Subex Results are in-line with estimates. No major impact of the macro scene as yet on Subex, as reflected by steady order inflows. Stock price has declined significantly over past few quarters. While we are upgrading the stock because of the sharp decline in price, we still recommend ACCUMULATE as the macro scene remains challenging. Uncertainty over FCCB conversion remains. Our FY09 EPS earnings estimate of Rs.13 does not include MTM losses on FCCBs. The price target stands reduced to Rs.55 from Rs.65 earlier.