Fractal Analytics Limited IPO

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Founded in 2000, Fractal Analytics is a globally recognized enterprise artificial intelligence (AI) company with a clear vision to power human decision-making in enterprises through AI. With over 25 years of operating history, the company combines deep technical, domain, and functional expertise to deliver end-to-end AI solutions that help large global organizations move from AI ideation to adoption and enterprise-wide decision impact.

Business Model and Offerings

Fractal supports large global enterprises by providing data-driven insights and decision intelligence through a comprehensive suite of AI-led solutions. Its offerings span the full AI transformation lifecycle, positioning Fractal as a long-term, trusted partner rather than a point-solution provider. As of September 30, 2025, Fractal’s operations are organized into two segments:

1. Fractal.ai: Comprises AI services and AI products, primarily delivered through Cogentiq, our agentic AI platform that enables enterprises to accelerate AI-led product development with built-in agents, tools, security, governance, and interoperability features.

2. Fractal Alpha: Comprises independent AI businesses operating under separate management, targeting core enterprise clients as well as new markets and geographies.

Client Base and Market Positioning

Fractal primarily serves large global enterprises, with a strategic focus on “Must Win Clients” (“MWCs”), defined as enterprises meeting specified thresholds of scale in revenue, market capitalization or customer base. As of September 30, 2025, Fractal served 122 MWCs, including several leading global brands, and as of March 31, 2025, served a majority of the “Magnificent Seven” technology companies.

Industry and Domain Expertise

Fractal has built strong domain expertise across key industries, including Consumer Packaged Goods & Retail (CPGR), Technology, Media and Telecom (TMT), Healthcare and Life Sciences (HLS) and Banking, Financial Services and Insurance (BFSI)

As of March 31, 2025, Fractal worked with a significant share of the top 20 companies by revenue across these sectors, reflecting its ability to address complex, cross-industry enterprise challenges through AI, engineering, and design (AED) integration.

Objects of the Fractal Analytics Limited IPO:

Company proposes to utilise the Net Proceeds towards the following objects: 1. Investment in one of the Subsidiaries, Fractal USA, for pre-payment and/ or scheduled repayment of  its borrowings (₹264.9 cr) 2. Purchase of laptops (₹57.1 cr) 3. Setting-up new office premises in India (₹121.1 cr) 4. Investment in (a) research and development; and (b) sales and marketing under Fractal Alpha (₹355.1 cr) 5. Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes
DRHP of Fractal Analytics Limited IPO
RHP of Fractal Analytics Limited IPO

Fractal Analytics Limited IPO Details:

Open Date: Feb 09 2026
Close Date: Feb 11 2026
Total Shares: 3,14,87,777
Face Value: ₹ 1 Per Equity Share
Issue Type: Book Building
Issue Size: 2834 Cr.
Lot Size: 16 Shares
Issue Price: ₹ 857 - 900 Per Equity Share
Listing At: NSE,BSE
Listing Date: Feb 16 2026

Promoters And Management:

1. Rohan Haldea is the Chairman and Non-Executive Director of the Company, nominated by Apax Partners LLP. He holds a B.Tech from IIT Delhi and an MBA from Harvard University. He has over 17 years of experience in the investment sector and has been associated with Apax Partners since 2007, where he is currently a Partner. 2. Srikanth Velamakanni is the Whole-time Director, Group Chief Executive, and Executive Vice-Chairman of the Company. A founder of the Company, he has been on the Board since March 28, 2000. He holds a B.Tech from IIT Delhi and a PGDM from IIM Ahmedabad. With over 25 years of experience in the technology sector, he leads overall strategy, client partnerships, and growth. He is the Vice Chairperson of NASSCOM and a founder-trustee of Plaksha University. He has received multiple recognitions, including awards from IIM Ahmedabad, BW BusinessWorld, Entrepreneur Awards, and IIT Delhi. 3. Pranay Agrawal is a Non-Executive Director of the Company and the Chief Executive Officer of Fractal USA, its material subsidiary. A founder of the Company, he has been associated since incorporation and has over 25 years of experience in the technology sector. He holds a B.Com from Bangalore University and a PGDM from IIM Ahmedabad and plays a key role in driving global growth and client partnerships.

Financials of Fractal Analytics Limited IPO:

Particulars in Cr 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 1559 2765 2196 1985
EBITDA (Cr) 186 398 97 437
EBITDA Margins 12% 14% 4% 22%
PAT (Cr) 70.9 220.6 -54.7 194
PAT Margins 5% 8% -3% 10%
RoNW 3.60% 13% -4% 15%
D/E Ratio 0.14 0.15 0.18 0.24
OPerating Cash Flow -21 397 159 -31

Comparison With Peers:

There are no listed companies in India or globally which operate in a similar business model.

Lead Manager of Fractal Analytics Limited IPO:

  1. Axis Capital Limited
  2. Goldman Sachs (India) Securities Private Limited
  3. Kotak Mahindra Capital Company Limited
  4. Morgan Stanley India Company Private Limited

Registrar of Fractal Analytics Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on Fractal Analytics Limited IPO:

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