Fusion CX IPO

Last updated: October 16, 2026 at 10:46 am IST

Fusion CX IPO Price Range is ₹275 - ₹289, with a minimum investment of ₹14,739 for 51 shares per lot.

Subscription Rate

4.45x

as on 16 Oct 2026, 07:30PM IST

Minimum Investment

₹14,739

/ 51 shares

IPO Status

Closed

Price Band

₹275 - ₹289

Bidding Dates

Oct 14, 2026 - Oct 16, 2026

Issue Size

₹702.00 Cr

Lot Size

51 shares

Min Investment

₹14,739

Listing Exchange

BSE

IPO Doc

RHP PDF

Fusion CX IPO Application Timeline

Open Date14 Oct 2026

Close Date16 Oct 2026

Allotment Date19 Oct 2026

Listing Date22 Oct 2026

IPO Subscription Status

as on 16 Oct 2026, 07:30PM IST

IPO subscribed over

🚀 4.45x

This IPO has been subscribed by 5.696x in the retail category and 4.007x in the QIB category.

Subscription Rate

Total Subscription	4.45x
Retail Individual Investors	5.696x
Qualified Institutional Buyers	4.007x
Non Institutional Investors	4.501x

Objectives of IPO

Fusion CX Limited plans to raise up to ₹702 crore through its IPO. This includes a fresh issue of up to ₹500 crore, where the company issues new shares and receives the money, and an offer for sale (OFS) of up to ₹202 crore, where existing shareholders sell some of their shares. The company will not receive any money from the OFS portion, as those proceeds will go to the selling shareholders. After deducting IPO expenses, the money raised through the fresh issue will be used for the purposes listed in the Red Herring Prospectus (RHP), as explained below.
The largest allocation is ₹275.70 crore, which Fusion CX plans to use to repay or prepay existing loans taken by the parent company and its direct and step-down subsidiaries. This amount covers 85.60% of the group's total fund-based debt of ₹299.46 crore as of August 31, 2026, with the full allocation planned for FY27. Paying down these loans can reduce interest expenses, free up cash for business needs, and strengthen the company's balance sheet. It may also improve its ability to borrow in the future if required.
Another ₹61.15 crore is earmarked for the company's technology subsidiaries, Omind Technologies Inc. in the US and Omind Technologies Private Limited in India. The money will help upgrade its AI tools, Arya and MindVoice, through unsecured inter-company loans with a five-year term and an annual interest rate of 8.50%. The planned spending is ₹7.04 crore in FY27, ₹24.12 crore in FY28, and ₹29.99 crore in FY29. The RHP specifically excludes US employee salaries and hardware purchases from this allocation. The aim is to improve AI-powered assistance for customer support agents, automate more voice-based interactions, and develop additional sources of recurring revenue.
The remaining net proceeds will be used for future strategic acquisitions and general corporate purposes. Under SEBI regulations, the combined allocation for these two purposes cannot exceed 35% of the gross proceeds, and neither category can exceed 25% individually. The acquisition funds are planned for FY27, FY28, and FY29 and may be used to buy businesses that add new markets, service capabilities, or AI technology. General corporate funds may cover strategic initiatives, office upgrades, marketing, administrative expenses, and other business needs. These allocations give Fusion CX flexibility to support expansion while responding to changing operational requirements.

Financial Performance of Fusion CX

*Value in ₹ crore

Details	FY24	FY25	FY26
Total Revenue	₹991.32	₹1,329.30	₹1,818.14
Total Assets	₹331.94	₹449.87	₹592.32
Total Profit	₹36.26	₹74.31	₹169.84

Fusion CX Limited has recorded strong revenue growth over the past three financial years. Revenue increased from ₹991.32 crore in FY24 to ₹1,329.30 crore in FY25, a rise of 34.09%, before reaching ₹1,818.14 crore in FY26, up 36.77%. The company attributes this expansion to new client additions, growth across its major business segments, and the integration of overseas acquisitions such as Ready Call Center and S4 Communications. For investors, the trend points to growing demand for its services, although sustaining this pace will depend on winning new business and retaining existing clients.

