Subex Limited has released the transcript of its Q3FY26 earnings conference call held on February 11, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company filed the transcript with BSE Limited and National Stock Exchange of India Limited on February 17, 2026.

Financial Performance Highlights

During the earnings call, Managing Director and CEO Ms. Nisha Dutt reported strong Q3FY26 performance with sustained profitability across key metrics. The company delivered sequential growth with improved operational discipline reflecting in bottom-line performance.

Product Innovation and Market Expansion

A key highlight from the earnings call was the successful commercialization of FraudZap, which the company took from concept to paying customers within just one year. This product represents Subex's transition into AI-native solutions and addresses device fraud in the telecommunications market.

The management discussed FraudZap's market potential, with the device fraud market estimated at approximately $4.20 billion globally. The product enables faster revenue conversion compared to traditional RAFM solutions and can be implemented in MVNO environments, opening new market segments for the company.

Strategic Initiatives and Growth Drivers

Subex outlined multiple growth vectors during the call:

Horizon 1 Initiatives

• Expansion of Managed Services business with MS components in recent deals
• AI integration into existing ROC platform for current customers
• New fraud detection capabilities including device fraud, subscription fraud, and SIM swap

Horizon 2 Innovation

• Establishment of innovation lab for emerging fraud areas
• Research into account takeover solutions applicable beyond telecommunications
• GenAI-first approach to product development for faster market entry

Governance and Organizational Strengthening

The company successfully onboarded two independent directors, completing the board reconstitution process. The first board meeting with the new composition was held on February 10, 2026, which management described as constructive with healthy dialogue and diverse perspectives.

Additionally, Subex strengthened its leadership team with appointments of a new Head of HR and Legal Counsel, reinforcing focus on organizational depth and governance capabilities.

Market Presence and Deal Pipeline

The management confirmed strong order book supported by both new logo additions and renewals. Notable wins in Q3FY26 included fraud management engagement with a leading European operator, further strengthening the company's market footprint.

Future Outlook and Investment Plans

During the Q&A session, management expressed confidence in achieving double-digit growth, citing improved lead indicators including healthy pipeline, successful deal closures, and strong product portfolio. The company targets a "10 million quarter" as an aggressive internal goal.

Subex also indicated plans for potential tuck-in acquisitions using its cash reserves of approximately ₹154 crores, focusing on technology access or market entry opportunities rather than large-scale top-line acquisitions.

Regulatory Compliance

The earnings call transcript is available on the company's website at https://www.subex.com/investors/announcement-filing/#investor-analyst-call . The document was digitally signed by Company Secretary and Compliance Officer Ramu Akkili, ensuring compliance with regulatory disclosure requirements.

The comprehensive transcript provides detailed insights into Subex's strategic direction, product innovation capabilities, and management's outlook for sustainable growth in the telecommunications fraud management and business assurance market.

Subex Limited has secured a major 3-year Business Assurance engagement with a leading Tier-1 telecom operator in the Middle East, valued at approximately USD 1.25 million. The announcement was made on February 10th, 2026, through a regulatory disclosure under SEBI Listing Regulations.

Contract Details and Scope

The comprehensive engagement involves implementing Subex's next-generation Business Assurance platform and providing ongoing support services. The contract is designed to strengthen revenue protection, risk management, and operational transparency across the operator's nationwide operations.

Strategic Partnership and Selection Criteria

This engagement marks a significant renewed partnership with a long-standing customer, demonstrating Subex's ability to maintain and deepen client relationships. The company was selected based on several key factors:

• Credible migration approach that preserves live assurance operations
• Demonstrated commitment and reliability over time
• Ability to meet stringent expectations across multiple stakeholder groups including business users, IT, procurement, and legal teams

Management Commentary

Nisha Dutt, MD & CEO of Subex, commented on the contract win: "This win reinforces Subex's position as a trusted partner to operators on their digital transformation journey while safeguarding/protecting revenues. We are delighted to deepen our collaboration and support the operator in building a more resilient and intelligent assurance ecosystem, delivering a smooth migration and a modern assurance foundation that supports the customer's next phase of growth."

Company Background

Subex is a telecom AI solutions company that enables Communications Service Providers globally to deliver connected experiences to their customers. Founded in 1994, the company brings over 30 years of expertise in helping CSPs maximize revenue and profitability. The company's portfolio spans Business Assurance, Fraud Management, and Partner Ecosystem Management, with over 300 installations across 100+ countries.