The gray market premium (gmpipo) for Fractal Analytics IPO shows strong investor interest as shares trade at a premium of ₹182 over the upper band price. This AI and analytics powerhouse plans to launch a major book-built IPO worth ₹2,833.90 crore. The offering includes fresh equity shares of ₹1,023.50 crore and an offer for sale of ₹1,810.40 crore.
The Fractal Analytics IPO share price ranges between ₹857 and ₹900 per share[-2], making it one of India’s biggest tech offerings in 2026. The company’s client base includes more than 100 Fortune 500 companies from sectors of all types including BFSI, CPG, retail, healthcare, tech, and media. Fractal Analytics’ SEBI filings showcase remarkable financial growth, with PAT jumping by 503.29% from -₹54.70 crores in March 2024 to ₹220.60 crores in March 2025. Let’s take a closer look at the Fractal Analytics IPO India listing, its GMP trends, company fundamentals, and help you decide if this chance lines up with your portfolio goals.
IPO Details and Timeline
Fractal Analytics just announced its IPO schedule, marking one of the biggest tech offerings on the Indian stock market this February. Here are all the key details about this highly awaited public issue.
Issue size and share breakdown
The company’s IPO is a massive book-built issue worth ₹2,833.90 crore. It combines two parts – they will issue fresh shares worth ₹1,023.5 crore and sell existing shares (OFS) worth ₹1,810.4 crore. This setup helps the company raise money while letting current investors cash out their investments. The fresh issue will create 1.14 crore new equity shares, and the OFS will sell 2.01 crore existing shares. The company’s DRHP shows this balanced fundraising approach will strengthen their balance sheet and let early investors get returns on their money.
Price band and lot size
You can buy Fractal Analytics’ shares between ₹857 and ₹900 each, with each share’s face value at ₹1. This puts the company’s value at about ₹15,500 crore. Regular retail investors need to buy at least 1 lot of 16 shares, which means putting in ₹14,400 at the higher price. Small non-institutional investors must get at least 14 lots (224 shares), costing ₹2,01,600. Large non-institutional investors need 70 lots minimum (1,120 shares), which comes to ₹10,08,000.
Subscription and allotment dates
The subscription window starts Monday, February 9, 2026, and ends Wednesday, February 11, 2026.Eligible investors planning to participate during the issue window can Apply Now through the IPO platform.The company has laid out clear next steps:
- Basis of Allotment Finalization: Thursday, February 12, 2026
- Refund Initiation: Friday, February 13, 2026
- Credit of Shares to Demat Accounts: Friday, February 13, 2026
Investors will know their allotment status just one day after subscriptions close. The company will divide shares based on SEBI rules – retail investors get 10%, non-institutional investors get 15%, and qualified institutional buyers get 75%.
Listing date and stock exchanges
The SEBI-approved listing happens Monday, February 16, 2026. You’ll find the shares listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The gray market shows strong investor interest, with shares trading at a 10% premium. This hints at possible gains on listing day for lucky applicants. Right now, the GMP is about ₹93 above the highest price, showing market confidence in this AI analytics company’s public debut.
Gray Market Premium (GMP) Insights
Investors are happy to track unofficial gray market prices for Fractal Analytics IPO as the listing date gets closer. Here’s what the latest gmpipo trends mean for potential investors.
Current GMP and listing expectations
The fractal analytics ipo gmp shows mixed readings across different market trackers as of February 6, 2026. Most reliable sources show the current GMP is around ₹93-99 per share. This points to an estimated listing price between ₹993 and ₹999, based on the upper price band of ₹900. Investors could see potential listing gains of 10.33-11%. All the same, some trackers share more conservative numbers. InvestorGain quotes a GMP of ₹57, which points to a lower estimated listing price of ₹957 with a 6.33% gain. The positive premium shows that markets expect this AI-focused company to list above par.
GMP movement over recent days
The fractal analytics ipo gmp has shown substantial changes in the days before its public offering:
- February 3-4: GMP reached ₹180-182, pointing to a potential listing price of ₹1,082 with expected upside of nearly 20.22%
- February 4: GMP peaked at ₹165 before it started falling
- February 5: Premium dropped to around ₹90
- February 6: More consolidation with most sources showing GMP between ₹57-99[121]
The gray market premium has cooled down compared to the early excitement when the price band was first announced. The shares had a premium of up to 21% in the unregulated market. This shows the high original interest that has now settled.
