1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Fusion CX Limited |
| IPO Type | 100% book-built offer; fresh issue and offer for sale |
| Fresh Issue | Up to ₹500.00 crore |
| Offer for Sale | Up to ₹202.00 crore |
| Total Issue Size | Up to ₹702.00 crore |
| Face Value | ₹1 per equity share |
| Price Band | ₹275–₹289 per equity share |
| Lot Size | 51 equity shares |
| Opening Date | October 14, 2026 |
| Closing Date | October 16, 2026 |
| Listing Exchange | BSE and NSE |
| Registrar | Kfin Technologies Limited |
| Book Running Lead Manager | Nuvama Wealth Management Limited |
2. IPO Details
| Particular | At Floor Price ₹275 | At Cap Price ₹289 |
|---|
| Fresh Issue Shares | 1,81,81,818.18 | 1,73,01,038.06 |
| Fresh Issue Amount | ₹50,000.00 lakh | ₹50,000.00 lakh |
| Offer for Sale (OFS) Shares | 73,45,454.55 | 69,89,273.36 |
| Offer for Sale (OFS) Value | ₹20,200.00 lakh | ₹20,200.00 lakh |
| Total Offer Shares | 2,55,27,272.73 | 2,42,90,311.42 |
| Total Offer Value | ₹70,200.00 lakh | ₹70,200.00 lakh |
3. Issue Reservation
| Investor Category | Reservation |
|---|
| Qualified Institutional Buyers (QIBs) | Not less than 75% of the net offer |
| Non-Institutional Investors (NIIs) | Not more than 15% of the net offer |
| Retail Individual Investors | Not more than 10% of the net offer |
4. IPO Lot Size
| Investor / Application | Lots | Shares | Amount at Floor Price ₹275 | Amount at Upper Band ₹289 |
|---|
| Retail minimum | 1 | 51 | ₹14,025 | ₹14,739 |
| Retail maximum | 13 | 663 | ₹1,82,325 | ₹1,91,607 |
| Small HNI minimum | 14 | 714 | ₹1,96,350 | ₹2,06,346 |
| Small HNI maximum | 67 | 3,417 | ₹9,39,675 | ₹9,87,513 |
| Big HNI minimum | 68 | 3,468 | ₹9,53,700 | ₹10,02,252 |
5. About the Company
Fusion CX Limited was incorporated on February 25, 2004 as Xplore-Tech Services Private Limited under the Companies Act, 1956. It changed its name to Fusion CX Private Limited in 2024 and became a public limited company in March 2025, adopting the name Fusion CX Limited. The company provides customer-experience (CX) and business-process solutions through voice, email, chat, social media and messaging channels. Its service offering also includes AI data infrastructure work such as data collection, data annotation, image/video labelling and teleoperations services.
The RHP describes delivery across offshore, onshore and nearshore centres and identifies customer industries including consumer and retail, banking, financial services and insurance (BFSI), telecommunications and technology, healthcare, public sector, media and other industries.
