Fractal Analytics is launching a book-built IPO with a total issue size of ₹2,833.90 crore. The issue includes a fresh issue of 1.14 crore equity shares, raising ₹1,023.50 crore, along with an offer for sale of 2.01 crore shares worth ₹1,810.40 crore. The IPO subscription window opens on February 9, 2026, and closes on February 11, 2026.
The basis of allotment is likely to be finalised on February 12, 2026. Shares are expected to list on both BSE and NSE on February 16, 2026, subject to final approvals. The price band for the IPO has been fixed at ₹857 to ₹900 per share. Each application must be made in a lot size of 16 shares. Retail investors need to invest a minimum of ₹14,400, calculated at the upper end of the price band.
For non-institutional investors, the minimum application differs by category. The small NII (sNII) category requires 14 lots or 224 shares, translating to an investment of ₹2,01,600. The big NII (bNII) category requires 70 lots or 1,120 shares, with a total investment of ₹10,08,000.
Kotak Mahindra Capital Company Limited is acting as the book running lead manager for the issue, while MUFG Intime India Private Limited has been appointed as the registrar.
(Source: RHP)
Company Overview
Founded in 2000, Fractal Analytics is a global enterprise AI company focused on enabling better decision-making for large organisations through data and artificial intelligence. The company delivers end-to-end AI solutions across the full transformation lifecycle, from strategy and design to deployment and adoption.
Key Highlights
- The company operates through two segments. Fractal.ai focuses on AI services and platforms, while Fractal Alpha comprises AI-led businesses.
- Serves large global enterprises across CPG and retail, BFSI, healthcare and life sciences, and technology, media and telecom.
- Works with over 120 high-value global clients, including leading multinational brands.
- Strong expertise across data, analytics, AI, engineering and design.
- Recognised globally by leading industry analysts for leadership in AI and analytics services.
Fractal follows a client-first approach, focusing on long-term partnerships, innovation, and delivering measurable business impact across industries.
(Source: RHP)
Industry Context
- Data & AI Expansion: The global Artificial Intelligence (AI) and analytics market is witnessing rapid growth, driven by digital transformation and the increasing commoditisation of data.
- Sector Demand: Demand is surging across Consumer Packaged Goods (CPG), Financial Services, Retail, and Healthcare as companies integrate AI into core decision-making.
- Generative AI Impact: GenAI is a pivotal catalyst, shifting the industry from descriptive analytics to autonomous, predictive systems.
- Specialized Providers: There is a clear trend toward specialized pure-play AI firms that offer integrated engineering, design, and data science capabilities.
- Market Opportunity: Organizations are scaling AI investments to enhance customer experience, optimize supply chains, and drive operational efficiency.
(Source: RHP)
Business Strengths
- Operates in a large and fast-growing global AI and analytics market, offering end-to-end capabilities across the full data, analytics and AI value chain.
- Strong global presence with most revenue generated from international clients and consistent growth above industry averages.
- Long-standing relationships with marquee global enterprises, supported by high client retention and revenue expansion.
- Deep technical, domain and functional expertise across key industries such as CPG, BFSI, healthcare and TMT.
- Proven innovation focus with sustained investments in R&D, proprietary AI products, patents, and advanced Gen AI solutions.
(Source: RHP)
Financial Performance
Fractal Analytics Ltd. – (Restated Consolidated) (₹ in crore)
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 2,965.40 | 2,857.60 | 2,392.00 | 2,248.70 |
| Total Income | 1,594.30 | 2,816.20 | 2,241.90 | 2,043.70 |
| Profit After Tax | 70.90 | 220.60 | -54.70 | 194.40 |
| EBITDA | 185.60 | 398.00 | 97.20 | 436.80 |
| Net Worth | 1,957.50 | 1,748.30 | 1,397.00 | 1,339.20 |
| Reserves and Surplus | 1,937.10 | 1,728.70 | 1,380.50 | 1,323.10 |
| Total Borrowings | 274.60 | 266.20 | 250.10 | 325.60 |
(Source: RHP, Chittorgarh)
Key Ratios & Metrics (as of March 31, 2025)
| Metric | Value |
|---|---|
| EBITDA Margin | 14.40% |
| PAT Margin | 8.00% |
| Price-to-Book Value | 8.65 |
| Return on Net Worth | 12.6% |
(Source: RHP | Chittorgarh)
Market Outlook & GMP Trends
Fractal Analytics IPO has entered the grey market recently, indicating early but growing investor interest. As of February 4, 2026 at 12:59 PM, the latest GMP stands at ₹182, suggesting a potential listing price of around ₹1,082 based on the upper price band of ₹900.
This implies an expected upside of nearly 20.22%. The GMP movement over the last two sessions shows mild positive momentum, with rates moving up from ₹180 on February 3, 2026 at 11:35 PM. Retail and small HNI sauda rates indicate early positive interest from investors. As grey market activity has only just begun, a clearer trend is likely to emerge once subscription numbers start coming in closer to the IPO opening.
(Source: Chittorgarh)
Fractal Analytics IPO Details
| IPO Detail | Information |
|---|---|
| IPO Date | 9 to 11 Feb, 2026 |
| Allotment Date | Thu, Feb 12, 2026 |
| Listing Date | Mon, Feb 16, 2026 |
| Face Value | ₹1 per share |
| Price Band | ₹857 to ₹900 |
| Lot Size | 16 shares |
| Min Investment | ₹14,400 |
| Sale Type | Fresh issue and OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹85 per share |
Conclusion
Fractal Analytics IPO provides an opportunity to invest in a global enterprise AI company operating in a high-growth market. The business benefits from strong client relationships, diversified industry exposure, and a steady focus on innovation and Gen AI.
Financials indicate improving profitability, while early grey market trends suggest positive investor interest. However, the valuation is on the higher side and long-term performance will depend on execution and market conditions. Overall, the IPO may suit investors looking for long-term exposure to the AI and data analytics theme with an appetite for valuation-related risks.
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