Profitability has improved alongside revenue, with earnings growing faster than the business itself. EBITDA, which measures operating earnings before interest, taxes, depreciation, and amortisation, increased from ₹104.62 crore in FY24, with a margin of 10.55%, to ₹197.78 crore in FY25, with a margin of 14.88%. In FY26, EBITDA reached ₹329.87 crore, and the margin improved to 18.14%. Profit after tax (PAT), or the profit left after expenses and taxes, also rose from ₹36.26 crore in FY24 to ₹74.31 crore in FY25 and ₹169.84 crore in FY26. The FY26 PAT margin stood at 9.34%. Together, these figures show that the company has been converting a larger share of its revenue into profit as the business has grown.

Cash generation has also strengthened, helping Fusion CX fund its operations without relying as heavily on borrowing. Cash flow from operations increased from ₹39.26 crore in FY24 to ₹102.45 crore in FY25 and ₹264.22 crore in FY26. This comfortably covered capital expenditure of ₹19.73 crore in FY26, which is spending on long-term assets and business infrastructure. The company ended FY26 with a cash balance of ₹89.56 crore, while total borrowings declined from ₹306.73 crore in FY25 to ₹266.86 crore in FY26. Strong operating cash flow and lower debt can give the company more flexibility to manage expenses and fund future growth.

Other financial measures point to improved returns and faster collection of customer payments. Return on Equity (ROE), which measures the profit earned on shareholders' funds, increased from 13.37% in FY24 to 20.74% in FY25 and 30.30% in FY26. Return on Capital Employed (ROCE), which measures how efficiently a company uses its capital to generate operating profit, reached 71.59%. The debt-to-equity ratio also fell from 0.86x in FY25 to 0.48x in FY26, indicating lower debt relative to shareholders' equity. Meanwhile, Days Sales Outstanding (DSO), which measures how long a company takes on average to collect payments from customers, improved from 94 days in FY24 to 76 days in FY26. These trends suggest that Fusion CX is earning stronger returns, collecting customer payments faster, and carrying a lower debt burden relative to equity.

Strengths and Risks

Strengths

Fusion CX has built a global delivery network of 40 centres across 13 countries, supporting customers in 28 languages as of June 30, 2026. Its right-shoring model combines centres in North America, Latin America, Europe, India, and the Philippines. This setup allows the company to provide customer support around the clock through calls, chats, emails, and social media. By distributing work across different regions, it can balance operating costs with client requirements, time zones, and local compliance rules.
The company also invests in research and development to improve its technology and services. It spent ₹23.10 crore, or 1.27% of revenue, on R&D in FY26, compared with ₹21.53 crore, or 1.62% of revenue, in FY25. Its innovation centres in Kolkata and Bengaluru have helped develop in-house AI platforms such as Mind WorkPlace, MindVoice, and Arya. These tools can automate routine customer queries and guide support agents during live interactions. Over time, better automation and more efficient handling of customer requests could help improve service quality and operating margins.
Acquisitions have played an important role in Fusion CX's expansion. The company has acquired and integrated customer experience service providers in several international markets, including Skycom BPO in El Salvador, Scribe.ology LLC in the US, Sequential Technology International LLC, S4 Communications LLC, Ready Call Center Limited in Belize, and VA Platinum Offshoring Pty Ltd in Australia in 2026. These deals have helped expand its global presence, bring in specialist expertise, and strengthen its position in regulated industries. If these businesses are integrated successfully, they could support further revenue growth.
Fusion CX also earns revenue from five major industry verticals, which helps reduce its dependence on any single sector. In FY26, telecommunications and utilities contributed 47.34% of revenue, or ₹860.65 crore. High-tech growth and travel accounted for 13.88% (₹252.37 crore), financial services contributed 13.52% (₹245.83 crore), healthcare made up 13.14% (₹238.92 crore), and retail contributed 12.12% (₹220.37 crore). This mix gives the company opportunities to serve customers across different industries, although telecom and utilities remain its largest source of revenue.
The company serves 228 active clients in FY26, including 22 Fortune 1000 companies, and has built long-standing relationships with several major accounts. Its average relationship tenure was 13.02 years for its top five clients and 11.46 years for its top 10 clients. These established relationships can provide a more predictable revenue base and create opportunities to offer existing clients additional services, including higher-value digital solutions. They may also reduce the need to spend as much on winning new customers.
Fusion CX is led by promoters Pankaj Dhanuka and Kishore Saraogi, who have 22 and 27 years of industry experience, respectively. As of June 30, 2026, the company had 13,735 customer experience employees and 3,829 field personnel across its operations. Its management experience, employee training programmes, and AI-based recruitment tools support the company's ability to manage a large workforce across multiple countries. Maintaining consistent service quality and employee productivity will remain important as the business grows.

