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Fractal Analytics Ltd

FRACTAL

NSE

₹713.45-3.19%19 Oct 2026

Reports

IT Enabled Services and BPO

Fractal Analytics Ltd

FRACTAL

NSE

₹713.45

-3.19%

19 Oct 2026

SOICxStockScans Reports

Ask AI

IT Enabled Services and BPO

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Fractal Analytics is an enterprise AI company that helps large organisations make better decisions - thousands of them every day - inside the messy, fragmented systems where data lives and small mistakes are expensive. Founded in 2000 as a private analytics firm and now publicly listed, it has grown into a pure-play AI partner trusted by over 100 Fortune 500-sized enterprises, with a vision to power every human decision in the enterprise. The recurring approach that explains everything else is this: Fractal builds a common platform layer of AI agents that can plan, coordinate and execute work, then uses that platform to deliver services, products and workforce transformation - turning a service business into something closer to a software business where work compounds.

Business segments

Three go-to-market pillars sit on one shared AI platform, with a small but fast-growing set of IP-led businesses alongside - a services-and-software mix where the platform makes every engagement feed the next.

1. AI-led Transformation: redesigning how enterprises work

This is the process dimension - Fractal reimagines entire business workflows with AI to drive measurable outcomes, anchored in deep industry expertise across consumer goods, telecom, banking and healthcare.

Revenue growth, not just cost-cutting - the practice helps companies understand demand, optimise pricing and promotions, and grow categories using AI, targeting business and functional CXOs rather than just the IT department.
Supply chains that think - one engagement built an agentic AI engineering platform for a global consumer goods major that cut data pipeline build time by up to 75%, from a full day to roughly two hours, used by hundreds of data engineers.
Seconds instead of days - for a pharmaceutical major, Fractal built an agentic platform that accelerated accurate clinical response from 3-4 days to seconds, enabling real-time engagement with healthcare professionals.
Machines that self-optimise - in work with PepsiCo, AI was brought into manufacturing for smart packaging, where the system adjusts packs per minute automatically without human intervention.

2. AI Foundations: the technical backbone for AI at scale

This is the layer underneath everything - the data, agents and controls that enterprises need before AI can work reliably, targeting CIOs, CTOs and chief AI officers.

Enterprise data as a moat - Fractal builds and trains models inside clients' own data systems, creating ontological layers of knowledge on top of frontier models, which the company considers a defensible competitive advantage because it is hard for model providers to replicate.
Smaller, specialised models - LLM Studio helps organisations build and run domain-specific language models using open-source models, with one module for creating compact, specialised models and another for managing their full life cycle after creation.
Governance built in - the pillar includes responsible AI, tech stack migration and golden datasets, so that AI at scale does not become AI out of control.

3. AI for Work and Workforce Transformation: the people dimension

This is about hiring, training, evaluating and coaching in a world where people and AI agents work side by side, targeting CHROs and business leaders.

Eat your own cooking - the company uses its own AI-powered hiring assessment platform, Iqigai.ai, and runs AI coding agents and talent allocation software internally, so the workforce practice is tested on Fractal's own 5,868 employees first.
Government-scale training - Fractal's course "AI for Karmayogis" on the Government of India's iGOT platform crossed 25 lakh completions.

4. Fractal Alpha: IP-led businesses with recurring revenue

A small but fast-growing segment of platform-like businesses with annualised recurring revenue models, distinct from the core services pillars - losses have narrowed sharply as they scale.

Asper.ai: an operating system for consumer goods commercial planning - this AI platform for revenue growth management serves about 15 CPG and FMCG clients, with annualised recurring revenue that has grown roughly 77% year-over-year for three years running.
Analytics Vidhya: community meets enterprise - a data science community and enterprise training business that grew 49% in the last fiscal year, serving over 15 clients including healthcare companies and banks similar to Fractal's largest customers.
AutoGrader: AI that evaluates learners - a multi-agentic system that assesses code and project outcomes from learner submissions, delivering real-time feedback; it has evaluated over 18,000 submissions and is deployed with several clients.

Cogentiq - the shared platform layer

Every pillar and product runs on Cogentiq, Fractal's agentic AI platform that allows AI agents to plan tasks, coordinate with one another, access enterprise systems and execute work reliably - turning each client engagement into reusable platform capability.

