This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Fusion CX Limited (formerly Fusion CX Private Limited and Xplore-Tech Services Private Limited) is an integrated customer experience (CX) solutions provider delivering voice, chat, email, social media, and digital field services globally. Operating over 40 delivery centers across 13 countries in North America, LATAM, EMEA, and APAC, the company serves clients across key verticals including Telecommunications and Technology (47.34% of FY26 revenue), BFSI (13.52%), Healthcare (13.14%), Consumer and Retail (12.12%), and others. The company integrates human agents with proprietary AI and generative AI platforms developed by its digital innovation subsidiary, Omind Technologies (including Arya, MindVoice, and Annotera.AI). Consolidated revenue from operations reached ₹ 1,818.14 crore (₹ 18,181.38 million) in Fiscal 2026 with a Restated Profit After Tax of ₹ 169.84 crore (₹ 1,698.40 million).
Global delivery footprint with 40+ delivery centers across 13 countries supporting 28 languages, deep domain specialization across regulated verticals, proprietary generative AI tools via subsidiary Omind, and long-standing client relationships averaging over 11 years with top customers.
Fusion CX Limited is a global provider of technology-enabled, omnichannel customer experience (CX) and business process management (BPM) solutions across healthcare, BFSI, telecom, and technology verticals.
Source: p.131, p.132, p.188
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Telecommunications and technology | 47.34 | p.132, p.188 |
| BFSI | 13.52 | p.132, p.188 |
| Healthcare | 13.14 | p.132, p.188 |
| Consumer and retail | 12.12 | p.132, p.188 |
| Others | 13.88 | p.132, p.188 |
According to the Everest Report, the global customer experience (CX) industry addressable market is expected to reach ₹ 3,503,000.00 crore (INR 35.03 trillion) by 2027. Outsourced CX represents a growing segment driving adoption of AI, generative AI, and multilingual omnichannel delivery.
Sector slug: cx-and-bpm-services
Source: p.136, p.171
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| Firstsource Solutions Limited | 7.1 | 22.27 | 15 | p.119, p.125 | |
| eClerx Services Limited | 17.2 | 19.65 | 53 | p.119, p.125 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| consolidated | FY26 | 62.97 | 169.84 | 9.34% | 1818.14 | yes | -138.04 |
| consolidated | FY25 | 16.54 | 74.31 | 5.59% | 1329.3 | yes | -26.73 |
| consolidated | FY24 | 14.38 | 36.26 | 3.66% | 991.32 | yes | 11.05 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
How will the ₹ 500.00 crore fresh issue proceeds be deployed?
Fusion CX will allocate net fresh issue proceeds toward repayment/prepayment of borrowings, funding strategic acquisitions, technology infrastructure expansion, and general corporate purposes.
p.97, p.116
What is Fusion CX's customer and vertical concentration profile?
Top 5 clients contributed 39.6% and top 10 clients contributed 49.7% of FY26 revenue from operations. Vertically, Telecommunications and Technology accounts for 47.34% of FY26 revenue.
p.132, p.181
What drove top-line growth and EBITDA expansion in Fiscal 2026?
Consolidated revenue from operations grew 36.77% to ₹ 1,818.14 crore in FY26, while EBITDA increased 66.79% to ₹ 329.87 crore, supported by inorganic integration synergies (S4 and STI acquisitions) and higher demand for digital CX solutions.
p.125, p.188
What are the key audit and legal risk flags disclosed in the filing?
Statutory auditors flagged CARO observations regarding discrepancies between quarterly bank trade receivable filings and internal accounting books for FY24-FY26. Additionally, key promoters face tax demand proceedings of ₹ 3.49 crore and a settled criminal proceeding.
p.30, p.250
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
Ceo: Pankaj Dhanuka
₹ 3.49 crore in income tax proceedings against the Company, alongside criminal complaints under IPC/BNS where CMD Pankaj Dhanuka and CFO Amit Soni obtained anticipatory bail and filed settlement petitions.
Auditor name: M S K C & Associates LLP, Chartered Accountants
Promoters hold 98.46% of pre-offer equity share capital through corporate entities P N S Business Private Limited (50.60%) and Rasish Consultants Private Limited (47.86%).
Auditor noted CARO reporting observations across FY24-FY26 regarding discrepancies between quarterly trade receivable statements filed with working capital banks and financial books of accounts.
Auditor changed last 3y: No
Source: p.1, p.2, p.30, p.34, p.157, p.250
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Window Technologies Private Limited | 12.42 | Rent expense, security deposit, and preference share investment | Enterprise where control/significant influence exists | Leasing registered corporate office premises | p.209 |
| Pankaj Dhanuka | 5.57 | Executive remuneration | Promoter & Chairman / CEO | Executive leadership, strategic direction, and operational management | p.209 |
| Kishore Saraogi | 5.43 | Executive remuneration | Promoter & Managing Director | Executive management and global business development | p.209 |
Disclosed minor instances of delayed deposit of statutory dues including Provident Fund, along with pending tax demand proceedings aggregating ₹ 3.49 crore under Income Tax Act.
Defaults disclosed: Yes
Source: p.31, p.177, p.252
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
The same read, applied to the companies this one competes with.