FA
Fractal Analytics
Book Building issueMainboardBSE₹2,834 Cr issue
0.00%
Listing gain over issue price
Issue size
₹2,834 Cr
1 lot at cut-off
₹14,400
Lot size
16shares
Open
09 Feb 2026
Close
11 Feb 2026
Allotment
12 Feb 2026
Listing
16 Feb 2026
Listing performance
Issue price
₹900
Listed at
₹900
Listing-day close
₹847.40
Latest price
₹841.55
Listing gain
0.00%
Return since listing
-6.49%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
−₹28
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 16 Feb 2026 | −₹28 | −3.11% | ₹0 | ₹872 | −₹448 |
| 15 Feb 2026 | −₹28 | −3.11% | ₹0 | ₹872 | −₹448 |
| 14 Feb 2026 | −₹12 | −1.33% | ₹0 | ₹888 | −₹192 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 09 Feb 2026 – 11 Feb 2026
- Listing date
- 16 Feb 2026
- Face value
- ₹1 per share
- Issue price
- ₹900 per share
- Lot size
- 16 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹2,834 Cr
- Market cap at offer price
- ₹15,474 Cr
- Promoter holding
- 18.19% → 16.98% pre-issue → post-issue
- ISIN
- INE212S01015
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Kotak Mahindra Capital Co.Ltd.
- Registered office
- Level 7, Commerz II, International Business Park, Oberoi Garden City, Off W.E.Highway, Goregaon (E), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,38,69,499 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 16 shares per lot, in multiples, at ₹900
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 16 | ₹14,400 |
| Retail (max) | 13 | 208 | ₹1,87,200 |
| S-HNI (min) | 14 | 224 | ₹2,01,600 |
| S-HNI (max) | 69 | 1,104 | ₹9,93,600 |
| B-HNI (min) | 70 | 1,120 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,38,69,499
Anchor portion
₹1,248 Cr
at ₹900 per share
Valuation and performance
Valuation at offer price
₹900 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.74 | 8.25 |
| P/E (×) | 65.50 | 109.09 |
| Price to book (×) | 8.65 | — |
| Market cap | — | ₹15,474 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 12.60%
- PAT margin
- 8.00%
- EBITDA margin
- 14.40%
- NAV per share
- ₹104
- Price to book
- 8.65
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Fractal Analytics
Founded in 2000 with over 25 years of operating history, Fractal Analytics is an enterprise AI company that supports large global enterprises with data-driven insights and decision-making through end-to-end AI solutions. The company leverages its technical, domain, and functional capabilities to provide AI solutions organized under two segments: Fractal.ai, comprising AI services and AI products (including Cogentiq, an agentic AI platform), and Fractal Alpha, comprising independent AI businesses that are either incubated or acquired, providing subscription or licensable offerings. As of September 30, 2025, the company operates globally and derives substantially all its revenue from the Fractal.ai segment.
Company Analysis
from DRHPFractal Analytics is a globally recognized enterprise AI company providing end-to-end AI solutions and AI products to large global enterprises for data-driven decision-making.
Founded in 2000 with over 25 years of operating history, Fractal Analytics is an enterprise AI company that supports large global enterprises with data-driven insights and decision-making through end-to-end AI solutions. The company leverages its technical, domain, and functional capabilities to provide AI solutions organized under two segments: Fractal.ai, comprising AI services and AI products (including Cogentiq, an agentic AI platform), and Fractal Alpha, comprising independent AI businesses that are either incubated or acquired, providing subscription or licensable offerings. As of September 30, 2025, the company operates globally and derives substantially all its revenue from the Fractal.ai segment.
