Fusion CX IPO Review: Key Details, Company Overview and Financials
- October 9, 2026
- Posted by: Harsh Piplani
- Category: IPO
Fusion CX IPO price band Rs 275 to Rs 289. Opens 14 Oct, closes 16 Oct 2026. Issue size Rs 702 Cr. Lists 22 Oct on BSE and NSE.
Quick Answer
The Fusion CX IPO is a Rs 702 crore book-built issue (Rs 500 crore fresh issue plus a Rs 202 crore offer for sale) priced at Rs 275 to Rs 289 per share, open from 14 to 16 October 2026. Fusion CX is a multilingual customer experience outsourcing company with 85 percent of revenue from the US and Canada. FY26 profit after tax more than doubled to Rs 169.84 crore, and at the upper band the issue works out to about 24.6 times FY26 earnings by our arithmetic, so the price already assumes the sharp profit jump is largely sustained.
The Fusion CX IPO is a bookbuilding issue of Rs 702 crore, made up of a fresh issue of 1.73 crore equity shares aggregating Rs 500 crore and an offer for sale aggregating Rs 202 crore by promoter shareholders P N S Business Private Limited and Rasish Consultants Private Limited. Face value is Re 1 per share. The issue opens on 14 October 2026 and closes on 16 October 2026, with an anchor book on 13 October according to one tracker. Allotment is expected on 19 October and the shares are proposed to list on BSE and NSE on 22 October 2026.
The price band is Rs 275 to Rs 289 per share with a lot size of 51 shares, so one lot needs Rs 14,739 at the upper band. Retail investors can bid for up to 13 lots (663 shares, Rs 1,91,607), and bids from 14 lots (714 shares, Rs 2,06,346) fall in the small HNI category. At least 75 percent of the net offer is reserved for qualified institutional buyers, up to 15 percent for non-institutional investors and up to 10 percent for retail investors.
Nuvama Wealth Management Ltd., IIFL Capital Services Ltd. and Motilal Oswal Investment Advisors Ltd. are the book-running lead managers for the Fusion CX issue, and KFin Technologies Ltd. is the registrar.
For detailed information on the company’s business, financials, risk factors and the use of proceeds, investors should refer to the Fusion CX Red Herring Prospectus (RHP) before making an investment decision.
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Company Overview
Incorporated in 2004, Fusion CX Limited provides customer experience and business process outsourcing services across voice, chat, email, social media and messaging in multiple languages. Its technology subsidiary Omind Technologies builds conversational AI, workforce management and analytics platforms that the company bundles with its outsourced service teams.
In FY26 telecom and technology clients contributed 47.34 percent of operating revenue, banking, financial services and insurance 13.52 percent and healthcare 13.14 percent. By geography, the US and Canada made up 85.26 percent, India 11.29 percent and the UK and Europe 3.11 percent. The top five clients accounted for 39.55 percent of revenue and the top ten for 49.66 percent, and the company reports about 13,357 customer experience employees. As per the draft filing it runs delivery centres across 15 countries. The promoters, P N S Business Private Limited and Rasish Consultants Private Limited, hold 99.03 percent before the issue and 81.82 percent after it, according to one tracker.
Read on for the complete Fusion CX IPO details, including price band, lot size, listing timeline and the company’s financial track record.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 14 to 16 October 2026 |
| Anchor Bidding | 13 October 2026 (tracker, not confirmed in the sources reviewed) |
| Allotment | Mon, 19 October 2026 (tentative) |
| Refunds and Demat Credit | Wed, 21 October 2026 (tentative) |
| Listing Date | Thu, 22 October 2026 (tentative; one tracker shows 21 October) |
| Face Value | Re 1 per share |
| Price Band | Rs 275 to Rs 289 |
| Lot Size | 51 Shares |
| Minimum Application (Retail) | 1 lot, 51 shares, Rs 14,739 |
| Maximum Application (Retail) | 13 lots, 663 shares, Rs 1,91,607 (computed) |
| Minimum Application (sNII) | 14 lots, 714 shares, Rs 2,06,346 (computed) |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh Issue and Offer for Sale |
| Total Issue Size | Rs 702 Cr |
| Fresh Issue | 1.73 crore shares (agg. Rs 500 Cr) |
| Offer for Sale | Agg. Rs 202 Cr (share count not stated in the sources reviewed) |
| Quota (QIB / NII / Retail) | At least 75% / up to 15% / up to 10% |
| Promoter Holding | 99.03% pre-issue; 81.82% post-issue (tracker) |
| Market Cap at Upper Band | About Rs 4,172 Cr (tracker) |
| Listing Exchange | BSE and NSE |
(Compiled from the DRHP/RHP and market updates)
Industry Context
- Global brands outsource customer support, back office and sales calls to specialist providers to cut cost and add language and channel coverage, and providers in India and Latin America compete on price, quality and technology.
