Fractal Analytics Ltd IPO

IT - Software

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Price Band

₹857 – ₹900

Lot Size

16

Minimum Bid Quantity

16

Minimum Investment

₹14400

Issue Size

₹2833.9Cr

Opens

2026-02-09

Closes

2026-02-11

Listing

16-02-2026

Subscription Status

Qualified Institutional Buyers

4.18 x

Non-Institutional Investor

1.05 x

Retail Individual Investor

1.01 x

Employees

0.6 x

Total

2.66 x

IPO Details

Issue Type

EQUITY

Face Value

₹1

Tick Size

1

ISIN

INE212S01015

Pre-Apply Available

No

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Fractal Analytics is an enterprise artificial intelligence (AI) company that provides data, analytics, and AI-based solutions to large global organisations. Founded in 2000, the company supports enterprises in using data-driven insights for decision-making across business functions. Its operations are organised into two segments: Fractal.ai and Fractal Alpha. Fractal.ai includes AI services and AI products, with products primarily hosted on its agentic AI platform, Cogentiq. These offerings cover customer analytics, operational analytics, product development analytics, sustainability-related analytics, and enterprise decision support. Fractal Alpha comprises independent AI businesses that operate under separate management and serve specific markets and geographies. The company also develops and maintains proprietary AI models and platforms, including foundation models and multi-agent systems, some of which are publicly accessible. Fractal Analytics operates globally, with offices and teams across multiple countries, including India, the United States, the United Kingdom, Canada, Australia, the United Arab Emirates, and Ukraine. Use of proceeds: The IPO consists of both a fresh issue and an offer for sale (OFS).​ Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes:​​ Investment in one of its subsidiaries, Fractal USA, for pre-payment and/ or scheduled repayment, in full or in part, of its borrowings— Rs 264.9 crore. Purchase of laptops — Rs 57.1 crore. Setting up new office premises in India — Rs 121.1 crore. Investment in research and development, and sales and marketing under Fractal Alpha — Rs 355.1 crore Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes.

Pros

  • • 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.

Cons

  • • 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.

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