Consumer packaged goods and retail (CPGR)Technology, media and telecom (TMT)Healthcare and life sciences (HLS)Banking, financial services and insurance (BFSI)Data, analytics and AI (DAAI)
Objects of the Issue
- Investment in one of our Subsidiaries, Fractal USA, for pre-payment and/or scheduled repayment, in full or in part, of its borrowings 2,649 million p.19
- Purchase of laptops 571 million p.19
- Setting-up new office premises in India 1,211 million p.19
- Investment in (a) research and development; and (b) sales and marketing under Fractal Alpha 3,551 million p.19
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes 1,611 million p.19
- Repayment of borrowings p.203
- Funding capital expenditure for purchase of laptops ₹571 million p.53
- Setting up new office premises in India ₹1,211 million p.50
- General corporate purposes p.203
- Prepayment and/or scheduled repayment of outstanding borrowings availed by Fractal USA p.81
- Purchase of laptops p.81
- Setting up new office premises in India p.81
- Investment in research and development and sales and marketing under Fractal Alpha p.81
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes p.81
- Investment in one of our Subsidiaries, Fractal USA, for pre-payment and/ or scheduled repayment, in full or in part, of its borrowings ₹2,649 million p.206
- Purchase of laptops ₹571 million p.208
- Setting-up new office premises in India ₹1,211 million p.208
- Investment in (a) research and development; and (b) sales and marketing under Fractal Alpha ₹3,551 million p.211
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes ₹1,611 million p.213
- Funding capex for expansion, including investment in technology infrastructure, and data centers Not exceeding 35% of Gross Proceeds for funding inorganic growth through unidentified acquisitions and general corporate purposes p.218
- Funding inorganic growth through acquisitions and strategic investments Not exceeding 35% of Gross Proceeds (combined with general corporate purposes) p.218
- General corporate purposes Not exceeding 25% of Gross Proceeds (combined with inorganic growth to total 35%) p.220
- Not specified in this part of the document
- Fresh Issue - Funding capex for new offices and general corporate purposes ₹10,235 million p.574
Issue Structure
- Total Issue
- 31,557,305 Equity Shares of face value of ₹1 each aggregating to ₹28,339 million
- Fresh Issue
- 11,441,751 Equity Shares of face value of ₹1 each aggregating to ₹10,235 million
- Offer for Sale
- 20,115,554 Equity Shares of face value of ₹1 each aggregating to ₹18,104 million
- Price Band
- ₹857 per Equity Share (Floor Price) to ₹900 per Equity Share (Cap Price)
- Lot Size
- 16 Equity Shares and in multiples of 16 Equity Shares thereafter
- Face Value
- ₹1 each
Business Model
Revenue generation through AI services, AI products, and independent AI businesses under two segments: Fractal.ai segment (AI services and products including the Cogentiq platform) and Fractal Alpha segment (incubated or acquired independent AI businesses with subscription or licensable offerings). The company serves clients across industries including CPGR, TMT, HLS, and BFSI through customized AI solutions.
Business Segments
Comprises AI services and AI products primarily hosted on Cogentiq, an agentic AI platform designed to help enterprises accelerate their business transformation and decision systems through a pre-built suite of agents, tools, and connectors with inter-operability features
Comprises independent AI businesses, either incubated or acquired, providing subscription or licensable offerings
Investment in research and development and sales and marketing
Through AI services and AI products we build customized AI solutions for the client's specific use case. Our AI products are designed for industry specific as well as cross-industry use cases.
Fractal Alpha enables incubation of new businesses and integration of acquired businesses. Ideas are sourced from both internal teams as well as from external sources. After reaching a certain maturity, these ideas undergo a secondary assessment. Ideas with a strong platform play and/or reliance on services are absorbed into Fractal.ai. Market-validated and scalable ideas are developed as independent AI businesses within the Fractal Alpha ecosystem.
Provides end-to-end DAAI services including strategy, data foundation, analytics and AI foundation, and adoption capabilities across focus industries. Generates revenue from DAAI services to enterprise clients globally.
Develops and commercializes Gen AI software products and platforms, including foundation models developed by the company.
Comprises AI services and AI products primarily hosted on Cogentiq, the company's flagship agentic AI platform designed to help product owners and enterprises accelerate building and upgrading products through a pre-built suite of agents, tools, and connectors with built-in low-code, security, governance, auditability and interoperability features.
Comprises independent AI businesses that target Fractal.ai's core MWCs and broader markets and new geographies, with each business under separate management, including Asper.ai (revenue growth management for CPG), Qure.ai (healthcare AI diagnostics), and Analytics Vidhya (data science community).
Provides AI services and AI products. AI services include consulting and technology implementation. AI products include platforms like Cogentiq (agentic AI platform), cogentiq business insights, cogentiq CX (contact center optimization), cogentiq data foundation, cogentiq campaign assist, cogentiq sales assist, cogentiq digital commerce, and trial run.
Enables incubation of new businesses and integration of acquired businesses. Includes independent AI businesses like Asper.ai (revenue growth management for CPG), Analytics Vidhya (analytics and data science community with 4.9 million registered users), and Qure.ai (healthcare AI for tuberculosis, lung cancer, and stroke workflows).
