Fusion CX IPO
Fusion CX shares listed on BSE and NSE on 22 October 2026 after an IPO priced at ₹289, an issue of ₹702 crore.
- Minimum investment
- ₹14,7391 lot of 51 shares, at the issue price
- Issue price
- ₹289
- Lot size
- 51 shares
- Issue size
- ₹702 croreFresh issue and offer for sale
- Bidding
- 14 Oct to 16 Oct
- Listing
- 22 OctBSE, NSE
Dates
Fusion CX IPO dates
RHP cover page and Terms of the Offer (p. 496)- 13 OctAnchor bidding
- 14 OctBidding opens
- 16 OctBidding closes, UPI by 5 pm
- 19 OctAllotment
- 21 OctRefunds and demat credit
- 22 OctListing
- Today7 Nov
Read before you apply
Fusion CX IPO review: read before you apply
Worth checking
- SeriousGoodwill is the largest asset
Goodwill from acquisitions was ₹362.64 crore in June 2026, more than half of equity. If an acquired business does poorly, it may have to be written down (Risk factor 8).
- Depends on North America
About 85% of FY26 revenue came from the US and Canada, and the company has no currency hedging (Risk factor 9).
- Top 10 customers give half the revenue
The top 10 customers gave 52.17% of FY26 revenue. Most client contracts are short and can be ended at short notice (Risk factors 2 and 16).
- Money for unnamed acquisitions
Part of the fresh issue is for acquisitions where no target has been identified (Risk factor 23).
- Legal cases
21 cases are pending against the company involving ₹83.93 crore, and 19 against subsidiaries involving ₹96.73 crore (Risk factor 1).
- Staff costs are high
Employee costs were 65.62% of revenue in FY26, so wage increases hit margins directly (Risk factor 15).
Strengths
- Fast growth
Revenue grew 35.4% a year from FY24 to FY26 to ₹1,818 crore (our calculation).
- Profit more than doubled
Profit after tax rose from ₹74.31 crore in FY25 to ₹169.84 crore in FY26.
- Margins rising
EBITDA margin rose from 10.55% in FY24 to 18.14% in FY26 and 19.39% in April to June 2026.
- Cash from operations improved
Operating cash flow was ₹264.22 crore in FY26, up from ₹39.26 crore in FY24.
- Fresh money cuts debt
₹275.70 crore of the fresh issue goes to repaying loans.
What Fusion CX does
Fusion CX runs customer support for other companies over voice, email, chat and social media, using its own AI tools. It also offers AI data services like data collection, labelling and teleoperations.
It has 40 delivery centres in 13 countries, all on leased premises, and serves telecom and utilities, travel and technology, banking, retail and healthcare clients. It has grown partly through acquisitions. The promoters are Pankaj Dhanuka and Kishore Saraogi.
Listing and subscription
Fusion CX IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹289
- Listing price
- ₹305
- Gain at open
- +5.5%
- Day close
- ₹289.65
Subscription
- Total
- 4.45x
- Retail
- 5.70x
- Updated
- 16 Oct 2026, 5:00 pm IST
- QIB75% of offer4.01x
- NII15% of offer4.50x
- Big NII4.49x
- Small NII4.52x
- Retail10% of offer5.70x
- Total4.45x
As of 16 Oct 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Fusion CX IPO price band, lot size and issue size
RHP cover page and The Offer| Issue price | ₹289 |
| Lot size | 51 shares |
| Issue size | ₹702 crore |
| Fresh issue | ₹500 crore |
| Offer for sale | ₹202 crore by promoter companies P N S Business and Rasish Consultants, ₹101 crore each (average cost ₹0.13 and ₹0.12 a share) |
| Face value | ₹1 per share |
| Issue type | Book built, fresh issue and offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
The offer is under Regulation 6(2) of the SEBI ICDR rules, as the company does not meet the net tangible assets test in Regulation 6(1)(a). At least 75% goes to QIBs and retail investors get at most 10%.
