Subex logo

Subex CEO, MD, chairman, board of directors and AGM

NSE: SUBEXLTDBSE: 532348IT - SoftwareSmall Cap

Formerly Subex Azure
Last close ₹16.57down ₹0.53 (3.10%)BSE ₹16.59

Share price at the NSE close on 23 Oct 2026. Previous close ₹17.10.

52-week range of traded prices to 23 Oct 2026
₹6.61Low, 30 Mar 2026₹22.80High, 23 Sep 2026
Market cap
₹931 Cr1,790th largest listed
P/E
31.1
P/E without one-offs
26.9
P/B
2.7
Dividend yield
Nonein the last 12 months
ROE
9.3%
ROE without one-offs
10.7%
ROCE
8.4%
Debt to equity
0.00
Volume, NSE
77,01,72830.6% delivered

Subex board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Managing director and CEONISHA DUTT
  • Company Secretary and Compliance OfficerRamu Akkili

6 directors4 independent1 executive1 non-executive

  • NISHA DUTT · Managing director and CEOExecutive · joined May 2024 · 1 listed board · 2 committee seats
  • RUPINDER GOELIndependent · joined Aug 2023 · reappointed Aug 2026 · 38 months as independent · 1 listed board · 1 as independent · 2 committee seats
  • MURALI KALYANARAMANIndependent · joined May 2024 · reappointed May 2024 · 29 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • ERINTI VENKATA NARAYANAIndependent · joined Dec 2025 · reappointed Dec 2025 · 10 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • ALOK OHRIEIndependent · joined Jan 2026 · reappointed Jan 2026 · 9 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • STEPHANE RAYMOND MARIE LE LETTYNon-executive · joined Mar 2026 · reappointed Mar 2026 · 7 months as independent · 1 listed board

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

3 directors who left
  • ANIL CHANDANMAL SINGHVI, left 29 Sep 2025: Others
  • POORNIMA KAMALAKSH PRABHU, left 29 Sep 2025: Others
  • ARCHANA MUTHAPPA, left 29 Sep 2025: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 5 Aug 20266 of 6 present4 independent · 84 days in between
    • 12 May 20266 of 6 present4 independent · 20 days in between
    • 21 Apr 20266 of 6 present4 independent · 7 days in between
    • 13 Apr 20265 of 6 present4 independent

  • Audit Committee

    Chair MURALI KALYANARAMAN

    RUPINDER GOEL, NISHA DUTT, ERINTI VENKATA NARAYANA, ALOK OHRIE

    • 5 Aug 20265 of 5 present4 independent · 84 days in between
    • 12 May 20265 of 5 present4 independent

  • Nomination and remuneration committee

    Chair ERINTI VENKATA NARAYANA

    MURALI KALYANARAMAN, ALOK OHRIE

    • 5 Aug 20263 of 3 present3 independent · 84 days in between
    • 12 May 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair ERINTI VENKATA NARAYANA

    NISHA DUTT, RUPINDER GOEL

    No meeting listed in the filing.

  • Risk Management Committee

    Chair ALOK OHRIE

    NISHA DUTT, ERINTI VENKATA NARAYANA, STEPHANE RAYMOND MARIE LE LETTY

    • 5 Aug 20263 of 3 present2 independent

  • Corporate Social Responsibility Committee

    Chair MURALI KALYANARAMAN

    RUPINDER GOEL, NISHA DUTT

    No meeting listed in the filing.

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • MSKC & ASSOCIATES LLPPeer-review certificate valid to Sep 2026
1 earlier auditor
  • S.R. Batliboi & Associates LLPNamed in filings from Mar 2025 to Jun 2025

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Subex AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Subex dividend history

Postal ballot, 12 Sep 2026

3,38,793 shareholders on the register on 7 Aug 2026; votes counted by Pramod S M / BMP & Co. LLP.The company's voting result (opens in a new tab)

  1. Formulation and Implementation of a new ESOP Scheme, namely Subex Employees Stock Option Scheme 2026
    Special
    83.87% for16.13% against

    Against: promoters 0.00% · institutions 95.78% · other public 5.39%

    Turnout: all 3.70% · promoters 0.00% · institutions 8.22% · other public 3.44%

  2. Grant of Stock Options to the employees of subsidiaries under the Employee Stock Option Scheme 2026
    Special
    83.84% for16.16% against

    Against: promoters 0.00% · institutions 95.78% · other public 5.42%

    Turnout: all 3.70% · promoters 0.00% · institutions 8.22% · other public 3.44%

  3. Authorization to Subex Employee Welfare and ESOP Benefit Trust for acquisition of Company shares in the secondary market
    Special
    85.89% for14.11% against

