Fusion CX

ListedListed 22 Oct 2026MainboardNSE: FUSIONCXCheck allotment

Current price₹ 272.45−5.73% since issue

Listing day+5.54%

Issue price: ₹ 289
Issue size: ₹ 702 Cr.
Min. investment: ₹ 14,739
Listing price: ₹ 305
Subscribed: 4.45x
Lot size: 51 shares
P/E: 18.73
RoNW: 9.12%
RoCE: 19.84%
Debt / Equity: 0.51
PAT margin: 11.36%
EBITDA margin: 20.03%
RoE: 8.99%
EPS: ₹ 15.43
NAV: ₹ 48.35
Promoter stake: 78.94%

About

Fusion CX Limited was incorporated in 2004. It provides customer experience (CX) services in many languages across voice, chat, email, social media and messaging. Its services include customer acquisition, customer service, order fulfilment support, payments and collections, customer retention and technical support. Through its subsidiary Omind Technologies, it builds its own tools in conversational AI, marketing AI, quality automation and workforce management. It charges clients on fixed-fee, transaction-based or outcome-based models. As of 31 December 2024, it ran 40 delivery centres across 15 countries in 28 languages. As of 31 March 2026, it had 13,357 employees in its CX business. By vertical, telecom and technology gave 47.34% of FY2026 revenue from operations, BFSI 13.52%, healthcare 13.14% and consumer and retail 12.12%. By geography, the US and Canada gave 85.26%, India 11.29% and the UK and Europe 3.11%.

Timeline

Opens
14 Oct
done
Closes
16 Oct
done
Allotment
19 Oct
done
Refunds
21 Oct
done
Demat credit
21 Oct
done
Listing
22 Oct
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 55 on 9 Oct 2026
Lowest: ₹ 10 on 16 Oct 2026
First quoted: ₹ 55 on 9 Oct 2026

Subscription

How many times each investor group bid for its share, as of 22 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	51	₹ 14,739
Retail (Max)	13	663	₹ 1,91,607
S-HNI (Min)	14	714	₹ 2,06,346
B-HNI (Min)	68	3,468	₹ 10,02,252

Company overview

Financials

Financials by year

Assets	1,367.85	1,385.15	1,143.25	768.02
Total Income	503.85	1,851.83	1,352.03	1,021.53
Profit After Tax	55.7	169.84	74.31	36.26
EBITDA	95.09	329.87	197.78	104.62
NET Worth	610.84	552.46	354.58	270.15
Reserves and Surplus	607.01	547.97	345.76	258.54
Total Borrowing	238.13	266.86	306.73	210.61

Strengths

Total income rose from Rs 1,021.53 crore in FY2024 to Rs 1,352.03 crore in FY2025 and Rs 1,851.83 crore in FY2026. Revenue from operations grew 36.77% in FY2026 to Rs 1,818.14 crore.
Profit after tax rose from Rs 36.26 crore in FY2024 to Rs 74.31 crore in FY2025 and Rs 169.84 crore in FY2026. For the quarter ended 30 June 2026 it was Rs 55.70 crore on total income of Rs 503.85 crore.
EBITDA was Rs 329.87 crore in FY2026, about 18.14% of revenue from operations of Rs 1,818.14 crore. PAT was about 9.34% of that revenue.
For the quarter ended 30 June 2026 the source lists return on net worth of 9.12%, return on equity of 8.99% and return on capital employed of 19.84%. These are on one quarter's profit and are not annualised.
Net worth rose from Rs 270.15 crore at 31 March 2024 to Rs 552.46 crore at 31 March 2026 and Rs 610.84 crore at 30 June 2026. Total borrowing fell from Rs 306.73 crore at 31 March 2025 to Rs 266.86 crore at 31 March 2026 and Rs 238.13 crore at 30 June 2026.
The company serves clients across telecom, BFSI, healthcare and retail, and 85.26% of FY2026 revenue came from the US and Canada.
The issue is Rs 500 crore of fresh capital and an offer for sale of about Rs 202 crore. At the upper band of Rs 289, the P/E is 18.73 on post-issue EPS of Rs 15.43, and the market cap is Rs 4,172.01 crore.

