Fusion CX Upcoming
What they do: The company is involved in acquisitions, as indicated by the purchase consideration and goodwill adjustments. It operates under Indian accounting standards and must navigate foreign investment restrictions and potential inflation impacts.
By IPO Milega Research · Published
The financial fundamentals of the company show moderate performance with a stable revenue trend but a declining profit trend.
- GMP (unofficial)
- +8.65%
- ₹25 a share
- Opens
- 14 Oct
- Closes 16 Oct
- Min. investment
- ₹14,739
- 51 shares
GMP is an unofficial grey market indication.
- Price band
- ₹289
- Lot size
- 51 shares
- Min. investment
- ₹14,739
- Issue size
- N/A
- Open14 Oct 2026
- Close16 Oct 2026
- Allotment19 Oct 2026
- Listing22 Oct 2026
Overview
₹314(+8.65%)
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 Grey Market Premium (GMP) indicates an expected gain of 8.65% on listing, reflecting positive market sentiment. This is supported by the company's strong financial performance, strategic market positioning, and adaptability, despite some financial and regulatory risks.
Strengths3
- Achieved a PAT margin of 11.36% for the quarter ending June 30, 2026.
- Diversified client base with top 10 clients contributing less than 50% of revenue.
- Strong partnerships in telecom, energy, and healthcare sectors.
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 breach of financing terms.
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 timing of the IPO appears favorable given the company's recent financial performance and strategic structuring of the offer to appeal to a broad investor base. The market conditions seem supportive for a technology-driven company like Fusion CX, which is likely to attract interest from institutional and retail investors alike.
- Time to market
- Fusion CX has positioned itself well in the market with a strong financial track record and a clear growth strategy. The timing aligns with favorable market conditions for technology companies, enhancing the attractiveness of the IPO.
- 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
- Revenue CAGR
- 10%
- ROCE
- 71.59%
- Return on net worth
- 30.74%
- NAV per share (₹)
- 43.73
Financial performance trend
Amount ₹ in croresThe financial fundamentals of the company show moderate performance with a stable revenue trend but a declining profit trend. The company's assets are substantial, but liabilities are not disclosed, making it difficult to assess the debt-to-equity ratio. Financial ratios are not provided, limiting the analysis of liquidity and profitability.
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
High customer concentration, legal proceedings, and regulatory risks pose significant challenges to financial stability and operational continuity.
How the company offsets these
Diversifying customer base and enhancing cybersecurity measures can mitigate key 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 breach of financing terms.
- 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 a focus on technology-enabled customer engagement solutions. The company has maintained stable revenue streams through a fixed fee model and has shown resilience in adapting to market demands. However, challenges such as rising competition and talent attrition remain.
- Historical growth
- steady, moderate
- Market comparison
- Fusion CX is well-positioned in the growing CX market, leveraging AI and multilingual capabilities to compete effectively against peers.
- Future potential
- positive
- Operational consistency
- The company has maintained stable revenue streams through a fixed fee model, indicating high revenue stability.
- Experience
- The management team has significant experience in the CX industry, with a focus on leveraging AI and automation.
- Track record
- The management has successfully expanded the company's service offerings and geographical reach.
Key achievements
- 01Achieved a PAT margin of 11.36% for the quarter ending June 30, 2026.
- 02Diversified client base with top 10 clients contributing less than 50% of revenue.
- 03Strong partnerships in telecom, energy, and healthcare sectors.
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 multiple regions supports a broad client base and aligns with mature and emerging CX delivery models.
Fusion CX shows strong financial stability with consistent revenue growth and profitability. The company has a diversified client portfolio, reducing dependency on individual clients, and maintains a healthy EBITDA margin.
The company exhibits operational agility through its flexible delivery model, which includes onshore, nearshore, and offshore centers. This model allows for cost-effective and scalable operations, meeting diverse client needs efficiently.
Fusion CX demonstrates strong flexibility and adaptability through its diversified global operations, strategic acquisitions, and robust financial performance. The company effectively leverages its global delivery network and proprietary AI tools to enhance customer engagement and operational efficiency.
- 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, supported by proprietary AI tools.
- Future adaptability
- Fusion CX is well-positioned for future adaptability with its focus on AI-driven solutions and strategic acquisitions. The company's investment in proprietary AI tools and expansion into high-growth verticals supports its potential 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.