| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 991.32 | 1329.30 | 1818.14 |
| Expenses | 984.84 | 1274.29 | 1662.53 |
| Other Income | 30.21 | 22.73 | 33.69 |
| Total Revenue | 1021.53 | 1352.03 | 1851.83 |
| Profit Before Tax | 36.68 | 77.74 | 189.30 |
| Net Profit | 36.26 | 74.31 | 169.84 |
Fusion CX
Fusion CX IPO
₹14,025
0.34 xOver-subscribedBidding Dates 14 Oct, 26 -16 Oct, 26
Min Investment ₹14,025
Lot Size51
Price Range ₹275 – ₹289
Issue Size ₹702.00 Cr.
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IPO Subscription Details
Retail Subscription Details
1.35 x
Non-Institutional Buyers (sHNI)
0.48 x
Non-Institutional Buyers (bHNI)
0.27 x
Qualified Institutional Buyers (QIB)
0 x
Total0.34 x
0.34 x IPO Timeline
IPO Offer Start
14 Oct,26
IPO Offer Ends
16 Oct,26
Allotment Finalisation
19 Oct,26
Refund Initiation
21 Oct,26
Listing of Shares
22 Oct,26
IPO Analysis
Strengths
The company operates 40 strategically located delivery centres across 13 countries, providing 24x7 multichannel support in 28 languages through a mix of onshore, nearshore, and offshore models, enabling cost optimization, cultural proximity, and scalability.
The company invests in proprietary AI platforms including MindVoice, Arya, and Mind WorkPlace through its subsidiary Omind, with R&D spend of ₹230.99 million (1.27% of revenue) in Fiscal 2026, driving CX transformation and operational efficiency.
The company has successfully acquired and integrated multiple businesses including S4 Communications, STI, Skycom BPO, and Ready Call Center, expanding delivery footprint, vertical capabilities, and client relationships across key markets such as the US and Latin America.
Risks
The top 10 customers contributed 49.84%, 52.17%, 45.30%, and 41.04% of revenue from operations for the three-month period ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. Loss of any key customer due to contract termination, financial deterioration, or competitive switching could materially and adversely impact the company's business, financial condition, and cash flows.
The company derives 90.06%, 88.71%, 80.59%, and 76.22% of revenue from operations from customers outside India, with North America alone contributing 79.56%, 81.70%, 75.34%, and 69.53% for the respective periods. Geopolitical tensions, trade restrictions, currency fluctuations, and anti-outsourcing legislation in these regions could significantly disrupt operations and financial performance.
As a technology-enabled CX and BPO provider, the company processes, stores, and transmits sensitive data including health records, banking information, and personally identifiable information, exposing it to cybersecurity threats such as hacking, ransomware, and phishing. Non-compliance with data protection laws across multiple jurisdictions (including GDPR, HIPAA, DPDPA 2023) could result in regulatory penalties of up to €20 million or 4% of global annual turnover, reputational harm, and operational disruptions.
Objectives
The company proposes to utilize a portion of the Net Proceeds towards repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the Company and certain Subsidiaries (Omind Technologies Private Limited, Fusion BPO Services Limited (Canada), Ameridial Inc., O'Currance Inc., and S4 Communications LLC), to reduce indebtedness and debt servicing costs on a consolidated basis.
The company intends to invest in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, for upgrading generative AI-based CX technology tools — Arya (AI support coach and co-pilot) and MindVoice (AI-driven conversational voice bot and chatbot) — to enhance enterprise capabilities, expand use-cases, and drive revenue growth.
The company proposes to deploy a portion of the Net Proceeds towards funding unidentified inorganic acquisitions and strategic initiatives, subject to not exceeding a specified percentage of Gross Proceeds, to expand capabilities, geographic presence, and vertical-specific service offerings.
The company intends to utilize balance Net Proceeds towards general corporate purposes including strategic initiatives, refurbishment, marketing and promotion, strengthening of support functions, rental and administrative expenses, and meeting ongoing general corporate exigencies, subject to not exceeding a specified percentage of Gross Proceeds.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 768.02 | 1143.25 | 1385.15 |
| Fixed Assets | 436.08 | 693.39 | 792.83 |
| Total Equity & Liabilities | 768.02 | 1143.25 | 1385.15 |
| Total Liabilities | 496.88 | 784.89 | 824.54 |
| Current Liabilities | 334.01 | 627.23 | 644.99 |
| Non Current Liabilities | 162.87 | 157.66 | 179.56 |
| Total Equity | 271.14 | 358.36 | 560.60 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -11.58 | 12.09 | 43.08 |
| Investing Activities | -61.89 | -63.63 | -83.10 |
| Operating Activities | 39.26 | 102.45 | 264.22 |
| Financing Activities | 11.05 | -26.73 | -138.04 |
About Fusion CX
Fusion CX Limited is a customer experience (CX) service provider delivering multichannel services — including voice, email, chat, and social media — across key verticals such as telecom & utilities, BFSI, healthcare, HTT, and retail. The company blends proprietary AI tools (MindVoice, Arya, MindSpeech) with deep domain expertise to enable...more
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Managing DirectorPankaj Dhanuka
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