Fusion CX
What they do: The business model involves operations that may be affected by the Competition Act and foreign investment regulations, indicating a focus on compliance and strategic growth.
By IPO Milega Research · Published
The company shows moderate financial fundamentals with a stable revenue trend and a positive profit margin.
- GMP (unofficial)
- +11.76%
- ₹34 a share
- Opens
- 14 Oct
- Closes 16 Oct
- Min. investment
- ₹14,739
- 51 shares
GMP is an unofficial grey market indication.
- Price band
- ₹275-289
- Lot size
- 51 shares
- Min. investment
- ₹14,739
- Issue size
- 702 Cr.
- Open14 Oct 2026
- Close16 Oct 2026
- Allotment19 Oct 2026
- Listing22 Oct 2026
Overview
₹323 (+11.76%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials5.0
- Performance8.0
- Flexibility8.0
- Timing7.0
- Risk4.0
The expected gains on listing are primarily driven by the Grey Market Premium (GMP) of 323, indicating an 11.76% potential increase. This is supported by the company's strong financial performance, strategic market positioning, and adaptability, despite the presence of significant risks.
Strengths3
- Achieved a profit after tax margin of 11.36% for the three months ending June 30, 2026.
- Diversified client base with top 10 clients contributing less than 50% of revenue.
- Strong partnerships in sectors like telecom, energy, and healthcare.
Concerns5
- Ongoing legal proceedings with potential financial impact of ₹1,809.12 million.
- High customer concentration with top 10 customers contributing 49.84% of revenue.
- Cybersecurity threats potentially compromising sensitive information.
- Exposure to regulatory changes in telecom and utilities sectors.
- Outstanding borrowings of ₹3,220.53 million with risk of financing term breaches.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,7391 lots, 51 shares
- Retail Maximum1,91,60713 lots, 663 shares
- S-HNI Minimum2,06,34614 lots, 714 shares
- S-HNI Maximum9,87,51367 lots, 3417 shares
- B-HNI Minimum10,02,25268 lots, 3468 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 51 | 14,739 |
| Retail Maximum | 13 | 663 | 1,91,607 |
| S-HNI Minimum | 14 | 714 | 2,06,346 |
| S-HNI Maximum | 67 | 3417 | 9,87,513 |
| B-HNI Minimum | 68 | 3468 | 10,02,252 |
Timing
7.0/10The market timing for Fusion CX's IPO appears favorable. The company's financials show consistent performance, and the strategic involvement of promoter group entities suggests strong backing. The IPO size indicates a robust market environment, likely to attract significant investor interest.
- Time to market
- Fusion CX's decision to go public aligns with its demonstrated financial stability and strategic growth initiatives. The involvement of promoter group entities in financial transactions suggests strong internal support, enhancing investor confidence. The substantial IPO size further indicates a positive market outlook.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- BSE, NSE
Key milestones
- 14 Oct 2026IPO Opens
- 16 Oct 2026IPO Closes
- 19 Oct 2026Basis of Allotment
- 21 Oct 2026Refunds Initiated
- 21 Oct 2026Credit to Demat Account
- 22 Oct 2026Listing Date
Financials
5.0/10- Revenue
- ₹1,852 Cr
- +37.0%
- Profit after tax
- ₹170 Cr
- +128.6%
- Net margin
- 9.2%
- +3.7 pts
- Assets
- ₹1,385 Cr
- +21.2%
- Return on equity
- 30.30%
- Debt to equity
- 1.25
- ROCE
- 71.59%
- Return on net worth
- 30.74%
- NAV per share (₹)
- 43.73
Financial performance trend
Amount ₹ in croresThe company shows moderate financial fundamentals with a stable revenue trend and a positive profit margin. However, the lack of detailed financial data such as total revenue, net profit, and specific financial ratios limits a comprehensive analysis.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks2
- Operational risks1
- Regulatory risks1
The company faces significant financial, operational, and regulatory risks, including high customer concentration, legal proceedings, and cybersecurity threats.
How the company offsets these
Diversify customer base and enhance cybersecurity measures to mitigate risks.
Financial risks3
- Ongoing legal proceedings with potential financial impact of ₹1,809.12 million.
- Outstanding borrowings of ₹3,220.53 million with risk of financing term breaches.
- Contingent liabilities totaling ₹98.95 million, including disputed tax demands.
Market risks2
- High customer concentration with top 10 customers contributing 49.84% of revenue.
- Reliance on short-term client contracts leading to revenue volatility.
Operational risks1
- Cybersecurity threats potentially compromising sensitive information.
Regulatory risks1
- Exposure to regulatory changes in telecom and utilities sectors.
Performance
8.0/10Fusion CX demonstrates strong financial performance with a diversified client base and stable revenue streams. The company is well-positioned in the growing CX industry, leveraging AI and multilingual capabilities to enhance service offerings. However, it faces challenges such as rising competition and talent attrition.
- Historical growth
- Fusion CX has shown consistent revenue growth over the past few years, with a notable increase in revenue and profit margins., The company reported a revenue of ₹4,904.84 million for the three months ending June 30, 2026, indicating a strong growth trajectory.
- Market comparison
- Fusion CX is well-positioned in the CX industry, leveraging AI and multilingual capabilities to compete effectively against peers.
- Future potential
- The company is expected to continue growing, driven by investments in AI and automation, and expanding its multilingual capabilities.
- Operational consistency
- Fusion CX has maintained stable revenue streams through a fixed fee model, despite operational challenges such as workforce loss and service backlogs.
- Experience
- The management team has demonstrated experience in navigating industry challenges and leveraging technology for growth.
- Track record
- The management has a solid track record of maintaining profitability and expanding service offerings.
Key achievements
- 01Achieved a profit after tax margin of 11.36% for the three months ending June 30, 2026.
- 02Diversified client base with top 10 clients contributing less than 50% of revenue.
- 03Strong partnerships in sectors like telecom, energy, and healthcare.
Flexibility
8.0/10Fusion CX has a diversified geographic footprint with operations in 13 countries, allowing it to adapt to various market demands. Its presence in North America, Latin America, EMEA, and APAC regions supports a broad client base and aligns with regional requirements.
The company exhibits high operational agility through its flexible delivery model, which includes onshore, nearshore, and offshore centers. This model supports cost-effective, scalable, and multilingual service delivery, enhancing its ability to respond to client needs quickly.
Fusion CX demonstrates strong flexibility and adaptability through its diversified global presence, broad service offerings, and strategic acquisitions. The company effectively balances onshore, nearshore, and offshore operations, providing multilingual and multichannel support. Its focus on AI-driven solutions and a diversified client base further enhances its adaptability.
- Product diversification
- Fusion CX offers a wide range of services across multiple verticals, including telecom, BFSI, healthcare, and retail. It provides both voice and non-voice CX services, AI data infrastructure services, and has developed proprietary AI tools.
- Future adaptability
- Fusion CX is well-positioned for future adaptability with its investments in AI-driven solutions and a focus on expanding into high-growth verticals and geographies. Its strategic acquisitions and diversified client base provide a strong foundation for continued growth and innovation.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.