| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹857 to ₹900 | 16 | 09th Feb, 2026 –11th Feb, 2026 | ₹2,834 Cr |
Fractal Analytics Limited
Fractal Analytics Limited (FAL), founded in 2000, is a globally recognized enterprise artificial intelligence company that partners with large global enterprises to deliver data-driven insights and enable better decision-making through end-to-end AI solutions. The company offers its full suite of AI capabilities across two segments. Firstly, Fractal.ai comprises AI services and products, primarily hosted on Cogentiq, its flagship agentic AI platform, which enables enterprises to accelerate product development and upgrades through a prebuilt suite of agents, tools, and connectors, supported by low-code capabilities and robust security, governance, auditability, and interoperability features. The second segment, Fractal Alpha, houses the company’s AI businesses. FAL works closely with clients across the entire AI transformation lifecycle, from ideation and development to enterprise-wide adoption. As of September 30, 2025, the company served 122 MWCs (Must Win Clients), with a client roster that includes Citibank, Costco, Franklin Templeton, Mars, Mondelez, Nationwide, Nestle and Philips, among others, and had worked with a majority of the Magnificent Seven companies as of March 31, 2025. The company has deep domain expertise across consumer-packaged goods and retail (CPGR), technology, media and telecom (TMT), healthcare and life sciences (HLS), and BFSI. By FY25 revenue rankings, FAL has engaged with 10 of the top 20 CPG companies, 8 of the top 20 TMT companies, 3 of the top 20 BFSI companies, 10 of the top 20 HLS companies and 5 of the top 20 retail companies. Notably, the company has maintained long standing relationships with its top ten clients, with an average association exceeding eight years.
Objective of the Fractal Analytics Limited
Out of the total issue size of Rs. 2,834 crores, Rs. 1,810 crores comprise OFS.
The company proposes to utilize net proceeds (Rs. 1,024 crores) from the issue towards the following objects:
- Investment in one of its subsidiaries, Fractal USA, for pre-payment and/ or scheduled repayment, in full or in part, of its borrowings;
- Purchase of laptops;
- Setting-up new office premises in India;
- Investment in (a) research and development; and (b) sales and marketing under Fractal Alpha; and
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes.
Rationale To Fractal Analytics Limited
Well-positioned to benefit from a rapidly expanding AI landscape and capitalize on emerging growth tailwinds
The company is well-positioned to capitalize on strong structural tailwinds in the global data, analytics, and AI (DAAI) market, which is witnessing rapid adoption as enterprises increasingly embed AI into core decision-making and operational processes. As enterprises face challenges in navigating a fast-evolving technology landscape and accessing specialized talent, demand is shifting toward third-party providers with end-to-end DAAI capabilities. With offerings spanning consulting, technology services, software solutions, and AI products across the entire DAAI value chain, the company addresses a large and expanding total addressable market, estimated at USD 143 billion (Rs. 12 trillion) in FY25 and expected to grow at a CAGR of 16.7% through FY30. The increasing preference of large enterprises to consolidate AI engagements with a single, integrated partner further strengthens the company’s competitive positioning. This favorable demand environment is complemented by a sustained strategy of investing in AI research and product innovation to stay ahead of technology cycles. The company continues to identify emerging AI trends and undertake fundamental research in areas such as generative AI, quantum computing, and computational neuroscience, translating these efforts into scalable, enterprise-ready solutions. Its focus on building agentic systems across knowledge, reasoning, and action layers, along with the development of proprietary foundation and reasoning models, enhances differentiation and supports long-term relevance as AI use cases become more complex and mission-critical.
Strong project pipeline with visibility towards near-term cash flows
The company’s ongoing projects and forthcoming projects, along with their ability to sell throughout the construction phase, provide visibility into near-term cash flows. As of December 31, 2024, the company had 25 ongoing projects, six forthcoming projects, and five planned projects, primarily across key micro-markets in the Mumbai Metropolitan Region (MMR). These projects are expected to benefit from the infrastructural development underway in Greater Mumbai and the MMR, thereby achieving long-term sustainability and increasing the carrying capacity of the city’s transportation networks. This, in turn, will improve traffic and transportation capacity in the MMR, both in terms of capacity and quality. Additionally, the company’s flagship developments, such as Kalpataru Parkcity in Thane, are positioned as “destination developments,” thereby strengthening the brand’s presence. The substantial development pipeline provides a competitive edge and supports the company’s continued leadership in MMR’s high-demand real estate market.