What the company will do with the money
RHP, Objects of the Offer (p. 97)| Object of the issue | ₹ crore |
|---|---|
| Repay loans of the company and some subsidiaries | 275.70 |
| Invest in subsidiaries Omind (US and India) to upgrade AI tools Arya and MindVoice | 61.15 |
| Unidentified acquisitions and general corporate purposes |
Minimum and maximum investment
Our calculation: at ₹289 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 51 | ₹14,739 |
| Retail (max) | 13 | 663 | ₹1,91,607 |
| Small NII (min) | 14 | 714 | ₹2,06,346 |
| Small NII (max) | 67 | 3,417 | ₹9,87,513 |
| Big NII (min) | 68 | 3,468 | ₹10,02,252 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Offer Price (p. 120)Set to the issue price, ₹289. Change it to see what you would be paying for.
- Market cap
- ₹4,172 cr
- P/E (FY26)
- 21.5x
- Price to book
- 6.7x
- Market cap to sales
- 2.3x
- Peer average P/E
- 26.65x
Based on FY26 EPS of ₹13.47, 14.44 crore shares, net worth of ₹619.65 crore (June 2026) and revenue of ₹1,818.14 crore. Shares after the IPO: 12.71 crore existing shares plus about 1.73 crore new shares from the ₹500 crore fresh issue at ₹289 (our calculation).
Financials
Fusion CX financials
RHP, Summary of Financial Information (p. 61) and KPIs (p. 120), ₹ croreRevenue and profit
Revenue grew 35.4% a year from FY24 to FY26 (our calculation), partly through acquisitions.
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 991.32 | 1,329.30+34.1% | 1,818.14+36.8% | 490.48 |
| EBITDA | 104.62 | 197.78 | 329.87 | 95.09 |
| EBITDA margin | 10.55% | 14.88% | 18.14% | 19.39% |
| Profit after tax | 36.26 | 74.31+104.9% | 169.84+128.6% | 55.70 |
| EPS (₹) | 2.88 | 5.90 | 13.47 | 4.41 |
| Total equity | 271.14 | 358.36 | 560.60 | 619.65 |
| Borrowings | 210.61 | 306.73 | 266.87 | 238.13 |
| Goodwill | 87.64 | 288.09 | 362.20 | 362.64 |
| Trade receivables | 254.04 | 332.20 | 375.06 | 409.91 |
| Cash from operations | 39.26 | 102.45 | 264.22 | 23.20 |
Consolidated figures. Q1 FY27 is April to June 2026 and is not annualised. Borrowings add current and non-current amounts (our calculation).
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 120)| Company | Basic EPS (₹) | P/E | RoNW | NAV per share (₹) |
|---|---|---|---|---|
| Fusion CX | 13.47 | 21.5x at ₹289 (ours) | 30.74% | 43.73 |
| Firstsource Solutions | 9.77 | 22.27x | 15.00% | 61.80 |
| eClerx Services | 76.23 | 19.65x | 53.00% | 278.00 |
| Alldigi Tech | 53.96 | 14.12x | 29.00% | 235.00 |
| Inventurus Knowledge Solutions | 43.12 | 31.41x | 7.58% | 568.00 |
| Sagility India | 1.98 | Not given | 6.47% | 30.50 |
| Hinduja Global Solutions | 6.92 | 51.07x | 2.00% | 53.00 |
The peer average P/E of 26.65x is from the RHP (p. 120), across six listed BPO and IT services companies.
Key performance indicatorsRevenue growth, Adjusted EBITDA margin, Return on equity and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue growth | -10.29% | 34.09% | 36.77% | NA |
| Adjusted EBITDA margin | 12.30% | 15.81% | 19.48% | 20.03% |
| Return on equity | 13.37% | 20.74% | 30.30% | 8.99% |
| Return on capital employed | 19.56% | 49.73% | 71.59% | 19.84% |
| Days sales outstanding | 94 | 92 | 76 | 77 |
Q1 FY27 returns are for three months only.
RHP, Basis for Offer Price, KPIs (p. 120)
Company
About Fusion CX
Business
RHP, Basis for Offer Price, KPIs (p. 120)The share of revenue from the US and Canada has risen from 69.50% in FY24 to 85.26% in FY26, while India has fallen from 23.78% to 11.29%.
Revenue by region, FY26
- Delivery centres
- 40
- Countries
- 13
- Top 10 customers, FY26
- 52.17%
- Days sales outstanding, FY26
- 76
Key risks
RHP, Risk Factors (p. 19)- Legal casesCases are pending against the company, subsidiaries and directors.
- Customer concentrationTop 10 customers gave 52.17% of FY26 revenue.
