Fusion CX IPO Attracts Subscribe Calls On 35% Revenue CAGR & AI-Led Growth

Fusion CX IPO dealer suggestions are broadly constructive, with most analysts citing the corporate’s sturdy income trajectory and AI-led capabilities, whereas flagging heavy buyer focus because the defining threat.

Fusion CX IPO opened on 14 October 2026 and closes on 16 October 2026, with a worth band of INR 275–289 per share and a complete difficulty measurement of INR 702 crore. The difficulty contains a recent difficulty of 1,73,01,038 shares and a suggestion on the market of 69,89,619 shares. As of 11:21 AM on 14 October 2026, the difficulty had obtained general subscription of 11%, with the retail phase main at 45% and the HNI phase at 9%; QIB bids are but to reach, as institutional participation sometimes concentrates on the ultimate day of bidding. Allotment is anticipated on 19 October 2026, with itemizing scheduled for 22 October 2026.

Fusion CX IPO Broker Recommendations: Firm-by-Firm View

BP Equities – Subscribe
Ventura Securities – Subscribe
SBI Securities – Subscribe for Long Term
Sushil Finance – Neutral
Swastika Investmart – Neutral
SMC Global – 2/5
Capital Market – 40/100
ICICI Direct – Unrated
Samco Securities – Avoid

BP Equities assigns a Subscribe score, citing valuation at 21.6x FY26 diluted EPS of INR 13.4 on the higher band on a pre-issue foundation as cheap given income, EBITDA, and PAT CAGRs of 35.4%, 99.5%, and 116.4% respectively over FY24–FY26. The agency highlights bettering return ratios as a further constructive. Its key concern is that the top-10 clients accounted for 52.2% of FY26 income, with the one largest shopper contributing 30.1%.

Ventura Securities additionally charges the difficulty Subscribe, valuing it at 21.6x P/E and 12.8x EV/EBITDA on FY26 figures on the higher band (pre-issue). It factors to the 35% income CAGR and EBITDA margin enlargement from roughly 8% to 16.5%, alongside international AI-led omnichannel capabilities, as core funding arguments. Customer focus—with the top-10 at 52.2% of FY26 income—is flagged as the first threat.

SBI Securities recommends Subscribe for the long run, valuing the difficulty at 24.6x post-issue FY26 EPS and a proforma P/E of twenty-two.0x on the higher band, with PEG under 1, which it describes as cheap relative to listed friends. The brokerage highlights scalable international supply, AI-led digital companies, and working money circulate of INR 264 crore in FY26 as help for the thesis. North America accounting for 81.7% of FY26 income and the most important buyer at 30.1% of income are the dangers cited.

Sushil Finance is Neutral, valuing the difficulty at 21.55x pre-issue and 24.6x post-issue FY26 EPS on the higher band. It notes these multiples are broadly in keeping with FirstSource (22.3x) and Sagility (21.7x), leaving restricted valuation consolation. The brokerage moreover flags an attrition fee of 26.5% and the chance of GenAI disrupting routine voice and chat volumes, alongside geographic focus within the US at roughly 74% of income.

Swastika Investmart can also be Neutral, inserting the pre-issue P/E at 20.5–21.6x FY26 EPS. It acknowledges a strong RoE of roughly 30.3% and EBITDA margins increasing to roughly 18.1%, however notes that valuation broadly in keeping with friends limits re-rating potential. The largest shopper at 30.05% of FY26 income and heavy North American focus are the dangers cited.

SMC Global assigns a score of two out of 5, inserting post-issue P/E at 24.56x on FY26 EPS of INR 11.77 on the higher band. It notes that eliminating curiosity price post-debt compensation would average the reworked P/E to 19.8x, broadly comparable with eClerx at 24.1x TTM P/E. Goodwill of INR 362.2 crore collected by way of the corporate’s acquisition-led enlargement is flagged as a balance-sheet threat ought to integration fail.

