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SUBEXLTD calculated?
We run Subex Limited through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹10.70, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Subex Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Subex Limited (SUBEXLTD)?
The closing price on Oct 1, 2026 was ₹19.34. Our model-based fair value is ₹10.70, about −45% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Subex Limited right now?
A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (₹13.48). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Subex Limited
How large is the market capitalisation of Subex Limited (SUBEXLTD)?
The market capitalisation of Subex Limited is ₹10.8B (≈ $112M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Subex Limited (SUBEXLTD)?
The price-to-sales ratio of Subex Limited is 3.73 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Subex Limited (SUBEXLTD)?
Earnings per share at Subex Limited are ₹0.5300 (price ÷ EPS = P/E 36.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Subex Limited (SUBEXLTD)?
The net margin of Subex Limited is 10.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Subex Limited (SUBEXLTD)?
The return on equity (ROE) of Subex Limited is 8.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Subex Limited (SUBEXLTD)?
On an EBIT basis the return on assets of Subex Limited is −2.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Subex Limited (SUBEXLTD)?
The operating margin of Subex Limited is 15.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Subex Limited (SUBEXLTD)?
Revenue at Subex Limited is growing +19.7% versus a year earlier (3y avg +0.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Subex Limited (SUBEXLTD)?
Earnings per share at Subex Limited are growing +13.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Subex Limited (SUBEXLTD) hold?
Subex Limited holds more cash than debt, ₹724M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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