6. Restated Financial Information
| Particulars | 3M ended Jun 30, 2026 | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations | 4,904.84 | 18,181.38 | 13,292.96 | 9,913.15 |
| Other income | 133.63 | 336.93 | 227.34 | 302.13 |
| Total income | 5,038.47 | 18,518.31 | 13,520.30 | 10,215.28 |
| Employee benefits expense | 3,312.24 | 11,929.80 | 8,750.56 | 6,821.87 |
| Finance costs | 89.90 | 454.71 | 386.94 | 189.56 |
| Depreciation and amortisation | 232.81 | 950.99 | 813.43 | 489.77 |
| Other expenses | 775.37 | 3,289.80 | 2,791.98 | 2,347.24 |
| Total expenses | 4,410.32 | 16,625.30 | 12,742.91 | 9,848.44 |
| Profit before tax | 628.15 | 1,893.01 | 777.39 | 366.84 |
| Total tax expense | 71.17 | 194.61 | 34.25 | 4.24 |
| Profit after tax | 556.98 | 1,698.40 | 743.14 | 362.60 |
| Other comprehensive income, net of tax | 26.82 | 293.43 | 124.14 | (20.27) |
| Total comprehensive income | 583.80 | 1,991.83 | 867.28 | 342.33 |
| Basic EPS (₹; not annualised for 3M period) | 4.41 | 13.47 | 5.90 | 2.88 |
| Diluted EPS (₹; not annualised for 3M period) | 4.39 | 13.41 | 5.88 | 2.88 |
Balance Sheet Highlights
₹ in lakh
| Particulars | 3M ended Jun 30, 2026 | FY2026 | FY2025 | FY2024 |
|---|
| Property, plant and equipment | 924.21 | 958.01 | 935.21 | 832.72 |
| Right-of-use assets | 1,121.91 | 1,235.90 | 1,035.09 | 1,000.12 |
| Capital work-in-progress | 89.69 | 86.94 | 136.43 | 64.60 |
| Goodwill | 3,626.43 | 3,622.02 | 2,880.89 | 876.39 |
| Other intangible assets | 1,017.70 | 1,064.33 | 1,156.53 | 830.22 |
| Investments | 45.75 | 44.34 | 39.36 | 34.95 |
| Trade receivables | 4,099.06 | 3,750.57 | 3,321.99 | 2,540.36 |
| Cash and cash equivalents | 387.78 | 895.59 | 379.20 | 201.05 |
| Other current assets | 339.24 | 304.91 | 284.34 | 451.29 |
| Total assets | 13,678.47 | 13,851.46 | 11,432.52 | 7,680.16 |
| Total liabilities | 7,482.00 | 8,245.44 | 7,848.90 | 4,968.75 |
| Total current liabilities | 5,710.55 | 6,449.89 | 6,272.30 | 3,340.07 |
| Equity share capital | 126.33 | 126.33 | 126.01 | 126.01 |
| Other equity / reserves | 6,070.14 | 5,479.69 | 3,457.61 | 2,585.40 |
| Total equity / net worth | 6,196.47 | 5,606.02 | 3,583.62 | 2,711.41 |
| Non-current borrowings | 892.44 | 797.67 | 737.78 | 708.78 |
| Current borrowings | 1,488.88 | 1,870.97 | 2,329.50 | 1,397.31 |
| Total borrowings excluding lease liabilities | 2,381.32 | 2,668.64 | 3,067.28 | 2,106.09 |
| Non-current lease liabilities | 795.37 | 900.57 | 750.23 | 750.17 |
| Current lease liabilities | 457.34 | 455.03 | 350.53 | 314.63 |
| Trade payables: micro/small enterprises | 19.28 | 18.03 | 44.88 | 1.13 |
| Trade payables: other than micro/small enterprises | 1,484.79 | 1,743.24 | 1,686.25 | 534.30 |
7. Key Performance Indicators
Financial and operating KPIs
| Particulars | 3M ended Jun 30, 2026 | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations (₹ million) | 4,904.84 | 18,181.38 | 13,292.96 | 9,913.15 |
| Revenue growth | N.A. | 36.77% | 34.09% | (10.29%) |
| Profit for period/year (₹ million) | 556.98 | 1,698.40 | 743.14 | 362.60 |
| PAT margin | 11.36% | 9.34% | 5.59% | 3.66% |
| Adjusted PAT (₹ million) | 617.43 | 2,091.00 | 1,037.85 | 597.86 |
| Adjusted PAT margin | 12.59% | 11.50% | 7.81% | 6.03% |
