Fusion CXIPO Review — Financials, Valuation & Peers
A data-only look at the Fusion CX IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,021.53 | 36.26 | 104.62 | 270.15 | 768.02 | 210.61 | — |
| FY 2025 | 1,352.03 | 74.31 | 197.78 | 354.58 | 1,143.25 | 306.73 | — |
| FY 2026 | 1,851.83 | 169.84 | 329.87 | 552.46 | 1,385.15 | 266.86 | — |
| Jun 2026 (interim) | 503.85 | 55.7 | 95.09 | 610.84 | 1,367.85 | 238.13 | 13.37 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 21.62x
- P/E (post-issue)
- 18.73x
- RoNW
- 9.12%
- RoE
- 8.99%
- RoCE
- 19.84%
- Debt / Equity
- 0.51
- EPS (pre-issue)
- ₹13.37
- EPS (post-issue)
- ₹15.43
- EBITDA Margin
- 20.03%
- PAT Margin
- 11.36%
- P/BV
- 5.98x
- NAV / share
- ₹48.35
- Market Cap
- ₹4,172.01 Cr
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Fusion CX | 13.47 | 43.73 | — | 30.74% | — | Consolidated |
| AlliDigi Tech Limited | 53.96 | 235 | 14.12x | 29% | 3.43x | Consolidated |
| Eclerx Services Ltd. | 76.23 | 278 | 19.65x | 53% | 4.99x | Consolidated |
| Firstsource Solutions Ltd. | 9.77 | 61.8 | 22.27x | 15% | 16.49x | Consolidated |
| Hinduja Global Solutions Ltd. | 6.92 | 53 | 51.07x | 2% | 6.49x | Consolidated |
| Inventurus Knowledge Solutions Ltd. | 43.12 | 568 | 31.41x | 7.58% | 2.34x | Consolidated |
| Sagility India Limited | 1.98 | 30.5 | 21.66x | 6.47% | 1.53x | Consolidated |
Peer group as disclosed in the offer document, figures as of 30 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt.Ltd., Rasish Consultants Pvt.Ltd.</p>
- Holding (pre-issue)
- 99.03%
- Holding (post-issue)
- 81.82%
- Dilution
- 17.21%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Fusion CX operates at an EBITDA margin of 20.03% and a net (PAT) margin of 11.36% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 19.84% and a return on equity (RoE) of 8.99%. At the upper band, the post-issue market capitalisation works out to about ₹4,172.01 crore. These are offer-document figures for the latest reported period (as of 30 Jun 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/prepayment, in full or in part, of certain outstanding borrowings availed by (i) company; (ii) certain subsidiaries (direct and certain step-down subsidiaries) (₹275.7 crore), alongside investment in step-down subsidiaries, omind technologies inc. and omind technologies pvt.ltd., for upgrading it tools i.e. arya and mindvoice (₹61.15 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Fusion CX reported revenue of ₹503.85 crore and a net profit of ₹55.7 crore. Revenue declined from ₹1,021.53 crore in FY2024 to ₹503.85 crore in FY2026 (-51.0%). Net worth stood at ₹610.84 crore at the end of FY2026. At the upper band, that puts the issue at roughly 21.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 18.73× post-issue earnings and 5.98× book value, against a return on net worth of 9.12% and a debt-to-equity ratio of 0.51. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including AlliDigi Tech Limited and Eclerx Services Ltd., with a median peer P/E of about 22×. The issue's own post-issue P/E works out to 18.73×.
Promoters
The promoters of the company are <p>Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt.Ltd., Rasish Consultants Pvt.Ltd.</p>. Promoter holding stands at 99.03% before the issue and comes down to 81.82% after listing.
Frequently asked questions
- Who are the promoters of Fusion CX and what is their holding?
- The promoters are <p>Pankaj Dhanuka, Kishore Saraogi, P N S Business Pvt.Ltd., Rasish Consultants Pvt.Ltd.</p>. Promoter holding is 99.03% before the issue and 81.82% after listing.
- What is the P/E ratio of the Fusion CX IPO?
- At the upper price band, the Fusion CX IPO is valued at 21.62× pre-issue earnings and 18.73× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Fusion CX IPO?
- The net proceeds go primarily toward repayment/prepayment, in full or in part, of certain outstanding borrowings availed by (i) company; (ii) certain subsidiaries (direct and certain step-down subsidiaries), among 3 disclosed objects.