Transcript of Earnings Call

August 7, 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 August 6, 2026, for the quarter ended June 30, 2026. The same is also available on the website of the Company at https://www.subex.com/investors/announcement-filing/#investor-and-analyst-call Kindly take the same on record Thanking you, Yours faithfully, For Subex Limited Ramu Akkili Company Secretary & Compliance Officer Subex Limited Q1 FY27 Earnings Conference Call Event Date/Time : 06/08/2026, 11.00 Hrs Event Duration : 1 hour 13 mins 58 secs MANAGEMENT DETAILS: Mr. Ramu Akkili Company Secretary & Compliance Officer Mr. Sumit Kumar Chief Financial Officer Mr. Harsha Angeri Head Corporate Strategy and AI Mr. Nisha Dutt Managing Director & CEO Mr. Pratik EY Investor Relations Subex Limited Q1 FY27 Earnings Conference Call 06.08.2026 Q&A PARTICIPANTS: 1 Kiran Chheda : Chheda Investment Consultancy 2 Patrick Mathias : Individual Investor 3 Ajay Desai : Jayant Enterprise 4 Harshit Singhania : Robo Capital 5 Sanjyot Khare : Individual Investor 6 Abhishek Kale : Individual Investor 7 Nishita Shanklesha : Sapphire Capital 8 Meet Mehta : Prasun Exponentials 9 Mahesh Kumar : Individual Investor 10 Nandagopal B : Individual Investor 11 Jitendra Bhutoria : Individual Investor Subex Limited Q1 FY27 Earnings Conference Call 06.08.2026 Moderator Good morning, ladies and gentlemen. I'm Madhuri, moderator for the conference call. Welcome to Subex Limited Q1 FY27 Earnings Conference Call. As a reminder, all participants 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 * and then 0 on your touch-tone telephone. Please note that this conference is recorded. I would now like to hand over the floor to Mr. Pratik. Over to you, sir. Pratik Jagtap Thank you for Madhuri. Welcome to the call for the quarter ending June 30, 2026. Members of the management who are present for the call are Ms. Nisha Dutt, Managing Director & CEO; Mr. Sumit Kumar, CFO; Mr. Harsha Angeri, Head Corporate Strategy and AI; and Mr. Ramu Akkili, Company Secretary & 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. I am audible, right? Loud and clear? Moderator Yes, ma'am. Subex Limited Q1 FY27 Earnings Conference Call 06.08.2026 Nisha Dutt Okay. Good morning, everyone, and welcome to the Q1 FY27 Earnings Call. Thank you for joining us today. A lot of you joined us for AGM, and you know that we concluded our AGM the day before. I would first like to start off by thanking all our shareholders for the confidence that they have placed in the management team and in me personally. So, that trust means a great deal to me, and it's a responsibility that I certainly do not take lightly. It is one that we intend to earn through consistent execution. Over the last three years, our objectives have been very clear. We set out to simplify the business, sharpen our strategic focus, restore profitability, strengthen our balance sheet, and build a more disciplined organization. Now, I believe that that foundation is firmly in place. FY27, for me, represents the beginning of the next phase. This conversation is no longer about whether Subex can complete its turnaround. The conversation now is whether we can translate that strong foundation that we have set into consistent and sustainable growth. That is the mandate that we have set for ourselves this year. Every decision that we will make in this company will be aligned to that objective squarely. With that, let me walk you through how we fared in the first quarter. We are encouraged by the start that we have made to this year. Revenue for the quarter grew 8.9% sequentially and 19.7% over the corresponding quarter last year. EBITDA margin was at 21.2%, while PAT stood at 17.9%. Equally important, EBITDA has now grown fourfold compared to same quarter last year, if you compare. These results to me are not an outcome of a single large deal or a one-time event. In fact, they are cumulative impact of the work that has gone into business over the past several years. What have we done? Some of you who have been with us in this journey know this. We have greater operational discipline in the company now. We have improved execution of our order backlog. We have tighter cost management, and we have been achieving our key billing milestones consistently. We also ended the quarter with cash and cash equivalents of INR 184.8 crores. This further strengthens our balance sheet and gives us flexibility to invest in the future. While I say these results, I also want to set the expectations a little appropriately. While, as management, we are really pleased with the profitability that we have delivered this quarter, I do see this margin somewhat differently. They demonstrate the earnings potential of a business when the fundamentals are operating really well. Over the last three years, we have built a more disciplined organization, right? So, this quarter reflects what that foundation is capable of delivering. But at the same time, I'd like to remind everyone that FY27 to me is about accelerating growth. As opportunities present themselves, we will continue to invest in product innovation, AI capabilities, customer-facing teams, and delivery excellence. Our objective overall, the way we see this, is not to maximize short-term margins. It is to maintain a healthy margin structure while making disciplined investments that actually create greater long-term shareholder value. Subex Limited Q1 FY27 Earnings Conference Call 06.08.2026 I believe that striking this balance is the right way to build a stronger company. One area that I'm particularly encouraged by is Partner Ecosystem Management. As some of you know, that's one of our products. I mean, a lot of you know us for Revenue Assurance and Fraud Management, and likely so. But there is also, a third product that we are equally proud of, which is Partner Ecosystem Management, also known as wholesale billing in telco environment. I've always believed, when we joined that PEM, and we kind of call it PEM internally, was strategically important business to us that had not received the level of investment that it deserved, actually. Over the past few years, we have rebuilt the team. We have strengthened the product roadmap, and we have renewed our focus on that market. What we have seen as a result of that is that these investments are now beginning to show. Some of the big deal announcements that we did last year for some of you who remember, were actually in this area, in PEM. Now, we are starting t [Showing first 8,000 characters — download PDF for full document]