Software development and provision of services, solutions, and products using advanced analytics, artificial intelligence, data engineering, and behavioral sciences
Providing artificial intelligence technology-based product and service solutions to organizations in the areas of sales and distribution, pricing and promotion, and inventory management
Providing products and/or services relating to conversational AI solutions that enable automated, human-like conversations between organizations and people
Providing AI-based sustainability technology products and service solutions that enable manufacturers to track, trace, and reduce greenhouse gas (GHG) emissions
Distributing web-based products and services, offering knowledge related to the analytics industry through online subscription courses
Providing AI solutions in the healthcare field through the deployment of machine-supported tools and automation
Serves multiple industries including CPGR, TMT, HLS, and BFSI with analytical services and solutions
Provides additional analytical services and product offerings
Comprises AI services and AI products primarily hosted on Cogentiq, the flagship agentic AI platform designed to help product owners and enterprises accelerate building and upgrading products through a pre-built suite of agents, tools, connectors with in-built low-code, security, governance, auditability and inter-operability features
Comprises independent AI businesses that target Fractal.ai's core 'Must Win Clients' (enterprises with over US$10 billion in revenue, over US$20 billion in market capitalization, or over 30 million end-customers) and broader markets and new geographies, with each business under separate management, including Analytics Vidhya, Asper, and Qure.ai (associate company)
SWOT Analysis
Strengths
- • Globally recognized enterprise AI company with 25+ years of operating history(p.17)
- • Large, established client base with significant revenue concentration among major enterprises(p.37)
- • Diversified revenue across multiple focus industries with strong market positioning(p.22)
- • Consistent revenue growth trajectory across fiscal years(p.39)
- • Two-segment business model with established AI services and emerging AI products(p.17)
- • Revenue growth trajectory with increasing EBITDA(p.44)
- • Experienced founders-led management team with 25+ years tenure(p.50)
- • Diversified geographic revenue base with 65%+ from US(p.46)
- • Improving employee cost efficiency(p.50)
- • No prior public trading history with expected listing on NSE and BSE(p.80)
- • Diversified financial management with multiple tranches of funding(p.81)
- • Track record of successful M&A with clear strategic rationale and demonstrated benefits(p.218)
- • Significant past acquisitions strengthened capabilities across AI, data engineering, talent, and conversational AI(p.218)
- • Clear strategic framework for inorganic investments aligned with business objectives(p.219)
- • Leading pure-play DAAI provider with end-to-end capabilities(p.297)
- • Consistent market share gains outpacing DAAI industry growth(p.302)
- • Strong relationships with marquee Fortune 500 clients(p.308)
- • High client retention and expansion demonstrated by strong NRR(p.309)
- • Proprietary Gen AI foundation models and extensive R&D investment(p.310)
- • Strong employer brand and talent retention culture(p.308)
- • Experienced founder-led management with 25+ years of industry expertise(p.309)
- • Domain expertise across focused industries with years of experience serving clients(p.319)
- • Diverse, specialized AI product portfolio including agentic AI platforms and foundational models(p.320)
- • Strong customer satisfaction metrics with high NPS and Net Revenue Retention in Fractal.ai segment(p.326)
- • Growing employee base with strong culture recognized by major awards and certifications(p.335)
- • Substantial IP portfolio with 28 registered patents and 38 pending applications(p.339)
- • Leader recognition from major industry analysts across multiple waves and assessments(p.334)
- • Diversified software development and analytics services across geographies(p.373)
- • Profitable operations with improving margins(p.373)
- • Strong profitability at Fractal UK subsidiary(p.376)
- • Profitable operations maintained at Asper.AI subsidiary(p.379)
- • No material strengths explicitly documented in this section of the prospectus.(p.N/A)
Weaknesses
- • History of net losses despite revenue growth(p.22)
- • Significant concentration risk with top 10 clients representing majority of revenue(p.22)
- • Heavy dependence on legacy client engagements that may be subject to change(p.38)
- • Legal proceedings involving company, subsidiaries and directors(p.22)
- • Material litigation exposure with substantial aggregate amounts at risk(p.21)
- • Significant pending litigation involving company and subsidiaries(p.44)
- • Recent negative cash flows from operations(p.47)