Valuation of Fractal Analytics Limited IPO
India’s real estate sector is projected to reach USD 1 trillion by 2030 and contribute 13% to GDP by 2025. This strong growth is driven by urbanization, rising incomes, and policy support; between 2019 and 2023, the top seven cities saw robust housing demand with 4.76 lakh units absorbed in 2023 alone, leading to a decline in unsold inventory to around 6 lakh units and the lowest inventory overhang in 6–7 years. As a prominent player with a well-established brand name, Kalpataru, backed by an experienced and qualified management team, the company is well-positioned to capitalise on these growing trends in the Indian real estate industry. The company has maintained its focus on the MMR and Pune regions, with a strong project pipeline. They are working towards the timely completion of these projects, as this will generate cash flow and enable them to unlock potential value in their existing land reserves. Additionally, the company is exploring new opportunities, including redevelopment, JDA and JV projects. The company currently has 13 such ongoing projects, including five redevelopment projects, two joint venture projects, and six joint development agreements. Financially, the company’s revenue declined from Rs. 36,332 mn in FY23 to Rs. 19,300 mn in FY24, while the 9MFY25 revenue stands at Rs. 16,247 mn. According to management, the topline for FY23 was higher due to one-time income from the sale of its land parcel, and corresponding adjustments of overheads, etc., resulted in higher losses of Rs. 2,268 mn in FY23, which narrowed to Rs. 1,138 mn in FY24. This was also because of the reduction in the company’s interest cost from Rs. 1,303 mn in FY23 to Rs. 342 mn in FY24. In 9MFY25, the company turned profitable, reporting a profit of Rs. 55 mn. The company’s management is confident that it can further enhance its financial performance and maintain its profitable status in the years to come, given its ongoing projects. Further, as of March 27 , 2025, the company converted Rs. 14,400 mn worth of unsecured debentures into equity shares, which will reduce debt and increase capital. Additionally, the company may monetize land reserves and explore joint ventures to unlock value, while managing financial risks through refinancing and strategic debt repayment to reduce borrowing costs. The company also plans to use the funds raised from this IPO to repay its debt. The company is currently valued at a P/E ratio of 554x on the upper price band, based on FY25 annualized earnings, which is comparatively higher than its peers. Although the company’s ongoing projects in high-growth cities, favourable industry dynamics, and intention to repay debt position it well for long-term growth, the company’s debt and high valuation make it a risky bet; hence, we recommend an “AVOID” rating for this issue. We will reassess our recommendation if there is a sustained improvement in the company’s debt structure and valuation metrics in future.
What is the Fractal Analytics Limited IPO?
The initial public offer (IPO) of Fractal Analytics Limited offers an early investment opportunity in. A stock market investor can buy Fractal Analytics Limited . IPO shares by applying in IPO before All Fractal Analytics Limited shares get listed at the stock exchanges. An investor could invest in Fractal Analytics Limited IPO for short term listing gain or a long term.
How to apply for the Fractal Analytics Limited IPO through StoxBox?
To apply for the Fractal Analytics Limited IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Fractal Analytics Limited IPO open?
Fractal Analytics Limited IPO is opening on 09 Feb Jan 2026. Apply Now
What is the lot size of the Fractal Analytics Limited IPO?
The Lot Size of Fractal Analytics Limited IPO is 16 equity shares. Login to your account now.
When is the Fractal Analytics Limited allotment date?
The allotment Date for Fractal Analytics Limited IPO is 12th Feb 2026. Login to your account now.
When is the Fractal Analytics Limited IPO listing date?
The listing Date for Fractal Analytics Limited IPO is 16th Feb 2026. Login to your account now
What is the minimum investment required for the Fractal Analytics Limited IPO?
In the Retail segment the minimum investment required is Rs. 14,400. Login to your account now
What is the maximum investment allowed for the Fractal Analytics Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,872,00. Login to your account now
What are the risks associated with investing in the Fractal Analytics Limited IPO?
- The company has incurred net losses in the past, and any potential losses in future periods could adversely affect its financial health, results of operations, and cash flows.
- As of December 31, 2024, 94.84% of the company’s real estate development projects were located in and around the Mumbai Metropolitan Region and Pune. As a result, the company remains exposed to risks arising from economic, regulatory, political, and other changes in these regions, which could adversely impact its business, operating results, and financial condition.
- The company is exposed to risks associated with land acquisition, including limited land availability, rising competition, and complex regulatory requirements, which may adversely impact its business, operational results, and financial condition.
When will the Fractal Analytics Limited IPO shares be credited to my Demat account?
The Fractal Analytics Limited IPO be credited to the account on allotment date which is 12th Feb 2026. Login to your account now
Where can I find the Fractal Analytics Limited IPO prospectus?
The prospectus of Fractal Analytics Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