    Against: promoters 0.00% · institutions 95.78% · other public 3.10%

    Turnout: all 3.70% · promoters 0.00% · institutions 8.22% · other public 3.44%

  4. Grant of loan to Subex Employee Welfare and ESOP Benefit Trust to acquire company shares in the secondary market
    Special
    84.56% for15.44% against

    Against: promoters 0.00% · institutions 95.78% · other public 4.61%

    Turnout: all 3.70% · promoters 0.00% · institutions 8.22% · other public 3.44%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 4 Aug 2026, 3 resolutions

3,39,666 shareholders on the register on 28 Jul 2026; present: 0 promoters and 48 others; votes counted by Biswajit Ghosh / BMP & Co. LLP.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) for the financial year ended March 31, 2026, and the Reports of the Board of Directors and the Auditors thereonMoreLess
    Ordinary
    99.71% for0.29% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.35%

    Turnout: all 2.59% · promoters 0.00% · institutions 54.31% · other public 2.17%

  2. To appoint a Director in place of Ms. Nisha Dutt (DIN: 06465957), who retires by rotation and being eligible, offers herself for re-appointment.
    Ordinary
    99.48% for0.52% against

    Against: promoters 0.00% · institutions 0.51% · other public 0.52%

    Turnout: all 2.63% · promoters 0.00% · institutions 57.59% · other public 2.17%

  3. Re-appointment of Mr. Rupinder Goel (DIN: 02693178) as an Independent Director of the Company
    Special
    98.15% for1.85% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.25%

    Turnout: all 2.62% · promoters 0.00% · institutions 57.59% · other public 2.17%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 16 May 2026, 1 resolution

3,46,892 shareholders on the register on 10 Apr 2026; votes counted by Biswajit Ghosh / BMP & Co., LLP.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Stephane Raymond Marie Le Letty (DIN: 11628981) as a Director (Category: Non-Executive and Non-Independent) of the Company
    Ordinary
    96.36% for3.64% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.84%

    Turnout: all 1.83% · promoters 0.00% · institutions 8.40% · other public 1.45%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 19 Mar 2026, 2 resolutions

3,51,226 shareholders on the register on 13 Feb 2026; votes counted by Pramod S M / BMP & Co., LLP.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Venkata Erinti Narayana (DIN: 03345145) as an Independent Director of the Company
    Special
    98.47% for1.53% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.89%

    Turnout: all 2.39% · promoters 0.00% · institutions 8.63% · other public 2.04%

  2. Appointment of Mr. Alok Ohrie (DIN: 01052136) as an Independent Director of the Company
    Special
    98.46% for1.54% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.89%

    Turnout: all 2.39% · promoters 0.00% · institutions 8.63% · other public 2.04%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 29 Sep 2025, 6 resolutions

3,62,747 shareholders on the register on 22 Sep 2025; present: 0 promoters and 40 others; votes counted by Pramod S M / BMP & Co., LLP.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) for the financial year ended March 31, 2025, together with the Report of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    96.77% for3.23% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.80%

    Turnout: all 3.06% · promoters 0.00% · institutions 52.44% · other public 2.63%

  2. To appoint Mr. Anil Singhvi, Non-Executive & Non-Independent Director (DIN: 00239589), who retires by rotation, and being eligible, has offered himself for re-appointment
    OrdinaryNot passed
    34.68% for65.32% against

    Against: promoters 0.00% · institutions 0.00% · other public 72.48%

    Turnout: all 4.87% · promoters 0.00% · institutions 55.52% · other public 4.42%

  3. To appoint M/s. M.S.K.C & Associates LLP, Chartered Accountants, (Firm Registration No. 001595S/S000168) as Statutory Auditors
    Ordinary
    96.49% for3.51% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.16%

    Turnout: all 3.08% · promoters 0.00% · institutions 55.52% · other public 2.63%

  4. To appoint M/s. V. Sreedharan & Associates, Practicing Company Secretaries, (Firm Registration No. P1985KR14800) as Secretarial Auditors
    Ordinary
    96.47% for3.53% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.18%

    Turnout: all 3.08% · promoters 0.00% · institutions 55.52% · other public 2.63%

  5. To approve for formulation of Subex Employees Stock Option Scheme – 2025 (ESOP-2025)
    Special
    80.15% for19.85% against