Risks

One of the key risks for Fusion CX is its dependence on a relatively small group of large clients. Its top 10 customers contributed 52.17% of FY26 revenue, or ₹948.50 crore. Most customer contracts are also relatively short-term, generally lasting less than 24 months, and can be terminated with limited notice or penalties. If a major client ends a contract or reduces the amount of work it outsources, Fusion CX could see lower revenue, underused delivery capacity, and weaker operating cash flows.
The company also depends heavily on overseas markets. In FY26, international operations generated 88.71% of revenue, or ₹1,612.95 crore, while North America alone contributed 81.70%, or ₹1,485.57 crore. This makes the business sensitive to changes in US regulations, laws affecting outsourcing, and economic slowdowns in the region. Trade restrictions, unfavourable tax changes, or currency movements could also affect its costs and profit margins.
Telecommunications and utilities remain another important area of risk, contributing 47.34% of FY26 revenue from operations, or ₹860.65 crore. Changes in telecom regulations, spectrum-related costs, technology, or spending by utility companies could affect demand for Fusion CX's services. If customers in these industries cut back on outsourcing or negotiate lower contract prices, the company's revenue and profitability could come under pressure.
Acquisitions have helped Fusion CX expand, but this strategy also brings risks. Goodwill and other intangible assets accounted for 33.83% of total assets, or ₹468.64 crore, as of March 31, 2026. Goodwill is the value recorded when an acquired business is worth more than its identifiable net assets. If an acquisition is overpriced or the acquired company fails to perform as expected, Fusion CX may have to reduce the recorded value of these assets. Differences in work culture, incompatible technology, and unexpected liabilities can also make integration difficult, potentially affecting cash flows and financial performance.
Fusion CX operates in a people-intensive industry, where employee costs make up a large share of expenses. Employee benefit expenses accounted for 65.62% of FY26 revenue, or ₹1,192.98 crore, while voluntary attrition among customer experience employees stood at 26.50%. Rising wages, higher minimum wage requirements, and competition for skilled workers could increase operating costs. If the company cannot pass these higher costs on to clients through revised contract prices, its profit margins could shrink.
The company, its directors, and its subsidiaries are also involved in ongoing legal proceedings, alongside disputed tax liabilities of ₹9.89 crore as of March 31, 2026. These matters include civil disputes with former business partners and tax demands pending before regulatory authorities. Unfavourable decisions could lead to additional financial costs, take up management time, and affect the company's reputation.

How to Apply for Fusion CX IPO on INDmoney

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Listed Competitors of Fusion CX

Company Name	Revenue from Operations (₹ Cr)	YoY Revenue Growth (%)	EBITDA (₹ Cr)	EBITDA Margin (%)	PAT (₹ Cr)	PAT Margin (%)	P/E Ratio	RoNW / ROE (%)	DSO (Days)
Fusion CX	₹1,818.14 Cr	36.77%	₹329.87 Cr	18.14%	₹169.84 Cr	9.34%	24.56x	30.30%	76
Firstsource Solutions	₹9,616.12 Cr	20.62%	₹1,556.20 Cr	16.30%	₹674.40 Cr	7.10%	22.27x	15.40%	79
eClerx Services	₹4,117.03 Cr	22.32%	₹1,152.60 Cr	28.00%	₹706.20 Cr	17.16%	19.65x	29.00%	81
Alldigi Tech	₹598.70 Cr	9.59%	₹162.00 Cr	27.10%	₹82.20 Cr	13.70%	14.12x	N.A	73
Inventurus Knowledge Solutions (IKS Health)	₹3,193.79 Cr	19.89%	₹1,091.30 Cr	34.17%	₹721.55 Cr	22.59%	31.41x	31.40%	65
Sagility India	₹7,192.90 Cr	29.14%	₹1,858.30 Cr	25.84%	₹924.80 Cr	12.86%	21.66x	N.A	87
Hinduja Global Solutions	₹4,307.40 Cr	-2.20%	₹648.60 Cr	15.10%	₹4.90 Cr	0.11%	51.07x	N.A	N.A

