💡 Overview & Quick Summary
Fusion CX IPO Summary: Fusion CX is launching an Initial Public Offering (IPO) of Rs. 702.00 Crore (Fresh Issue: Rs. 500.00 Cr; Offer for Sale: Rs. 202.00 Cr for 2,42,90,657 equity shares of face value Rs. 1 each) priced in a band of Rs. 275 to Rs. 289 per share. The issue opens for subscription on October 14, 2026, and closes on October 16, 2026. Kolkata-based Fusion CX provides omnichannel customer experience services (voice, email, chat, social media, messaging) and AI data infrastructure services (data annotation, labelling, robot teleoperation) across 40 delivery centres in 13 countries in 28 languages, serving 208 customers (including 22 Fortune 1000 firms). Fresh Issue net proceeds are earmarked towards debt repayment of Rs. 275.70 crore, investment of Rs. 61.15 crore in step-down subsidiaries (Omind Technologies Inc. and Omind Technologies Pvt. Ltd.) for upgrading AI platforms Arya and MindVoice, and the remainder for unidentified acquisitions, strategic initiatives, and general corporate purposes. Sushil Finance assigns a Neutral view on the issue, balancing strong financials (FY26 Total Income of Rs. 18,518.31 Mn, 35% CAGR, PAT of Rs. 1,698.40 Mn, RONW of 30.74%) against people-intensive operational headwinds (66% employee costs, 26.5% attrition, exposure to GenAI disruption, client concentration where top 5 clients contribute ~40% and US contributes ~74%) and full valuation at 21.55x FY26 EPS (24.6x post-issue equity, market cap ~Rs. 4,172 crore) compared to peers Firstsource (22.3x) and Sagility (21.7x).
1. IPO Overview
Fusion CX has announced the schedule and issue parameters for its Initial Public Offering. The issue opens for subscription on Oct 14, 2026, and closes on Oct 16, 2026. The price band has been fixed at Rs. 275 to Rs. 289 Per Share with a face value of Rs. 1/- per share. The total public offering comprises 2,42,90,657 equity shares aggregating up to Rs. 702.00 crore.
| Issue Parameter |
Details |
| Price Band |
Rs. 275 to 289 Per Share |
| Issue Opens on |
Oct 14, 2026 |
| Issue Closes on |
Oct 16, 2026 |
| Lot Size |
51 Shares & in Multiples thereafter |
| Issue Size |
Rs. 702.00 Cr |
| No of Shares |
2,42,90,657 |
| Face Value |
Rs. 1/- |
| Listing |
BSE & NSE |
| Lead Managers |
Nuvama Wealth Management Ltd., IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Ltd. |
| Registrar |
Kfin Technologies Ltd |
2. Key IPO Details
The total public issue structure comprises a Fresh Issue component of Rs. 500.00 crore and an Offer for Sale (OFS) of Rs. 202.00 crore by promoter selling shareholders. The reservations across investor categories are outlined below:
Offer Structure
| Issuance |
Rs. in Cr. |
| Fresh Issue |
500.00 |
| Offer for Sale |
202.00 |
| Total |
702.00 |
Issue Breakup by Investor Category
| Reservation for |
% of Issue |
Rs. in Cr. (at upper band) |
| QIB |
75% |
526.50 |
| HNI |
15% |
105.30 |
| RETAIL |
10% |
70.20 |
| TOTAL |
100% |
Rs. 702.00 |
3. Company Overview
Fusion CX is a Kolkata-based customer experience (CX) service provider delivering omnichannel support across voice, email, chat, social media and messaging, along with AI data infrastructure services such as data annotation, labelling and robot teleoperation.
Its comprehensive offerings span:
- End-to-End Customer Lifecycle: Customer acquisition, customer service, order fulfilment, collections, retention, and technical support.
- Industry Verticals: Digital solutions tailored for clients across telecom & utilities, HTT, BFSI, retail and healthcare sectors.
- Global Footprint: As of June 30, 2026, the company operated 40 delivery centres across 13 countries with support in 28 languages.
