Transcript of Earnings Call

November 6, 2026 The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot no. C/l Dalal Street, G Block, Bandra-Kurla Complex Mumbai- 400 001 Bandra (E), Mumbai - 400 051 BSE Scrip Code: 532348 NSE Symbol: SUBEXLTD Dear Sir/Madam, Sub: Transcript of Earnings Call Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Transcript of Earnings Call of the Company held on November 4, 2026, for the quarter and half year ended September 30, 2026. The same is also available on the website of the Company at https://www.subex.com/investors/announcement-filing/#inverstor-and-analyst-call-fy27 Kindly take the same on record Thanking you, Yours faithfully, For Subex Limited Ramu Akkili Company Secretary & Compliance Officer Encl: as above Subex Limited Q2 FY27 Earnings Conference Call Event Date/Time : 04/11/2026, 11.00 Hrs Event Duration : 57 mins 42 secs CORPORATE PARTICIPANTS: Mr. Pratik Jagtap EY Investor Relations Mrs. Nisha Dutt Managing Director & CEO Mr. Sumit Kumar Chief Financial Officer Mr. Harsha Angeri Head – Corporate Strategy and AI Mr. Ramu Akkili Company Secretary & Compliance Officer Subex Limited Q2 FY27 Earnings Conference Call 04.11.2026 Q&A PARTICIPANTS: 1 Parth Dalal : Individual Investor 2 Ajay Desai : Individual Investor 3 Haider Kachwalla : Individual Investor 4 Sanjyot Khare : Individual Investor 5 Patrick Mathias : Retail Investor 6 Abhishek Kale : Individual Investor 7 Mahesh Kumar : Individual Investor Subex Limited Q2 FY27 Earnings Conference Call 04.11.2026 Moderator Good morning, ladies and gentlemen. I'm Sashmitha, moderator for the conference call. Welcome to Subex Limited Q2 FY27 Earnings Conference Call. As a reminder, all participants lines will be in listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touch tone telephone. Please note this conference is recorded. I would now like to hand over the floor to Mr. Pratik. Thank you, and over to you sir. Pratik Jagtap Thank you, Sashmitha. Good morning, and welcome to the call for quarter ending September 30th, 2026. Members of the management who are present for the call are Ms. Nisha Dutt, Managing Director and CEO; Mr. Sumit Kumar, CFO; Mr. Harsha Angeri, Head, Corporate Strategy and AI; and Mr. Ramu Akkili, Company Secretary and Compliance Officer. I would like to start the conference call by going through the Safe Harbor clause. Such statements in the presentation concerning our future growth prospects are forward-looking statements, which involves several risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties relating to the statements include, but are not limited to, fluctuations in earnings, our ability to successfully integrate acquisitions, competition in our areas of business, client concentration, liability for damages in our contracts, withdrawal of tax incentives, political instability, unauthorized use of intellectual property, and general economic conditions affecting our industry. With this, I now hand over the call to Nisha to take it forward. Over to you, Nisha. Nisha Dutt Thank you, Pratik. Good morning, everyone, and thank you for joining us for the Earnings Call. Firstly, before we start, our apologies to all of you. I believe that we have had some technical glitches this morning in the inbound numbers that was circulated, because quite a few of you had to wait quite long to actually join the queue. So, our apologies in advance, and thanks for being patient, actually. So, with that, we'll start. So, we delivered another quarter of growth in Q2 FY27, with the revenue increasing 7.7% QoQ and 24% YoY. This marks five consecutive quarters of QoQ growth, which I believe is one of the highest streak since the company was listed. Our EBITDA margin stood at 20.8%, while PAT falls at 16.7%. EBITDA and PBT grew QoQ, even with annual wage increase in Q2. So these results reflect continued progress in both growth and profitability. More importantly, they demonstrate that the operating discipline that we have been building over the last 3 years is beginning to translate into tangible financial performance. Subex Limited Q2 FY27 Earnings Conference Call 04.11.2026 For a company that has spent the last few years rebuilding its foundation, this matters. We have spoken consistently about what this rebuilding required, a greater predictability and execution, sharper choices about where we compete, a more sustainable cost structure, and an unwavering focus on customer. These priorities have not changed, but what is changing is our ability to translate that discipline into growth. This quarter, I believe, is further evidence of that progress. I'm also conscious that a turnaround is not defined by a strong quarter or even by a series of strong quarters. The real test is if we can make the growth repeatable, profitable, and sustainable, and that remains our focus. Today, rather than spending time reiterating the quarterly development, which we have already covered in our investor presentation, today I'd really like to use this opportunity to talk to you about something which is equally important, which is where Subex grows from here, because restoring business, and you guys know that, you know, some of you have been with us on this journey. You know that we have been talking about a turnaround, but restoring the business was never intended to be the destination. What we are trying to do is to create the foundation from which we can build the next phase of Subex. So, where is our future headed? So I want to spend some time today just talking about where we go from here. So let me begin with a simple observation. The history of telco in many ways is the history of flow. In vice there are value moved through calls, the ability to measure, build, reconcile, and protect those flows, what are fundamental to economics of the industry. Then came the data era. The nature and scale of traffic changed dramatically, but the underlying principle remained. Wherever value flowed, there was a need to understand it, account for it, and protect its integrity. Subex has spent more than three decades operating precisely at this intersection. Across networks in more than 100 countries, we have developed an understanding of how economic value moves through complex systems, and where it leaks, where it's misallocated, where it is vulnerable to exploitation. Now, we believe a third kind of flow is emerging, white flows, data flows, and increasingly intelligence flows. AI changes the very nature of what moves across the networks and platforms. We are moving towards a world in which software does not merely process information or recommend actions. AI systems and agents increasingly will make decisions, initiate transactions, interact with other systems, and execute activities with varying degree of autonomy, and that changes something very fundamental. When intelligence begins to act, decisions themselves can become economic events. So a wrong answer from a system today may be inconvenient, but a wrong action, if taken by an agent, for instance, can have a direct financial consequence. It can create an incorrect settlement, authorize a fraudulent transaction, misallocate revenue, or trigger a chain of actions that may be very difficult to reverse. So in other words, as intelligence becomes more autonomous, the question is no longer whether simply a system can detect the anomaly after it has occurred. It is whether we can establish that the decision itself was appropriate, authorized, economically sound, and executed within the right boundary. [Showing first 8,000 characters — download PDF for full document]