Q3 2026 Subex Ltd Earnings Call Transcript

Feb 10, 2026 / 05:00 AM GMT

Transcript

Key Points

Positve

Subex Ltd (BOM:532348) reported a 2.7% sequential top-line growth with a normalized EBITDA margin of 13.1% and a PAT margin of 10.8%.
The company successfully onboarded two independent directors, aligning with shareholder expectations, which is expected to add significant value.
Subex Ltd (BOM:532348) achieved a notable win in fraud management with a leading European operator, strengthening its market footprint.
The company has successfully commercialized its fraud management product, Fraud Zap, within a year, reflecting increased agility and execution.
Subex Ltd (BOM:532348) is prioritizing AI investments, leading to systematic conversion of POCs into production deployments, with European customers funding proof of concept for Gen AI agents.

Negative

Revenue conversion from traditional RA and FM products is delayed, typically taking three quarters post-deal announcement.
Geopolitical uncertainties, including exposure to countries like Iran and Venezuela, pose challenges, although the exposure is controlled.
The company has not yet recovered any lost revenue from previous contracts, despite taking legal recourse.
Subex Ltd (BOM:532348) faces challenges in expanding into markets like Korea and Japan due to language constraints and competition.
The company has not provided specific revenue guidance for its new product, Fraud Zap, and is still assessing its market potential.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SUBX.NS - Subex Ltd
Q3 2026 Subex Ltd Earnings Call
Feb 11, 2026 / 05:00AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to the Q3 FY26 earnings conference call of Subex Limited.

As a reminder, all participant lines will be in the Lesson 1 remote, and there will be an opportunity for you to ask questions after the presentation concludes. Do you need assistance during the conference call, please signal an operator by pressing, then 0 on a touchstone form.

Please note, this conference is being recorded. I would now like to hand the conference over to Mr. Prati from EY IR Agency of Subex Limited.

Thank you and over to you sir.

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Unidentified_2 [2]
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