- Client Base & Geographic Mix: Serving 208 customers including 22 Fortune 1000 companies, with approximately 89% of FY2026 revenue earned outside India.
4. Objects of the Issue
The Fresh Issue proceeds of Rs. 500.00 crore will be utilized towards the following specific corporate objectives:
- Debt Prepayment/Repayment: Repayment/prepayment of certain borrowings of the Company and its subsidiaries amounting to Rs. 275.70 crore.
- Investment in Proprietary AI Technology: Investment of Rs. 61.15 crore in step-down subsidiaries Omind Technologies Inc. and Omind Technologies Pvt. Ltd. for upgrading IT tools Arya and MindVoice.
- Acquisitions and General Corporate Purposes: The balance fresh issue proceeds will be deployed towards unidentified acquisitions, strategic initiatives and general corporate purposes.
The Company will not receive any proceeds from the Rs. 202.00 crore Offer for Sale (OFS) by the promoter selling shareholders.
5. Highlights
- Global delivery network: 40 scalable delivery centres across 13 countries providing 24x7 multichannel support in 28 languages.
- In-house AI-led CX tools: Strategic R&D through subsidiary Omind to build proprietary AI platforms such as Arya and MindVoice.
- Proven acquirer: Six acquisitions since 2024, including Sequential Technology, Skycom and S4 Communications, adding capabilities and geographies.
- Diversified, sticky client base: Domain depth across telecom, HTT, BFSI, retail and healthcare; 22 Fortune 1000 clients among 208 customers.
- Strong growth momentum: Revenue from operations grew at ~35% CAGR over FY2024-26, with EBITDA margin expanding from 10.6% to 18.1%.
6. Brief Financials
The table below presents the brief financial performance of Fusion CX across FY2024, FY2025, and FY2026 (Figures in Rs. in Mn, with P/E calculated at the upper price band of Rs. 289):
| Particulars |
FY2024 |
FY2025 |
FY2026 |
| Total Income |
10,215.28 |
13,520.30 |
18,518.31 |
| Total Expenditure |
9,848.44 |
12,742.91 |
16,625.30 |
| EBITDA |
1,046.17 |
1,977.76 |
3,298.71 |
| Profit Before Tax (PBT) |
366.84 |
777.39 |
1,893.01 |
| Profit After Tax (PAT) |
362.60 |
743.14 |
1,698.40 |
| E.P.S. (Diluted) (Rs.) |
2.88 |
5.88 |
13.41 |
| P/E (Diluted)* |
100.35x |
49.15x |
21.55x |
| RONW (%) |
13.42% |
20.96% |
30.74% |
7. IPO Timeline
Indicative Time Table
| Tentative Events |
Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
19/10/2026 |
| Initiation of refunds/unblocking ASBA Fund |
21/10/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
21/10/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
22/10/2026 |
PRICE CHART (@ Rs. 289) (Retail Category)
| LOT SIZE |
Amount (Rs.) |
| 51 | 14,739 |
| 102 | 29,478 |
| 153 | 44,217 |
| 204 | 58,956 |
| 255 | 73,695 |
| 306 | 88,434 |
| 357 | 1,03,173 |
| 408 | 1,17,912 |
| 459 | 1,32,651 |
| 510 | 1,47,390 |
| 561 | 1,62,129 |
| 624 | 1,76,868 |
| 663 | 1,91,607 |
HNI Payment Chart
| Category |
No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
714 |
2,06,346 |
| Big HNI |
3,468 |
10,02,252 |
8. Our View / Recommendation
Analyst Recommendation: NEUTRAL
Sushil Finance Research Stance & Comprehensive Valuation View
Fusion CX has posted strong numbers: Total Income rose from Rs. 10,215.28 Mn in FY2024 to Rs. 18,518.31 Mn in FY2026 (35% CAGR) and PAT jumped from Rs. 362.60 Mn to Rs. 1,698.40 Mn, lifting diluted EPS to Rs. 13.41 and RONW to 30.74%.
