Fusion CX Limited, a Kolkata-based global customer experience (CX) and business process outsourcing (BPO) services provider, is launching its Rs 702 crore IPO on 14 October 2026, with a price band of Rs 275 to Rs 289 per share. The issue comprises a fresh issue of Rs 500 crore and an offer for sale (OFS) of Rs 202 crore.
The company reported 36.77% revenue growth in FY26, with revenue from operations reaching Rs 1,818.14 crore and net profit rising to Rs 169.84 crore. While improving profitability and AI-enabled customer support services support its growth prospects, customer concentration, international exposure and acquisition-related risks remain important considerations.
This Fusion CX IPO analysis examines the company's business model, financial performance, revenue sources, IPO objectives, valuation, competitive strengths and risks to help investors evaluate its fundamentals ahead of the public issue.
Table of Contents
- Fusion CX IPO Details
- Fusion CX IPO Dates and Timeline
- About Fusion CX Limited
- Fusion CX Business Model and Revenue Sources
- Fusion CX Financial Performance
- Fusion CX Cash Flow and Debt Position
- Fusion CX IPO Objectives
- Promoters and Shareholding
- Fusion CX IPO Valuation Analysis
- Competitive Strengths of Fusion CX
- Key Risks of Fusion CX IPO
- What Investors Should Watch Next
- Conclusion
Fusion CX IPO is a book-built mainboard issue comprising fresh shares and an offer for sale by existing promoter shareholders. The company will receive proceeds from the fresh issue, while the OFS proceeds will go to the selling shareholders.
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Particulars
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Details
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IPO opening date
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14 October 2026
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IPO closing date
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16 October 2026
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Price band
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Rs 275 to Rs 289 per share
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Total issue size
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Rs 702 crore
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Fresh issue
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Rs 500 crore
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Offer for sale
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Rs 202 crore
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Face value
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Re 1 per share
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Lot size
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51 shares
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Minimum retail investment
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Rs 14,739 at the upper price band
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Maximum retail application
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13 lots, or Rs 1,91,607 at the upper price band
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Issue type
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Book-built mainboard IPO
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Proposed listing
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BSE and NSE
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Registrar
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KFin Technologies Limited
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The offer comprises approximately 2.43 crore equity shares at the upper price band, including about 1.73 crore fresh shares and 69.90 lakh shares through the OFS.
Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers.
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Get all the latest updates on the Fusion CX IPO, including issue details, price band, subscription status and allotment information.
Fusion CX IPO Reservation
The issue is being made under Regulation 6(2) of the SEBI ICDR Regulations. Its allocation structure differs from the usual IPO reservation pattern.
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Investor category
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Offer allocation
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Qualified institutional buyers (QIBs)
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Not less than 75%
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Non-institutional investors (NIIs)
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Not more than 15%
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Retail individual investors (RIIs)
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Not more than 10%
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The higher institutional allocation is relevant because retail investors have access to a comparatively smaller portion of the issue.
Fusion CX's anchor investor bidding is scheduled one working day before the public issue opens. The allotment and listing dates are indicative and may change.
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Event
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Date
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Anchor investor bidding
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13 October 2026
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IPO opens
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14 October 2026
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IPO closes
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16 October 2026
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Expected allotment finalisation
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19 October 2026
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Expected refund initiation or ASBA unblocking
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21 October 2026
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Expected demat credit
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21 October 2026
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Tentative listing date
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22 October 2026
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As of 10 October 2026, the IPO has not opened for public subscription. Therefore, subscription figures, final allotment details and the listing price are not available.
Fusion CX Limited was incorporated in 2004 and is headquartered in Kolkata, West Bengal. It provides outsourced customer experience management and business process services to companies operating across different industries.
The company's services are designed to manage customer interactions, back-office processes and technology-enabled customer support. Its delivery model combines employees, automation, analytics and AI-powered tools.
As of 30 June 2026, Fusion CX had established a network of 40 delivery centres and two sales offices across 13 countries. It provided customer support in 28 languages.
The company served 208 customers, including 22 Fortune 1000 companies, and reported 13,735 employees engaged in its CX operations as of June 2026.
Key Business Activities
Fusion CX operates across several interconnected service areas.
1. Customer experience outsourcing: The company manages customer interactions through voice calls, emails, chat, social media and messaging channels. Its services include customer support, technical assistance, customer retention and sales-related processes.
