Fractal Analytics Limited is set to mark a defining moment for India’s capital markets with the launch of its Initial Public Offering (IPO) in February 2026. As the country’s first listed pure-play artificial intelligence and decision intelligence company, Fractal offers investors, market analysts, and technology-focused readers direct exposure to the fast-growing global AI and data services economy.
This analysis is written for equity investors evaluating upcoming IPOs, professionals tracking AI and technology stocks in India, and readers seeking a structured understanding of Fractal Analytics’ business model, financials, and long-term investment relevance.
Table of Contents
- Fractal Analytics IPO: Snapshot and Key Offer Details
- Fractal Analytics IPO Timeline, Price Band and Issue Structure
- Why Fractal Analytics Is Launching Its IPO in 2026
- Promoters and Shareholding Structure
- Fractal Analytics Business Model Explained
- Fractal Analytics Financial Performance and Profitability Trends
- Key Strengths Driving Long-Term Growth
- Risks and Valuation Considerations
- What the Fractal Analytics IPO Signals for India's AI Sector
- FAQs on Fractal Analytics IPO
This snapshot offers a quick Fractal Analytics IPO Analysis for investors looking to understand the key offer terms at a glance, including dates, pricing, and issue size. It is especially useful for retail and institutional investors tracking upcoming AI IPOs in India and evaluating subscription timelines.
| Particulars |
Details |
| IPO Opening Date |
9 February 2026 |
| IPO Closing Date |
11 February 2026 |
| Tentative Listing |
16 February 2026 |
| Price Band |
₹857 to ₹900 per share |
| Lot Size |
16 shares |
| Exchanges |
BSE and NSE |
| Issue Size |
₹2,834 to ₹4,900 crore |
The Fractal Analytics IPO consists of a combination of fresh issue and offer for sale.
- Fresh issue of approximately ₹1,023.5 crore
- Offer for sale of approximately ₹1,810.4 crore
Allocation structure:
- Qualified Institutional Buyers: 75%
- Non-Institutional Investors: 15%
- Retail Investors: 10%
The price band of ₹857 to ₹900 reflects premium positioning, typical of enterprise AI and analytics companies with global revenue exposure.
Lead managers for the issue include Kotak Mahindra Capital, Morgan Stanley, Axis Capital, and Goldman Sachs, signalling strong institutional confidence.
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Get all the latest updates on the Fractal Analytics IPO, including issue structure, price band, key dates, and institutional participation trends.
Fractal Analytics filed its Draft Red Herring Prospectus in August 2025 and received SEBI approval in November 2025. The company deliberately timed the IPO post-Budget 2026 to reduce market volatility.
The objectives of the fresh issue include:
- Debt repayment at its US subsidiary of around ₹265 crore
- Setting up the new Indian office infrastructure of around ₹121 crore
- Purchase of laptops and technology assets worth around ₹57 crore
- Investment in R&D and go-to-market initiatives under Fractal Alpha of around ₹355 crore
- Strategic acquisitions and general corporate purposes
The offer for sale enables partial exits for early investors such as TPG and Apax, following Fractal's unicorn valuation achieved in 2022.
Before the IPO, promoter and shareholder ownership is structured as follows:
| Shareholder |
Approximate Stake |
| Promoters (combined) |
~18.3% |
| TPG Fett Holdings |
~26% to 28% |
| Quinag Bidco (Apax) |
~19% to 23% |
| GLM Family Trust |
~16% |
Key promoters include co-founders Srikanth Velamakanni and Pranay Agrawal, both of whom are not selling shares in the IPO, a positive governance signal for long-term investors.
Fractal Analytics operates as an enterprise AI and advanced analytics company serving Fortune 500 clients across multiple sectors.
Core Operating Segments
- Fractal.ai
Focuses on enterprise AI platforms and solutions, including Cogentiq, a low-code platform for AI agents, governance, and decision intelligence.
- Fractal Alpha
Houses independent AI ventures, intellectual property development, and emerging use cases in applied artificial intelligence.
Revenue Streams
- Consulting and analytics services
- Subscription-based SaaS products, which grew 167% year-on-year
- Project-based AI deployments
- Proprietary platforms and tools
Over 65% of revenue comes from the Americas, while client relationships show strong stickiness, with the top 10 clients averaging more than eight years.
Fractal Analytics has demonstrated a sharp financial turnaround driven by operating leverage and a rising contribution from higher-margin SaaS revenues.
Revenue and Profitability Snapshot
| Fiscal Year |
Revenue (₹ Cr) |
PAT (₹ Cr) |
| FY23 |
2,044 |
194 |
| FY24 |
2,197 to 2,242 |
-55 |
| FY25 |
2,765 to 2,816 |
221 |
Operating Efficiency Metrics
| Fiscal Year |
EBITDA (₹ Cr) |
Key Margin Indicator |
| FY23 |
437 |
Strong operating base |
| FY24 |
97 |
Margin compression phase |
| FY25 |
398 |
EBITDA margin ~14% |
Key Financial Highlights
- Revenue growth of 26% in FY25, reflecting demand recovery and SaaS scale-up
- Return to profitability with PAT of ₹221 crore after a loss in FY24
- EBITDA margin improvement to around 14% due to operating leverage
- Net revenue retention of 121%, driven by upselling and long-term client relationships
- Workforce of over 4,500 employees across 17 global offices
- Deep integration with Fortune 500 clients across CPG, retail, BFSI, healthcare, and technology
- Over 100 AI and analytics-related patents
- Strong focus on human and AI collaboration rather than pure automation
- Increasing share of recurring SaaS revenues
- Proven ability to monetise AI beyond experimental pilots
While the business fundamentals are improving, investors should be aware of certain risks:
- Valuation multiples remain high compared to traditional IT services companies
- Revenue concentration in the Americas exposes the company to global economic cycles
- AI and analytics spending can be cyclical during enterprise cost optimisation phases
- Competition from global consulting firms and hyperscaler-led AI platforms
Long-term investors should assess Fractal Analytics as a growth-oriented AI play rather than a defensive technology stock.
The Fractal Analytics IPO marks a structural shift in India's capital markets, where pure-play AI and advanced analytics companies are now large and profitable enough to list. It reflects the post-2025 normalisation of AI valuations and the emergence of sustainable enterprise AI business models.
For investors tracking India's AI stocks, this IPO sets a benchmark for future listings in data science, machine learning, and enterprise AI platforms.
Want to compare how Fractal Analytics’ valuation stacks up against recent technology and services listings? Use this IPO dashboard for sector-wise pricing and allocation trends.
1. Is Fractal Analytics a profitable company?
Yes. Fractal Analytics reported a profit of ₹221 crore in FY25 after a loss in FY24, supported by margin expansion and SaaS revenue growth.
2. What makes Fractal Analytics different from IT services companies?
Fractal focuses on AI-led decision intelligence, combining proprietary platforms, patents, and consulting, rather than pure manpower-driven IT services.
3. Who should consider investing in the Fractal Analytics IPO?
Investors with a long-term horizon who want exposure to enterprise AI, analytics, and global SaaS-led business models may find the IPO relevant.
4. What are the main risks of the Fractal Analytics IPO?
High valuation expectations, global tech spending cycles, and competitive intensity in AI services remain key risks.
5. Does Fractal Analytics depend heavily on a few clients?
Client concentration risk is limited, with long-standing relationships and diversified revenue across industries and geographies.