# Fusion CX Limited: IPO analysis > Fusion CX Limited (CIN U72900WB2004PLC097921) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹500 Cr and an offer for sale of ₹202 Cr, priced at ₹275.00 to ₹289.00 per share. In FY26 it reported revenue of ₹1,818 Cr (+36.8% on FY25) and a net profit of ₹170 Cr. Promoters hold 98.5% before the IPO. Our fact-check of its claims found 7 medium or high concerns across 69 claims checked. - Page: https://ipo.innerkore.com/company/U72900WB2004PLC097921/fusion-cx-limited/ - CIN: U72900WB2004PLC097921 - Last updated: 12 Oct 2026 ## Key facts - **Company:** Fusion CX Limited - **CIN:** U72900WB2004PLC097921 - **Filing stage:** RHP - **Latest SEBI filing:** 12 Oct 2026 - **Fresh issue:** ₹500 Cr - **Offer for sale:** ₹202 Cr - **Price band:** ₹275.00 to ₹289.00 per share - **Bidding opens:** 14 Oct 2026 - **Bidding closes:** 16 Oct 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹1,818 Cr - **Revenue growth:** +36.8% - **Net profit FY26:** ₹170 Cr - **Revenue CAGR FY24 to FY26:** 35.4% - **Promoter holding (pre-IPO):** 98.5% - **Lead managers:** Nuvama Wealth Management Limited, IIFL Capital Services Limited, IIFL Securities Limited, Motilal Oswal Investment Advisors Limited - **Registrar:** KFin Technologies Limited - **Fact-check flags:** 1 high, 6 medium, 3 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 24.6x P/E. From NSE's price band, on FY26 profit; 7.4x book value. - **Growth** (looks fine): 35.4% a year. Sales FY24 to FY26; latest year +36.8%. - **Profitability** (look closer): 9.3% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.48x equity. ₹267 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 156% of profit. Operations brought in ₹264 crore against ₹170 crore of profit in FY26. - **One-off income** (look closer): 18% of profit. Other and one-off income is 18% of pre-tax profit; management describes 4 one-off items. - **Where the money goes** (looks fine): 29% for sale. 71% is new shares issued by the company. - **Red flags** (concern): 7 to review. 69 claims checked: 1 high, 6 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:| | Sales | 991 | 1,329 | 1,818 | 490 | | Sales growth | – | 34.1% | 36.8% | – | | Operating profit | 74 | 175 | 296 | 82 | | Operating margin | 7.5% | 13.2% | 16.3% | 16.7% | | Net profit | 36 | 74 | 170 | 56 | | Net margin | 3.7% | 5.6% | 9.3% | 11.4% | | Net worth | 271 | 358 | 561 | 620 | | Borrowings | 211 | 307 | 267 | 238 | | Return on equity | 13.4% | 20.7% | 30.3% | – | ## Non-recurring items (as described by management) - The Group has received non-recurring incentive from Government (referred as “employee retention credit”). (p.445) - Miscellaneous income such as insurance claims and scrap sales fluctuations were mentioned. (p.452) - Other income included incomes arising from liabilities/provisions no longer required written back, foreign exchange fluctuations, interest incomes from bank deposits, security deposits, loan to related parties, dividend on investments, and other miscellaneous incomes. (p.453) - Other expenses included non-recurring expenses pertaining to earn out payments in relation to past acquisitions amounting to ₹3.89 Crore. (p.456) ## Use of proceeds (fresh issue) - 2,756.95 2,756.95 NA NA Investment in our step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, for upgrading IT tools i.e. Arya and MindVoice: ₹61 crore - Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes(1): amount not fixed yet ## Fact-checked claims - **HIGH** (LitigationStatus): The Group Companies are not party to any pending litigation that has a material impact on the Company as of the date of the Red Herring Prospectus.. Search result [1] indicates that Fusion CX faces a pending US$1 million purchase-price lawsuit related to a January 2025 acquisition, which directly relates to the claim about pending litigation. This suggests the claim might be inaccurate or incomplete regarding existing legal issues. - **MEDIUM** (LitigationStatus): Ameridial, Inc. instituted a civil action alleging that the Defendants failed to disclose certain liabilities and a pending suit involving Sequential Technology International, LLC.. Search results corroborate the existence of a lawsuit related to a purchase price claim, mentioning a pending US$1 million lawsuit tied to the January 2025 acquisition of Sequential Technology. This aligns with the claim that a civil action was instituted alleging undisclosed liabilities and a pending suit. - **MEDIUM** (LitigationStatus): The Company filed an application under section 9 of the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal, Chandigarh bench, against One Mobikwik Systems Private Limited for non-repayment of dues amounting to ₹1.82 Crore.. The search results show various legal proceedings and disputes involving One Mobikwik Systems Ltd. against different parties, including TDS matters and consumer complaints, but none directly confirm the specific claim of a filing under section 9 of the IBC against One Mobikwik Systems Private Limited for non-repayment of dues amounting to ₹1.82 Crore. - **MEDIUM** (RegulatoryAction): The certification confirms that all relevant provisions of the Companies Act, 2013, rules, regulations, and guidelines issued by the Government of India or SEBI have been complied with.. The search results mention a pending US$1 million purchase-price lawsuit related to a January 2025 acquisition, which suggests potential regulatory or legal scrutiny. However, the results do not directly confirm or deny the broad claim that all relevant provisions of the Companies Act, 2013, rules, regulations, and guidelines have been complied with. - **MEDIUM** (SubsidiaryPerformance): The company acquired 100% shares of Competent Synergies Private Limited in 2021.. The search results indicate that Competent Synergies Pvt Ltd is an established entity with experience and services, and that Fusion has an acquisition relationship with them. However, the search results do not explicitly confirm the exact date or nature of the 2021 acquisition of 100% shares by Fusion CX Limited. - **MEDIUM** (RegulatoryAction): Certification was made that all relevant provisions of the Companies Act, 2013, rules, regulations, and guidelines issued