2. Business process services: Fusion CX provides operational and back-office support, including services for banking, insurance, healthcare, utilities and other industries.
3. AI data infrastructure: The company offers data collection, data annotation and labelling, image and video annotation, and remote teleoperation services.
4. AI-enabled customer engagement: Through its technology capabilities, including Omind, Fusion CX has developed tools such as Arya and MindVoice to assist customer service agents, automate routine interactions and support quality monitoring.
Although AI is a significant part of the company's strategy, the prospectus does not provide a separate revenue figure for AI products or AI data infrastructure services. Investors should therefore avoid treating its entire revenue as AI-related revenue.
Fusion CX earns revenue by delivering customer experience and business process services to corporate customers. Its revenue depends on client contracts, service volumes, operating locations and the complexity of outsourced processes.
The company has exposure to five principal industry verticals, with telecommunications and utilities contributing the largest share.
Fusion CX Revenue by Business Vertical (FY26)
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Business vertical
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FY26 revenue (Rs crore)
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Telecom and other utilities
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860.65
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High-tech growth and travel (HTT)
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252.37
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BFSI
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245.83
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Healthcare
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238.92
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Retail
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220.37
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Total
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1,818.14
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Fusion CX Revenue Share by Business Vertical (FY26)
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Business vertical
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Revenue share
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Telecom and other utilities
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47.34%
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High-tech growth and travel (HTT)
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13.88%
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BFSI
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13.52%
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Healthcare
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13.14%
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Retail
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12.12%
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Total
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100.00%
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What Does the Revenue Mix Indicate?
Telecom and utilities are the largest revenue contributors. Their 47.34% share makes demand from this sector an important driver of the company's financial performance.
The remaining revenue is spread across HTT, BFSI, healthcare and retail. These segments provide exposure to different outsourcing requirements, but they do not eliminate the company's dependence on its largest industry vertical.
Healthcare revenue increased from Rs 140.64 crore in FY25 to Rs 238.92 crore in FY26. Its share of revenue increased from 10.58% to 13.14%, indicating a stronger contribution from this segment.
Fusion CX Revenue Mix by Geography (FY26)
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Geography
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Share of revenue
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United States and Canada
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85.26%
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India
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11.29%
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United Kingdom and Europe
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3.11%
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Others
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0.34%
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Total
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100.00%
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North America is the company's primary revenue-generating market. This provides access to international outsourcing demand, but it also creates exposure to US economic conditions, client spending decisions and currency movements.
The North American revenue share increased from 75.34% in FY25 to 85.26% in FY26, showing that the company's geographical concentration has risen.
Fusion CX reported substantial revenue and profit growth in FY26. However, investors should examine both the reported financial improvement and the acquisitions that contributed to business expansion.
Fusion CX Financials: FY25 vs FY26
The following tables compare Fusion CX's key financial and operating metrics for FY25 and FY26.
FY25 Financial Performance
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Particulars
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FY25
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Revenue from operations (Rs crore)
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1,329.30
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Revenue growth
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34.09%
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EBITDA (Rs crore)
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197.78
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EBITDA margin
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14.88%
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Profit after tax (Rs crore)
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74.31
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PAT margin
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5.59%
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Operating cash flow (Rs crore)
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102.45
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Days sales outstanding
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92
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FY26 Financial Performance
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Particulars
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FY26
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Revenue from operations (Rs crore)
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1,818.14
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Revenue growth
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36.77%
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EBITDA (Rs crore)
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329.87
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EBITDA margin
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18.14%
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Profit after tax (Rs crore)
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169.84
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PAT margin
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9.34%
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Operating cash flow (Rs crore)
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264.22
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Days sales outstanding
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76
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For comparison, in FY24, Fusion CX reported revenue from operations of Rs 991.32 crore, EBITDA of Rs 104.62 crore and profit after tax of Rs 36.26 crore.
Revenue Growth: 36.77% in FY26
Fusion CX's revenue from operations increased from Rs 1,329.30 crore in FY25 to Rs 1,818.14 crore in FY26, reflecting growth of 36.77%.
According to the company's financial discussion, the increase was primarily driven by acquisitions, including Scribe.ology LLC and Infinity Outsourcing, Panama S.A. and its subsidiary, alongside the onboarding of new customers.