One platform, one Fractal - Cogentiq underpins all three go-to-market pillars, so the client sees a single company rather than fragmented offerings, and every engagement builds the platform further.
Always-on e-commerce brain - Cogentiq e-commerce, launched in mid-2026, monitors over 70 profit-driving marketplace signals daily for each product SKU and recommends corrective actions across customer, media and supply chain functions within minutes, going live in as little as two days using only a marketplace API.
Agents that actually do the work - Flyfish.ai, built on the platform, deploys 35 coordinated AI agents across the B2B sales lifecycle to research accounts, draft outreach and manage the pipeline; unlike tools that suggest what a salesperson should do, Flyfish does it, helping early adopters close deals up to 30% faster and improve sales productivity by 42%.

AI Research and proprietary models

A dedicated research team spending 6-8% of revenue on foundational AI advances - producing healthcare models, reasoning systems and agentic frameworks that feed the platform and products.

Vaidya 2.0: a healthcare model that reasons clinically - the world's first model to cross 50 on OpenAI's HealthBench Hard, one of the toughest clinical reasoning benchmarks, available on all major mobile platforms with features including report interpretation from PDFs and images, a symptom checker and medication reminders.
PiEvolve: AI that learns from failure - an evolutionary agentic framework that transforms one-shot machine learning into continuous optimisation, iterating until it exhausts its computational budget; it ranks among the top performing agents on OpenAI's MLE-Bench Benchmark.
Open-sourced reasoning - Fathom-R1-14B is an open-sourced Large Reasoning Model from the research team, alongside launches including MarshallGoldsmith.ai and Kalaido.ai.
68 patents and counting - the company held 68 patents granted and applied for as of March 2026, with R&D investment running at INR 212 crore in the latest year, 48% higher than the year before.

Group structure and partners

A publicly listed Indian company with global operations across the Americas, Europe and APAC, a simplified subsidiary structure, and deep partnerships with hyperscalers and frontier AI labs.

Global footprint, one listed entity - Fractal Analytics Limited employs over 5,000 professionals across the United States, Canada, the UK, the Netherlands, Ukraine, India, Singapore, South Africa, the UAE and Australia.
Structure simplified - in March 2026, the company reduced the equity share capital of subsidiary Senseforth AI Research, extinguishing shares as part of reducing the number of legal entities in the group.
Spin-out success - Fractal spun out Qure.ai, a global healthcare AI leader whose lung nodule malignancy score was evaluated across 23 healthcare centres in five countries and which was named to the TIME100 Most Influential Companies 2025.
Hyperscaler partnerships - the company partners with frontier AI labs, hyperscalers, data platforms and enterprise software providers, won Microsoft Partner of the Year 2025 in Retail and Consumer Goods, and secured preferred supplier status with two of the "magnificent seven" technology companies.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹12,362Cr

Close Price

₹712.00

Industry

IT Enabled Services and BPO

Price To Earnings

35.74

Price To Sales

3.58

Revenue

₹3,452Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Upcoming Results on

3 Nov 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	707	758	761	799	854	886	913
Growth YoY Revenue Growth YoY%					20.8	17.0	20.0
Expenses ExpensesCr	619	630	658	702	726	706	770
Operating Profit Operating ProfitCr	88	128	103	97	129	180	143
OPM OPM%	12.5	16.9	13.5	12.1	15.0	20.3	15.7
Other Income Other IncomeCr	48	3	-8	-6	-17	12	3
Interest Expense Interest ExpenseCr	10	11	12	12	11	13	9
Depreciation DepreciationCr	24	34	30	34	36	37	40
PBT PBTCr	102	86	53	46	65	143	97
Tax TaxCr	10	30	15	13	-35	27	25
PAT PATCr	92	56	38	33	100	116	72
Growth YoY PAT Growth YoY%					8.6	108.7	91.8
NPM NPM%	13.0	7.3	5.0	4.2	11.7	13.1	7.9
EPS EPS₹	6.0	3.4	2.4	2.1	6.4	7.1	4.3

