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Subex reported Q4 revenue of ₹70.6 Cr, down slightly QoQ, with normalized EBITDA improving and margin expansion of 8% YoY in its core telco business. Normalized PAT turned positive at ₹6.6 Cr versus a loss in the previous quarter. FY25 revenue declined 8% YoY to ₹285.6 Cr due to non-core segment contraction; normalized EBITDA and PAT loss improved. Management highlighted progress in fixing fundamentals with 31% productivity gains and focus on embedding AI/GenAI in fraud management, targeting a $39B market. New client wins and renewals in Europe and the Middle East support recurring revenues. Deal closures delayed last year are expected in H1 FY26, with margins at ~4% and a long-term target of 10-17%. Communication with investors will increase from Q2 FY26. The outlook is cautiously optimistic, balancing growth ambitions with ongoing cleanup risks.