Capital Market charges the difficulty 40 out of 100, making use of the identical post-issue P/E of 24.56x on FY26 EPS of INR 11.77 and the identical reworked P/E of 19.8x post-debt-repayment, with eClerx because the closest comparable at 24.1x TTM. It notes that the top-10 clients contributed 49.8% of FY26 income and that roughly 80% of income originates from North America. The valuation bases utilized by SMC Global and Capital Market are constant; BP Equities and Ventura use pre-issue EPS, which produces the decrease 21.6x a number of.

ICICI Direct doesn’t assign a proper score however highlights the identical FY24–FY26 progress profile and the INR 275 crore debt compensation from proceeds as related context. It applies a post-issue P/E of 24.6x on EPS of INR 11.8 on the higher band, with buyer focus on the top-5 and top-10 ranges and AI-led automation threat to voice volumes as the first considerations.

Samco Securities is the only real Avoid score within the set. While acknowledging the sturdy progress report, international community and AI capabilities, the agency concludes that the related dangers and valuation considerations collectively warrant warning. The largest single buyer’s 30.05% income share and the top-10’s 52.17% share underpin that view.

Anchor Allocation

Prior to opening, Fusion CX raised INR 315.90 crore from the anchor guide at an allocation worth of INR 289 per share, masking 1,09,30,795 fairness shares throughout 19 allottees and 16 entities. Domestic mutual funds obtained 77.84% of the anchor allocation throughout 15 schemes from six fund homes, with life insurance coverage firms taking an extra 4.75%. Kotak Multi Asset Allocation Fund was the most important anchor allottee at 18.57% of the guide. ICICI Prudential Technology Fund and Motilal Oswal Digital India Fund every obtained 15.51%, adopted by Quant QSIF Active Asset Allocator Long-Short Fund at 7.91% and Quant QSIF Hybrid Long-Short Fund at 7.60%.

Fusion CX IPO Research Notes: Common Threads

Across the Fusion CX IPO dealer notes, analysts are broadly constructive on the income progress trajectory—a 35.4% CAGR over FY24–FY26—and on the bettering profitability profile, with EBITDA margin reaching 18.14% and internet margin at 9.34% in FY26. The transition towards AI-led and SaaS-enabled CX supply by way of subsidiary Omind Technologies, together with the Arya and MindVoice platforms, is cited by a number of brokerages as a structural differentiator. Use of recent difficulty proceeds to repay INR 275.7 crore of borrowings is seen as a significant balance-sheet lever, and is the idea for the reworked P/E calculation that moderates the post-issue a number of to roughly 19.8x.

Fusion CX IPO Research Notes: Key Risks Flagged

Customer focus is the chance talked about most constantly: the one largest shopper contributed 30.1% of FY26 income and the top-10 contributed roughly 49–52% relying on the interval and rounding used. Geographic focus is an equally recurring concern, with North America accounting for between 74% and 81.7% of income throughout dealer estimates. Sushil Finance individually highlights an attrition fee of 26.5% and the medium-term threat of generative AI displacing routine voice and chat work. SMC Global and Capital Market each level to INR 362.2 crore in goodwill on the steadiness sheet as an acquisition-integration threat, whereas ICICI Direct notes that a part of the IPO proceeds are earmarked for unidentified acquisitions, including execution uncertainty.

IPO Details

• Price band: INR 275–289
• Issue measurement: INR 702 crore
• Fresh difficulty: 1,73,01,038 shares
• Offer on the market: 69,89,619 shares
• Lot measurement: 51 shares
• Open date: 14 October 2026
• Close date: 16 October 2026
• Allotment date: 19 October 2026
• Listing date: 22 October 2026
• Registrar: KFIN Technologies
• Lead managers: Nuvama Wealth Management, IIFL Capital Services, Motilal Oswal Investment Advisors

Disclaimer: Fusion CX IPO dealer views above are these of the respective brokerages named and don’t signify the advice of this publication. Investors ought to conduct their very own due diligence earlier than making any funding choice.

Rajat Bhati has a powerful technical background and 5 years of expertise within the inventory market. He focuses on fairness analysis, technical evaluation, IPO valuations, and threat administration, serving to traders make clearer, data-backed choices. Today, he works full-time to teach folks concerning the alternatives in IPO market.