Fusion CX IPO

IPO details

Subscription status

Updated 14 Oct 2026, 02:30 PM IST

IPO dates

Lot size and application amounts

About Fusion CX

Fusion CX Limited was incorporated in 2004. It provides customer experience (CX) services in many languages across voice, chat, email, social media and messaging. Its services include customer acquisition, customer service, order fulfilment support, payments and collections, customer retention and technical support. Through its subsidiary Omind Technologies, it builds its own tools in conversational AI, marketing AI, quality automation and workforce management. It charges clients on fixed-fee, transaction-based or outcome-based models. As of 31 December 2024, it ran 40 delivery centres across 15 countries in 28 languages. As of 31 March 2026, it had 13,357 employees in its CX business. By vertical, telecom and technology gave 47.34% of FY2026 revenue from operations, BFSI 13.52%, healthcare 13.14% and consumer and retail 12.12%. By geography, the US and Canada gave 85.26%, India 11.29% and the UK and Europe 3.11%.

Fusion CX financials

Key ratios

Strengths

• Total income rose from Rs 1,021.53 crore in FY2024 to Rs 1,352.03 crore in FY2025 and Rs 1,851.83 crore in FY2026. Revenue from operations grew 36.77% in FY2026 to Rs 1,818.14 crore.
• Profit after tax rose from Rs 36.26 crore in FY2024 to Rs 74.31 crore in FY2025 and Rs 169.84 crore in FY2026. For the quarter ended 30 June 2026 it was Rs 55.70 crore on total income of Rs 503.85 crore.
• EBITDA was Rs 329.87 crore in FY2026, about 18.14% of revenue from operations of Rs 1,818.14 crore. PAT was about 9.34% of that revenue.
• For the quarter ended 30 June 2026 the source lists return on net worth of 9.12%, return on equity of 8.99% and return on capital employed of 19.84%. These are on one quarter's profit and are not annualised.
• Net worth rose from Rs 270.15 crore at 31 March 2024 to Rs 552.46 crore at 31 March 2026 and Rs 610.84 crore at 30 June 2026. Total borrowing fell from Rs 306.73 crore at 31 March 2025 to Rs 266.86 crore at 31 March 2026 and Rs 238.13 crore at 30 June 2026.
• The company serves clients across telecom, BFSI, healthcare and retail, and 85.26% of FY2026 revenue came from the US and Canada.
• The issue is Rs 500 crore of fresh capital and an offer for sale of about Rs 202 crore. At the upper band of Rs 289, the P/E is 18.73 on post-issue EPS of Rs 15.43, and the market cap is Rs 4,172.01 crore.

Risks

• At the upper band of Rs 289, the P/E is 18.73 on post-issue EPS of Rs 15.43, and 21.62 on pre-issue EPS of Rs 13.37. The EPS is based on a profit that more than doubled in FY2026, so the valuation rests on that level being held.
• Only Rs 36.66 crore of the fresh issue is tied to named uses: Rs 29.19 crore for repaying borrowings and Rs 7.47 crore for investment in subsidiaries. The rest goes to unidentified acquisitions and general corporate purposes.
• The offer for sale of about Rs 202 crore is by promoters P.N.S. Business Pvt.Ltd. and Rasish Consultants Pvt.Ltd., so that money goes to the sellers and not to the company. The OFS amount is an estimate until the share count is final.
• Promoters hold 99.03% before the issue, and their holding falls to 81.82% after it, so they keep control.
• Revenue is concentrated by client and region. The top five clients gave 39.55% and the top ten 49.66% of FY2026 revenue, and the US and Canada gave 85.26%.
• Telecom and technology gave 47.34% of FY2026 revenue from operations, so a slowdown in that vertical would hit income.
• Profit after tax more than doubled from Rs 74.31 crore in FY2025 to Rs 169.84 crore in FY2026, and the company has grown partly through acquisitions, so such growth may be hard to repeat.
• The business depends on a large workforce of 13,357 employees, so wage costs and staff attrition can hit margins.
• Total borrowing was Rs 266.86 crore at 31 March 2026 against net worth of Rs 552.46 crore. At 30 June 2026 the source lists debt to equity of 0.51.

Allotment status

Registrar: KFin Technologies Limited. Check Fusion CX IPO allotment status.

FAQs

What is the price band of Fusion CX IPO?

₹275–289 per share.

What is the lot size of Fusion CX IPO?

51 shares, which costs ₹14,739 at the upper price band.

What is the GMP of Fusion CX IPO?

₹33 (+11.42%) as of 14 Oct 2026, 03:00 PM IST. GMP is unofficial and not a prediction of the listing price.

When does Fusion CX IPO open and close?

It opens on 14 Oct 2026 and closes on 16 Oct 2026.

When is the allotment date of Fusion CX IPO?

19 Oct 2026.

When will Fusion CX IPO list?

22 Oct 2026 on BSE, NSE.

How many times was Fusion CX IPO subscribed?

0.28x overall.

Other open and upcoming IPOs

• Jio Platforms IPO
• Zetwerk Manufacturing Business IPO
• Sahajanand Medical Technologies IPO
• Bonfiglioli Transmissions IPO
• Tonbo Imaging India IPO
• Shellz India IPO
• Ravita Engineering Services IPO
• HD Fire Protect IPO
• Vaibhav Vyapaar IPO