Fusion Klassroom Edutech IPO
Fusion Klassroom Edutech IPO is an SME IPO raising ₹39 Cr at ₹151 – ₹159 a share. It listed on 7 Aug 2026 at ₹170, +6.9% against its issue price of ₹159, and trades at ₹185 today (+16.4% since issue). It was subscribed 1.47× in total.
Just covered — bids slightly exceed the 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 Klassroom Edutech Limited runs a hybrid education and skilling business in India aimed at school students (Grades 6–12), competitive-exam aspirants (JEE/NEET), professional-course learners (CA pathway), and job-seekers wanting AI/ML and vocational skills. It delivers content through its own AI-powered Education OTT app (100+ courses, ~3,300 hours of digital content) and a network of 30 offline partner centres, mostly in Mumbai, and also executes large academic and skilling projects for state governments (Rajasthan, Maharashtra, UP, Tripura) and central bodies (NSDC, TSSC, PM Shri Schools, JNV). The core idea is to combine a low-cost subscription OTT product with offline centres, AI/ML labs, and government project execution.
How it earns
Revenue comes from multiple channels: OTT/subscription fees (personal and enterprise), offline centre tuition fees, B2B institutional licensing of its OTT platform, government project implementation fees (routed through channel partners), AI/ML training centres, sale of learning devices, books and courseware, and distributor/channel-partner sales.
Who buys
Customer concentration is high. In FY2026, the single largest customer accounted for 40.11% of revenue (₹924.11 lakhs); Top 3 = 64.08% (₹1,476.36 lakhs); Top 5 = 75.65% (₹1,742.85 lakhs); Top 10 = 78.72% (₹1,813.59 lakhs). The prospectus does not name the top customer explicitly, but government projects are a major revenue source, with the Rajasthan project described as benefiting over 3 lakh learners across all districts and the UP girl-child digital education initiative covering 1,000+ beneficiaries. Concentration has eased from FY2024, when Top 1 was 54.76%.
Scale
30 offline partner centres (5 of them AI/ML skill centres/labs in Mumbai); 6,59,048 registered users, 2,66,986 subscribers, 74,000 active users, 1,51,794 app downloads as of March 31, 2026; 68 faculty (5 employees + 63 consultants); 26 total personnel (22 permanent + 4 contractual).
What it says sets it apart
- Proprietary AI-powered Education OTT platform with 100+ courses and ~3,300 hours of digital content, plus 1,51,794 app downloads and a 4.5-star Google Play rating.
- Hybrid model combining 30 offline partner centres (5 of them AI/ML skill labs and centres in Mumbai) with the OTT app, multilingual content delivery (5 regional languages live), and a white-labelled LMS that can be licensed to institutions.
- Anchored government partnerships, including MoUs with the Government of Rajasthan (academic projects in MG Government Schools and skill projects in ITI/RSLDC across all districts), MSSDS and TSSC in Maharashtra, the UP girl-child digital education initiative, and Tripura SCERT — plus central work with PM Shri Schools, JNV, NSDC and TSSC.
- Multi-layer channel partner and distribution network across Maharashtra, UP, Punjab, Rajasthan, Delhi and Gujarat, reaching rural and semi-urban markets at low acquisition cost.
- FY2026 revenue of ₹2,303.95 lakhs (≈₹23.04 crore) up from ₹1,008.65 lakhs (≈₹10.09 crore) in FY2025 and ₹458.30 lakhs (≈₹4.58 crore) in FY2024, with FY2026 EBITDA of ₹1,299.00 lakhs (≈₹12.99 crore) and profit after tax of ₹760.12 lakhs (≈₹7.60 crore).
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs159 / stated EPS Rs10.41 (FY26 (year ended March 31, 2026) diluted EPS, restated, post-bonus issue (Dec 24, 2025)). 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 standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹23 Cr+128% | ₹8 Cr+162% | 33.0% | ₹18 Cr | ₹3 Cr |
| FY2025 | ₹10 Cr+120% | ₹3 Cr+745% | 28.8% | ₹10 Cr | ₹1 Cr |
| FY2024 | ₹5 Cr | ₹0 Cr | 7.5% | ₹4 Cr | ₹0 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
131 SME 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 13risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 15 Sept 2026.
What to watch
- Priced at 15.3× earnings — 63% below the median of the peers the issuer itself names.
- The register's top risk: Top 1 customer contributed 40-55% of revenue (prospectus page 38).
- Its cohort's record: median +8.4% since issue price, 46.6% 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 KLASSROOM EDUTECH LIMIT
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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.