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Fractal Analytics IPO
Fractal Analytics Ltd
₹13,712 /16 sharesMinimum Investment
Fractal Analytics IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 9 Feb ‘26 - 11 Feb ‘26 | ₹13,712 | 16 | ₹857 - ₹900 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 2,833.90 Cr | RHP PDF | 12 Feb ‘26 | 16 Feb ‘26 |
| Face value |
|---|
| 1 |
About Fractal Analytics
Founded in
2000
MD/CEO
Mr Rohan Haldea
Parent organisation
Fractal Analytics Ltd
Strengths & Risks of Fractal Analytics
Highlights
Deep dive
Revenue grew at 18.0% CAGR to ₹2,765.4 Crores
Achieved high Net Revenue Retention of 121.3%
High client satisfaction with NPS score of 77
Top 10 clients generate 54.2% of segment revenue
Directors face material litigation involving ₹915.8 Crores
Reported a net loss of ₹54.7 Crores in FY24
Fractal analytics limited is a leading enterprise AI company powering data-driven decisions for global corporations through its end-to-end solutions. However, the company's heavy reliance on a small number of major clients for a significant portion of its revenue presents a considerable concentration risk.
Strengths
Risks
Fractal Analytics claims to operate as an end-to-end provider across the data, analytics, and artificial intelligence (DAAI) value chain, placing it within a large and growing global market. Based on third-party estimates, the global third-party DAAI market was valued at approximately $143 billion in FY25 and is projected to grow at a CAGR of 16.7 percent to reach about $310 billion by FY30. The company also claims to have recorded revenue growth at a higher rate of 18.0 percent than the overall global DAAI market of 11.0 percent between FY23 and FY25 and reports that a majority of its revenue is derived from clients located outside India, indicating significant exposure to global enterprise demand.
Fractal Analytics claims to have long-standing relationships with large global clients across consumer packaged goods and retail, technology, media and telecom, healthcare and life sciences, and banking, financial services, and insurance. As of FY25, the company reported working with multiple top-20 companies by revenue within these industries and states that its revenue base is diversified across and within its focus sectors. The company also claims that its top 10 clients have been associated with it for an average of over eight years.
Fractal Analytics claims to have deep and integrated technical, domain, and functional expertise developed over more than 25 years of operations. The company states that it combines AI, engineering, and design capabilities with industry-specific knowledge across sectors such as consumer packaged goods, retail, technology, healthcare, and financial services, and supports multiple enterprise functions, including sales, marketing, supply chain, and finance. It also claims to have built proprietary domain- and function-specific platforms and maintains research collaborations, industry partnerships, and technology alliances that support the development and deployment of end-to-end AI solutions across diverse enterprise environments.
Fractal Analytics claims to have a long-standing track record of investing in research, product development, and acquisitions to expand its AI capabilities. As of January 19, 2026, the company reported holding multiple registered patents (28) and patent applications (38) and stated that it has developed a portfolio of proprietary AI products hosted on its Cogentiq platform. It also claims to have invested in both organic research initiatives and inorganic growth through acquisitions to strengthen areas such as behavioural science, data engineering, conversational AI, and generative AI (GenAI), while contributing to AI research through published papers, open-sourced models, and participation in global research programs and government-led initiatives.
Fractal Analytics claims to have built an organisational culture focused on talent development, structured hiring, and long-term employee engagement. As of September 30, 2025, the company reported a workforce of 5,722 employees and stated that it uses multiple hiring channels, selective recruitment processes, and internal training platforms to attract and retain talent. It also claims to invest consistently in employee upskilling and development through in-house and external learning programs and reports receiving third-party workplace and learning-related recognitions, alongside maintaining employee engagement and retention initiatives across its global operations.
The company has witnessed a consistent increase in its revenue from operations. It increased from Rs 1,985.4 crore in FY23 to Rs 2,196.3 crore in FY24 and Rs 2,765.4 crore in FY25.
The top 10 clients accounted for Rs 822.9 crore (54.2 percent) of the company’s revenue in its Fractal.ai segment for the period ended September 30, 2025; Rs 1,453.7 crore (53.8 percent) in FY25; Rs 1,180.9 crore (54.6 percent) in FY24, and Rs 1,006.4 crore (51.1 percent) in FY23. Any failure to retain, renew, or grow relationships with key clients—along with lower client spending, pricing pressure, or clients bringing AI work in-house—could materially harm the company’s business, financial condition, cash flows, and operating results.
Fractal Analytics derives a substantial portion of its revenue from a limited set of focus industries, particularly consumer packaged goods and retail (CPGR). It accounted for Rs 569.2 crore (37.5 percent) of the company’s revenue in its Fractal.ai segment for the period ended September 30, 2025; Rs 1,061.5 crore (39.3 percent) in FY25; Rs 903.8 crore (41.9 percent) in FY24, and Rs 804.7 crore (40.9 percent) in FY23. Slowdown in demand within the CPGR sector, increased regulatory restrictions, consolidation among clients, or greater in-house adoption of AI and GenAI solutions by enterprises could adversely affect the company’s business, financial condition, and results of operations.