    Against: promoters 0.00% · institutions 90.22% · other public 9.17%

    Turnout: all 3.65% · promoters 0.00% · institutions 55.52% · other public 3.19%

  6. To approve for grant of stock options to the employees of subsidiaries (present & future) under the Subex Employees Stock Option Scheme – 2025 (ESOP-2025)
    Special
    80.24% for19.76% against

    Against: promoters 0.00% · institutions 90.22% · other public 9.07%

    Turnout: all 3.65% · promoters 0.00% · institutions 55.52% · other public 3.19%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 5 Aug 2024, 6 resolutions

Present: 0 promoters and 74 others.The company's voting result (opens in a new tab)

  1. Adoption of financial statements
    Ordinary
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.17%

    Turnout: all 3.72% · promoters 0.00% · institutions 49.19% · other public 3.12%

  2. Appointment of Mr. Anil Singhvi (DIN: 00239589) as a Director, liable to retire by rotation, and being eligible, offers himself for re-appointment
    Ordinary
    87.73% for12.27% against

    Against: promoters 0.00% · institutions 0.00% · other public 15.00%

    Turnout: all 3.65% · promoters 0.00% · institutions 51.25% · other public 3.02%

  3. Appointment of Ms. Nisha Dutt (DIN: 06465957) as a Director of the Company
    Ordinary
    98.53% for1.47% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.79%

    Turnout: all 3.75% · promoters 0.00% · institutions 51.25% · other public 3.12%

  4. Appointment of Ms. Nisha Dutt (DIN: 06465957) as Managing Director & Chief Executive Officer of the Company
    Special
    81.61% for18.39% against

    Against: promoters 0.00% · institutions 99.64% · other public 0.94%

    Turnout: all 3.76% · promoters 0.00% · institutions 51.25% · other public 3.13%

  5. To appoint Mr. Murali Kalyanaraman (DIN: 07011607) as an Independent Director of the Company
    Special
    99.38% for0.62% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.75%

    Turnout: all 3.75% · promoters 0.00% · institutions 51.25% · other public 3.12%

  6. Payment of remuneration to the Independent and Non-Executive Directors by way of commission
    Special
    77.66% for22.34% against

    Against: promoters 0.00% · institutions 99.64% · other public 5.59%

    Turnout: all 3.73% · promoters 0.00% · institutions 51.25% · other public 3.10%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 29 Sep 2023, 4 resolutions

Present: 0 promoters and 60 others.The company's voting result (opens in a new tab)

  1. Adoption of Financial Statements t
    Ordinary
    99.29% for0.71% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.75%

    Turnout: all 9.01% · promoters 0.00% · institutions 50.91% · other public 8.59%

  2. Appointment of Mr. Anil Singhvi as a Director liable to retire by rotation
    Ordinary
    96.64% for3.36% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.57%

    Turnout: all 9.03% · promoters 0.00% · institutions 53.61% · other public 8.59%

  3. To appoint Mr. Rupinder Goel as an Independent Director of the Company
    Special
    99.25% for0.75% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.80%

    Turnout: all 9.03% · promoters 0.00% · institutions 53.61% · other public 8.59%

  4. To appoint Ms. Archana Muthappa as an Independent Director of the Company
    Special
    99.24% for0.76% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.80%

    Turnout: all 9.03% · promoters 0.00% · institutions 53.61% · other public 8.59%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 3 May 2023, 1 resolution

The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. Shiva Shankar Naga Roddam as a Director, liable to retire by rotation, and as a Whole-Time Director of the company
    Special
    61.03% for38.97% against

    Against: promoters 0.00% · institutions 99.50% · other public 14.76%

    Turnout: all 1.68% · promoters 0.00% · institutions 49.30% · other public 1.21%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.

Mutual fund votes, meeting of 29 Sep 2023, 1 fund house

  • Adoption of Financial Statements t
    1 for0 against
  • Appointment of Mr. Anil Singhvi as a Director liable to retire by rotation
    1 for0 against
  • To appoint Mr. Rupinder Goel as an Independent Director of the Company
    1 for0 against
  • To appoint Ms. Archana Muthappa as an Independent Director of the Company
    1 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes

Reported in the filing for the quarter to Sep 2026.

