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HomeIPOFractal Analytics

About Fractal Analytics

Fractal Analytics, founded in March 2000, is a leading global enterprise AI and analytics company that helps large companies make better decisions. Spanning more than two decades, the company designs AI solutions by mixing deep technical acumen with functional and domain expertise. By March 31, 2025, Fractal's products and services were organized into two main segments: Fractal.ai: This division offers AI products and services via its agentic AI platform, Cogentiq,;aimed at making product development easier with integrated tools, governance, low-code capabilities, and security. Fractal Alpha: This division contains independent AI companies focused on growth markets, operated independently to drive business innovation across geographies and industries. Together, the two divisions offer a full range of AI capabilities across client businesses and industries. Fractal's strengths are its position of leadership in a rapidly growing AI market, long-standing collaborations with leading global customers, combined technical and domain knowledge, transparency and trust culture, history of innovation, and founder-driven leadership with a long-term perspective. Fractal has more than 4,500 employees globally as of early 2025, reflecting its expanding presence in 17 offices worldwide.

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National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Antala Industries

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Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Fractal Analytics

Fractal Analytics

Open Date

09 Feb 2026

Close Date

11 Feb 2026

listed

Min Investment

₹14400

Lot Size

16 Shares

Issue Size

₹2833.9 Cr

Price Range

₹857 - ₹900

Listing Date

Feb 16, 2026

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

Fractal Analytics IPO - Issue Objectives

The company will use ₹264.9 crore for investment in its subsidiary, Fractal USA, for loan repayment The company will use ₹178.2 crore to purchase laptops and set up new office premises in India. The company will allocate ₹355.10 crore to R&D and sales & marketing for Fractal Alpha. Some IPO funds will go to acquisitions and general purposes.”

Investment in subsidiary

25.8%

Funding for infrastructure and new office

17.4%

Funding for R&D, sales and marketing

34.6%

General corporate purposes

22%

1

Investment in subsidiary

The company will use ₹264.9 crore for investment in its subsidiary, Fractal USA, for loan repayment

25.80%
2

Funding for infrastructure and new office

The company will use ₹178.2 crore to purchase laptops and set up new office premises in India.

17.40%
3

Funding for R&D, sales and marketing

The company will allocate ₹355.10 crore to R&D and sales & marketing for Fractal Alpha.

34.60%
4

General corporate purposes

Some IPO funds will go to acquisitions and general purposes.”

22.00%

IPO Subscription Status

QIB
4.41x
NII
1.11x
Individual
1.08x
Total
2.81x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Fractal Analytics

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue1594.302816.202241.902043.70
EBITDA185.60398.0097.20436.80
Expenses
Profit After Tax70.90220.60-54.70194.40
Assets2965.402857.602392.002248.70
Net Worth1957.501748.301397.001339.20
Reserves1937.101728.701380.501323.10
Borrowing274.60266.20250.10325.60

Fractal Analytics - Promoter(s)

Srikanth Velamakanni

Pranay Agrawal

Chetana Kumar

Narendra Kumar Agrawal

Rupa Krishnan Agrawal

Pre Issue Share Holding

18.19%

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Exposure to a global AI market

Fractal Analytics operates as a pure-play Data, Analytics, and AI (DAAI) company in a market valued at ₹12 lakh crore in FY25 and projected to reach ₹23 lakh crore by FY30 at a CAGR of 16.7%. The company is the preferred partner for businesses wishing to combine their providers due to its capacity to offer end-to-end AI solutions. From FY23 to FY25, Fractal Analytics revenue increased at a CAGR of 18.0%, greatly exceeding the ~11% CAGR of the global third-party DAAI industry.

02

Strong track record of innovation

Innovation is a crucial part of the company’s business strategy since the company consistently invests in R&D. During H1FY26, the company spent ₹143.6 crore on research and development, concentrating on Gen AI, machine vision, NLP, and agentic AI systems. Fractal had 38 patent applications and 28 granted patents as of January 2026. The company's flagship platforms, like Cogentiq and Kalaido.ai, show how it can apply its knowledge of research to develop AI solutions for commercial use.

03

Deep and integrated technical, domain and functional AI expertise

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High revenue concentration in the US

Fractal's top-line revenue is largely derived from the US market. In FY26, FY25, FY25, and FY24, the US accounted for 64.9%, 64.1%, 65.2%, and 61.9% of total revenue from operations, respectively. Therefore, a sharp decline in the US economy or a negative perception of outsourcing in the US would have a significant effect on the company's finances.

02

History of negative cash flows

Fractal reported positive cash flows of ₹159.5 crore in FY24 and ₹397.0 crore in FY25, following negative operating cash flows of ₹30.6 crore in FY23. However, with negative cash flows of ₹124.2 crore to PPE and intangibles in 6M FY26, the company has been characterised by high capital expenditure and investment intensity. In addition to increasing reliance on outside funding, persistently negative cash flows may have an effect on growth and liquidity.

Contact Details

Fractal Analytics

Level 7, Commerz II, International Business Park, Oberoi Garden City, Off W. E. Highway, Goregaon (E), Mumbai, Maharashtra - 400063

+912268505800
investorrelations@fractal.ai
https://fractal.ai/

Registrar Contact Details

MUFG Intime India Pvt.Ltd

+91-22-4918 6270
fractal.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Fractal Analytics IPO - FAQs

Fractal Analytics IPO is a Mainboard Listed IPO. The issue is priced at ₹857 to ₹900 per share. The minimum order quantity is 16 Shares. The IPO opens on 9 Feb, and closes on 11 Feb. MUFG Intime India Pvt.Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.








IPO Timeline

  • Pre Apply2026-02-06
  • Bidding Starts2026-02-09
  • Bidding Ends2026-02-11
  • Allotment Finalisation2026-02-12
  • Release of Funds2026-02-13
  • Demat Transfer2026-02-13
  • Listing2026-02-16

Working with ten of the top twenty global CPG companies, Fractal Analytics has generated ₹413.4 crore from TMT and ₹569.2 crore from CPGR in H1FY26, demonstrating how its strong technical expertise in certain areas allows for scalability in client growth. Functional AI systems that support this and facilitate cross-functional implementation include Cogentiq Sales Assist, Campaign Assist, and Enterprise Store.

04

Strong global client relationships

In terms of revenue as of FY25, the company served 10 of the top 20 global CPG companies, 8 of the top 20 TMT companies, and 10 of the top 20 healthcare companies. Its varied clientele not only reduces the risk of concentration but also makes it possible to cross-sell AI products across sectors and geographical areas. Additionally, the fact that foreign clients accounted for 92.4% of H1FY26 revenue and 91.6% of FY25 revenue demonstrated Fractal's scalability and global relevance.

03

Dependence on top‑10 clients

In the Fractal.ai sector, the company's top 10 clients generated 54.2% of its operating revenue in 6MFY26, with one client accounting for 8.2%. Furthermore, 79.6% of Fractal.ai's revenue during the same time period came from existing MWCs, underscoring the business's heavy reliance on a limited customer base. The loss or repricing of a few key clients could have a significant impact on growth and profitability.

04

Sector concentration

CPGR accounted for 37.5% of segment revenue in 6MFY26, followed by TMT (27.2%), HLS (17.0%), and BFSI (12.2%). The fact that CPGR and TMT together still generated more than 69.2% of Fractal.ai's revenue in FY25 highlights the company's reliance on a small number of end markets. The company's financial standing and operational outcomes may suffer from any slowdown in the demand for AI solutions across these industries.