Fractal Analytics IPO - Company Analysis
Fractal Analytics IPO is a Mainboard IPO and a bookbuilding issue of Rs. 2,833.90 Cr by Fractal Analytics Ltd. The company is an international corporate AI and analytics firm that helps large businesses make better decisions. With over 20 years of experience, Fractal develops AI solutions by combining deep technical capabilities with strong functional and domain expertise.
As of September 30, 2025, Fractal’s offerings are divided into two main categories:
Fractal.ai
This segment provides AI products and services through its agentic AI platform, Cogentiq. The platform includes built-in tools, governance, low-code capabilities, and security features to simplify and accelerate product development.
Fractal Alpha
This segment consists of independent AI companies focused on scaling new markets. These businesses operate autonomously to drive innovation across multiple industries and geographies.
Fractal Analytics IPO Details
The Fractal Analytics Ltd IPO will open from February 09 to February 11, 2026. The IPO allotment is expected on February 12, while refunds will be initiated on February 13, 2026.
This Rs. 2,833.90 Cr mainboard IPO includes a mix of fresh issue and offer for sale. The fresh issue consists of 1.14 crore shares worth Rs. 1,023.50 Cr, while the offer for sale includes 2.01 crore shares worth Rs. 1,810.40 Cr.
The Fractal Analytics IPO is likely to be listed on Monday, February 16, 2026, on both BSE and NSE. The IPO price band is fixed between Rs. 857 and Rs. 900 per share.
| Events | Date |
| IPO Opening Date | February 09, 2026 |
| IPO Closing Date | February 11, 2026 |
| IPO Allotment Date | February 12, 2026 (Tentative) |
| Refund Initiation | February 13, 2026 (Tentative) |
| Tentative IPO Listing Date | February 16, 2026 |
Industry Outlook
{Source: Everest Group (2025)}
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Company Financial
(Amount in Cr)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 2,857.60 | 2,392.00 | 2,248.70 |
| Total Income | 2,816.20 | 2,241.90 | 2,043.70 |
| Profit After Tax | 220.60 | -54.70 | 194.40 |
| EBITDA | 398.00 | 97.20 | 436.80 |
| Net Worth | 1,748.30 | 1,397.00 | 1,339.20 |
| Reserves and Surplus | 1,728.70 | 1,380.50 | 1,323.10 |
| Total Borrowing | 266.20 | 250.10 | 325.60 |
Cash Flows
The cash flows from various activities are presented below:
(Amount in Mn)
| Net Cash Flow In Multiple Activities | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Net Cash Flow Operating Activities | 3,970 | 1,595 | (306) |
| Net Cash Flow Investing Activities | (1,810) | (1,501) | 1,249 |
| Net Cash Flow Financing Activities | (224) | (1,450) | (574) |
Revenue Bifurcation
(Source: RHP)
Click to check the IPO application status.
Listed Peers of Fractal Analytics Ltd.
As mentioned in the RHP, there is no listed peer of a similar size engaged in the same line of business.
Valuation
| KPI | Values |
| RoNW | 12.6% |
| PAT Margin | 8.00% |
| EBITDA Margin | 14.40% |
| Price to Book Value | 8.65 |
Evaluation of P/E Ratio
Considering the period ended FY 2025, with an EPS of Rs. 14.49 from the last year, the P/E ratio works out to 62.11x.
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IPO's Strengths
- Leader in a large and rapidly growing AI market.
- Established and expanding relationships with well-known international clients, supporting a diversified revenue base.
- Strong and integrated technical, domain, and functional expertise.
- Proven track record of building and investing in solutions that benefit customers.
- Culture that promotes openness, trust, and freedom for talent development.
IPO Weaknesses
- Risks related to data protection and cybersecurity.
- Risks associated with the development, delivery, and use of AI solutions.
- Dependence on key leadership and highly skilled talent.
Fractal Analytics IPO GMP
Fractal Analytics IPO GMP is ₹-7.00 as of 13 February 2026. With the price band fixed at Rs. 900, the estimated listing price is around Rs. 956, which indicates a potential gain/loss of 6.22%.
Fractal Analytics Limited IPO Summary
| IPO Opening & Closing Date | Feb 09, 2026 to Feb 11, 2026 |
| Face Value | Rs. 1 per Share |
| Issue Price | Rs. 857 to Rs. 900 |
| Lot Size | 16 Shares |
| Issue Size | 3,14,87,777 Shares (Rs. 2834 Cr) |
| Listing At | BSE, NSE |
| Issue Type | Book Built Issue IPO |
| Registrar | MUFG Intime India Pvt. Ltd. |
Fractal Analytics IPO Lot Size
The Fractal Analytics Ltd. IPO allows retail investors to apply for a minimum of 1 lot (16 shares) amounting to Rs. 14,400, and a maximum of 13 lots (208 shares) amounting to Rs. 1,87,200.
For S-HNI investors, the minimum application size is 14 lots (224 shares), amounting to Rs. 2,01,600.
| Minimum Lot Investment (Retail) | 1 Lot |
| Maximum Lot Investment (Retail) | 13 Lots |
| SHNI (Minimum) | 14 Lots |
| SHNI (Maximum) | 69 Lots |
| BHNI (Minimum) | 70 Lots |
Fractal Analytics IPO Reservation
| Institutional Share Portion | 75% |
| Retail Investors' Share Portion | 10% |
| Non-Institutional Shares Portion | 15% |
Fractal Analytics IPO Allotment Status
To check the Fractal Analytics IPO allotment status, visit the official Registrar’s website or the BSE website. The website links are provided below for your reference.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Fractal Analytics Ltd.
- Srikanth Velamakanni
- Pranay Agrawal
- Chetana Kumar
- Narendra Kumar Agrawal
- Rupa Krishnan Agrawal.
| Pre-Issue Promoter Shareholding | 18.19% |
| Post-Issue Promoter Shareholding | - |
Fractal Analytics IPO Lead Managers
- Kotak Mahindra Capital Co. Ltd.
Dividend Policy
The company has not declared or paid any dividend during the last three financial years.
Conclusion
The Fractal Analytics IPO offers investors exposure to a fast-growing global AI and analytics market, backed by strong industry tailwinds and a base of prominent clients. However, the Fractal Analytics IPO GMP indicates muted listing expectations, and the high valuation (P/E of around 62x) suggests that the IPO is more suitable for long-term, risk-aware investors rather than short-term listing gain seekers.
For investors who are comfortable with a premium valuation, Fractal Analytics IPO GMP trends, and potential execution risks, the Fractal Analytics IPO can be a good addition to portfolios seeking high-quality, scalable AI companies.
StocKart IPO Analysis
This blog shares an objective analysis of the Fractal Analytics IPO based on publicly available information. It highlights various aspects such as business fundamentals, valuation, and Fractal Analytics IPO GMP trends to help readers better understand the offering.
This content is for informational purposes only and does not encourage or recommend investing in the IPO. Readers should assess the IPO based on their own financial goals and risk profile.
👉 Read the Company Prospectus – Click here to download the DRHP