Risks

At the upper band of Rs 289, the P/E is 18.73 on post-issue EPS of Rs 15.43, and 21.62 on pre-issue EPS of Rs 13.37. The EPS is based on a profit that more than doubled in FY2026, so the valuation rests on that level being held.
Only Rs 36.66 crore of the fresh issue is tied to named uses: Rs 29.19 crore for repaying borrowings and Rs 7.47 crore for investment in subsidiaries. The rest goes to unidentified acquisitions and general corporate purposes.
The offer for sale of about Rs 202 crore is by promoters P.N.S. Business Pvt.Ltd. and Rasish Consultants Pvt.Ltd., so that money goes to the sellers and not to the company. The OFS amount is an estimate until the share count is final.
Promoters hold 93.02% before the issue, and their holding falls to 78.94% after it, so they keep control.
Revenue is concentrated by client and region. The top five clients gave 39.55% and the top ten 49.66% of FY2026 revenue, and the US and Canada gave 85.26%.
Telecom and technology gave 47.34% of FY2026 revenue from operations, so a slowdown in that vertical would hit income.
Profit after tax more than doubled from Rs 74.31 crore in FY2025 to Rs 169.84 crore in FY2026, and the company has grown partly through acquisitions, so such growth may be hard to repeat.
The business depends on a large workforce of 13,357 employees, so wage costs and staff attrition can hit margins.
Total borrowing was Rs 266.86 crore at 31 March 2026 against net worth of Rs 552.46 crore. At 30 June 2026 the source lists debt to equity of 0.51.

What the money is for

Objects of the issue

Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our (i) Company; (ii) certain Subsidiaries (direct and certain step-down subsidiaries)	29.19
Investment in our step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, for upgrading IT tools i.e. Arya and MindVoice	7.47
Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes	—

Promoters

Pankaj Dhanuka
Kishore Saraogi
P N S Business Pvt.Ltd
Rasish Consultants Pvt.Ltd

Promoter holding93.02%→78.94%before → after the issue · down 14.08 points

Anchor investors

19 anchors put in ₹ 315.9 Cr., including 15 mutual funds.

Anchor investors

KOTAK MULTI ASSET ALLOCATION FUND	20,30,004	58.67	18.57%
KOTAK SERVICES FUND	1,84,518	5.33	1.69%
ICICI PRUDENTIAL TECHNOLOGY FUND	16,95,495	49	15.51%
MOTILAL OSWAL DIGITAL INDIA FUND	16,95,495	49	15.51%
QSIF HYBRID LONG-SHORT FUND	8,30,433	24	7.6%
QSIF ACTIVE ASSET ALLOCATOR LONG-SHORT FUND	8,65,062	25	7.91%
ITI MID CAP FUND	3,46,035	10	3.17%
ITI LARGE & MIDCAP FUND	1,72,992	5	1.58%
ITI BALANCED ADVANTAGE FUND	51,918	1.5	0.47%
ITI BHARAT CONSUMPTION FUND	34,578	1	0.32%
ITI BUSINESS CYCLE FUND	51,918	1.5	0.47%
ITI MULTI ASSET ALLOCATION FUND	34,578	1	0.32%
BENGAL FINANCE & INVESTMENT PVT.LTD.	6,92,019	20	6.33%
NATIXIS INTERNATIONAL FUNDS (LUX) I-LOOMIS SAYLES GLOBAL EMERGING MARKETS EQUITY FUND	6,92,019	20	6.33%
KOTAK MAHINDRA LIFE INSURANCE CO.LTD.	5,19,027	15	4.75%
MERU INVESTMENT FUND PCC-CELL 1	5,19,027	15	4.75%
JM LARGE & MIDCAP FUND	1,37,496	3.97	1.26%
JM AGGRESSIVE HYBRID FUND	1,37,496	3.97	1.26%
JM SMALL CAP FUND	2,40,685	6.96	2.2%

Registrar, lead managers and documents

Listing on: BSE, NSE
Face value: ₹ 1 a share
Registrar: KFin Technologies Limited
Lead managers: Nuvama Wealth Management Ltd., Motilal Oswal Investment Advisors, IIFL Capital Services Limited
Red herring prospectus (RHP): Open
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.