Subex Limited (SUBEXLTD.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-117.5%

-₹2.92

vs ₹16.66 price

Levered DCF

₹31.28

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	13.1×	-22.35×	-9.09×	-30.54×	84.61×	37.03×	-0.63×	13.11×
P/B	1.09×	2.31×	5.23×	2.99×	3.11×	3.5×	0.33×	0.41×
P/S	1.34×	2.46×	5.63×	5.61×	5.3×	5.17×	0.46×	0.95×
EV / EBITDA	11.71×	-184.97×	-10.86×	-69.93×	36.53×	16.92×	-0.59×	5.36×
Gross margin	6.0%	19.9%	24.8%	28.0%	31.4%	34.4%	46.8%	38.7%
Operating margin	4.9%	-9.6%	-6.7%	-16.3%	7.5%	25.6%	19.8%	15.2%
Net margin	10.2%	-11.0%	-61.9%	-18.4%	6.3%	13.9%	-73.7%	7.2%
Current ratio	2.64×	2.12×	2.39×	3.05×	3.9×	3.22×	2.71×	2.24×
Debt / equity	0.08×	0.06×	0.08×	0.06×	0.03×	0.05×	0.09×	0×
Interest coverage	4.18×	-12.31×	-7.87×	-17.58×	9.67×	26.89×	12.83×	24.56×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.8%	1.4%	0.0%	0.0%
Payout ratio	0.0%	0.0%	-0.0%	0.0%	63.8%	53.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.3%	-10.3%	-57.5%	-9.8%	3.7%	9.4%	-52.2%	3.2%
Return on invested capital	2.3%	-6.9%	-4.8%	-7.2%	2.4%	8.6%	12.5%	3.5%
Return on assets	5.2%	-6.5%	-36.2%	-7.3%	2.9%	7.1%	-39.5%	2.8%
Free cash flow yield	19.1%	1.0%	-0.6%	0.3%	-0.8%	4.3%	37.6%	15.9%
Earnings yield	7.6%	-4.5%	-11.0%	-3.3%	1.2%	2.7%	-159.2%	7.7%
Enterprise value	₹3B	₹6.4B	₹17B	₹15.4B	₹16.9B	₹18B	₹1.3B	₹2.9B
Net debt / EBITDA	-2.81×	16.95×	0.25×	0.86×	-1.53×	-1.1×	0.19×	-0.73×
Cash conversion cycle (days)	122	69	120	148	157	133	114	136