However, at its core this remains a people-intensive BPO/CX business with limited structural moats:
- High Employee Costs & Attrition: Employee costs absorb 66% of revenue, and voluntary attrition is high at 26.5%.
- AI Disruption Risks: Routine voice and chat work is most exposed to disruption from generative AI.
- Inorganic vs Organic Growth: Growth has been driven largely by acquisitions (six since 2024), so organic momentum is hard to gauge.
- Client & Geographic Concentration: The top 5 clients contribute ~40% of revenue, and the US alone accounts for ~74%.
Valuation & Capital Structure: At the upper band of Rs. 289, the issue is priced at 21.55x FY2026 diluted EPS (24.6x on post-issue equity; market cap ~Rs. 4,172 crore), broadly in line with listed CX peers such as Firstsource (22.3x) and Sagility (21.7x), leaving little valuation comfort. Debt repayment of Rs. 275.70 crore from the fresh issue should lower finance costs, but the promoters are also selling Rs. 202 crore via OFS.
Final Stance: Weighing healthy financials against sector risks and fair pricing, we take a Neutral view on the issue.
9. Frequently Asked Questions
Q1. What services does Fusion CX provide?
Fusion CX is a Kolkata-based customer experience (CX) service provider delivering omnichannel support across voice, email, chat, social media, and messaging, along with AI data infrastructure services like data annotation, labelling, and robot teleoperation. It serves telecom & utilities, HTT, BFSI, retail, and healthcare clients across 40 delivery centres in 13 countries.
Q2. What is the issue size and breakup of Fusion CX IPO?
The total issue size is Rs. 702.00 crore (2,42,90,657 shares), comprising a Fresh Issue of Rs. 500.00 crore and an Offer for Sale (OFS) of Rs. 202.00 crore. Category reservations are 75% for QIBs (Rs. 526.50 Cr), 15% for HNIs (Rs. 105.30 Cr), and 10% for Retail investors (Rs. 70.20 Cr).
Q3. How will the Fresh Issue proceeds of Rs. 500 crore be utilized?
The Fresh Issue will be used for: (i) repayment/prepayment of borrowings of the Company and subsidiaries amounting to Rs. 275.70 crore; (ii) investment of Rs. 61.15 crore in step-down subsidiaries Omind Technologies Inc. and Omind Technologies Pvt. Ltd. for upgrading AI platforms Arya and MindVoice; and (iii) the balance towards unidentified acquisitions, strategic initiatives, and general corporate purposes.
Q4. What is the financial performance trajectory of Fusion CX?
Between FY2024 and FY2026, Total Income expanded from Rs. 10,215.28 Mn to Rs. 18,518.31 Mn (~35% CAGR), EBITDA expanded from Rs. 1,046.17 Mn (10.6% margin) to Rs. 3,298.71 Mn (18.1% margin), PAT jumped from Rs. 362.60 Mn to Rs. 1,698.40 Mn, Diluted EPS surged from Rs. 2.88 to Rs. 13.41, and RONW expanded to 30.74%.
Q5. What is the retail and HNI application requirement?
At the upper price band of Rs. 289, 1 retail lot of 51 shares requires Rs. 14,739. The Small HNI category requires a minimum bid of 714 shares (Rs. 2,06,346), while the Big HNI category requires a minimum bid of 3,468 shares (Rs. 10,02,252).
Q6. What is Sushil Finance's recommendation and valuation assessment?
Sushil Finance takes a Neutral view. At Rs. 289, the issue is priced at 21.55x FY26 diluted EPS (24.6x on post-issue equity, market cap ~Rs. 4,172 crore), which is in line with peers Firstsource (22.3x) and Sagility (21.7x). Sectoral risks include high employee costs (66%), high attrition (26.5%), vulnerability of routine voice/chat to generative AI, and client concentration (top 5 clients contribute ~40%, US contributes ~74%).
10. Red Herring Prospectus (RHP) Reference
11. Disclaimer & Disclosures
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