Fusion CX Shareholding Pattern

Promoters & Promoter Group		96.21%
Name	Role	Stakeholding
Rasish Consultants Private Limited	Promoter	46.77%
P N S Business Private Limited	Promoter	49.44%
Other	Public	3.79%

About Fusion CX

Imagine calling a bank or telecom company with a problem. Instead of managing a huge customer support team itself, the company hires a specialist to handle calls, emails, chats, and other customer queries. Fusion CX Limited works in this space, providing customer experience services across multiple channels, along with AI-based technology services. Most of its income comes from fixed-fee contracts, where clients pay a set monthly amount for each support employee. In FY26, this business model generated ₹1,622.59 crore in revenue. Telecom and utilities are its biggest markets, while high-tech, financial services, healthcare, and retail also contribute to its business.

Fusion CX serves 228 active clients, including 22 Fortune 1000 companies, which are among the world's largest businesses. Its operations are heavily focused on North America, with the US and Canada contributing more than 85% of FY26 revenue, alongside markets such as India, the UK, and Europe. Its top 10 clients account for nearly half of its total revenue, showing how important these relationships are to the business. While this creates a strong dependence on a few major customers and the North American market, long-standing client relationships provide a degree of revenue stability.

To support customers around the clock in 28 languages, Fusion CX operates 40 delivery centres across 13 countries. Its right-shoring model means placing different types of work in locations that offer the right balance of cost, service quality, and time-zone coverage. Centres in North America handle sensitive and highly regulated work, locations in Latin America provide closer time-zone alignment, and teams in India and the Philippines help deliver services at lower costs. This global network allows clients to support customers across regions without having to build and manage these operations themselves.

Technology is another important part of Fusion CX's business. Through its digital subsidiary, Omind, the company has developed its own AI tools. Arya provides real-time guidance to support agents during live calls, while MindVoice handles voice-based customer queries automatically, around the clock. The company also uses technology that adjusts agents' accents in real time to make international conversations easier to understand. Along with its acquisitions and industry experience, these capabilities have helped Fusion CX build long-term client relationships, with average tenures of more than 11 years among its top accounts. Its revenue from operations reached ₹1,818.14 crore in FY26.

For more details, visit here: https://www.fusioncx.com/

The People Behind the Company: Leadership and Expertise

The Promoter

The Promoter Fusion CX Limited is promoted by Pankaj Dhanuka, Kishore Saraogi, P N S Business Private Limited, and Rasish Consultants Private Limited. Together, the promoter group holds 12,51,04,800 equity shares, representing 96.21% of the pre-IPO equity capital on a fully diluted basis. P N S Business Private Limited holds 6,42,89,000 equity shares (49.44%), Rasish Consultants Private Limited holds 6,08,15,800 equity shares (46.77%), while individual promoters Pankaj Dhanuka and Kishore Saraogi hold Nil equity shares directly (0.00% each), maintaining ultimate control as 99.99% shareholders of P N S Business Private Limited and Rasish Consultants Private Limited, respectively. Co-founders Pankaj Dhanuka and Kishore Saraogi bring 22 years and 27 years of industry experience, respectively. The business was originally incorporated as a private limited company under the name Xplore-Tech Services Private Limited on February 25, 2004, renamed Fusion CX Private Limited in June 2024, and subsequently converted into a public limited company under its present name, Fusion CX Limited, in March 2025.