The company, its subsidiaries, and directors are involved in certain ongoing legal proceedings. The company’s business prospects could be hit in case of adverse judgments in any of these cases.
The US accounted for Rs 1,012.5 crore (64.9 percent) of the company’s revenue for the period ended September 30, 2025; Rs 1,802.2 crore (65.2 percent) in FY25; Rs 1,357.8 crore (61.9 percent) in FY24, and Rs 1,309.4 crore (66.0 percent) in FY23. Any adverse changes in US economic conditions, regulatory frameworks, trade policies, taxation laws, data protection requirements, or client spending behaviour could affect the company’s business, financial condition, and results of operations.
Fractal Analytics has experienced negative cash flows in certain periods, primarily due to continued expenditure on employee benefits, finance costs, legal and professional services, and investments in expanding its operations. The company reported negative cash flow from operating activities amounting to Rs 21.4 crore for the period ended September 30, 2025, and Rs 30.6 crore in FY23. Additionally, negative cash flow from investing activities amounted to Rs 202.1 crore for the period ended September 30, 2025; Rs 181 crore in FY25; and Rs 150.1 crore in FY24. Furthermore, the company reported negative cash flow from financing activities amounting to Rs 22.4 crore in FY25; Rs 145 crore in FY24, and Rs 57.4 crore in FY23. The company also reported a net decrease in cash and cash equivalents amounting to Rs 164.2 crore for the period ended September 30, 2025, and Rs 135.6 crore in FY24. Continuation of high operating expenses, sustained investments, or a mismatch between the timing of cash inflows and payment obligations could adversely affect the company’s business, financial condition, cash flows, and results of operations.
As of September 30, 2025, the company had trade receivables of Rs 630.5 crore, up from Rs 597.1 crore in FY25; Rs 543.3 crore in FY24, and Rs 507.5 crore in FY23. Deterioration in clients’ financial conditions, delays or defaults in payments, client insolvencies, or inaccuracies in assessing client creditworthiness could lead to higher bad debts, increased provisioning, delayed revenue recognition, and fluctuations in margins, which could adversely affect the company’s business, cash flows, financial condition, and results of operations.
Revenue denominated in currencies other than Indian rupees accounted for Rs 1,447.7 crore (92.9 percent) of the company’s revenue for the period ended September 30, 2025; Rs 2,541.1 crore (91.9 percent) in FY25; Rs 2,011.6 crore (91.6 percent) in FY24, and Rs 1,840.7 crore (92.7 percent) in FY23. Volatility in exchange rates, restrictions on currency conversion or repatriation, or inability to effectively hedge foreign currency exposure could adversely affect the company’s business, financial condition, and results of operations.
As of November 30, 2025, the company had outstanding financial indebtedness of Rs 279.6 crore. Failure to service or repay these loans could harm the company’s operations and financial position.
Fractal Analytics Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Fractal Analytics IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹857 - 900 | Upto ₹2 Lakh | 16 |
| Employee | ₹772 - 815 | Upto ₹2 Lakh | 16 |
| High Networth Individual | ₹857 - 900 | ₹2 - 5 Lakh | 16 |
For Fractal Analytics IPO, eligible investors can apply as Regular & Employee.
About Fractal Analytics IPO
Fractal Analytics IPO Timeline (Tentative)
| IPO Open | Mon, Feb 9, 2026 |
| IPO Close | Wed, Feb 11, 2026 |
| IPO Allotment | Thu, Feb 12, 2026 |
| Refund Initated | Fri, Feb 13, 2026 |
| Credit of Shares | Fri, Feb 13, 2026 |
| Listing of Shares | Mon, Feb 16, 2026 |
Objective of Fractal Analytics IPO
Total Fresh Issue ~₹1,023.5 Cr
| Objective / Use | Approx. Allocation (₹ Crore) | Purpose |
| Investment in Subsidiary – Fractal USA | ₹264.9 Cr |
To invest in Fractal USA and pre-pay or repay part/all of its borrowings.
|
| Purchase of Laptops & Tech Hardware | ₹57.1 Cr |
Procurement of laptops and technology infrastructure.
|
| Setting Up New Office Premises in India | ₹121.1 Cr |
To establish new offices and expand physical infrastructure.
|
| R&D + Sales & Marketing (Fractal Alpha) | ₹355.1 Cr |
To invest in research & development, and to boost sales & marketing initiatives under the Fractal Alpha business.
|
| Funding Inorganic Growth, Strategic Initiatives & General Corporate Purposes | Remaining Balance |
To support potential acquisitions, other growth initiatives, and general corporate uses as determined by management (unspecified exact figure).
|
Fractal Analytics IPO Registrar
MUFG Intime India Pvt.Ltd.
Phone No: +91-22-4918 6270
Email: [email protected]
Fractal Analytics IPO Lead Managers
- Kotak Mahindra Capital Co.Ltd.
- Axis Capital Ltd.
Fractal Analytics Contact Details
Fractal Analytics Ltd. Address
Level 7, Commerz II,
International Business Park, Oberoi Garden City
Off W. E. Highway, Goregaon (E),
Mumbai, Maharashtra, 400063
Phone no: +91 22 6850 5800
Email: [email protected]