Fusion CX Limited

Fusion CX Limited (formerly Fusion CX Private Limited and Xplore-Tech Services Private Limited) is a globally integrated customer experience (CX) and Business Process Management (BPM) service provider. The company delivers tech-enabled, multichannel engagement solutions spanning voice, email, chat, social media, messaging, and AI Data Infrastructure Services (including data collection, annotation, labeling, and teleoperations). Its core value proposition centers on a "human + tech" philosophy, blending deep domain expertise with a portfolio of proprietary artificial intelligence (AI) and Generative AI (GenAI) tools to drive customer satisfaction, operational efficiency, and digital transformation for global enterprises. The underlying business model combines project-based and long-term CX service contracts operating under flexible commercial models, including fixed-fee (91.31% of FY26 revenue), transaction-based, and outcome-based pricing structures.

The company operates across five primary industry verticals: Telecommunications and Other Utilities (47.34% of FY26 revenue), High-Tech Growth and Travel / HTT (13.88%), Banking, Financial Services, and Insurance / BFSI (13.52%), Healthcare and Life Sciences (13.14%), and Consumer & Retail (12.12%). Its target demographics comprise global enterprises, including 22 Fortune 1000 companies and a mix of mid-market and digitally native businesses across North America, Europe, LATAM, APAC, and India. Geographically, the company derives the vast majority of its revenue from overseas markets, with North America (US & Canada) contributing 85.26% of FY26 revenue, followed by India (11.29%), UK & Europe (3.11%), and other regions (0.34%). Revenue is delivered via a balanced right-shoring framework comprising onshore (36.38%), nearshore (36.93%), and offshore (26.69%) delivery operations.

Regarding manufacturing infrastructure and factory locations, specified installed capacity and capacity utilization figures are not applicable to Fusion CX Limited, as its operations consist of tech-enabled business process services, customer engagement solutions, and digital infrastructure rather than physical goods manufacturing. Operationally, the company manages a global network of 40 scalable delivery centers and two sales offices across 13 countries—including the United States, Canada, the Philippines, India, Colombia, El Salvador, Belize, Jamaica, Morocco, Albania, Kosovo, the UK, and Australia. As of June 30, 2026, the company employs a global workforce of 13,735 personnel capable of supporting customer interactions 24x7 in 28 languages.

Operational and R&D capabilities are driven by the company’s specialized technology subsidiary, Omind Technologies Inc. (and Omind Technologies Private Limited), which operates dedicated software development centers in Kolkata and Bengaluru. Omind develops proprietary SaaS and GenAI platforms that transform traditional contact center operations. Key in-house innovations include Arya (a GenAI-powered virtual assistant and agent co-pilot providing real-time call guidance and automated QA), MindVoice (an LLM-integrated conversational voice bot and chat platform), Engage (AI-driven marketing automation), Mind Workplace (workforce engagement and hire-to-retire lifecycle automation), and Annotera.AI (multimodal data annotation for machine learning models). Additionally, the company integrates third-party tools such as MindSpeech (powered by sanas.ai) for real-time AI voice and accent harmonization.

Financially, Fusion CX Limited reported total income and net profits of ₹1,021.53 Cr and ₹36.26 Cr (FY24), ₹1,352.03 Cr and ₹74.31 Cr (FY25), ₹1,851.83 Cr and ₹169.84 Cr (FY26), and ₹503.85 Cr and ₹55.70 Cr (Q1 FY27). The company has demonstrated rapid top-line and bottom-line expansion, with a 2-year revenue CAGR of 35.43% and a net profit CAGR of 116.42%, alongside a reduction in its total debt-to-equity ratio from 0.78x in FY24 to 0.48x in FY26. The company maintains an average EPS of ₹9.18 and an average RoNW of 24.59% over the last three fiscals.

Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 5.98 (NAV of ₹48.35 as of June 30, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 3.96. Attributing the historical earnings to the expanded post-issue equity base, the asking price reflects a Post-Issue P/E of approximately 115.06 (FY24), 56.14 (FY25), and 24.56 (FY26). A comparison with listed peers shows that companies like Firstsource Solutions Limited (P/E 23.8x), eClerx Services Limited (P/E 24.0x), and Alldigi Tech Limited (P/E 13.0x) indicate that Fusion CX Limited is priced competitively within the industry average based on FY26 earnings.

The issue is managed by Nuvama Wealth Management Limited, IIFL Capital Services Limited (formerly IIFL Securities Limited), and Motilal Oswal Investment Advisors Limited. KFin Technologies Limited is acting as the Registrar to the Offer and has handled 42 IPOs in the last three fiscal years.

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