Key Leadership and Management

Pankaj Dhanuka - Chairman, Managing Director, and Chief Executive Officer

Background: Pankaj Dhanuka, aged 56, is the co-founder, Chairman, Managing Director, and Chief Executive Officer of the company and has been associated as a Director since February 25, 2004. He holds nil equity shares directly (0.00%) while owning 99.99% of corporate promoter P N S Business Private Limited. In FY26, he received ₹54 lakh in remuneration from the company and ₹5.03 crore from subsidiary Ameridial Inc. Related-party transactions include issuing personal guarantees for key credit facilities of the company and its subsidiaries.
Qualification: He holds a Bachelor of Commerce degree from the University of Calcutta, is an Associate Member of the Institute of Company Secretaries of India (ICSI), holds a Certificate of Practice from the Institute of Chartered Accountants of India (ICAI), and is enrolled as a licentiate of ICSI.
Contribution: With over 22 years of industry experience, he provides overall strategic direction, formulates corporate vision, and drives international expansion and innovation across global operations.
Legal / Regulatory Matters: His Director Identification Number (DIN) was temporarily suspended between September 2017 and December 2019 due to a non-filing procedural default by an unrelated entity, Bee-Cee Tubes Private Limited, which was subsequently regularized under the Condonation of Delay Scheme, 2018. He was also granted anticipatory bail in a retaliatory counter FIR involving former directors of promoter entities, which has since been settled amicably between the parties.

Kishore Saraogi - Managing Director and Chief Operating Officer

Background: Kishore Saraogi, aged 57, is the co-founder, Managing Director, and Chief Operating Officer of the company and has served as a Director since July 1, 2004. He holds nil equity shares directly (0.00%) while holding 99.99% of corporate promoter Rasish Consultants Private Limited. In FY26, he received ₹54 lakh in remuneration from the company and ₹4.89 crore from subsidiary Ameridial Inc. Related-party transactions include providing personal guarantees for credit facilities of the company and its subsidiaries.
Qualification: He holds a Bachelor of Commerce degree from the University of Calcutta, is an Associate Member of ICAI and the Institute of Cost and Works Accountants of India (ICWAI), and is enrolled as a licentiate of ICSI.
Contribution: Bringing over 27 years of work experience, he oversees global delivery center operations, infrastructure execution, and service delivery strategies across international locations.
Legal / Regulatory Matters: There are no active material civil, criminal, or regulatory litigations pending against him.

Amit Soni - Chief Financial Officer

Background: Amit Soni joined the company in August 2022 and was appointed Chief Financial Officer on December 1, 2024. He holds 1,25,100 equity shares, representing 0.10% of the pre-IPO equity capital on a fully diluted basis. In FY26, he received ₹74.8 lakh in aggregate compensation. Related-party transactions include an arm's-length acquisition of 100 equity shares from P N S Business Private Limited at ₹72.20 per share in January 2025.
Qualification: He holds a Bachelor of Commerce degree in Accounting and Finance from the University of Calcutta and is an Associate Member of ICAI.
Contribution: Bringing over 14 years of professional experience across financial management and strategic planning, he leads global financial operations, treasury, ERP systems, investor relations, and capital allocation strategies.
Legal / Regulatory Matters: He was granted anticipatory bail alongside company leadership in a retaliatory counter FIR arising from a dispute with a former director of promoter entities, which has since been settled amicably.

Barun Singh - Company Secretary and Compliance Officer

Background: Barun Singh joined the company in December 2013 and serves as Company Secretary and Compliance Officer. He holds 1,25,000 equity shares, representing 0.10% of the pre-IPO equity capital on a fully diluted basis. In FY26, he received ₹29 lakh in aggregate compensation.
Qualification: He holds a Bachelor of Commerce degree from the University of Calcutta and is an Associate Member of ICSI.
Contribution: With over 16 years of work experience, he manages secretarial functions, legal compliance, statutory reporting, and corporate governance matters for the organization.
Legal / Regulatory Matters: There are no active legal, criminal, or regulatory proceedings pending against him.

Industry Overview

India's stockbroking market is worth around ₹52,000 crore and is growing 16-18% every year. Within this growing market, Shah Investor's Home Limited remains a smaller regional player, with operating revenue of ₹71.48 crore.
Discount brokers dominate India's 479 lakh active trading client base, with a 78.1% share. As a full-service broker, Shah Investor's Home Limited serves 38,189 active clients, which is less than 0.1% of the national active client base.
India's Margin Trading Facility market grew at an 87% CAGR to reach ₹88,000 crore. Shah Investor's Home has also benefited from this demand, with its MTF book growing 117.4% to ₹20.96 crore in FY26.
Gujarat accounts for 8.7% of India's stock investors, while Ahmedabad contributes 16.8% of NSE cash market volume. Shah Investor's Home has a strong presence in this market, with Gujarat alone contributing 93.74% of its brokerage income.

