Fractal Analytics IPO

About Fractal Analytics IPO

Fractal Analytics IPO opens on February 9, 2026 and closes on February 11, 2026. The allotment of shares will take place on February 12, 2026. The credit of shares to the Demat account will take place on February 13, 2026. The initiation of refunds will take place on February 13, 2026. The listing of shares will take place on February 16, 2026.

The Fractal Analytics IPO comprises a fresh issue aggregating up to ₹1023.50 crores. There is also an offer for sale in this IPO of up to ₹1810.4 crores. The lot size of shares in the IPO is 16 and the price band of shares is ₹857–₹900 per share.

The minimum investment amount required by a retail investor is ₹14,400 based on the upper price. The minimum lot for retail investors is 1 lot (16 shares).

Founded in 2000, Fractal Analytics is a globally recognised enterprise artificial intelligence (“AI”) company, with a vision to power human decisions in its clients’ enterprises by leveraging AI. It supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.

Objectives of Fractal Analytics IPO

The company proposes to utilise the IPO proceeds for:

• Investment in one of its subsidiaries, Fractal USA, for pre-payment and/ or scheduled repayment, in full or in part, of its borrowings
  
• Purchase of laptops
  
• Setting-up new office premises in India
  
• Investment is research and development and sales and marketing under Fractal Alpha
  
• Funding inorganic growth through unidentified acquisitions and other strategic initiatives
  
• General corporate purposes
  

Industry Outlook

The increasing availability of enterprise-ready Gen AI tools and technologies is prompting enterprises to sharpen their focus on AI. Gen AI, which gained traction after ChatGPT’s release, offers advanced capabilities in NLP, image generation, and automated decision-making.

Industry experts recognise technology’s transformative potential and strategic implications for business operations and are increasingly emphasising AI and Gen AI adoption across business functions, in meetings and earnings calls. This top-down interest will ensure substantial investment in AI technologies and necessary resources and attention to AI initiatives.

The AI software market was estimated to be worth US$101 billion (₹8 trillion) in Fiscal 2025 and is expected to reach US$283 billion (₹24 trillion) in Fiscal 2030. The overall AI software market is estimated to grow at a CAGR of 22.9% over Fiscal 2025-30.

About Fractal Analytics

Founded in 2000, Fractal Analytics is a globally recognised enterprise artificial intelligence (“AI”) company, with a vision to power human decisions in its clients’ enterprises by leveraging AI. It supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.

Fractal builds its solutions by leveraging its technical, domain and functional capabilities built over its operating history of over 25 years. As of September 30, 2025, its full suite of AI solutions is organised under two segments: Fractal.ai (comprising AI services and AI products primarily hosted on Cogentiq) and Fractal Alpha (comprising AI businesses).

Strengths of Fractal Analytics

• Leading player in a large and growing AI market
• Long-standing and growing relationships with marquee, global clients contributing to a diversified revenue base
• Deep and integrated technical, domain and functional expertise
• Track record of inventing and investing to benefit clients
• Culture of trust, transparency & freedom to nurture talent
• Experienced founders-led management team focused on building Fractal for the long term

Risks of Fractal Analytics

• Security breaches, cyber-attacks, computer viruses and hacking activities may cause material adverse effects on business, financial performance and results of operations
• Inability to maintain or expand relationships with existing clients and acquire new ones could negatively impact business
• Decrease in demand for AI solutions for CPGR, BFSI, HLS and TMT industries could adversely impact business
• Global operations involve challenges and risks that could increase its expenses
• Delays or failure in meeting contractual timelines or the expectation of its clients may result in cost overrun, loss of business and disputes
• History of negative cash flows and there is no assurance that the company that the company will not incur such losses in the future

() denotes negative

Peer Comparison

There are no listed companies in India or globally which operate in a similar business model as Fractal Analytics. The company is a leading pure-play enterprise data, analytics, and AI company, recognised globally, with capabilities across the DAAI value chain. It is placed uniquely among the other industry players, with active investments in expanding its AI and Gen AI software portfolio and R&D capabilities.

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on February 6, 2026.

IPO Registrar and Book Running Lead Managers

• Registrar: MUFG Intime India Pvt Ltd
  
• Book Running Lead Manager: Kotak Mahindra Capital Company Ltd and Axis Capital Ltd
  

Fractal Analytics Business Model

As of September 30, 2025, Fractal’s full suite of AI solutions is organised under two segments: Fractal.ai (comprising AI services and AI products primarily hosted on Cogentiq) and Fractal Alpha (comprising AI businesses). Through these two segments, it caters to the diverse business needs of its clients across industries and business functions.

Fractal Analytics Growth Trajectory

The revenue from operations of Fractal Analytics grew from ₹1985.40 crores in FY 23 to ₹2765.40 crores in FY 25. Its adjusted PAT margin grew from 2.7% in FY 23 to 12.6% in FY 25, while adjusted EBITDA margin grew from 6.8% in FY 23 to 17.4% in FY 25.

Long-standing and growing relationships with marquee, global clients along with deep and integrated technical, domain and functional expertise has helped the company grow over the years.

Fractal Analytics Market Position

Fractal Analytics is India’s leading pure-play enterprise data, analytics and AI company, recognised globally, with capabilities across the data, analytics and AI (“DAAI”) value chain. It’s uniquely placed among other industry players, with active investments in expanding its AI and Gen AI software portfolio and research and development (“R&D”) capabilities.

Forrester categorised it as a “Leader” in five Forrester WavesTM for Customer Analytics Service Providers in 2025, 2023, 2021, 2019 and 2017, and Everest Group recognised it as a “Leader” in the Everest Group Data and AI Services Specialists PEAK Matrix Assessment (and its predecessor Analytics and AI Services Specialists PEAK Matrix® Assessment) in 2021 through 2025.

How to Apply for Fractal Analytics IPO?

• Log in to your Kotak Neo Demat account - Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.