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	707	758	761	799	854	886	913
Growth YoY Revenue Growth YoY%					20.8	17.0	20.0
Expenses ExpensesCr	619	630	658	702	726	706	770
Operating Profit Operating ProfitCr	88	128	103	97	129	180	143
OPM OPM%	12.5	16.9	13.5	12.1	15.0	20.3	15.7
Other Income Other IncomeCr	48	3	-8	-6	-17	12	3
Interest Expense Interest ExpenseCr	10	11	12	12	11	13	9
Depreciation DepreciationCr	24	34	30	34	36	37	40
PBT PBTCr	102	86	53	46	65	143	97
Tax TaxCr	10	30	15	13	-35	27	25
PAT PATCr	92	56	38	33	100	116	72
Growth YoY PAT Growth YoY%					8.6	108.7	91.8
NPM NPM%	13.0	7.3	5.0	4.2	11.7	13.1	7.9
EPS EPS₹	6.0	3.4	2.4	2.1	6.4	7.1	4.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	768	873	1,295	1,985	2,196	2,765	3,300	3,452
Growth Revenue Growth%		13.6	48.4	53.3	10.6	25.9	19.3
Expenses ExpensesCr	784	774	1,379	2,102	2,123	2,416	2,791	2,903
Operating Profit Operating ProfitCr	-15	100	-84	-116	73	350	508	549
OPM OPM%	-2.0	11.4	-6.5	-5.9	3.3	12.7	15.4	15.9
Other Income Other IncomeCr	22	19	19	553	24	48	-18	-7
Interest Expense Interest ExpenseCr	19	16	14	45	45	58	47	44
Depreciation DepreciationCr	47	52	69	78	83	102	136	146
PBT PBTCr	-60	51	-148	313	-31	238	307	351
Tax TaxCr	17	15	1	119	24	17	20	30
PAT PATCr	-77	36	-148	194	-55	221	287	321
Growth PAT Growth%		146.6	-513.4	231.0	-128.1	503.3	30.0
NPM NPM%	-10.0	4.1	-11.5	9.8	-2.5	8.0	8.7	9.3
EPS EPS₹	-31.9	15.4	-53.4	67.0	-15.6	14.5	18.2	19.9

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	768	873	1,295	1,985	2,196	2,765	3,300	3,452
Growth Revenue Growth%		13.6	48.4	53.3	10.6	25.9	19.3
Expenses ExpensesCr	784	774	1,379	2,102	2,123	2,416	2,791	2,903
Operating Profit Operating ProfitCr	-15	100	-84	-116	73	350	508	549
OPM OPM%	-2.0	11.4	-6.5	-5.9	3.3	12.7	15.4	15.9
Other Income Other IncomeCr	22	19	19	553	24	48	-18	-7
Interest Expense Interest ExpenseCr	19	16	14	45	45	58	47	44
Depreciation DepreciationCr	47	52	69	78	83	102	136	146
PBT PBTCr	-60	51	-148	313	-31	238	307	351
Tax TaxCr	17	15	1	119	24	17	20	30
PAT PATCr	-77	36	-148	194	-55	221	287	321
Growth PAT Growth%		146.6	-513.4	231.0	-128.1	503.3	30.0
NPM NPM%	-10.0	4.1	-11.5	9.8	-2.5	8.0	8.7	9.3
EPS EPS₹	-31.9	15.4	-53.4	67.0	-15.6	14.5	18.2	19.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	3	3	3	3	17
Reserves ReservesCr	270	309	955	1,340	1,403	1,743	3,168
Current Liabilities Current LiabilitiesCr	220	217	404	412	479	575	1,012
Non Current Liabilities Non Current LiabilitiesCr	369	353	339	474	493	518	209
Total Liabilities Total LiabilitiesCr	953	1,004	1,845	2,249	2,392	2,858	4,407
Current Assets Current AssetsCr	657	755	1,191	1,154	1,240	1,625	3,033
Non Current Assets Non Current AssetsCr	296	249	654	1,095	1,152	1,233	1,374
Total Assets Total AssetsCr	953	1,004	1,845	2,249	2,392	2,858	4,407

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	3	3	3	3	17
Reserves ReservesCr	270	309	955	1,340	1,403	1,743	3,168
Current Liabilities Current LiabilitiesCr	220	217	404	412	479	575	1,012
Non Current Liabilities Non Current LiabilitiesCr	369	353	339	474	493	518	209
Total Liabilities Total LiabilitiesCr	953	1,004	1,845	2,249	2,392	2,858	4,407
Current Assets Current AssetsCr	657	755	1,191	1,154	1,240	1,625	3,033
Non Current Assets Non Current AssetsCr	296	249	654	1,095	1,152	1,233	1,374
Total Assets Total AssetsCr	953	1,004	1,845	2,249	2,392	2,858	4,407

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-41	81	-117	-31	160	397	409
Investing Cash Flow Investing Cash FlowCr	6	-53	-800	125	-150	-181	-1,422
Financing Cash Flow Financing Cash FlowCr	42	-17	724	-57	-145	-22	938
Net Cash Flow Net Cash FlowCr	9	11	-190	30	-136	194	-76
Free Cash Flow Free Cash FlowCr	-64	56	-167	-65	135	314	190
CFO To PAT CFO To PAT%	52.6	226.5	78.6	-15.7	-291.6	180.0	142.6
CFO To EBITDA CFO To EBITDA%	264.7	81.7	139.6	26.3	217.3	113.5	80.5