| EBITDA (₹ million) | 950.86 | 3,298.71 | 1,977.76 | 1,046.17 |
| EBITDA growth | N.A. | 66.79% | 89.05% | (6.82%) |
| Adjusted EBITDA (₹ million) | 982.29 | 3,542.39 | 2,101.26 | 1,219.12 |
| EBITDA margin | 19.39% | 18.14% | 14.88% | 10.55% |
| Adjusted EBITDA margin | 20.03% | 19.48% | 15.81% | 12.30% |
| Return on capital employed | 19.84% | 71.59% | 49.73% | 19.56% |
| Return on equity | 8.99% | 30.30% | 20.74% | 13.37% |
| Days sales outstanding | 77 | 76 | 92 | 94 |
| Revenue per employee (₹ million) | 1.43 | 1.36 | 1.06 | 1.16 |
| Number of employees | 13,735 | 13,357 | 12,586 | 8,539 |
| Voluntary employee attrition | 31.20% | 26.50% | 30.56% | 32.15% |
| Top 5 client revenue contribution | 38.64% | 39.55% | 33.72% | 29.05% |
| Top 10 client revenue contribution | 49.67% | 49.66% | 45.30% | 41.04% |
| US & Canada revenue split | 84.06% | 85.26% | 75.34% | 69.50% |
| UK & Europe revenue split | 4.88% | 3.11% | 5.16% | 5.92% |
| India revenue split | 9.94% | 11.29% | 19.40% | 23.78% |
| Other geographies revenue split | 1.12% | 0.34% | 0.10% | 0.80% |
| Consumer and retail vertical | 13.31% | 12.12% | 14.20% | 17.06% |
| BFSI vertical | 14.15% | 13.52% | 16.45% | 15.63% |
| Telecommunications and technology vertical | 43.52% | 47.34% | 43.50% | 30.94% |
| Healthcare vertical | 13.32% | 13.14% | 10.58% | 13.03% |
| Public sector vertical | 0.00% | 0.00% | 0.00% | 0.00% |
| Others vertical | 15.71% | 13.88% | 15.27% | 23.34% |
| Offshore delivery | 28.16% | 26.69% | 20.20% | 23.40% |
| Onshore delivery | 31.99% | 36.38% | 42.40% | 50.20% |
| Nearshore delivery | 39.85% | 36.93% | 37.40% | 26.40% |
8. IPO Valuation
| Metric | Fusion CX FY2026 | Firstsource FY2026 | eClerx FY2026 | Inventurus FY2026 | Sagility FY2026 |
|---|
| Revenue from operations (₹ million) | 18,181.38 | 96,161.20 | 41,170.26 | 31,937.88 | 71,929.00 |
| Profit after tax (₹ million) | 1,698.40 | 6,744.00 | 7,062.00 | 7,215.54 | 9,248.00 |
| PAT margin | 9.34% | 7.10% | 17.16% | 22.59% | 12.86% |
| EBITDA (₹ million) | 3,298.71 | 15,562.00 | 11,526.00 | 10,913.00 | 18,583.00 |
| EBITDA margin | 18.14% | 16.30% | 28.00% | 34.17% | 25.84% |
| Revenue per employee (₹ million) | 1.36 | 2.66 | 1.82 | 2.40 | 1.53 |
| Employees | 13,357 | 36,205 | 22,639 | 13,331 | 46,860 |
9. Shareholding and Capital Structure
| Shareholder | Pre-Offer Shares | Pre-Offer Holding (%) | Post-Offer Shares at ₹275 | Post-Offer Holding at ₹275 (%) | Post-Offer Shares at ₹289 | Post-Offer Holding at ₹289 (%) |
|---|
| Promoters (also selling shareholders) | | | | | | |
| P N S Business Private Limited | 6,42,89,000 | 49.44% | 6,06,16,273 | 40.90% | 6,07,94,191 | 41.26% |
| Rasish Consultants Private Limited | 6,08,15,800 | 46.77% | 5,71,43,073 | 38.55% | 5,73,20,991 | 38.91% |
| Additional top 10 shareholders | | | | | | |
| Nalini Ranjan Tikkoo | 9,07,200 | 0.70% | 9,07,200 | 0.61% | 9,07,200 | 0.62% |
| Bob Hotchandani | 7,00,000 | 0.54% | 7,00,000 | 0.47% | 7,00,000 | 0.48% |
| Andrew Wilmott | 2,60,000 | 0.20% | 2,60,000 | 0.18% | 2,60,000 | 0.18% |
| Ritesh Chakraborty | 1,60,336 | 0.12% | 1,60,336 | 0.11% | 1,60,336 | 0.11% |
| Bradley Call | 1,50,000 | 0.12% | 1,50,000 | 0.10% | 1,50,000 | 0.10% |
| Amit Soni | 1,25,100 | 0.10% | 1,25,100 | 0.08% | 1,25,100 | 0.08% |