Fusion CX IPO GMP

As per Investorgain, the Fusion CX IPO GMP is ₹31, or 10.73%. The Grey Market Premium (GMP) is the unofficial premium at which IPO shares may trade before listing compared with their issue price. It can offer an indication of market sentiment, but it does not guarantee the listing price or any profit. Investors should not rely on GMP alone when evaluating an IPO. The company's financial performance, valuation, business prospects, and risks are also important considerations.Read our detailed guide on IPO GMP to understand how it works and its limitations.

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Frequently Asked Questions of Fusion CX IPO

What is the size of the Fusion CX IPO?

The size of the Fusion CX IPO is ₹702 Cr.

What is the allotment date of the Fusion CX IPO?

Fusion CX IPO allotment date is Oct 19, 2026 (tentative).

What are the open and close dates of the Fusion CX IPO?

The Fusion CX IPO will open on Oct 14, 2026 and close on Oct 16, 2026

What is the lot size of Fusion CX IPO?

The lot size for the Fusion CX IPO is 51.

When will my Fusion CX IPO order be placed?

Your Fusion CX IPO order will be placed on Oct 14, 2026

Can we invest in Fusion CX IPO?

Yes, once Fusion CX IPO opens, you can invest in the shares of the company.

What would be the listing gains on the Fusion CX IPO?

The potential listing gains on the Fusion CX IPO will depend on various market factors and cannot be predicted with certainty.

What is 'pre-apply' for Fusion CX IPO?

'Pre-apply' for Fusion CX IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

Who are the promoters of Fusion CX IPO?

Fusion CX Limited is promoted by Pankaj Dhanuka, Kishore Saraogi, P N S Business Private Limited, and Rasish Consultants Private Limited. Together, they hold 96.21% of the company's pre-IPO equity share capital, representing 125,104,800 equity shares. P N S Business Private Limited holds 64,289,000 shares (49.44%), while Rasish Consultants Private Limited holds 60,815,800 shares (46.77%). Pankaj Dhanuka and Kishore Saraogi individually hold no equity shares in the company, according to the provided figures.

Who are the competitors of Fusion CX IPO?

Fusion CX Limited competes with companies such as Firstsource Solutions Limited, eClerx Services Limited, Alldigi Tech Limited, Sagility India Limited, IKS Health, and Hinduja Global Solutions Limited. These businesses operate in the same or related industries, offering customer experience, business process management, or technology-enabled services to clients across various markets.

How does Fusion CX IPO make money?

Fusion CX Limited earns money by providing outsourced customer experience and business process management services through three pricing models. Its main source of revenue is the fixed-fee model, where clients pay a set monthly amount for each support employee. This model contributed 89.24% of FY26 revenue from operations, or ₹1,622.59 crore out of ₹1,818.14 crore. The outcome-based model, where payments depend on targets such as conversions or collections, contributed 8.53% (₹155.06 crore). The transaction-based model, which charges clients for each interaction handled, accounted for the remaining 2.23% (₹40.49 crore).

What is the GMP of Fusion CX IPO?

Should I Apply for Fusion CX IPO?

Before making an investment decision, investors can weigh Fusion CX's growth opportunities against the risks highlighted in its prospectus. The positive factors include 36.77% revenue growth in FY26 to ₹1,818.14 crore, an average relationship tenure of 11.46 years among its top 10 clients, a network of 40 global delivery centres, and its own AI-powered tools. The proposed allocation of ₹275.70 crore towards debt repayment is another important factor. On the other hand, the top 10 clients contribute 52.17% of revenue, North America accounts for 81.70%, telecom and utilities contribute 47.34%, and voluntary employee attrition stood at 26.50% in FY26. These figures help explain both the company's growth potential and the areas investors may want to examine more closely.