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Subex reported a strong Q4FY26, with revenue growing 3% QoQ to ₹72.96 Cr. Normalized EBITDA saw a 16.4% QoQ rise to ₹10.58 Cr, pushing margins to 14.5% (+705bps YoY). Normalized profit after tax reached ₹11.51 Cr. The EMEA region was a key revenue contributor at 61%, while Support & others led service segments.
The company's strategy focuses on AI-led growth within the telco sector, investing in core strengths and expanding AI offerings like FraudZapTM. Management highlighted a stronger balance sheet and improved profitability, emphasizing a commitment to leveraging 30+ years of telco expertise and an annuity revenue model (70% recurring, 95% retention) to capitalize on strong AI tailwinds.
Recent wins include a new client in North Africa for EAM and an AI Handset Fraud solution deal in North America. The company also regained a competitor account in the Middle East and renewed an African Tier-1 operator's Managed Services with additional AI use cases.
Financially, cash and equivalents grew to ₹175.26 Cr. EPS for FY26 turned positive at ₹0.51, a significant improvement from (₹0.57) in FY25.