| Manish Padamchand Jain | 1,25,000 | 0.10% | 1,25,000 | 0.08% | 1,25,000 | 0.08% |
| Barun Singh | 1,25,000 | 0.10% | 1,25,000 | 0.08% | 1,25,000 | 0.08% |
| Atul Khemka | 1,22,600 | 0.09% | 1,22,600 | 0.08% | 1,22,600 | 0.08% |
| Neha Kedia | 97,760 | 0.08% | 97,760 | 0.07% | 97,760 | 0.07% |
| Other public shareholders | | | | | | |
| Others | 21,54,852 | 1.66% | 2,76,82,124 | 18.68% | 2,64,45,508 | 17.95% |
| Total | 13,00,32,648 | 100.00% | 14,82,14,466 | 100.00% | 14,73,33,686 | 100.00% |
10. Objects of the Issue
| Object | Amount (₹ million) | Proposed deployment |
|---|
| Repayment/prepayment of certain borrowings of the Company and specified subsidiaries | 2,756.95 | Fiscal 2027: 2,756.95; Fiscal 2028 and 2029: NA |
| Investment in Omind Technologies Inc. and Omind Technologies Private Limited to upgrade Arya and MindVoice IT tools | 611.46 | Fiscal 2027: 70.35; Fiscal 2028: 241.24; Fiscal 2029: 299.87 |
11. Key Risks Highlighted in the RHP
| Editorial category | RHP disclosure in plain language | Potential impact described / implied by RHP |
|---|
| Customer concentration | Top 10 customers contributed 49.84%, 52.17%, 45.30% and 41.04% of revenue for 3M FY2027, FY2026, FY2025 and FY2024, respectively. | Loss of or reduced business from a major customer could affect revenue and margins. |
| Overseas revenue / geography | Revenue from outside India represented 90.06%, 88.71%, 80.59% and 76.22% over the same periods. | Exposure to foreign markets may bring additional cost, disruption, payment-delay and customer risks. |
| Cybersecurity / data | The business processes and transmits sensitive and confidential information. | Cyberattacks, breaches, viruses or other security problems could affect reputation, operations and financial condition. |
| Intellectual property | Some in-house technology tools and platforms are unpatented; trademarks and logos may expire or may not be registered in all relevant jurisdictions. | Loss of protection, disputes or inability to renew or register rights could affect business and branding. |
| Employee attrition and talent | Operations depend on skilled employees, key managerial personnel and senior management. Voluntary attrition was 31.20% for the three months ended June 2026 and 26.50% in FY2026. | Retention and replacement needs may affect service continuity, delivery and costs. |
| Goodwill and intangible assets | Goodwill and other intangible assets are significant balance-sheet items. At June 30, 2026, goodwill was ₹3,626.43 million and other intangible assets were ₹1,017.70 million. | Impairment may adversely affect reported results and financial position. |
| Foreign exchange | The reporting currency is INR, a significant part of the business is transacted in foreign currencies, and the RHP states that the company has no hedging arrangements. | Currency movements may affect profitability and margins. |
| Acquisitions / integration | The company has pursued acquisitions and intends to consider further acquisitions and strategic initiatives. | Expected benefits may not be fully realised; integration or execution challenges may affect growth and results. |
| Financial / liquidity | The RHP discloses borrowings and proposes to use a substantial portion of fresh issue proceeds to repay or prepay certain borrowings. | Debt-servicing and funding needs may affect cash flows and financial flexibility. |
