About the Business
Incorporated in 2004, Fusion CX Limited is a global customer experience (CX) and business process solutions provider offering multichannel customer support through voice, email, chat, social media, and messaging. The company also provides AI data infrastructure services, including data collection, data annotation, image and video labelling, and robotic teleoperations.
Fusion CX combines human expertise with technology and proprietary AI tools to deliver multilingual, omnichannel customer engagement, improve operational efficiency, and automate customer interactions. Through its subsidiary, Omind Technologies, the company is actively developing AI-powered solutions for marketing, conversational AI, quality automation, and dynamic workforce management.
- Global Delivery Network: Operates 40 delivery centres across 13 countries, enabling round-the-clock customer support across multiple time zones.
- Multilingual Support Scale: Supports customer workflows in 28 languages worldwide.
- Tier-1 Enterprise Clientele: Serves 208 customers as of June 30, 2026, including 22 Fortune 1000 multinational companies.
- Diversified Industry Presence: Operates across telecom and utilities, healthcare and life sciences, high-tech and travel, BFSI, and retail.
- Proprietary AI Applications: Invests in proprietary software suites including Arya and MindVoice through Omind Technologies.
The company’s promoters are Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt. Ltd., and Rasish Consultants Pvt. Ltd.
Company Financials (Restated Consolidated)
Fusion CX Ltd.’s revenue increased by 37% and profit after tax (PAT) rose by 129% between the financial year ending with March 31, 2026 and March 31, 2025. For the quarter ended June 30, 2026, the company generated total income of ₹503.85 Cr and a PAT of ₹55.70 Cr.
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 1,367.85 | 1,385.15 | 1,143.25 | 768.02 |
| Total Income | 503.85 | 1,851.83 | 1,352.03 | 1,021.53 |
| Profit After Tax | 55.70 | 169.84 | 74.31 | 36.26 |
| EBITDA | 95.09 | 329.87 | 197.78 | 104.62 |
| NET Worth | 610.84 | 552.46 | 354.58 | 270.15 |
| Reserves and Surplus | 607.01 | 547.97 | 345.76 | 258.54 |
| Total Borrowing | 238.13 | 266.86 | 306.73 | 210.61 |
Amount in ₹ Crore
Key Performance Indicator (KPI) (Jun 30, 2026)
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 13.37 | 15.43 |
| P/E ratio (x) | 21.62 | 18.73 |
| Price to Book Value (P/B) | 6.61 | 5.98 |
| Market Cap at Offer Price | ₹3,672.01 Cr | ₹4,172.01 Cr |
Calculated at the upper price band of ₹289 (Post-IPO annualized based on Q1 FY27 earnings)
IPO Lot Size
Investors can bid for a minimum of 51 shares and in multiples thereof:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 51 | ₹14,739 |
| Retail (Max) | 13 | 663 | ₹1,91,607 |
| S-HNI (Min) | 14 | 714 | ₹2,06,346 |
| S-HNI (Max) | 67 | 3,417 | ₹9,87,513 |
| B-HNI (Min) | 68 | 3,468 | ₹10,02,252 |
Issue Reservation
| Investor Category | Allocation Share |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 99.03% | 81.82% |
| Public | 0.97% | 18.18% |
| Total | 100% | 100% |
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards the following objects:
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by (i) Company; (ii) certain Subsidiaries ₹275.70 Cr
- Investment in step-down subsidiaries (Omind Technologies Inc. & Omind Technologies Pvt. Ltd.) for upgrading IT tools (Arya and MindVoice) ₹61.15 Cr
- Pursuing inorganic growth through unidentified acquisitions, strategic initiatives, and General Corporate Purposes Balance
Fusion CX Limited has scaled into an international customer experience (CX) and AI-augmented business process solutions provider with 40 delivery centres across 13 countries and multilingual service capabilities in 28 languages. By integrating human domain expertise with proprietary AI software from subsidiary Omind Technologies (including tools such as Arya and MindVoice), the company serves 208 global clients, including 22 Fortune 1000 organizations.
The latest financial statements show solid earnings momentum and an expanding balance sheet. In the latest quarter ended June 30, 2026, total income stood at ₹503.85 Cr with an Operating EBITDA margin of 20.03% and a PAT margin of 11.36% (net profit of ₹55.70 Cr). On the latest June 30, 2026 data, the company’s net worth rose to ₹610.84 Cr, NAV increased to ₹48.35, and leverage improved with a Debt-to-Equity ratio of 0.51x. With ₹275.70 Cr of the fresh issue proceeds targeted at debt reduction, finance costs are positioned to decline significantly. At the upper price band of ₹289, the post-IPO P/E ratio is 18.73x on annualized Q1 FY27 earnings against a market cap of ₹4,172.01 Cr, offering a competitive entry multiple relative to listed peers like Firstsource Solutions (22.27x) and Inventurus Knowledge Solutions (31.41x). Given the 10% retail allocation and institutional focus, the issue represents a viable candidate for investors seeking growth exposure to global AI-enabled digital services.