- • Losses before exceptional items in prior years(p.44)
- • Lack of industry experience by one promoter(p.52)
- • High levels of contingent liabilities from tax disputes(p.56)
- • Certain subsidiaries incurring losses(p.64)
- • No history of dividend payments to equity shareholders(p.80)
- • Dependent on Net Proceeds deployment for inorganic growth with funding shortfall risk(p.81)
- • Unappraised use of proceeds and potential implementation delays(p.81)
- • Reliance on internal management estimates that may exceed fair market value(p.81)
- • Restricted dividend payments under loan agreements(p.80)
- • No identified acquisition targets as of prospectus date(p.220)
- • Dependence on future acquisition success with no committed targets(p.219)
- • Uncertainty in deployment timing and form of acquisition financing(p.219)
- • High customer concentration with top 10 clients representing over half of revenue(p.309)
- • Fractal Alpha segment currently unprofitable with negative margins(p.300)
- • Reliance on talent in rapidly evolving AI field creates retention risk(p.297)
- • Geographic concentration with Americas representing 65.8% of Fractal.ai revenue(p.299)
- • Heavy dependence on relatively small number of major multinational corporations (MWCs) for revenue(p.326)
- • Majority of employees concentrated in India with geographical concentration risk(p.336)
- • Acquisition-dependent business model with integration risks from multiple recent acquisitions(p.333)
- • Persistent losses in Asper USA subsidiary(p.378)
- • Severe and worsening losses in Senseforth USA(p.380)
- • Significant losses and low revenue at Eugenie USA(p.382)
- • Declining revenue at Fractal Canada(p.376)
- • Former employee arbitration claim for wrongful termination(p.543)
- • Tax demand from transfer pricing adjustments on international transactions(p.545)
- • Regulatory action against company for wrongful termination(p.542)
- • Outstanding dues to creditors with one material creditor owing ₹171 million(p.546)
- • Multiple direct tax matters pending with aggregate exposure of ₹812 million(p.545)
- • No internal weaknesses explicitly documented in this section of the prospectus.(p.N/A)
Opportunities
- • Rapidly expanding DAAI market with strong growth projections(p.18)
- • Accelerating Gen AI adoption driving demand across focus industries(p.18)
- • Focus industries representing 80% of global DAAI services market(p.18)
- • Opportunity to develop in-house AI capabilities through Cogentiq platform(p.17)
- • Strategic funding allocated for R&D, sales & marketing and inorganic growth(p.18)
- • Strategic investments in R&D and product innovation(p.44)
- • Setting up new office premises in India(p.54)
- • Expansion through strategic acquisitions(p.61)
- • DAAI market growth with 10-15% APAC expansion projected(p.51)
- • Inorganic growth through strategic acquisitions over three years(p.81)
- • Investment in R&D and sales & marketing capabilities(p.81)
- • Expansion of office infrastructure in India(p.81)
- • Significant allocation of IPO proceeds (up to 35%) available for inorganic growth and strategic initiatives(p.218)
- • Opportunity to increase client centricity and expand capabilities through acquisitions(p.218)
- • Potential to expand into new geographies and industries through strategic acquisitions(p.219)
- • Massive TAM growth in DAAI services market expanding at 16.7% CAGR(p.302)
- • Enterprise preference for single DAAI partner drives consolidation opportunity(p.302)
- • Growing adoption of Gen AI and agentic systems across industries(p.311)
- • Cogentiq platform positioned to capture AI software market growth(p.277)
- • Expansion opportunity in high-growth markets with lower current penetration(p.270)
- • Strategic acquisitions to accelerate capabilities and geographic expansion(p.310)
- • Expansion of AI product platform Cogentiq with additional domain-specific, end-to-end solutions planned(p.320)
- • Government of India support for development of sovereign reasoning models under IndiaAI Mission(p.331)
- • Growing demand for AI and agentic-based enterprise solutions across business functions(p.320)
- • Expansion opportunities through AI businesses like Asper.ai serving CPG revenue growth management(p.325)
- • Healthcare AI opportunities through Qure.ai's specialized medical workflows and TB/lung cancer/stroke focus(p.326)
- • Large addressable market through Analytics Vidhya community of 4.9 million registered users for talent and training(p.326)
- • Expansion of AI and advanced analytics capabilities across subsidiaries(p.373)
- • Growing healthcare AI sector through Qure.ai associate(p.384)
- • Sales and distribution optimization through Asper.AI product offerings(p.377)
- • Conversational AI market expansion through Senseforth(p.379)
- • No strategic opportunities explicitly documented in this section of the prospectus.(p.N/A)
Threats
- • Evolving cybersecurity threats and data privacy concerns affecting client adoption(p.36)