- Generative AI is changing the economics of this industry: chat and voice bots can handle routine queries, which could shrink agent hours billed, while providers that sell the AI tooling themselves can protect margins.
- Revenue is concentrated by nature, because a few large telecom, utility and technology clients drive most volumes, and contract renewals shape growth.
- Acquisitions are common in this segment as providers add geographies, languages and client lists, but integration and the quality of acquired revenue decide whether growth lasts.
- Investors usually track client concentration, utilisation of seats, attrition and the share of revenue from technology products rather than headline profit alone.
Business Strengths
Here are the key strengths investors evaluating the Fusion CX IPO should weigh:
- Profit has grown quickly: total income rose from Rs 1,352.03 crore in FY25 to Rs 1,851.83 crore in FY26, EBITDA rose from Rs 197.78 crore to Rs 329.87 crore, and profit after tax rose from Rs 74.40 crore to Rs 169.84 crore.
- Operating margin improved, with EBITDA margin at 18.14 percent in FY26 against 14.88 percent in FY25, and reported return ratios are high (RoE 30.29 percent, RoCE 71.19 percent).
- Borrowings fell from Rs 306.73 crore at March 2025 to Rs 266.86 crore at March 2026 while net worth rose to Rs 552.54 crore.
- A global delivery network and an in-house AI subsidiary (Omind Technologies) that can be cross-sold to the same clients, plus a record of acquisitions.
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Business Risks
Alongside these strengths, the Fusion CX issue also carries the following business risks:
- The valuation is not low. At the upper band the market cap is about Rs 4,172 crore, which is about 24.6 times FY26 profit after tax (our arithmetic), and FY26 profit more than doubled, so the multiple on earlier years looks much higher.
- Client and geographic concentration is high: the top ten clients are 49.66 percent of revenue and the US and Canada are 85.26 percent, so a few contract losses or currency swings would matter.
- Part of the profit growth came from acquisitions, which may be hard to repeat, and most of the fresh issue is meant for unidentified acquisitions and general corporate purposes.
- AI automation could reduce the volume of work outsourced to human agents, and a workforce of about 13,357 makes wage cost and attrition important.
- Sources disagree on a few figures, including the price band floor (Rs 272 or Rs 275 in different listings), the debt to equity ratio (0.30 in one tracker, about 0.48 on our arithmetic from borrowings and net worth) and the listing date, so the final RHP should be treated as the reference.
Financial Performance
The Fusion CX IPO comes after two years of fast growth. Total income rose from Rs 1,021.53 crore in FY24 to Rs 1,352.03 crore in FY25 and Rs 1,851.83 crore in FY26, while profit after tax rose from Rs 36.26 crore to Rs 74.40 crore and then to Rs 169.84 crore. FY26 revenue from operations was Rs 1,818.14 crore, up 36.8 percent, and borrowings came down during the year.
Fusion CX Ltd. – Financials (Rs in Crore)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Total Income | 1,851.83 | 1,352.03 | 1,021.53 |
| EBITDA | 329.87 | 197.78 | 104.62 |
| Profit After Tax (PAT) | 169.84 | 74.40 | 36.26 |
| Net Worth | 552.54 | 354.66 | 270.15 |
| Total Borrowings | 266.86 | 306.73 | 210.61 |
| Total Assets | 1,401.41 | 1,150.69 | 768.02 |
| EBITDA Margin (%) | 18.14% | 14.88% | Not stated |
| PAT Margin (%) | 9.34% | 5.60% | Not stated |
Amounts in Rs Crore, compiled from published Fusion CX IPO disclosures and trackers. Margins are as reported by trackers (on revenue from operations). The draft filing planned a Rs 1,000 crore issue, and the final issue is Rs 702 crore, so the use of proceeds should be read from the RHP.
Key Ratios and Metrics
The table below summarises the key ratios for the Fusion CX issue as of FY26. The valuation rows are our own arithmetic from the reported figures and the tracker market cap, and are not announced numbers.
These ratios offer a quick snapshot of how the Fusion CX IPO is priced relative to the company’s profitability and net worth.
| KPI (FY26) | Value |
|---|---|
| Return on Equity (RoE) | 30.29% |
| Return on Capital Employed (RoCE) | 71.19% |
| Return on Net Worth (RoNW) | 30.74% |
| EBITDA Margin | 18.14% |
| PAT Margin | 9.34% |
| Net Asset Value per Share | Rs 43.74 |
| Implied Market Cap at Rs 289 (tracker) | About Rs 4,172 Cr |
| P/E at Rs 289 on FY26 PAT (computed) | About 24.6x |
| Price to Book at Rs 289 (computed) | About 6.6x |
| Borrowings to Net Worth (computed) | About 0.48x |
Objects of the Offer
The company proposes to use the net proceeds of the fresh issue in the Fusion CX IPO towards the following objects.