This distinction matters because the reported revenue growth includes acquisition-related contributions. Investors should monitor whether Fusion CX can maintain strong growth through its existing business and new customer contracts, apart from acquisitions.
EBITDA and Operating Margins
EBITDA increased 66.79% from Rs 197.78 crore in FY25 to Rs 329.87 crore in FY26. The EBITDA margin expanded from 14.88% to 18.14%.
The improvement indicates that operating profitability increased faster than revenue during the year.
The company also reports an adjusted EBITDA margin of 19.48% for FY26. This is higher than its unadjusted EBITDA margin of 18.14%, because adjusted EBITDA excludes certain specified expenses.
For valuation and peer comparison, investors should distinguish between reported EBITDA and adjusted EBITDA rather than using the two interchangeably.
Net Profit Growth
Fusion CX's profit after tax increased 128.54% from Rs 74.31 crore in FY25 to Rs 169.84 crore in FY26.
Its PAT margin improved from 5.59% to 9.34%.
The improvement reflects stronger operating earnings, although finance costs, depreciation, acquisition-related expenses and tax movements remain relevant when assessing the sustainability of profits.
Fusion CX Q1 FY27 Financial Performance
The company's latest restated financial disclosures also include the quarter ended 30 June 2026.
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Particulars
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Q1 FY27
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Revenue from operations
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Rs 490.48 crore
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EBITDA
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Rs 95.09 crore
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EBITDA margin
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19.39%
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Profit after tax
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Rs 55.70 crore
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PAT margin
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11.36%
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Operating cash flow
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Rs 23.20 crore
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Days sales outstanding
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77 days
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The EBITDA and PAT margins in Q1 FY27 were higher than their FY26 full-year levels.
However, a single quarter does not establish the profitability that will be achieved over the entire financial year. Operating cash flow was also lower than reported profit during the June quarter, making working-capital trends important to monitor.
Profitability is only one part of an IPO analysis. Cash generation, borrowings and repayment obligations determine how comfortably a company can fund operations and future expansion.
Cash Flow Analysis
Fusion CX generated Rs 264.22 crore in operating cash flow during FY26, compared with Rs 102.45 crore in FY25 and Rs 39.26 crore in FY24.
Operating cash flow exceeded reported PAT in FY26, which is a positive indicator of cash conversion for that financial year.
However, for Q1 FY27, operating cash flow was Rs 23.20 crore against PAT of Rs 55.70 crore. The company reported an increase in trade receivables and other working-capital movements during the quarter.
Cash conversion should therefore be assessed over several reporting periods, rather than through FY26 alone.
Fusion CX Borrowings and Net Debt
31 March 2026 Financial Position
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Particulars
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31 March 2026
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Total borrowings
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Rs 266.86 crore
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Cash and bank balances deducted in net debt calculation
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Rs 100.06 crore
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Net debt
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Rs 166.81 crore
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Net debt-to-equity
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0.30 times
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30 June 2026 Financial Position
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Particulars
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30 June 2026
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Total borrowings
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Rs 238.13 crore
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Cash and bank balances deducted in net debt calculation
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Rs 49.17 crore
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Net debt
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Rs 188.96 crore
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Net debt-to-equity
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0.30 times
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Although total borrowings declined between March and June 2026, net debt increased because the cash and bank balances used in the calculation declined.
As of 31 August 2026, the RHP disclosed consolidated fund-based outstanding borrowings of Rs 299.46 crore and non-fund-based facilities of Rs 22.61 crore, aggregating approximately Rs 322.07 crore.
The company intends to repay a substantial portion of specified outstanding borrowings using IPO proceeds. This could lower its future debt-servicing costs, subject to the timing of repayment and any additional borrowings.
The fresh issue of Rs 500 crore is intended primarily to strengthen the balance sheet and support technology development.
Use of IPO Proceeds
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Objectives
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Proposed allocation
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Repayment or prepayment of certain borrowings
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Rs 275.70 crore
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Investment in Omind subsidiaries for upgrading Arya and MindVoice
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Rs 61.15 crore
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Unidentified acquisitions, other strategic initiatives and general corporate purposes
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Balance of net proceeds, subject to stated limits
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Debt Repayment
Fusion CX plans to utilise approximately Rs 275.70 crore to repay or prepay certain borrowings of the company and its subsidiaries.