- • Rising AI-related regulations globally increasing compliance complexity(p.39)
- • Client in-sourcing of AI capabilities driven by Gen AI adoption(p.39)
- • Significant concentration of revenue in United States market(p.22)
- • Integration challenges of AI with enterprise legacy systems(p.38)
- • Concentration of revenue in US market creates geopolitical risk(p.46)
- • US tariff policies impacting client spending and costs(p.46)
- • Intense competition with resource-rich competitors(p.61)
- • Rapid technological evolution shortening product shelf-life(p.49)
- • Tight labor market with high talent competition(p.50)
- • Evolving AI regulation across major jurisdictions(p.51)
- • Macroeconomic volatility and geopolitical tensions(p.70)
- • Foreign exchange volatility with 92.9% revenue in foreign currencies(p.58)
- • Market price volatility and lack of comparable listed companies(p.80)
- • Share price may not develop active trading market post-listing(p.80)
- • Offer Price may not reflect future market valuations(p.80)
- • Exposure to broad market fluctuations and industry-specific volatility(p.81)
- • Tax regime uncertainty and recent legislative changes(p.82)
- • Regulatory and tax interpretation risks(p.82)
- • Integration risks and complexity in executing M&A strategy(p.219)
- • Market and regulatory risks affecting ability to deploy capital and access acquisitions(p.219)
- • Shifting macroeconomic conditions impacting enterprise digital spending(p.297)
- • Rising insourcing trend reducing third-party service provider utilization(p.297)
- • Service revenue erosion from AI-driven automation and productization(p.297)
- • Regulatory restrictions on AI and Gen AI limiting adoption and innovation(p.297)
- • Intensifying competition from new market entrants and established players(p.297)
- • Talent market competition in high-growth AI skills segment(p.272)
- • Intense competition from product-focused companies, diversified IT service providers and pure-play DAAI specialists(p.335)
- • Regulatory changes in AI and data protection could impact business operations across jurisdictions(p.350)
- • Dependence on rapid technological advancements in AI requiring continuous R&D investment(p.330)
- • Global economic conditions and client discretionary spending impacts on analytics and AI services demand(p.353)
- • Cybersecurity and data privacy breach risks with potential for significant liability and reputational damage(p.333)
- • Associate company (Qure.ai) generating significant losses impacting consolidated results(p.419)
- • Plan to wind up Fractal Malaysia reducing geographic presence(p.374)
- • Liquidation of Fractal Sweden reducing operational capacity(p.375)
- • Liability exposure from litigation involving directors in Delaware Court of Chancery(p.544)
- • No external threats explicitly documented in this section of the prospectus.(p.N/A)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Srikanth Velamakanni | Promoter | 4.61% | 4.30% |
| Pranay Agrawal | Promoter | 5.06% | 4.72% |
| Chetana Kumar | Promoter | 3.97% | 3.71% |
| Narendra Kumar Agrawal | Promoter | 3.71% | 3.47% |
| Rupa Krishnan Agrawal | Promoter | 0.52% | 0.48% |
| Srikanth Velamakanni | Promoter | — | — |
| Pranay Agrawal | Promoter | — | — |
| Rupa Krishnan Agrawal | Promoter | — | — |
| Srikanth Velamakanni | Promoter | — | — |
| Pranay Agrawal | Promoter | — | — |
| Srikanth Velamakanni | Promoter | 4.61% | 4.30% |
| Pranay Agrawal | Promoter | 5.06% | 4.72% |
| Chetana Kumar | Promoter | 3.97% | 3.71% |
| Rupa Krishnan Agrawal | Promoter | 0.52% | 0.48% |
| Narendra Kumar Agrawal | Promoter | 3.71% | 3.47% |
| GLM Family Trust | Promoter Group | 16.49% | — |
| Srikanth Velamakanni | Co-founder/Promoter | — | — |
| Pranay Agrawal | Co-founder/Promoter | — | — |
| Srikanth Velamakanni | Founder Group/Promoter | — | — |
| Pranay Agrawal | Promoter (Deed of Adherence dated November 20, 2025) | — | — |
| Natasha Feldman | Promoter (Deed of Adherence dated November 20, 2025) | — | — |
| Srikanth Velamakanni | Promoter | 4.61% | — |
| Pranay Agrawal | Promoter | 5.06% | — |
| Chetana Kumar | Promoter | — | — |
| Narendra Kumar Agrawal | Promoter | — | — |
| Rupa Krishnan Agrawal | Promoter | — | — |
| Srikanth Velamakanni | Promoter | 5.39% | — |
| Chetana Kumar | Promoter | 4.65% | — |
| Pranay Agrawal | Promoter | 5.93% | — |
| Narendra Kumar Agrawal | Promoter | 4.35% | — |
| Rupa Agrawal | Promoter | 0.60% | — |
| Srikanth Velamakanni | Promoter/Whole-time Director | — | — |
| Quinag Bidco Ltd | Selling Shareholder | — | — |
| TPG Fett Holdings Pte. Ltd. | Selling Shareholder | — | — |
| Satya Kumari Remala and Rao Venkateswara Remala | Selling Shareholder | — | — |
| GLM Family Trust | Selling Shareholder | — | — |
Leadership
Rohan Haldea · Chairman
Srikanth Velamakanni · Whole-time Director
Ashwath Bhat · Chief Financial Officer
Somya Agarwal · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.