Fusion CX IPO
Fusion CX IPO is a mainboard IPO raising ₹702 Cr at ₹275 – ₹289 a share. It listed on 22 Oct 2026 at ₹305, +5.5% against its issue price of ₹289, and trades at ₹288 today (−0.4% since issue). It was subscribed 4.45× in total.
4.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Fusion CX Limited is a customer experience (CX) outsourcing company that runs customer support operations on behalf of other businesses through voice, email, chat, social media, and messaging channels, alongside AI data infrastructure work such as data annotation, image/video labelling, and robot teleoperation. It focuses on five end-markets — telecom and utilities, high-tech growth and travel (HTT), BFSI, retail, and healthcare. As of June 30, 2026 it delivers these services from 40 centres across 13 countries, supporting customers in 28 languages.
How it earns
It charges clients for outsourced CX services under fixed-fee, transaction-based, or outcome-based commercial structures, with the bulk of revenue coming from recurring customer-service, customer-acquisition, and order-fulfilment engagements billed in USD (≈85% of Fiscal 2026 revenue was USD-denominated, conversion: ₹ million ÷ 10 = ₹ crore).
Who buys
208 active customers as of June 30, 2026, including 22 Fortune 1000 companies. Named customers include DMEC Capital Services, Park West, Telaid, Achieve Collection, Ameriflex, Coastline, Ajio, Meesho, Call Core Media, Arvind Fashion, Propneu S.A., Leonardo Hotels, Insurance Express, K2 ClaimsServices, Sentry Credit, and Traya. Customer concentration in FY26: Top 5 = 42.22% of revenue (₹7,676.78 million), Top 10 = 52.17%, Top 15 = 59.46%, Top 20 = 64.43%. Average length of relationship: Top 5 = 13.02 years, Top 10 = 11.46 years.
Scale
40 delivery centres and 2 sales offices across 13 countries (June 30, 2026); 13,735 CX employees (5,515 in India, 8,220 outside India) plus 3,829 field workforce staff; FY26 revenue from operations ₹18,181.38 million (~₹1,818.14 crore) at 19.48% Adjusted EBITDA margin; FY26 revenue per employee ₹1.36 million.
What it says sets it apart
- Run an onshore/nearshore/offshore delivery mix spanning 40 centres in 13 countries with 24x7 support in 28 languages, letting clients follow-the-sun with cost tiering
- Own proprietary AI products built by step-down subsidiary Omind (Mind WorkPlace for workforce engagement, MindVoice for conversational AI, Arya for gen-AI co-pilot), with R&D centres in Kolkata and Bengaluru and FY26 R&D spend of ₹230.99 million (~1.27% of revenue)
- Track record of acquiring and integrating CX firms — eight deals from 2018 to 2026 (Ameridial, ACG, Boomsourcing, S4 Communications, Sequential Technology, Scribe.ology, Skycom, Ready Call Center, VA Platinum) that have driven growth in revenue and verticals
- Diversified vertical footprint with no single industry beyond 47% — FY26 mix: telecom/utilities 47.34%, HTT 13.88%, BFSI 13.52%, healthcare 13.14%, retail 12.12%
- Long-tenured customer base — top 5 customers average 13 years, with high-value client count (>USD 3 million/year) rising from 7 in FY24 to 11 as of June 30, 2026
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →derived: cut-off price Rs289 / stated EPS Rs13.41 (Fiscal 2026 (year ended March 31, 2026) diluted EPS, restated consolidated financial information). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Three months ended 30 June 2026 | ₹490 Cr | ₹56 Cr | 11.4% | ₹620 Cr | ₹238 Cr |
| FY26 (year ended 31 March 2026) | ₹1,818 Cr | ₹170 Cr | 9.3% | ₹561 Cr | ₹267 Cr |
| FY25 (year ended 31 March 2025) | ₹1,329 Cr | ₹74 Cr | 5.6% | ₹358 Cr | ₹307 Cr |
| FY24 (year ended 31 March 2024) | ₹991 Cr | ₹36 Cr | 3.7% | ₹271 Cr | ₹211 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Motilal Oswal Investment Advisors Limited — median +12.3% across the 52 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 27 Nov 2026.
What to watch
- Priced at 21.6× earnings — 2% below the median of the peers the issuer itself names.
- The register's top risk: AI/Gen AI adoption could erode outsourced CX demand (prospectus page 37).
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track FUSION CX LIMITED
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.