Subex Limited is an Indian enterprise software company based in Bangalore, founded in 1992 by Subash Menon and Alex Puthenchira. The company is a global provider of Operations and Business Support Systems, specifically digital trust products, to communication service providers (CSPs) worldwide. It is publicly listed on both the BSE and NSE in India.
Subex specializes in fraud management, risk mitigation, and cybersecurity, serving telecom and enterprise clients. The company offers advanced analytics and AI-driven tools designed to ensure data integrity and operational security for its clients. Notably, Subex serves 75% of the world's top 50 telecom operators, providing solutions that significantly enhance business operations and customer satisfaction.
Subex provides strategic consulting to global telecom carriers, assisting them with advanced analytics solutions across several critical areas:
- Revenue Assurance: Ensuring accurate billing and revenue realization.
- Fraud Management: Detecting and preventing various types of fraud.
- Enterprise Asset Management: Optimizing the utilization and security of company assets.
- Partner Management: Streamlining interactions and revenue sharing with partners.
- Revenue Management Services (RMS): Comprehensive solutions to improve financial efficiency and security.
- Signaling Risk Intelligence: Identifying and mitigating risks in network signaling.
- Enterprise Billing & Cybersecurity: Providing robust billing systems and protecting against cyber threats.
The company's flagship offering is HyperSense, an enterprise cloud-native augmented analytics platform launched in April 2021. Through its AI-driven capabilities, HyperSense enables CSPs to make superior decisions by leveraging artificial intelligence and analytics across the entire data value chain.
Subex boasts a significant global footprint with over 300 installations and more than 150 global customers across 100+ countries. The company has over 200 customers spread across 70 countries and has received accolades such as the Global Telecoms Business Innovation Award for its innovative Risk Reward Sharing model for Fraud Management.
While its software products are developed from its facilities in Bangalore, India, Subex maintains subsidiaries and sales and support offices in key regions including the USA, Canada, UK, UAE, India, Singapore, and Australia to effectively serve its diverse customer base.
For the quarter ended March 2025 (Q4 FY25), Subex reported a net loss of ₹17.60 crore, a notable improvement compared to the net loss of ₹156.51 crore during the previous quarter ended March 2024 (Q4 FY24). However, sales declined by 15.75% to ₹70.60 crore in Q4 FY25, down from ₹83.80 crore in Q4 FY24.
For the full financial year ended March 2025 (FY25), sales declined by 7.78% to ₹285.61 crore, compared to ₹309.72 crore in the previous year ended March 2024 (FY24).
- Net Loss (Q4 FY25): ₹-17.60 Cr (as of March 2025)
- Revenue (Q4 FY25): ₹70.60 Cr (as of March 2025)
- Annual Revenue (FY25): ₹285.61 Cr (on a trailing 12-month basis)
- Market Capitalization: ₹834.11 Cr (as of 6th June 2025)
Subex is reported to be debt-free and possesses a strong balance sheet, which typically enables stable earnings growth across business cycles. The company has actively reduced its debt. However, certain areas indicate room for improvement: an annual revenue de-growth of -8%, a pre-tax margin of -7%, and a return on equity (ROE) of -10%, which is considered poor.
In April 2023, Nisha Dutt was appointed as the CEO of Subex. Under her leadership, the company has intensified its focus on innovation and strategic partnerships to drive future growth.
Recent key developments include:
- June 30, 2025: Subex launched FraudZap™, an AI-powered fraud detection platform specifically designed to combat handset fraud in telecom operators.
- June 20, 2025: Subex integrated Embedded Generative AI (GenAI) into its HyperSense platform, aiming to revolutionize telecom revenue assurance and fraud management capabilities.
- May 28, 2025: The company received an income tax refund of ₹34.27 Cr, which was credited to its bank account.
The Subex Ltd's 52-week high share price is ₹36.89, and its 52-week low share price is ₹10.57. The company has experienced a year-to-date price decline of 51.12%, with an average trading volume of 777,591 shares. As of June 6, 2025, its market capitalization stands at ₹834.11 crore (6.38 billion INR).
Subex is actively reorienting towards a next-generation technology stack to meet future demands and collaborate effectively with its telco clients on emerging use cases. A core part of this strategy is the integration of generative and artificial intelligence into its HyperSense platform. As a leading telecom AI solutions provider, Subex leverages these advanced technologies across areas such as Revenue Assurance, Fraud Management, Partner Management, and Network Asset Management.
Subex holds a pioneering position in the domain of Digital Trust, providing critical solutions for many of the world's top telecommunications companies. The company also acts as a strategic consultant to global telecom carriers for business transformation initiatives. Established in 1992 as a telecom fraud management expert, Subex has evolved to offer a comprehensive suite of digital trust and analytics solutions, encompassing revenue assurance, fraud control, partner ecosystem management, and IoT security.
The company's strategic focus on digital trust solutions and AI-driven platforms positions it strongly within the evolving telecommunications landscape. By addressing critical operational needs for global communication service providers and maintaining a debt-free status coupled with robust technological capabilities, Subex aims to solidify its market leadership.
