Fusion CX Ltd IPO

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Subscription rate
Category	Subscribed
Qualified Institutional Buyers	4.01x
Non-Institutional Investor	4.5x
Retail Individual Investor	5.7x
Total	4.45x

Updated 21 Oct 2026, 05:31 pm IST

*All values are in ₹ crore

Global delivery network across 15 countries with 40 scalable delivery centres providing 24x7 multichannel support, as of March 31, 2025.
Continuous focus on strategic RD investments to develop in-house, AI-driven solutions focused on CX transformation.
Proven track record of inorganic growth and integration adding capabilities and driving financial growth.
Diversified operations with domain expertise across multiple industries with long standing customer relationships.
Agile, customer centric approach enabling responsiveness and tailored CX solutions.
Diverse Board, experienced promoters and management team with domain expertise supported by skilled employees.
Global delivery network across 13 countries with 40 scalable delivery centres providing 24x7 multichannel support.
Continuous focus on strategic RD investments to develop in-house, AI-driven solutions focused on CX transformation.
Proven track record of inorganic growth and integration adding capabilities and driving financial growth.
Diversified operations with domain expertise across multiple industries with long standing customer relationships.
Diverse Board, experienced promoters and management team with domain expertise supported by skilled employees.

Global delivery network: As of June 30, 2026, Fusion CX operated 40 delivery centres across 13 countries and supported 28 languages, allowing it to serve clients across different markets and time zones.
In-house technology and AI tools: Its proprietary platforms include Mind WorkPlace, MindVoice and Arya, covering workforce engagement, conversational AI and real-time support for agents during live conversations. This could help the company automate tasks and improve service efficiency.
Acquisition-led expansion: Acquisitions have expanded the company's geographical presence and service capabilities. Recent examples include Infinity Outsourcing and Skycom in El Salvador in 2025 and VA Platinum Offshoring in Australia in 2026.
Long-standing customer relationships: The average relationship with its top five customers was 13.02 years, indicating that some major clients have worked with the company over an extended period.

High customer concentration: The top 10 customers contributed 52.17% of FY26 revenue from operations, compared with 41.04% in FY24. One customer alone accounted for 30.05% of FY26 revenue from operations.
Dependence on overseas markets: Customers outside India contributed 88.71% of FY26 revenue from operations, while North America alone contributed 81.70%.
Short customer contracts: Contracts typically run from three to 60 months, with most lasting less than 24 months. Many can be terminated at short notice without termination-related penalties, so long customer relationships do not guarantee renewal.
Employee attrition: Average voluntary attrition among CX employees was 26.50% in FY26, compared with 30.56% in FY25. Continued employee turnover could increase recruitment and training costs.

Particulars	FY26	FY25	FY24
Revenue from operations (₹ Cr)	1,818.14	1,329.30	991.32
Total income (₹ Cr)	1,851.83	1,352.03	1,021.53
EBITDA (₹ Cr)	329.87	197.78	104.62
EBITDA margin (%)	18.14	14.88	10.55
PAT (₹ Cr)	169.84	74.31	36.26
PAT margin (%)	9.34	5.59	3.66
Diluted EPS (₹)	13.41	5.88	2.88
Return on equity (%)	30.30	20.74	13.37
Return on capital employed (%)	71.59	49.73	19.56
Net debt to equity (x)	0.53	1.04	1.08

Source: RHP

Particulars	Q1 FY27	FY26	FY25	FY24
Active clients	239	228	219	190
Repeat clients	212	173	138	146
Client additions	27	55	39	7
Clients contributing more than US$3 million annually	11	12	11	7
Clients contributing more than US$1 million annually	40	33	37	30

Industry vertical (% of revenue from operations)	Q1 FY27	FY26	FY25	FY24
Telecommunications and technology	43.52	47.34	43.50	30.94
BFSI	14.15	13.52	16.45	15.63
Consumer and retail	13.31	12.12	14.20	17.06
Healthcare	13.32	13.14	10.58	13.03
Others, including high-tech growth and travel	15.71	13.88	15.27	23.34

The RHP compares Fusion CX with six listed peers based on FY26 financials.

Company	Diluted EPS (₹)
Fusion CX	13.41
Firstsource Solutions	9.56
eClerx Services	74.42
Alldigi Tech	53.96
Inventurus Knowledge Solutions	42.26
Sagility India	1.98
Hinduja Global Solutions	6.92

Source: RHP