Business Profile of Fractal Analytics Limited
Fractal Analytics is working in craft AI solutions by combining its deep technical knowledge with domain and functional expertise. The company was established in 2000 and has experienced of more than twenty years. It helps major companies in making more efficient & advance decisions through AI and analytics. Under products segment of company includes Fractal Alpha which provides standalone AI businesses targeted at growth markets, managed independently to drive innovation across industries and geographies. Another is Fractal.ai which offers AI services and products through its agentic AI platform with built-in tools, governance, low-code features, and security. As on 2025, company has presence in 17 global offices in different countries.
Objective of Fractal Analytics IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨ 1.00 each aggregating up to ₹ 12,793 million and OFS consists XXXX shares at face value of ₨ 1.00 each aggregating up to ₨ 36,207 million. There are fresh shares issues and OFS by company and main objective of company is Investment in Subsidiaries, Setting-up new office in India, Purchase of laptops, and Investment in R&D and marketing & general expenses.
Details of Fractal Analytics IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹1.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX shares |
| Aggregating up to ₨ 49,000 million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 12,793 million. | |
| Offer For Sale | Up to XXXX Equity Shares |
| Aggregating up to ₨ 36,207 million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Fractal Analytics IPO: Issue Price & Size
The issue price of FRACTAL ANALYTICSLIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ 49,000 million at the price of ₨XXXX.
Launch Date of Fractal Analytics IPO
The IPO opening date of FRACTAL ANALYTICS LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Fractal Analytics Limited
| Particulars (Rs in millions) | March 31 , 2025 | March 31 , 2024 | March 31 , 2023 |
| ( 1 ) Income | |||
| ( a ) Revenue from operations | 27,654 | 21,963 | 19,854 |
| ( b ) Other income | 508 | 456 | 583 |
| Total Income | 28,162 | 22,419 | 20,437 |
| ( 2 ) Expenses | |||
| ( a ) Employee benefits expense | 20,048 | 17,370 | 16,085 |
| ( b ) Employee stock option expense | 798 | 963 | 1,587 |
| ( c ) Finance costs | 577 | 445 | 453 |
| ( d ) Depreciation and amortisation expense | 1,023 | 832 | 781 |
| ( e ) Other exposes | 3,309 | 2,896 | 3,346 |
| Total Expenses | 25,755 | 22,506 | 22,252 |
| ( 3 ) P&L before share of loss of an associate , exceptional items and tax expense ( 1-2 ) | 2,407 | ( 87 ) | ( 1,815 ) |
| ( 4 ) Share of ( loss ) of an associate | ( 297 ) | ( 163 ) | ( 290 ) |
| ( 5 ) P&L before exceptional items and tax expense ( 3 + 4 ) | 2,110 | ( 250 ) | -2,105 |
| ( 6 ) Exceptional items gain / ( loss ) | 270 | ( 55 ) | 5,239 |
| ( 7 ) P&L before tax expense ( 5 + 6 ) | 2,380 | ( 305 ) | 3,134 |
| ( 8 ) Tax expense | |||
| ( a ) Current tax | 557 | 325 | 179 |
| ( b ) Deferred tax ( credit ) / charge | ( 383 ) | ( 83 ) | 1,011 |
| Total tax expense | 174 | 242 | 1,190 |
| ( 9 ) Profit / ( Loss ) for the year ( 7-8 ) | 2,206 | ( 547 ) | 1,944 |
Key financial ratios of Fractal Analytics Limited
| S. No. | Particulars | Unit | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| 1. | Revenue from operations | million | 27,654 | 21,963 | 19,854 |
| 2. | Growth in revenue from operations from previous Fiscal | % | 25.9% | 10.6% | N/A |
| 3. | Cash flow from operations | million | 3,970 | 1,595 | ( 306 ) |
| 4. | Profit / ( Loss ) for the year | million | 2,206 | (547) | 1,944 |
| 5. | PAT Margin | % | 8.0 % | (2.5)% | 9.8% |
| 6. | Adjusted PAT | million | 3,478 | (45) | 540 |
| 7. | Adjusted PAT Margin | % | 12.6 % | -0.20% | 2.7% |
| 8. | EBITDA | million | 3,980 | 972 | 4,368 |
| 9. | EBITDA Margin | % | 14.4% | 4.4% | 22.0% |
| 10. | Adjusted EBITDA | million | 4,821 | 2,321 | 1,343 |
| 11. | Adjusted EBITDA Margin | % | 17.4% | 10.6% | 6.8% |
Promoters & Shareholding Fractal Analytics IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 21.29% shareholding in company.