This represents the largest specifically identified allocation from the fresh issue.
Reducing borrowings may lower interest expenses and increase the financial flexibility available for future investments. However, the actual benefit will depend on which facilities are repaid, their interest rates and subsequent borrowing requirements.
Technology Development
The company plans to invest approximately Rs 61.15 crore in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, to upgrade Arya and MindVoice.
Arya is positioned as a generative AI-based assistant and support co-pilot, while MindVoice focuses on conversational voice-bot and chatbot capabilities.
The company plans to deploy this allocation over FY27, FY28 and FY29. The commercial benefits will depend on product execution, customer adoption and whether technology improvements translate into higher productivity or additional revenue.
Acquisitions and General Corporate Purposes
Fusion CX also intends to use the balance of net proceeds for potential acquisitions, strategic initiatives and general corporate purposes.
The amount remains subject to the issue expenses, final offer details and applicable regulatory limits.
The RHP states that the company has not identified specific targets or entered into definitive agreements for the future acquisitions to be funded under this objective.
Consequently, the timing and returns from this portion of the IPO proceeds remain uncertain.
Importantly, the company will not receive the Rs 202 crore OFS proceeds. That amount will go to the selling promoter shareholders, after applicable expenses and taxes.
Fusion CX has four disclosed promoters: Pankaj Dhanuka, Kishore Saraogi, P N S Business Private Limited and Rasish Consultants Private Limited.
Pankaj Dhanuka serves as Chairman, Managing Director and Chief Executive Officer. Kishore Saraogi serves as Managing Director and Chief Operating Officer.
Promoter Shareholding
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Promoter shareholder
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Pre-IPO equity holding
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P N S Business Private Limited
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49.44%*
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Rasish Consultants Private Limited
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46.77%*
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Percentages are on the fully diluted basis reported in the RHP. On the issued-share-capital basis, the two corporate promoters together held approximately 98.46% before the IPO.
The two corporate promoter shareholders will each sell shares worth up to Rs 101 crore through the OFS.
At the Rs 289 upper price band, assuming the full fresh issue and OFS proceed as indicated, the promoters' combined holding is estimated to decline to approximately 81.82% of the post-issue issued share capital. This estimate is before any further potential dilution from outstanding employee options.
The promoters are expected to retain majority control after the IPO.
Valuation is an important part of the Fusion CX IPO analysis because the company is entering the public market after a period of rapid revenue expansion, improving margins and acquisitions.
At the upper price band of Rs 289, its estimated post-issue market capitalisation is approximately Rs 4,172 crore.
Fusion CX IPO Valuation Metrics
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Valuation parameter
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At Rs 289 per share
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Estimated post-issue market capitalisation
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Rs 4,172 crore
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FY26 basic EPS
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Rs 13.47
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FY26 diluted EPS
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Rs 13.41
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P/E using FY26 diluted EPS
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21.55 times
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Post-issue market capitalisation / FY26 PAT
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Approximately 24.56 times
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Post-issue market capitalisation / FY26 revenue
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Approximately 2.29 times
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FY26 net asset value per share
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Rs 43.73
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Price / FY26 historical NAV per share
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Approximately 6.61 times
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Calculations based on the upper price band, FY26 RHP financials and the pre-issue share capital disclosed in the RHP. The final issue price and post-issue figures remain subject to completion of the IPO.
How Should Investors Interpret the P/E Ratio?
At Rs 289 per share, the IPO is priced at approximately 21.55 times FY26 diluted EPS.
However, FY26 EPS was calculated using the company's historical weighted-average share count. The fresh issue will increase the number of outstanding shares.
Using the estimated post-issue market capitalisation of Rs 4,172 crore and FY26 PAT of Rs 169.84 crore gives a ratio of approximately 24.56 times.
These are two different calculations. The first follows the disclosed historical EPS approach, while the second reflects the enlarged equity base without assuming additional earnings from the fresh issue.
Fusion CX Valuation Compared with Listed Peers
The RHP identifies several listed companies operating in customer experience outsourcing, business process management and related services.