by the Government of India or SEBI have been complied with.. The search results mention a lawsuit claim related to a purchase price, which relates to legal compliance, but they do not directly confirm or deny the broad claim that all relevant provisions of the Companies Act, 2013, rules, regulations, and guidelines have been complied with. Other results provide information about promoter ownership and company profile. - **MEDIUM** (LitigationStatus): The Company has filed an application under section 9 of the Insolvency and Bankruptcy Code, 2016 against One Mobikwik Systems Private Limited for non-repayment of dues amounting to ₹1.82 Crore.. The search results confirm that there are legal disputes and proceedings involving One Mobikwik Systems Ltd. and related entities, such as a dispute referred to mediation by the Delhi High Court and other legal cases. However, the results do not explicitly confirm the specific claim that the company filed an application under section 9 of the IBC against One Mobikwik Systems Private Limited for non-repayment of dues amounting to ₹1.82 Crore. - **LOW** (SubsidiaryPerformance): The company was originally incorporated as Xplore-Tech Services Private Limited on February 25, 2004, through a certificate of incorporation issued by the Registrar of Companies, West Bengal at Kolkata.. Several search results corroborate the claim, indicating that the company was originally incorporated as Xplore-Tech Services Private Limited in February 2004. Some sources also mention subsequent name changes to Fusion CX Private Limited and Fusion CX. - **LOW** (LitigationStatus): Sequential Technology International Holdings LLC instituted a Civil Action alleging that the Defendants failed to disclose certain liabilities and litigation affecting the target company, including alleged liabilities relating to AT&T charges, Bethlehem Tax Liabilities, 401(k) contribution liabilities and the Everbridge Litigation.. Search results indicate a lawsuit related to a US purchase-price claim against Fusion CX, which is related to an acquisition of Sequential Technology, corroborates the general theme of litigation mentioned in the claim. However, the search results do not specifically mention the alleged liabilities like AT&T charges, Bethlehem Tax Liabilities, 401(k) contribution liabilities, or the Everbridge Litigation. - **LOW** (SubsidiaryPerformance): High-tech and e-commerce enterprises use outsourced CX to manage global technical support, payments, and fraud prevention.. The search results mention that Fusion CX offers customer experience management and business process solutions and provides AI-related data services, which is related to the claim about outsourced CX. However, the results do not explicitly confirm or deny the specific claim regarding high-tech and e-commerce enterprises using outsourced CX for technical support, payments, and fraud prevention. - **NONE** (PromoterBackground): No dividend has been declared or paid by the Company during the three months period ended June 30, 2026 and the last three Fiscals, preceding the date of this Red Herring Prospectus nor since July 1, 2026 until the date of this Red Herring Prospectus.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the offer document concerning dividend declarations or payments by Fusion CX Limited. - **NONE** (PromoterBackground): The dividend policy was adopted and approved by the Board in their meeting held on April 11, 2025.. No web search results were found to corroborate, contradict, update, or provide any new information regarding the claim that the dividend policy was adopted and approved by the Board in a meeting held on April 11, 2025. ## Common questions ### How big is the Fusion CX Limited IPO? Fusion CX Limited's IPO comprises a fresh issue of ₹500 Cr and an offer for sale of ₹202 Cr, according to its Red Herring Prospectus. The price band is ₹275.00 to ₹289.00 per share. ### What are Fusion CX Limited's revenue and profit? Fusion CX Limited reported revenue from operations of ₹1,818 Cr in FY26, +36.8% versus FY25. Net profit was ₹170 Cr (FY25: ₹74 Cr). Revenue grew at a compound rate of 35.4% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in Fusion CX Limited? Promoters and the promoter group hold 98.5% of Fusion CX Limited before the IPO. ### How will Fusion CX Limited use the IPO money? The fresh-issue proceeds are earmarked for: 2,756.95 2,756.95 NA NA Investment in our step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, for upgrading IT tools i.e. Arya and MindVoice (₹61 Cr); Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Fusion CX Limited's RHP? We fact-checked 69 claims from the filing against the open web: 1 raised a high concern, 6 medium and 3 low. The most notable: Search result [1] indicates that Fusion CX faces a pending US$1 million purchase-price lawsuit related to a January 2025 acquisition, which directly relates… Search results corroborate the existence of a lawsuit related to a purchase price claim, mentioning a pending US$1 million lawsuit tied to the January 2025… The search results show various legal proceedings and disputes involving One Mobikwik Systems Ltd. against different parties, including TDS matters and… This is an automated screen, not a verdict; each finding links to its sources. ### What does Fusion CX Limited do? Here's what almost nobody noticed: Fusion CX isn't just navigating an IPO; they're currently facing a pending US$1 million purchase-price lawsuit tied to a January 2025 acquisition. That fact changes how you need to look at this entire story. ### Who manages the Fusion CX Limited IPO? Book running lead managers: Nuvama Wealth Management Limited, IIFL Capital Services Limited, IIFL Securities Limited, Motilal Oswal Investment Advisors Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Fusion CX Limited IPO documents? All 2 filings for Fusion CX Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Fusion CX Limited](https://nsearchives.nseindia.com/content/ipo/RHP_FUSIONCX.zip) (Red Herring Prospectus, filed 12 Oct 2026) - [Fusion CX Limited – RHP](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791977593178.pdf) (Red Herring Prospectus, filed 9 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.