| Name | Number of Equity Shares | % Equity Shares |
| Promoters | ||
| Srikanth Velamakann | 7,395,590 | 5.40 |
| Pranay Agrawal | 8,131,360 | 5.93 |
| Chetana Kumar | 6,377,155 | 4.65 |
| Narendra Kumar Agrawal | 5,962,180 | 4.35 |
| Rupa Krishnan Agrawal | 828,910 | 0.60 |
| Members of Promoter Group | ||
| AGI Trust | 250,000 | 0.18 |
| AGI Trust | 250,000 | 0.18 |
| Total | 2,91,95,195 | 21.29 |
Should You Subscribe To Fractal Analytics IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Fractal Analytics IPO
Leading Player in AI market
The company is leading player in enterprise data, analytics and AI company, recognized globally, with capabilities across the DAAI value chain. Further, enterprises are increasingly engaging with third-party providers for third party data, analytics and AI (“DAAI”) services, as they find it difficult to navigate the rapidly evolving DAAI market and access the right talent and technologies, while managing internal costs and core competencies.
Long-term client relationship
The depth of company engagement with clients is evidenced by the tenure of its relationship with top clients as well as revenues from top clients. As of March 31, 2025, among top 10 clients in Fiscal 2025, company ave been engaged by a US-based global technology company for over eight years; a US-based multinational CPG corporation for over 19 years; and a global HLS player for over 10 year. Net Revenue Retention in Fractal.ai segment was 121.3%, 110.2% and 151.0% for Fiscals 2025, 2024 and 2023 respectively, represent ability to retain and expand revenue from existing clients.
Accelerate capabilities through acquisitions
The company has developed comprehensive mergers and acquisitions (“M&A”) process that has been improved and optimized through a number of successful transactions, which aims to de-risk the capital allocation process and derive the benefits and synergies expected from transactions. It focused on M&A as a lever for growth and this has led to the development of its capability to source potential opportunities and evaluate targets.
Complementing technical expertise with functional expertise
The company has developed specialized functional capabilities to solve business problems across multiple functions, such as sales & marketing, supply chain, finance and accounting and data & AI. To reduce its reliance on multiple partners across the DAAI value chain, enterprises, especially large buyers. It enables company to solve business problems for our clients and serve them across industries.
Risk Factors of Fractal Analytics IPO
Digital security risk
Data-related concerns, such as data privacy concerns, data security threats, lack of data quality, and data silos within enterprises, remain the biggest challenges that enterprises face when adopting data, analytics and AI. Problems such as, security breaches, cyber-attacks, computer viruses and hacking activities may cause material adverse effects on company business, financial performance and results of operations.
Long-term relationship concern
The success of company business depends on its ability to attract, retain and expand relationships with clients. The company derived 53.8% of its revenue in Fractal.ai segment from their top-10 clients and 80% revenue in Fractal.ai segment from its existing “Must Win Clients” (“MWC”) in Fiscal 2025. If company cannot maintain and expand its relationships with existing client base or add new clients then cash flows and results of operations may be adversely affected.
Geographic revenue concentration
The company derived 65.2% of its revenue from operations from the United States of America for Fiscal 2025. Any changes in the legal and regulatory environment, such as changes to the data protection and privacy protection requirements, or in relation to taxation laws and also including imposition of international sanctions on one or more of the countries in which company operate may adversely affect results of operations and require increased time and attention from company management.
Regularity risk
The business of company is subject to evolving laws regarding AI, privacy, data protection and the collection, storing, sharing, use, processing, transfer, disclosure, and protection of personal information & other data. Such laws, rules and regulations are uncertain, complex and subject to differing interpretations, may be inconsistent among the countries and regions in which company and clients operate. Any changes in business practices, monetary penalties, increased cost of operations, may harm company business.
Fractal Analytics IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the Fractal Analytics Limited is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