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-41	81	-117	-31	160	397	409
Investing Cash Flow Investing Cash FlowCr	6	-53	-800	125	-150	-181	-1,422
Financing Cash Flow Financing Cash FlowCr	42	-17	724	-57	-145	-22	938
Net Cash Flow Net Cash FlowCr	9	11	-190	30	-136	194	-76
Free Cash Flow Free Cash FlowCr	-64	56	-167	-65	135	314	190
CFO To PAT CFO To PAT%	52.6	226.5	78.6	-15.7	-291.6	180.0	142.6
CFO To EBITDA CFO To EBITDA%	264.7	81.7	139.6	26.3	217.3	113.5	80.5

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							13,087	12,362
Price To Earnings Price To Earnings							45.6	35.7
Price To Sales Price To Sales							4.0	3.6
Price To Book Price To Book							4.1	3.9
EV To EBITDA EV To EBITDA							24.3	22.0
Profitability Ratios Profitability Ratios
GPM GPM%	99.3	99.5	99.8	97.4	97.3	95.8	95.6	95.6
OPM OPM%	-2.0	11.4	-6.5	-5.9	3.3	12.7	15.4	15.9
NPM NPM%	-10.0	4.1	-11.5	9.8	-2.5	8.0	8.7	9.3
ROCE ROCE%	-6.8	11.0	-10.6	21.5	0.8	13.6	9.8	9.8
ROE ROE%	-28.3	11.5	-15.5	14.5	-3.9	12.6	9.0	9.0
ROA ROA%	-8.1	3.6	-8.0	8.6	-2.3	7.7	6.5	6.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							13,087	12,362
Price To Earnings Price To Earnings							45.6	35.7
Price To Sales Price To Sales							4.0	3.6
Price To Book Price To Book							4.1	3.9
EV To EBITDA EV To EBITDA							24.3	22.0
Profitability Ratios Profitability Ratios
GPM GPM%	99.3	99.5	99.8	97.4	97.3	95.8	95.6	95.6
OPM OPM%	-2.0	11.4	-6.5	-5.9	3.3	12.7	15.4	15.9
NPM NPM%	-10.0	4.1	-11.5	9.8	-2.5	8.0	8.7	9.3
ROCE ROCE%	-6.8	11.0	-10.6	21.5	0.8	13.6	9.8	9.8
ROE ROE%	-28.3	11.5	-15.5	14.5	-3.9	12.6	9.0	9.0
ROA ROA%	-8.1	3.6	-8.0	8.6	-2.3	7.7	6.5	6.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	IKS	FRACTAL	COLAB	BCG	KSSMART	DIGITIDE	VAKRANGEE
Market CapitalizationMkt CapCr	28,831	12,362	2,546	1,806	1,468	1,032	645
Close PriceClose₹	1,679.50	712.00	124.80	8.95	89.47	69.21	5.95
IndustryIndustry	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO
Price To EarningsPE	36.80	35.74	135.65	1.78	19.75		66.11
Price To SalesPS	8.61	3.58	15.05	0.25	1.12	0.33	2.67
RevenueRevenueCr	3,347	3,452	169	7,225	1,312	3,120	242
Revenue Growth TTMRev Gr TTM%	21.1%		157.7%	33.3%			-8.8%
PAT Growth TTMPAT Gr TTM%	40.9%		36.3%	33.0%			34.5%

	IKS	FRACTAL	COLAB	BCG	KSSMART	DIGITIDE	VAKRANGEE
Market CapitalizationMkt CapCr	28,831	12,362	2,546	1,806	1,468	1,032	645
Close PriceClose₹	1,679.50	712.00	124.80	8.95	89.47	69.21	5.95
IndustryIndustry	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO
Price To EarningsPE	36.80	35.74	135.65	1.78	19.75		66.11
Price To SalesPS	8.61	3.58	15.05	0.25	1.12	0.33	2.67
RevenueRevenueCr	3,347	3,452	169	7,225	1,312	3,120	242
Revenue Growth TTMRev Gr TTM%	21.1%		157.7%	33.3%			-8.8%
PAT Growth TTMPAT Gr TTM%	40.9%		36.3%	33.0%			34.5%