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Listed peer
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P/E ratio in RHP
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Firstsource Solutions
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22.27 times
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eClerx Services
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19.65 times
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Alldigi Tech
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14.12 times
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Inventurus Knowledge Solutions
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31.41 times
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Sagility India
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21.66 times
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Hinduja Global Solutions
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51.07 times
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Fusion CX's historical diluted EPS-based P/E at the upper price band is close to the P/E figures disclosed for Firstsource Solutions and Sagility India, while exceeding the ratios of eClerx and Alldigi Tech in the RHP.
However, these businesses differ in customer verticals, margins, growth rates, technology capabilities and geographic exposure. The ratios are not directly interchangeable.
The company has also acquired businesses since its FY26 reporting period, including VA Platinum in August 2026. Future consolidated financial performance will depend partly on how newly acquired operations contribute to revenue, profits and cash flows.
Fusion CX has several strengths across global delivery, financial growth, industry diversification, AI capabilities and acquisition-led expansion.
1. Established Global Delivery Network
Fusion CX's presence across 13 countries allows it to deliver services through onshore, nearshore and offshore locations.
Its delivery model can help customers balance language requirements, time-zone coverage and operating costs.
For FY26, offshore operations contributed 26.69% of revenue, onshore operations 36.38% and nearshore operations 36.93%. The mix provides flexibility in delivering services to international customers.
2. Growing Revenue and Profitability
Revenue increased 36.77% in FY26, while EBITDA rose 66.79% and PAT increased 128.54%.
The improvement in operating and net profit margins provides evidence of stronger reported financial performance.
The next test will be whether the company can maintain margins as wage costs change, contracts are renewed and recent acquisitions are integrated.
3. Exposure to Multiple Customer Industries
Although telecom and utilities contribute nearly half of revenue, the company also operates in BFSI, healthcare, retail and HTT.
This provides opportunities to serve customers with different business process requirements.
Expansion in healthcare and other non-telecom segments could help improve revenue diversification over time.
4. AI and Automation Capabilities
Through Omind and its internal technology portfolio, Fusion CX is investing in AI-powered customer support, agent assistance and conversational automation.
Such capabilities may improve productivity, reduce handling times and support more complex customer interactions.
However, their financial contribution needs to be demonstrated through sustained revenue, margins, customer retention and measurable cash returns.
5. Acquisition-Led Expansion
Fusion CX has expanded through acquisitions in different geographic markets and service segments.
The company acquired businesses including Scribe.ology, Sequential Technology International, Skycom-related operations and, more recently, VA Platinum.
These transactions have supported expansion into healthcare, telecom, multilingual customer support and other business services.
The acquisition strategy can provide additional scale, but it also creates integration and financial risks.
Fusion CX's growth and improving profitability should be assessed alongside the business and financial risks disclosed in its RHP.
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Key risk
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Why it matters for investors
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Customer concentration
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The largest customer accounted for 30.05% of FY26 revenue in the RHP's risk-factor disclosure
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Geographic concentration
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The US and Canada generated 85.26% of FY26 revenue
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Sector concentration
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Telecom and utilities accounted for 47.34% of FY26 revenue
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Acquisition-related risk
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Acquired businesses may create integration costs, contingent payments and uneven organic growth
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Employee costs and attrition
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Delivery depends heavily on skilled employees, recruitment and wage management
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AI disruption
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Automation could improve productivity but also reduce demand for certain outsourced services
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Working-capital risk
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Trade receivables stood at approximately Rs 409.91 crore on 30 June 2026
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Borrowings and debt servicing
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A substantial part of the fresh issue is allocated to debt repayment
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Legal and regulatory exposure
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The RHP discloses pending legal and tax proceedings involving the company and subsidiaries
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Customer Concentration Requires Particular Attention
The largest customer contributed 30.05% of FY26 revenue according to the RHP's detailed risk-factor table. The top customer accounted for 25.48% of revenue in the June 2026 quarter.
There is also an important inconsistency within the RHP. The detailed risk-factor table reports that the top 10 customers contributed 52.17% of FY26 revenue, while the financial KPI table reports a figure of 49.66%.
These figures have not been treated as interchangeable in this analysis. Investors should seek clarification on the difference when evaluating customer concentration.
The RHP also notes that certain customer contracts were terminated during earlier reporting periods. Losing or reducing business from a major customer could materially affect revenue and margins.
Acquisition and Integration Risks
Fusion CX has used acquisitions to expand geographically and enter new service areas.
