NSE: FRACTAL · BSE: 544700
FRACTAL ANALYTICS LIMITED
Fractal Analytics is an AI and analytics services company that sells enterprise AI solutions to large clients across four main verticals — Healthcare & Life Sciences (HLS), Banking, Financial Services & Insurance (BFSI), Consumer Packaged Goods & Retail, and Technology, Media & Telecom (TMT). The business runs on two segments: Fractal.ai, which contributed 97.3% of segment revenue at ₹3,219 crore in FY26 with EBIT of ₹540.9 crore, and Fractal Alpha, a smaller 2.7% segment at ₹90.8 crore running EBIT-negative at -₹17 crore. Fractal.ai operates on three pillars — AI-led transformation, AI foundations, and AI for work — delivered through proprietary platforms including Cogentiq (10+ clients, license revenue ~3% of mix), Asper.ai (ARR ~$9M, AI for sales, pricing and inventory), Qure.ai (healthcare AI), and Analytics Vidhya. The customer base is concentrated in enterprises (top-10 clients made up 51.8% of revenue in Q1 FY27), with 5 clients generating over $20M in TTM revenue and zero client churn in the quarter. The biggest cost driver is people: employee costs were 69.4% of revenue in FY26, with other opex at 15.2% and depreciation at 4.1%. Q1 FY27 revenue grew 20% YoY to ₹912.5 crore, with HLS growing 69% YoY and BFSI 36%, while TMT declined 22% YoY dragging headline growth. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fractal.ai (97%), Fractal Alpha (3%). People-heavy, asset-light AI and analytics services and platform business
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 3,300 |
| EBITDA (ex other income) | 497 |
| margin % | 15.1 |
| Owners' profit | 292 |
| EPS, as reported (₹) | 18.22 |
| ROE % · ROCE % | 9.0 · 12.5 |
| Debt / equity (x) | 0.09 |
| Cash from operations | 409 |
| Capex | (219) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 854 | 886 | 913 |
| Profit before tax | 83 | 150 | 121 |
| Net profit | 100 | 116 | 72 |
| EPS (₹) | 6.40 | 7.07 | 4.31 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Fractal.ai | 1,701 | 97.4 |
| Fractal Alpha | 46 | 2.6 |
| Total, before eliminations | 1,746 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 9,03,878 | 18.1 | 8.33 | 12.4 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,71,713 | 15.7 | 5.06 | 9.9 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,85,530 | 22.1 | 5.13 | 13.8 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,85,195 | 14.8 | 2.10 | 8.8 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,77,517 | 31.3 | 5.90 | 19.9 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,20,167 | 23.0 | 4.98 | 14.5 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 92,008 | 47.4 | 11.74 | 31.5 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 88,367 | 40.6 | 9.13 | 31.5 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 42.5 | 15.1 | 58 of 65 | 11% |
| P/B | 4.1 | 2.6 | 41 of 65 | 36% |
| ROCE | 11.1 | 14.2 | 48 of 76 | 37% |
| ROE | 9.0 | 11.5 | 43 of 64 | 33% |
| Debt / Equity | 0.1 | 0.0 | 40 of 65 | 39% |
| EBITDA margin | 18.6 | 18.4 | 32 of 65 | 52% |
| Market cap | 12986 | 425 | 13 of 76 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · 484,065 shares allotted on employee stock option exercise | capital market events | low | — | — |
| 22 Oct 2026 · Clarification on sudden rise in trading volume | compliance | minimal | — | — |
| 22 Oct 2026 · Exchange seeks clarification on trading volume | regulatory legal | medium | — | — |
| 19 Oct 2026 · Shilpa Kedia appointed as CFO; Ashwath Bhat steps down | compliance | minimal | — | — |
| 9 Oct 2026 · Change in Chairman of the Board of Directors | management changes | high | — | — |
| 7 Oct 2026 · Fractal Analytics incorporates AI subsidiary in Qatar Free Zones | strategic transactions | medium | — | — |
| 7 Oct 2026 · Routine confirmation of share dematerialization for Sep 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · Fractal Analytics to attend SBIFM-Amundi India Investment Seminar on Oct 9 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Conference call on Q2 FY27 results on November 4, 2026 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Allotment of 3,64,326 equity shares under ESOP exercise | capital market events | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.