Fusion CX IPO

Strengths · 7

• 01Total 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.
• 02Profit after tax rose from Rs 36.26 crore in FY2024 to Rs 74.40 crore in FY2025 and Rs 169.84 crore in FY2026.
• 03EBITDA was Rs 329.87 crore in FY2026, an EBITDA margin of 18.14%, and the PAT margin was 9.34%.
• 04Return on net worth was 30.74%, return on equity 30.29% and return on capital employed 71.19% for FY2026.
• 05Net worth rose from Rs 270.15 crore at 31 March 2024 to Rs 552.54 crore at 31 March 2026, and total borrowing fell from Rs 306.73 crore to Rs 266.86 crore between 31 March 2025 and 31 March 2026. Debt to equity was 0.30.
• 06The company serves clients across telecom, BFSI, healthcare and retail, and 85.26% of FY2026 revenue came from the US and Canada.
• 07The 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 market cap is Rs 4,172.01 crore.

Risks · 9

• 01The source has not published EPS or P/E for this issue yet, so the valuation against earnings cannot be checked at the upper band.
• 02Only 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.
• 03The 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.
• 04Promoters hold 99.03% before the issue, and their holding falls to 81.82% after it, so they keep control.
• 05Revenue 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%.
• 06Telecom and technology gave 47.34% of FY2026 revenue from operations, so a slowdown in that vertical would hit income.
• 07Profit after tax more than doubled from Rs 74.40 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.
• 08The business depends on a large workforce of 13,357 employees, so wage costs and staff attrition can hit margins.
• 09Total borrowing was Rs 266.86 crore at 31 March 2026 against net worth of Rs 552.54 crore.

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%.

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