Fusion CX is a Kolkata-based customer-experience and BPO company offering multichannel, multilingual support (voice, chat, email, social) plus AI data services — annotation, labelling and robotic teleoperations — and AI tools through its subsidiary Omind. It runs 40 centres in 13 countries and serves 208 clients, including 22 Fortune 1000 companies.

The ₹702 crore issue combined a ₹500 crore fresh issue (1.73 crore shares) with a ₹202 crore offer for sale by promoter entities PNS Business and Rasish Consultants. Anchor investors put in ₹315.90 crore at ₹289 on 13 October 2026, including Ashish Kacholia (through Bengal Finance) and Kotak Mahindra Life. Bidding closed on 16 October with the issue subscribed 4.68 times.

Objects of the issue

  • ₹275.70 crore to repay borrowings of the company and its subsidiaries
  • ₹61.15 crore into Omind subsidiaries for AI tools
  • Acquisitions and general corporate purposes

Key numbers

  • Market cap at ₹289: ₹4,172 crore
  • Valuation: about 21.6x FY26 earnings (pre-issue), 24.6x post-issue
  • FY26: revenue from operations ₹1,818.14 crore, PAT ₹169.84 crore (9.3% margin), return on equity 30.3%
  • Promoter holding: 99.03% pre-issue → 81.82% post-issue (Pankaj Dhanuka, Kishore Saraogi and entities)
  • Listed peers (P/E): Firstsource 22.3x, Hinduja Global 51.1x, eClerx 19.7x, Alldigi 14.1x, Sagility 21.7x

Strengths

  • Fast growth (revenue CAGR about 35% over FY24–26) with expanding margins and high return on equity
  • Reasonable valuation against BPO peers; fresh money cuts debt
  • Exposure to AI data services through Omind

Risks

  • Labour-intensive business exposed to AI disruption, client concentration and currency moves
  • Acquisition-led growth; part of the proceeds is for acquisitions not yet identified
  • Modest final demand and a GMP that has faded to about 5%

Financials are restated consolidated figures in ₹ crore; "Revenue" is total income. Final subscription is 4.68x on combined NSE + BSE data; NSE-only figures reported by PTI show 4.45x. Grey market premium is unofficial and changes quickly.