  • Tax disputeCentral Excise and Service Tax Appellate Tribunal, BangaloreSince 31 Mar 2008
    No movement in the current quarter
    At the filing before: Demand of service tax on services received from outside India during the period Apr'07 to Jun'07 The Company filed appeal with CESTAT, Bangalore. On 29 October, 2024 order was pronounced and the appeal was allowed. However, the copy of the order is not yet available. Awaiting for the order. The copy of the order has been received by the Company. The company is in the process of filing an application to the Authorities to give effect to the CESTAT's order.The Company has filed an application with the officer for issuance of order giving effect on November 17, 2025 for quashing the demand and issuing the refund. The application is yet to be disposed off by the officerMoreLess
  • Tax disputeCentral Excise and Service Tax Appellate Tribunal, BangaloreSince 31 Mar 2010
    No movement in the current quarter
    At the filing before: Demand of service tax on services received from outside India during the period Apr'07 to Jun'07 The Company filed appeal with CESTAT, Bangalore On 29 October 2024 order was pronounced and the appeal was allowed. The copy of the order has been received by the Company. The company is in the process of filing an application to the Authorities to give effect to the CESTAT's order.The Company has filed an application with the officer for issuance of order giving effect on November 17, 2025 for quashing the demand and issuing the refund. The application is yet to be disposed off by the officer.MoreLess
  • Tax disputeAssessing Officer, Income TaxSince 31 Mar 2018
    No movement in the current quarter
    At the filing before: For AY 2013-14, Transer Pricing and corporate tax adjustment has been made and tax demand was received for Rs.369 lakhs. Refund has been determined upon issuance of ITAT order, final assessment order passed by AO incorporating the TP adjustment with net refundable of approx 7.1 crores Writ petition has been filed by the company with High court for issuance of refund. The High Court directed the concerned Officer to dispose of the rectification application and adjourned the petition to 23rd July 2025 The appeal has been filed by income tax dept against ITAT order in connection with interest receivables, corporate guarantee and comparables and the Company is confident that its position will be upheld and it will not have adverse affect on company's final position The writ petition is disposed in the favour of the Company and the Company has received the refund. The appeal filed by income tax dept againt ITAT order in connection with interest receivables, corporate guarantee and comparables is yet to be heard. The Company is confident that its position will be upheld and it will not have adverse affect on company's final position.MoreLess
  • Tax disputeAssessing Officer, Income TaxSince 31 Mar 2020
    No movement in the current quarter
    At the filing before: For AY 2017-18, Transer Pricing and corporate tax adjustment has been made and tax demand was received for Rs.18.31 crs. Refund has been determined upon issuance of ITAT order, final assessment order passed by AO incorporating the TP adjustment with net refundable of approx 0.78 crs Order giving effect has been issued and the refund determined has been adjusted against the demand for AY 2015-16. Department has preferred an appeal before the Karnataka High Court on the TP Comparables, against the ITAT Order on exclusion of comparables. Department appeal before the Karnataka High Court on the TP Comparables, against the ITAT Order on exclusion of comparables is pending for disposal. The Company is confident that its position will be upheld and it will not have adverse affect on company's final position.MoreLess
  • Tax disputeAssessing Officer, Income TaxSince 26 Oct 2018
    No movement in the current quarter
    At the filing before: For AY 2014-15, received orders on March 29, 2025, under Section 254 of the Income-tax Act, 1961. Transer Pricing and corporate tax adjustment has been reduced to Rs. 10.55 crs. Refund has been determined in the final assessment order passed by AO, of approx 23.35 crs. Conservatively, the Company has filed an appeal before the Commissioner of Income-tax (Appeals), against the TP adjustments made since the TPO, has not followed the directions of the ITAT and the Company is confident that its position will be upheld and it will not adverse affect on company's final position The refund as determined in the order has been received. With regard to TP adjustment, the Company's appeal before the Commissioner of Income-tax (Appeals) is pending to be heard and the Company is confident that its position will be upheld and it will not adverse affect on company's final positionMoreLess
  • Tax disputeAssessing Officer, Income TaxSince 23 Oct 2019
    No movement in the current quarter
    At the filing before: For AY 2015-16, received orders on March 26, 2025, under Section 254 of the Income-tax Act, 1961. Transer Pricing adjustment has been reduced to Rs. 7.35 crs. Refund has been determined in the final assessment order passed by AO, of approx 10.92 crs. Conservatively, the Company has filed an appeal before the Commissioner of Income-tax (Appeals), against the TP adjustments made since the TPO, has not followed the directions of the ITAT and the Company is confident that its position will be upheld and it will not adverse affect on company's final position The refund as determined in the order has been received. With regard to TP adjustment, the Company's appeal before the Commissioner of Income-tax (Appeals) is pending to be heard and the Company is confident that its position will be upheld and it will not adverse affect on company's final positionMoreLess

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
No
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.