Subex reported strong Q3 FY26 financial results.

Revenue grew 2.7% QoQ to ₹70.79 Cr, while normalized EBITDA significantly improved by 27.3% QoQ to ₹9.29 Cr, with margins up 762bps YoY.

Normalized profit after tax (PAT) doubled QoQ to ₹7.68 Cr, reflecting operational efficiencies.

The company's strategy focuses on leveraging its strong annuity model (~70% recurring revenue, 95% customer retention) and deep Telco domain expertise.

A key growth driver is the increasing adoption of AI, with almost all new proposals requiring AI use cases, particularly in Fraud Management.

Recent wins include a new Fraud Management deal in Europe, an upgrade deal in the Middle East, a BAFM consultancy engagement, and a Managed Services renewal in APAC.

The company also onboarded two Independent Directors and key leadership.

Cash and cash equivalents remain healthy at ₹154.12 Cr, with DSO improving to ~90 days.

Management highlighted positive normalized PAT and consistent EBITDA performance over eight of the last nine quarters.