Fusion CX Limited is a Kolkata-based, technology-enabled customer experience (CX) and business process outsourcing (BPO) service provider established in 2004. The company offers customer engagement, digital solutions and AI-powered services across voice, email, chat, social media and messaging platforms, combining human expertise with artificial intelligence and automation.
The company primarily serves five major industry verticals: telecom and utilities, high-tech growth and travel (HTT), banking, financial services and insurance (BFSI), retail, and healthcare. Its services cover the entire customer lifecycle, including customer acquisition, customer support, order fulfilment, payment collections, customer retention and technical assistance.
As of June 30, 2026, Fusion CX operated 40 delivery centres and two sales offices across 13 countries, providing multilingual customer support in 28 languages. The company had 13,735 CX employees and 3,829 field workforce personnel, serving 208 customers, including 22 Fortune 1000 companies. Its customer base includes AJIO, Meesho, Arvind Fashion, Ameriflex and Traya, among others.
The company’s service portfolio comprises seven major categories:
- Customer Acquisition: Lead generation, sales support and customer onboarding.
- Customer Service: Multichannel customer assistance and complaint resolution.
- Order Fulfilment: Order processing, billing, returns and refund support.
- Payment and Collections: Debt recovery and payment collection services.
- Customer Retention: Loyalty programmes and customer engagement.
- Technical Support: IT troubleshooting, network and device assistance.
- Digital Solutions: AI-powered automation, chatbots and digital engagement.
Additionally, Fusion CX provides AI data infrastructure services, including data annotation, robot teleoperation and AI monitoring. Through its subsidiary Omind, the company develops proprietary AI-powered platforms for conversational AI, marketing automation, quality management and workforce management.
The company operates through fixed-fee, transaction-based, outcome-based and hybrid revenue models. It has expanded its global presence through strategic acquisitions across North America, Latin America and the Asia-Pacific region.
As of June 30, 2026, Fusion CX Limited had 13,735 customer experience (CX) employees. And in FY2026, customer service contributed 40.47% of revenue from operations, while telecom and utilities accounted for 47.34%.
Fusion CX IPO – Details
| IPO Opening Date | 14 October 2026 |
| IPO Closing Date | 16 October 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,42,90,657 Shares Worth ₹702.00 Crore Offer For Sale: 2,42,90,657 Shares Worth ₹702.00 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹275 – ₹289 per share |
| Market Lot | 51 Shares |
| Min Order | 51 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Fusion CX IPO – Date Schedule
| IPO Open Date | 14 October 2026 |
| IPO Close Date | 16 October 2026 |
| Basis of Allotment | 19 October 2026 |
| Initiation of Refund | 21 October 2026 |
| Credit of Shares to Demat Account | 21 October 2026 |
| IPO Listing Date | 22 October 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 16, 2026 |
Fusion CX IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 51 | ₹14,739 |
| Retail (Max) | 13 | 663 | ₹1,91,607 |
| S-HNI (Min) | 14 | 714 | ₹2,06,346 |
| S-HNI (Max) | 67 | 3417 | ₹9,87,513 |
| B-HNI (Min) | 68 | 3468 | ₹10,02,252 |
Competitive Strength
- Global delivery network across 13 countries with 40 scalable delivery centres providing 24×7 multichannel support.
- Continuous focus on strategic R&D investments to develop in-house, AI-driven solutions focused on CX transformation.
- Proven track record of inorganic growth and integration adding capabilities and driving financial growth.
- Diversified operations with domain expertise across multiple industries with long standing customer relationships.
- Diverse Board, experienced promoters and management team with domain expertise supported by skilled employees.
Company Promoters
- Pankaj Dhanuka
- Kishore Saraogi
- P N S Business Pvt.Ltd.
- Rasish Consultants Pvt.Ltd.
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹1,021.53 Cr | ₹984.84 Cr | ₹36.26 Cr | ₹83.10 Cr |
| 31 March 2025 | ₹1,352.03 Cr | ₹1,274.29 Cr | ₹74.31 Cr | ₹81.93 Cr |
| 31 March 2026 | ₹1,851.83 Cr | ₹1,662.53 Cr | ₹169.84 Cr | ₹58.73 Cr |
| 30 June 2026 | ₹503.85 Cr | ₹441.03 Cr | ₹55.70 Cr | ₹48.06 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 30.30% |
| ROCE | 71.59% |
| Debt/Equity | 0.53 |
| RoNW | 30.74% |
| PAT Margin | 9.34% |
| EBITDA Margin | 19.48% |
| NAV | 43.73 |
| Price to Book Value | 6.61 |
| Pre IPO | Post IPO | |
| EPS (₹) | 13.37 | 15.43 |
| P/E (x) | 21.62 | 18.73 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by (i) Company; (ii) certain Subsidiaries (direct and certain step-down subsidiaries). | ₹275.70 |
| Investment in step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Pvt.Ltd., for upgrading IT tools i.e. Arya and MindVoice. | ₹61.15 |
| Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes. |
Fusion CX IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | FirstSource Solutions Limited | 22.27 |
| 2 | 10 | eClerx Services Limited | 19.65 |
| 3 | 10 | Alldigi Tech Limited | 14.12 |
| 4 | 1 | Inventurus Knowledge Solutions Limited | 31.41 |
| 5 | 10 | Sagility India Limited | 21.66 |
| 6 | 10 | Hinduja Global Solutions Limited | 51.07 |
✅Strengths
- Global Presence with 40+ delivery centres across 14 countries.
- Diversified Services across telecom, BFSI, healthcare and retail.
- AI Capabilities through proprietary technology platforms.
- Revenue Growth of 36.77% in FY2026.
- Industry Expertise with multilingual, omnichannel solutions.
⚠️Risks
- Client Concentration with top 10 clients contributing 52.17% of FY2026 revenue.
- Geographical Concentration with 88.71% revenue from outside India.
- Short-Term Contracts creating client retention risks.
- Employee Attrition of 26.50% in FY2026.
- Cybersecurity Risks involving data privacy and AI-related challenges.
Fusion CX IPO Promoter Holding
| Pre Issue Share Holding | 99.03% |
| Post Issue Share Holding | 81.82% |
Fusion CX IPO Prospectus
Company Contact Information
| Fusion CX Ltd. Plot No. Y9, Block EP & GP, Sector-5, Bidhan Nagar, Salt Lake, Kolkata, West Bengal, 700091 Phone: 033 4508 6520 Email: secretarial@fusioncx.com Website: https://www.fusioncx.com/ |
Fusion CX IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: fusion.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Fusion CX IPO Lead Manager(s)
| 1. IIFL Capital Services Limited 2. Nuvama Wealth Management Limited 3. Motilal Oswal Investment Advisors Limited |
Fusion CX IPO FAQs
| What is the Fusion CX IPO? Fusion CX IPO is a main-board IPO. The issue is priced at ₹275 to ₹289 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Fusion CX IPO open? The IPO is to open on 14 October 2026 for QIB, NII, and Retail Investors. |
| What is Fusion CX IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is the Fusion CX IPO Size? Fusion CX IPO size is ₹702.00 Crore. |
| What are the Fusion CX IPO Minimum and maximum lot sizes for Retail? The minimum bid is 51 Shares with ₹14,739, while the maximum bid is 663 Shares with ₹1,91,607. |
| What is the Fusion CX IPO Allotment Date? Fusion CX IPO allotment date is 19 October 2026. |
| What is the Fusion CX IPO Listing Date? Fusion CX IPO listing date is 22 October 2026. The IPO is to be listed on the BSE and the NSE. |
