Fusion CX IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Fusion CX

Price band

₹275 – ₹289

Lot size

51 shares

Min investment

₹14,739

Issue size

₹702 Cr

About the company

Fusion CX Limited was incorporated in 2004. It provides customer experience (CX) services in many languages across voice, chat, email, social media and messaging. Its services include customer acquisition, customer service, order fulfilment support, payments and collections, customer retention and technical support. Through its subsidiary Omind Technologies, it builds its own tools in conversational AI, marketing AI, quality automation and workforce management. It charges clients on fixed-fee, transaction-based or outcome-based models. As of 31 December 2024, it ran 40 delivery centres across 15 countries in 28 languages. As of 31 March 2026, it had 13,357 employees in its CX business. By vertical, telecom and technology gave 47.34% of FY2026 revenue from operations, BFSI 13.52%, healthcare 13.14% and consumer and retail 12.12%. By geography, the US and Canada gave 85.26%, India 11.29% and the UK and Europe 3.11%.

Fusion CX Limited, incorporated in 2004, is a customer experience services company. It runs voice, chat, email and social media support for clients in telecom, BFSI, healthcare and retail, and builds AI tools through its subsidiary Omind Technologies.

IPO details

Issue price: ₹289
Price band: ₹275 – ₹289
Face value: ₹1
Lot size: 51
Min investment: ₹14,739
Issue size: ₹702 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 8038
NSE symbol: FUSIONCX.NS

Lot size & investment by category

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
B-HNI (Min)	68	3,468	₹10,02,252

Investor reservation

CATEGORY	RESERVED
QIB	1,82,17,992 shares (75.00% of the Offer)
NII	36,43,598 shares (15.00% of the Offer)
Retail	24,29,066 shares (10.00% of the Offer)

Objects of the issue

1Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our (i) Company; (ii) certain Subsidiaries (direct and certain step-down subsidiaries)29.19

2Investment in our step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, for upgrading IT tools i.e. Arya and MindVoice7.47

3Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes

Financials

Rs. Crore • restated

METRIC	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

Key performance indicators

P/E Ratio

18.73

EPS (₹)

15.43

RoE

8.99%

RoCE

19.84%

RoNW

9.12%

PAT Margin

11.36%

EBITDA Margin

20.03%

Debt / Equity

0.51

NAV (₹)

48.35

✓ Strengths

• Total income rose from Rs 1,021.53 crore in FY2024 to Rs 1,352.03 crore in FY2025 and Rs 1,851.83 crore in FY2026. Revenue from operations grew 36.77% in FY2026 to Rs 1,818.14 crore.

• Profit after tax rose from Rs 36.26 crore in FY2024 to Rs 74.31 crore in FY2025 and Rs 169.84 crore in FY2026. For the quarter ended 30 June 2026 it was Rs 55.70 crore on total income of Rs 503.85 crore.

• EBITDA was Rs 329.87 crore in FY2026, about 18.14% of revenue from operations of Rs 1,818.14 crore. PAT was about 9.34% of that revenue.

• For the quarter ended 30 June 2026 the source lists return on net worth of 9.12%, return on equity of 8.99% and return on capital employed of 19.84%. These are on one quarter's profit and are not annualised.

• Net worth rose from Rs 270.15 crore at 31 March 2024 to Rs 552.46 crore at 31 March 2026 and Rs 610.84 crore at 30 June 2026. Total borrowing fell from Rs 306.73 crore at 31 March 2025 to Rs 266.86 crore at 31 March 2026 and Rs 238.13 crore at 30 June 2026.

• The company serves clients across telecom, BFSI, healthcare and retail, and 85.26% of FY2026 revenue came from the US and Canada.

• The issue is Rs 500 crore of fresh capital and an offer for sale of about Rs 202 crore. At the upper band of Rs 289, the P/E is 18.73 on post-issue EPS of Rs 15.43, and the market cap is Rs 4,172.01 crore.

⚠ Risks

• At the upper band of Rs 289, the P/E is 18.73 on post-issue EPS of Rs 15.43, and 21.62 on pre-issue EPS of Rs 13.37. The EPS is based on a profit that more than doubled in FY2026, so the valuation rests on that level being held.

• Only Rs 36.66 crore of the fresh issue is tied to named uses: Rs 29.19 crore for repaying borrowings and Rs 7.47 crore for investment in subsidiaries. The rest goes to unidentified acquisitions and general corporate purposes.

• The offer for sale of about Rs 202 crore is by promoters P.N.S. Business Pvt.Ltd. and Rasish Consultants Pvt.Ltd., so that money goes to the sellers and not to the company. The OFS amount is an estimate until the share count is final.

• Promoters hold 93.02% before the issue, and their holding falls to 78.94% after it, so they keep control.

• Revenue is concentrated by client and region. The top five clients gave 39.55% and the top ten 49.66% of FY2026 revenue, and the US and Canada gave 85.26%.

• Telecom and technology gave 47.34% of FY2026 revenue from operations, so a slowdown in that vertical would hit income.

• Profit after tax more than doubled from Rs 74.31 crore in FY2025 to Rs 169.84 crore in FY2026, and the company has grown partly through acquisitions, so such growth may be hard to repeat.

• The business depends on a large workforce of 13,357 employees, so wage costs and staff attrition can hit margins.

• Total borrowing was Rs 266.86 crore at 31 March 2026 against net worth of Rs 552.46 crore. At 30 June 2026 the source lists debt to equity of 0.51.

Promoters & holding

Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt.Ltd. and Rasish Consultants Pvt.Ltd

Pre-issue promoter holding

93.02%

Post-issue promoter holding

78.94%

Promoters hold 93.02% before the issue and will hold 78.94% after it.

Data refreshed 09 Nov 2026, 04:00 am IST. GMP is unofficial market sentiment, not investment advice.