What GMP indicates about investor sentiment
Gray market premium works as an unofficial gage of how investors feel about an upcoming public offering. The positive GMP for fractal analytics ipo india shows that investors think the stock will list higher than its issue price. Fractal Analytics is India’s first pure-play AI company to go public. The steady positive GMP reflects market excitement for AI-driven businesses in today’s investment scene.
The premium has dropped from its peak but stays positive, which shows steady investor interest. This reflects their confidence in Fractal’s place in the global generative AI cycle and better profits. Swastika Investment Ltd gave it a ‘Subscribe’ rating. They believe the valuation premium makes sense given the company’s AI-focused business model.
The fractal analytics ipo sebi filings point out that gray market data is unofficial and based on speculation rather than regulated market activity[113]. IPO experts warn that GMP can change quickly. Making investment choices based only on gray market premiums can be risky. Yes, it is true that “GMP is not regulated or recommended by stock exchanges or SEBI”.
Company Fundamentals and Business Model
Fractal Analytics, a 25-year old trailblazing force in the enterprise AI world, started its journey in 2000. The company’s gmpipo performance shows strong investor interest, backed by a sophisticated business model. Let’s get into what makes this AI powerhouse successful.
AI and analytics services offered
Fractal Analytics operates as a pure-play enterprise data, analytics, and artificial intelligence (DAAI) company. The market value stands at approximately ₹12 trillion in FY25 and should reach ₹23 trillion by FY30 at a CAGR of 16.7%. Large enterprises in any discipline benefit from the company’s complete end-to-end AI solutions that help with decision-making.
Their service portfolio has:
- Strategic decision acceleration
- Customer experience optimization
- Personalization accuracy boost
- Supply chain optimization
- Risk management solutions
- Demand forecasting capabilities
The company has built seven pillars of enterprise transformation: GenAI, Machine Learning Operations, Conversational AI, Computer Vision, Cognitive Automation, Responsible AI, and Quantum Computing. They invest heavily in state-of-the-art solutions, putting 5% of revenue into R&D activities. This investment led to 24 granted patents and 41 pending applications as of August 2025.Investors evaluating the business beyond GMP trends may review the detailed company profile on fractal-analytics-company to understand its operations, clients, and financial positioning.
Client base and revenue concentration
We focused on “Must Win Clients” (MWCs)—enterprises that generate over USINR 843.80 billion in annual revenue, exceed USINR 1,687.61 billion market capitalization, or serve more than 30 million end-customers. The company managed to keep relationships with 122 such clients by September 2025. Their impressive client list features Citibank, Costco, Mars, Mondelez, Nestlé, Philips, and Franklin Templeton.
The Americas bring in two-thirds of Fractal’s revenue, with Europe and Asia-Pacific following behind. Foreign clients generate about 92% of total revenue. The company’s client relationships prove remarkably stable—its top 10 clients have stayed with Fractal for more than 8 years on average[143].
The success brings concentration risk. The fractal analytics ipo drhp shows that the top 10 clients generated 54.2% of the company’s revenue in its segment for H1FY26, with one client bringing in 8.2%. The consumer packaged goods and retail sector made up 37.5% of segment revenue during this period.
Financials and Valuation Snapshot
The numbers behind Fractal Analytics’ IPO tell an exciting story about the company’s growth and profit potential. Let’s get into the figures that make investors eager about this AI-focused enterprise.
Revenue and profit growth
Fractal Analytics showed solid revenue growth from ₹1,985 crore in FY23 to ₹2,196 crore in FY24, and then surged to ₹2,765 crore in FY25. The numbers reveal a 26% year-over-year jump between FY24-25 and an 18% CAGR through FY23-25. Analytics services brought in most of the revenue (₹2,701 crore in FY25), while subscription revenue jumped 167% to ₹64 crore in FY25.
The company’s profit story is even more impressive. Fractal turned around a ₹55 crore loss in FY24 into a ₹221 crore profit in FY25. This 503% turnaround shows how well the company improved its operations. The company managed to keep making profits in the first half of FY26 at ₹70.9 crore, though it dipped slightly by 2.7% from last year.
