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Fusion CX Ltd IPO
Fusion CX Ltd
₹14,025 /51 sharesMinimum investment
IPO listing details
Listed on
22 Oct '26
Issue price
₹289.00
Listing price
₹305.00
Listing gains
₹16.00 (5.54%)
Exchange
--
IPO details
Minimum investment
₹14,025
Price range
₹275 - ₹289
Lot size
51
Issue size
702 Cr
Face value
1
IPO document
Subscription rate
Qualified Institutional Buyers4.01x
Non-Institutional Investor4.48x
Retail Individual Investor5.57x
Total4.42x
As of 16 Oct'26, 04:55 PM
Schedule
14 Oct 2026
IPO open date
16 Oct 2026
IPO close date
19 Oct 2026
Allotment date
19 Oct 2026
Funds unblock or debit
22 Oct 2026
Tentative listing date
About
Founded in
2004
MD/CEO
Mr Pankal Dhanuka
Parent organisation
Fusion CX Ltd
Fusion CX Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
As of June 30, 2026, Fusion CX operated 40 delivery centres across 13 countries and provided support in 28 languages. Its delivery network includes onshore, nearshore, and offshore centres, enabling round-the-clock customer support across multiple markets.
The company has developed proprietary platforms, including Mind WorkPlace, MindVoice, and Arya, for workforce management, conversational AI, and real-time employee assistance. Its research and development (R&D) expenditure was Rs 23.10 crore in FY26, representing 1.27% of revenue from operations, with 51 employees engaged in R&D during the year.
The company has acquired businesses to expand its service capabilities and geographical presence. Recent acquisitions include Skycom BPO and Scribe.ology in 2025, which added bilingual customer support capabilities in Latin America and healthcare documentation services, respectively.
Fusion CX provides services across telecom and utilities, high-tech and travel, banking, financial services and insurance (BFSI), retail, and healthcare. In FY26, telecom and utilities contributed 47.34% of revenue from operations, while the remaining four verticals contributed between 12.12% and 13.88% each.
The company reported an average relationship length of 13.02 years with its top five customers, 11.46 years with its top 10 customers, and 10.31 years with its top 20 customers. These relationships have contributed to its revenue from operations over the years.
The company has delivery operations across North America, Latin America, Europe, Africa, and Southeast Asia. Its acquisitions have added capabilities in markets such as Australia, El Salvador, and the United States, including bilingual support, healthcare documentation, and telecom and utilities services.
The company has shown a consistent increase in revenue from operations and profit after tax (PAT) in FY24, FY25, and FY26. Revenue from operations increased from Rs 991.31 crore in FY24 to Rs 1,329.30 crore in FY24 to Rs 1,818.14 crore in FY25, while PAT increased from Rs 36.26 crore to Rs 74.31 crore and then Rs 169.84 crore, over the same period.
The company, its subsidiaries, and directors are involved in certain ongoing legal proceedings before various judicial and regulatory authorities. Adverse judgments in these cases could hurt the company’s reputation, business operations, profitability, and financial condition.
The top 10 customers of the company contributed Rs 244.48 crore (49.84%), Rs 948.50 crore (52.17%), Rs 602.16 crore (45.30%), and Rs 406.82 crore (41.04%) to revenue from operations for the three months ended June 30, 2026, FY26, FY25, and FY24, respectively. Failure to retain these customers, loss of contracts, or reduction in business from them could adversely affect the company’s revenue, profitability, and financial condition.
The company derives a significant portion of its revenue from customers outside India, accounting for Rs 441.74 crore (90.06%), Rs 1,612.95 crore (88.71%), Rs 1,071.33 crore (80.59%), and Rs 755.53 crore (76.22%) for the three months ended June 30, 2026, FY26, FY25, and FY24, respectively. North America alone contributed 79.56%, 81.70%, 75.34%, and 69.53% of revenue from operations during these periods. Any adverse geopolitical, economic, regulatory, or currency-related developments in these markets could disrupt operations and negatively affect the company’s revenue and financial condition.
The company is exposed to foreign exchange fluctuations, as a significant portion of its business is transacted in currencies other than the Indian rupee, primarily the US dollar. It recorded net foreign exchange gains of Rs 3.71 crore and Rs 17.96 crore in the three-month period ended June 30, 2026, and FY26, respectively, compared with losses of Rs 1.44 crore in FY25 and Rs 2.55 crore in FY24. The company has no hedging arrangements to mitigate this risk, and adverse exchange rate movements could affect its profitability and margins.
The company operates in a highly competitive BPO and customer experience (CX) services industry, where domestic and international providers compete on pricing, technology, and service quality. Competitors with greater financial, technical, and marketing resources, along with expansion into India and other lower-cost markets, may put pressure on the company’s pricing, employee retention, and market share. An increase in onshore outsourcing or a shift by customers to other countries could also reduce demand for its services, adversely affecting its revenue and profitability.
The company had contingent liabilities and guarantees of Rs 9.90 crore as of June 30, 2026. If a significant portion of these liabilities materialise, or if adverse developments in ongoing matters require additional provisions, the company’s expenses, liabilities, cash flows, and financial condition could be adversely affected.
The company had trade receivables of Rs 409.91 crore as of June 30, 2026, indicating a significant amount of funds outstanding from its customers. Any delay or failure in recovering these receivables could adversely affect the company’s cash flows, working capital position, and financial condition.
The company had consolidated outstanding borrowings of Rs 332.07 crore as of August 31, 2026. The company’s indebtedness and related financing obligations could increase its financial costs and affect its cash flows and financial condition.
Application details
For Fusion CX IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹275 - ₹289 | Upto ₹2 Lakhs | 51 |
| High Networth Individual | ₹275 - ₹289 | ₹2 - ₹5 Lakhs | 51 |
About
Objective of Fusion CX IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the
|
275.69 |
|
Investment in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, for upgrading IT tools i.e. Arya and MindVoice |
61.15 |
|
Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives |
[.] |
|
General Corporate Purposes |
[.] |
|
Total |
[.] |
Book Running Lead Managers & Registrar of Fusion CX IPO
|
Book Running Lead Manager |
Nuvama Wealth Management Limited, IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
Key Performance Indicators (KPIs) of Fusion CX Ltd.
|
KPI |
Value (for the three month period ended June 30, 2026) |
|
ROE (%) |
8.99 |
|
ROCE (%) |
19.84 |
|
EBITDA Margin (%) |
19.39 |
|
Debt/Equity Ratio |
0.51 |
|
PAT Margin (%) |
11.36 |
|
EPS (Pre IPO) (₹) |
13.37 |
|
Return on Net Worth (RoNW) (%) |
9.12 |
|
Net Asset Value (NAV) per Equity Share (₹) |
48.35 |
Fusion CX IPO Contact Details
|
Company Name |
Fusion CX Limited |
|
Registered Office |
Plot No. Y9, Block EP & GP, Sector-5, Bidhan Nagar, Salt Lake, Kolkata- 700091, West Bengal, India |
|
Phone |
033 4508 6520 |
|
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|
|
Website |
Fusion CX IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 67162222 / 18003094001 |
|
|
|
|
Website |