Subhalagnam is a 1994 Indian Telugu-language film co-written, directed, and scored by S. V. Krishna Reddy. It stars Jagapathi Babu, Aamani, and Roja. The film was produced by K. Venkateswara Rao under the Sri Priyanka Pictures banner and presented by C. Aswani Dutt. The plot follows a greedy woman who makes a financial deal to let another woman marry her husband. The film's story is based on the American film Indecent Proposal (1993) which was based on the 1988 novel of same name which had already adapted into 1991 Kannada film Ajagajantara.

Veeramachaneni Jagapathi Chowdary, professionally known as Jagapathi Babu, is an Indian actor known for his works in Telugu cinema. He has also appeared in Tamil, Malayalam, Hindi and Kannada films. Babu has appeared in 170 feature films, and has received four Filmfare Awards and seven state Nandi Awards.