| Litigation | The RHP and Price Band Advertisement disclose ongoing legal proceedings involving the company, subsidiaries and directors. | Adverse outcomes may affect reputation, operations, profitability, margins, cash flows or financial condition. |
| Offer / market risk | The RHP states that the offer price should not be taken as indicative of the market price after listing and that investors may lose their entire investment. | The post-listing price may differ from the offer price; there is no assurance of returns. |
12. Litigation and Contingent Liabilities
| Entity / Direction | Criminal | Tax | Statutory / Regulatory | Material Civil | Aggregate Amount (₹ million) |
|---|
| Against Company | 5 | 12 | Nil | 4 | 839.32 |
| By Company | 8 | Not applicable | Not applicable | 1 | 73.73 |
| Against Subsidiaries | 2 | 9 | Nil | 8 | 967.32 |
| By Subsidiaries | 2 | Not applicable | Not applicable | 3 | 817.80 |
13. Registrar
| Particular | Details |
|---|
| Name | KFin Technologies Limited |
| Address | 301, The Centrium, 3rd Floor, 57, Lal Bahadur Shastri Road, Nav Pada, Kurla (West), Mumbai, Maharashtra 400070 |
| Telephone | +91 40 6716 2222 / 1800 309 4001 |
| Offer email | fusion.ipo@kfintech.com |
| Investor grievance email | einward.ris@kfintech.com |
| Website | www.kfintech.com |
| Contact person | Williams R |
| SEBI registration number | INR000000221 |
14. Book Running Lead Managers
| Lead Manager | Address | Contact / Registration |
|---|
| Nuvama Wealth Management Limited | 801–804, Wing A, Building No. 3, Inspire BKC, G Block, Bandra Kurla Complex East, Mumbai 400051, Maharashtra | Tel. +91 22 4009 4400; fusion@nuvama.com; customerservice.mb@nuvama.com; www.nuvama.com; Contact: Lokesh Shah; SEBI: INM000013004 |
| IIFL Capital Services Limited (formerly IIFL Securities Limited) | 24th Floor, One Lodha Place, Senapati Bapat Marg, Lower Parel (West), Mumbai 400013, Maharashtra | Tel. +91 22 4646 4728; fusioncx.ipo@iiflcap.com; ig.ib@iiflcap.com; www.iiflcapital.com; Contacts: Dhruv Bhavsar / Pawan Kumar Jain; SEBI: INM000010940 |
| Motilal Oswal Investment Advisors Limited | Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai 400025, Maharashtra | Tel. +91 22 7193 4380; fusion.ipo@motilaloswal.com; moiaplredressal@motilaloswal.com; www.motilaloswal.com; Contact: Vaibhav Shah; SEBI: INM000011005 |
15. Company Contact Details
| Particular | Details |
|---|
| Registered and corporate office | Plot No. Y9, Block EP & GP, Sector-5, Bidhan Nagar, Salt Lake, Kolkata 700091, West Bengal, India |
| CIN | U72900WB2004PLC097921 |
| Telephone | 033 4508 6520 |
| Email | secretarial@fusioncx.com |
| Website | www.fusioncx.com |
| Company Secretary and Compliance Officer | Barun Singh |
| Investor grievance route | Company Secretary and Compliance Officer, BRLMs or Registrar. Offer-related grievances are generally addressed to KFin Technologies Limited, with the relevant designated intermediary copied. |
| Statutory auditor | M S K C & Associates LLP |
| Firm Registration Number | 001595S/S000168 |
| Auditor's office | Kolkata |
| Auditor contact | DipakJaiswal@mska.in |
| Auditor telephone | 033-47475789 |