- Repayment of certain borrowings of the company and certain subsidiaries (Rs 29.19 Cr, as earlier disclosed)
- Investment in step-down subsidiaries Omind Technologies and Omind Technologies Inc to upgrade IT tools (Rs 7.47 Cr, as earlier disclosed)
- Inorganic growth through unidentified acquisitions and general corporate purposes (balance of the fresh issue)
The offer for sale proceeds of Rs 202 crore go to the selling promoters, not to the company. The earlier object amounts came from a larger draft issue and should be reconciled with the Rs 500 crore fresh issue in the RHP.
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Conclusion
Here is the bottom line on the Fusion CX IPO.
The Fusion CX issue offers exposure to a fast-growing customer experience outsourcing company with strong recent profit growth, improving margins and falling borrowings.
The cautions are the full valuation after a profit jump, heavy client and US exposure, acquisition-led growth, AI disruption risk, and use of most fresh proceeds for unidentified acquisitions.
Overall, investors weighing the Fusion CX issue should read the Red Herring Prospectus (RHP) for client contracts and the object-wise split of proceeds, decide how much of the FY26 profit jump is repeatable, and match the position size to their own risk profile.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.
FAQs
When does the Fusion CX IPO open and close?
Ans. The Fusion CX IPO opens for subscription on 14 October 2026 and closes on 16 October 2026. Allotment is expected on 19 October, refunds and demat credit on 21 October, and the shares are proposed to list on BSE and NSE on 22 October 2026, though one tracker shows 21 October.
What is the price band and minimum investment for the Fusion CX IPO?
Ans. The price band is Rs 275 to Rs 289 per share with a lot size of 51 shares. One lot needs Rs 14,739 at the upper band, retail investors can bid up to 13 lots (Rs 1,91,607), and small HNI bids start at 14 lots (Rs 2,06,346).
What does Fusion CX do?
Ans. Fusion CX is a customer experience and business process outsourcing company founded in 2004. It handles voice, chat, email and social media support in multiple languages for telecom, technology, banking and healthcare clients, and its subsidiary Omind Technologies builds conversational AI and workforce tools.
Is the Fusion CX IPO a fresh issue or an offer for sale?
Ans. It is both. The total issue is Rs 702 crore, made up of a fresh issue of 1.73 crore shares aggregating Rs 500 crore and an offer for sale of about Rs 202 crore by P N S Business Private Limited and Rasish Consultants Private Limited. The OFS money goes to the sellers, not the company.
How will Fusion CX use the IPO money?
Ans. The fresh issue is meant for repaying certain borrowings, investing in subsidiaries Omind Technologies and Omind Technologies Inc, and for unidentified acquisitions and general corporate purposes. Only Rs 29.19 crore for debt and Rs 7.47 crore for subsidiaries were named in earlier disclosures, so check the RHP for the final split.
How has Fusion CX performed financially?
Ans. Total income rose from Rs 1,352.03 crore in FY25 to Rs 1,851.83 crore in FY26, EBITDA rose from Rs 197.78 crore to Rs 329.87 crore, and profit after tax rose from Rs 74.40 crore to Rs 169.84 crore. Net worth was Rs 552.54 crore and borrowings Rs 266.86 crore at March 2026.
Is the Fusion CX IPO expensive?
Ans. On our arithmetic, a tracker market cap of about Rs 4,172 crore at Rs 289 and FY26 profit after tax of Rs 169.84 crore give about 24.6 times earnings and about 6.6 times book value. That looks reasonable only if the FY26 profit jump holds, since profit more than doubled in one year.
What are the main risks in the Fusion CX IPO?
Ans. The main risks are client concentration (top ten clients are 49.66 percent of revenue), dependence on the US and Canada (85.26 percent), acquisition-led growth that may be hard to repeat, AI disruption of outsourced work, and most of the fresh issue going to unidentified acquisitions.
Who are the lead managers and registrar for the Fusion CX IPO?
Ans. Nuvama Wealth Management Ltd., IIFL Capital Services Ltd. and Motilal Oswal Investment Advisors Ltd. are the book-running lead managers, and KFin Technologies Ltd. is the registrar, handling allotment and the credit of shares to successful applicants’ demat accounts.
Is the Fusion CX IPO a good investment?
Ans. The Fusion CX issue offers strong profit growth and improving margins, but valuation after a sharp profit jump, client concentration and acquisition risk call for caution. Read the prospectus, check how repeatable FY26 earnings are, and size the position to your own risk appetite before applying.