Acquisitions may increase reported revenue but also introduce integration challenges, employee retention risks, goodwill, intangible assets and potential future payment obligations.
The August 2026 acquisition of VA Platinum took place after the 30 June 2026 reporting period, making its subsequent contribution a factor to monitor in future consolidated results.
Working Capital and Receivables
Trade receivables were approximately Rs 409.91 crore as of 30 June 2026.
Although the company's days sales outstanding improved from 92 in FY25 to 76 in FY26, collection delays or customer defaults could affect cash flows.
The weaker operating cash conversion in the June quarter makes this an important ongoing metric.
Pending Legal Matters
The company and some subsidiaries are involved in legal and tax proceedings disclosed in the prospectus.
As of 30 June 2026, disclosed contingent liabilities under the relevant accounting note included disputed income tax demands of Rs 4.40 crore and GST demands of approximately Rs 5.50 crore.
These are contingent matters rather than confirmed cash outflows. The ultimate financial effect depends on their resolution.
Beyond the IPO subscription data, investors should monitor how Fusion CX converts its reported growth into sustainable earnings and cash generation.
1. Institutional and Retail Subscription
Indicates demand across investor categories once the issue opens.
2. Final Issue Price and Allotment
Determines the actual subscription price and allocation.
3. Debt Repayment
Track whether borrowings and finance costs decline after the IPO.
4. Organic Revenue Growth
Assess growth from existing operations separately from contributions by acquired businesses.
5. Customer Concentration
Monitor exposure to the largest customer and telecom clients.
6. North American Demand
Important because the region generates over 85% of revenue.
7. Operating Cash Flow and Receivables
Assess earnings quality, customer collections and working-capital efficiency.
8. AI Investment Returns
Monitor adoption and monetisation of Arya, MindVoice and related services.
9. Acquisition Integration
Track margins, cash flows and the contribution of recent acquisitions.
Grey market premium (GMP), where quoted, is an unofficial and unregulated indicator. It is not part of the company's formal offer disclosures and should not be treated as evidence of its financial value or a guarantee of listing performance.
Want to compare Fusion CX's valuation, issue structure and financial performance with other companies entering the market? Use this IPO dashboard to review upcoming issues, price bands and allocation details across sectors.
Fusion CX IPO brings a global customer experience and business process outsourcing company to the Indian equity market with an issue size of Rs 702 crore and a price band of Rs 275 to Rs 289 per share.
The company's FY26 financial performance shows revenue growth of 36.77%, EBITDA growth of 66.79% and PAT growth of 128.54%. Its operating cash flow improved, and the planned debt repayment could strengthen the balance sheet.
However, a significant portion of revenue comes from North America, telecom and utilities, and a relatively small number of large customers. Acquisition-related growth, working-capital requirements, employee costs and AI-driven changes in the outsourcing industry are additional factors to assess.
At the upper price band, the IPO's historical diluted EPS-based P/E is approximately 21.55 times, while the implied post-issue market capitalisation is around Rs 4,172 crore.
For investors analysing the Fusion CX IPO, the central considerations are the sustainability of earnings growth, customer diversification, cash-flow quality, post-IPO debt reduction and the returns generated from technology investments and acquisitions.
Frequently Asked Questions
1. What is the Fusion CX IPO price band?
The Fusion CX IPO price band is Rs 275 to Rs 289 per equity share. The minimum application lot is 51 shares, requiring Rs 14,739 at the upper price band.
2. What are the Fusion CX IPO opening and closing dates?
Fusion CX IPO opens on 14 October 2026 and closes on 16 October 2026. The anchor investor bidding date is 13 October 2026.
3. What is the Fusion CX IPO issue size?
Fusion CX IPO has a total issue size of Rs 702 crore, comprising a fresh issue of Rs 500 crore and an OFS of Rs 202 crore.
4. How did Fusion CX perform financially in FY26?
Fusion CX reported revenue from operations of Rs 1,818.14 crore, EBITDA of Rs 329.87 crore and PAT of Rs 169.84 crore in FY26. Revenue grew 36.77% and profit increased 128.54% over FY25.
5. What is the main risk associated with Fusion CX IPO?
The principal business risks include customer and geographic concentration, acquisition-related uncertainties, employee costs, cash-flow requirements and the potential impact of AI-driven automation on traditional customer support services.