Subex has secured a confirmed work order worth Rs 0.6 lakh from a leading African mobile operator. The contract is for a period of three years and involves deploying HyperSense Fraud Management solutions to strengthen the operator's ability to detect and combat emerging fraud across its mobile operations.

ORDER IN FINANCIAL CONTEXT

The Rs 0.6 lakh order represents a modest addition to the company's order book, following a Rs 0.6 crore win from a major European open-access fibre operator announced earlier in August 2026. Given the small value relative to the company's average quarterly revenue of Rs 77.50 crore, this order contributes minimally to immediate revenue visibility. The total disclosed order book remains at Rs 0.60 crore across two orders in the last three fiscal quarters.

COMPANY ORDER TRACK RECORD

Subex has disclosed two orders in exchange filings over the last three fiscal quarters. The latest disclosure adds an international client from Africa to its portfolio of awarding entities.

EXECUTION AND REVENUE QUALITY

Subex has shown a clear improvement in profitability over the last three quarters. Operating Profit Margin (OPM) expanded significantly from 6.41% in Q3FY26 to 18.88% in Q1FY27, driven by higher operating profits relative to revenue growth. Net profit also more than quadrupled from Rs 2.90 crore in Q3FY26 to Rs 14.20 crore in Q1FY27. This trend suggests efficient cost management and potentially higher-margin project mix.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Subex has sustained its operations despite volatile past years, its annual revenue has grown from Rs 292.60 crore in FY25 to Rs 310.80 crore in FY26, representing a YoY growth of +6.2% based on the latest annual data. This recovery follows a period of significant losses in FY24 and FY25, where net profit was negative. The return to profitability in FY26, with a net profit of Rs 28.50 crore, indicates that the company's core business model is stabilizing.

WORKING CAPITAL AND EXECUTION CAPACITY

The company maintains a strong liquidity position with a current ratio of 2.64x, indicating sufficient current assets to cover short-term liabilities. Total Liabilities/Equity stands at a conservative 0.61x, reflecting a balance sheet with low leverage and limited interest-bearing debt pressure. Operating cashflow improved substantially to Rs 71.50 crore in FY26 compared to Rs 9.50 crore in FY25, demonstrating that the company is efficiently converting its earnings into cash.

WHAT TO WATCH

• Execution rate: Monitor quarterly revenue run-rate vs total backlog. With a near-zero disclosed backlog, consistent new order inflows are critical to sustain the current revenue trajectory.
• OPM trajectory: Watch if the improved OPM of 18.88% in Q1FY27 is sustainable across larger contracts or specific to certain project types.
• Client concentration: Assess what percentage of future revenues will come from international clients like this African mobile operator and the European fibre operator versus domestic mandates.
• Order visibility: Look for subsequent disclosures in upcoming quarters to gauge if these orders are part of a broader pipeline or isolated wins.

KEY OBSERVATIONS

• Margin expansion: OPM expanded from 6.41% in Q3FY26 to 18.88% in Q1FY27, signaling significant improvement in cost efficiency or project mix quality.
• Cash conversion: Operating cashflow surged to Rs 71.50 crore in FY26, providing strong internal funding for operations and reducing reliance on external capital.

Subex Limited will host a non-deal roadshow for analysts and institutional investors on August 19, 2026. The management-led meeting is scheduled to take place physically in Mumbai, running from 10:00 am to 5:00 pm. The event will feature both group presentations and one-on-one sessions with the company's leadership team.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. Subex confirmed that no unpublished price-sensitive information will be shared during the interaction with market participants.

Meeting Details

Investors can access the relevant presentation materials via the company's official website. Ramu Akkili, Company Secretary and Compliance Officer, signed the intimation letter dated August 15, 2026.