- Data securityA breach of client or customer data could cause losses and claims.
- GoodwillGoodwill and intangibles are the largest assets and could be impaired.
- Currency riskMost revenue is in foreign currency and is not hedged.
- AI disruptionGenerative AI could change or reduce demand for call centre work.
- Leased centresAll delivery centres are on leased premises.
- Unregistered logoThe company's logo is not registered as a trademark.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingPercentages are our calculation on 12,70,59,295 shares.
The two promoter companies, P N S Business and Rasish Consultants, own almost all the shares before the IPO. Each sells shares worth ₹101 crore. Percentages are our calculation on 12,70,59,295 shares.
| Shareholder | Shares | Before IPO (ours) |
|---|---|---|
| P N S Business Private Limited (promoter) | 6,42,89,000 | 50.60% |
| Rasish Consultants Private Limited (promoter) | 6,08,15,800 | 47.86% |
RHP, Capital Structure
IndustryGlobal CX industry addressable market 2025: ₹34.54 lakh crore
- Global CX industry addressable market 2025
- ₹34.54 lakh crore
- Expected by 2027
- ₹35.03 lakh crore
- Digital CX industry, expected by 2027
- ₹2,55,850 crore (19.04% a year)
These are worldwide figures stated in rupees, not the Indian market alone. The report gives them in ₹ trillion and ₹ billion; ₹ lakh crore and ₹ crore are our conversion.
Everest Group report 'Customer Experience (CX) Industry Overview' in the RHP, prepared for the IPO (p. 153 and p. 167)
LitigationAgainst the company: criminal, tax and civil: 21 · Against subsidiaries: 19 · Against directors: criminal and civil: 5
| Type | Cases | Amount |
|---|---|---|
| Against the company: criminal, tax and civil | 21 | ₹83.93 crore |
| Against subsidiaries | 19 | ₹96.73 crore |
| Against directors: criminal and civil | 5 |
An arbitration by Karvy Data Management Services claiming ₹8.54 crore was closed in September 2026, and the two sides signed a settlement on 24 Sep 2026.
RHP, Risk Factor 1 (p. 19) and Outstanding Litigation
Company detailsLegal name, registered office, CIN and website
| Legal name | Fusion CX Limited |
| Former name | Xplore-Tech Services Private Limited |
| Promoters | Pankaj Dhanuka, Kishore Saraogi, P N S Business, Rasish Consultants |
| Delivery centres | 40, in 13 countries |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Fusion CX IPO allotment status
Out from 19 Oct 2026- Open the registrar's pageKFin Technologies Limited is the registrar. Open its allotment page.
- Select Fusion CX LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Fusion CX IPO FAQs
When does the Fusion CX IPO open and close?
The Fusion CX IPO opens on Wednesday, 14 October 2026 and closes on Friday, 16 October 2026. Anchor bidding is on 13 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Fusion CX IPO price band and lot size?
The price is ₹289 per share. The lot size is 51 shares, so the minimum bid is 51 shares, or ₹14,739 at the upper price.
What is the Fusion CX IPO size?
The Fusion CX IPO is of ₹702 crore. It is a fresh issue and offer for sale by promoter companies P N S Business and Rasish Consultants, ₹101 crore each (average cost ₹0.13 and ₹0.12 a share).
What is the Fusion CX IPO allotment date?
Allotment is on Monday, 19 October 2026. Refunds and demat credit are expected on 21 October 2026.
What is the Fusion CX IPO listing date?
Fusion CX shares are due to list on BSE and NSE on Thursday, 22 October 2026.
Who is the registrar of the Fusion CX IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Fusion CX do?
Fusion CX is a Kolkata-based customer experience company that runs customer support and AI data services for clients, mainly in the US and Canada, from 40 centres in 13 countries.
What will Fusion CX do with the IPO money?
Of the ₹500 crore fresh issue, ₹275.70 crore repays loans and ₹61.15 crore goes into its Omind AI subsidiaries. The rest is for acquisitions and general purposes. The ₹202 crore offer for sale goes to the promoter companies.
How much of the Fusion CX IPO is for retail investors?
At most 10%, because the issue is under Regulation 6(2) of SEBI's ICDR rules.
When does Fusion CX list?
Trading is expected to start on 22 Oct 2026 on BSE and NSE.
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