EBITDA and PAT margins
FY25 brought an EBITDA of ₹398 crore with a 14.13% margin, which substantially beat last year’s numbers. The profit-after-tax margin reached 8.0% in FY25, with an adjusted PAT margin of 12.6%. The return on net worth jumped to 12.6% for FY25 from -3.9% in FY24.
Smart expense management helped improve these margins. Total expenses grew by just 14.4% to ₹2,575 crore in FY25, which was slower than revenue growth.
Valuation multiples: P/E and P/B
The upper band price of ₹900 puts Fractal Analytics at a post-FY25 P/E multiple of about 78.9x. This looks high next to traditional IT companies. Pre-IPO P/E sits at 65.5x with ₹13.74 EPS, while post-IPO calculations point to a P/E of 109.12x with ₹8.25 diluted EPS.
The price-to-book value ratio stands at about 8.65x. This premium shows what investors will pay for Fractal’s AI expertise and growth potential.
Comparison with industry peers
Fractal Analytics’ valuation runs ahead of India’s traditional IT companies. TCS trades at a P/E of 22.17x, Infosys at 21.5x, and HCL Tech at 35.58x. This gap exists because Fractal stands out as a pure-play AI company in a market that has few listed AI firms.
The premium price tag reflects investor faith that Fractal will grow faster than the IT industry’s 11% rate with its own 18% CAGR. The global AI software market’s 22.9% annual growth supports this outlook.
Should You Invest in Fractal Analytics IPO?
The Fractal Analytics IPO GMP shows investor enthusiasm, but making an investment decision needs a careful look at both rewards and risks.
Strengths: market leadership, client base, innovation
Fractal Analytics gives investors a way into the AI market, which will grow 18.9% each year through 2030. Being India’s first pure-play AI company to reach public markets, it commands a premium due to limited options that partly explains its valuation. The company serves over 100 Fortune 500 companies and boasts an impressive 121.3% Net Revenue Retention. Its top clients have stayed for more than 8 years on average. The company’s steady R&D investments have led to 24 patents and home-grown AI platforms like Cogentiq, which create strong competitive advantages.
Risks: high OFS, client concentration, premium valuation
The large Offer For Sale component (₹1,810.4 crore) means most money goes to existing shareholders instead of helping the company grow. The client concentration raises concerns as the top 10 clients bring in 54.2% of revenue, and one client alone contributes 8.2%. The valuation looks expensive at 78.9x post-FY25 P/E, much higher than what we see for TCS (22.17x) and Infosys (21.5x).
SEBI and DRHP disclosures to consider
The Fractal Analytics IPO DRHP points out key operational risks. Cybersecurity issues could hurt business operations and client relationships. Project delays and implementation problems might lead to higher costs or unhappy clients. The company also faces legal cases that involve its subsidiaries and two directors.
Long-term potential vs short-term listing gains
Fractal gives investors a chance to be part of the global AI growth story. Swastika Investmart believes the stock works best for “high-risk, growth-focused investors with a three-to-five-year investment horizon”. SBI Securities takes a more careful stance with a “Neutral” rating, citing “elevated valuation” compared to “modest growth metrics”. This IPO suits portfolios looking for focused AI exposure better than those seeking safe investments or quick listing gains.
Conclusion
Fractal Analytics’ IPO marks the most important milestone as India’s first pure-play AI company to enter the public markets. The substantial ₹2,833.90 crore offering, priced between ₹857 and ₹900 per share, has definitely caught investors’ eyes. The gray market premium has cooled from its original peak of over 20%. It still points to listing gains of 10-11%, which shows ongoing optimism about the company’s future.
The company’s fundamentals look impressive against its premium valuation. Fractal showed remarkable financial progress and turned a ₹55 crore loss in FY24 into a ₹221 crore profit in FY25. The company’s roster of over 100 Fortune 500 clients and high retention rates definitely build confidence in its business model.
Some risks need careful thought. Client concentration raises eyebrows with top 10 clients making up 54.2% of revenue. The high OFS component means existing investors will get most proceeds instead of funding company growth. The valuation at 78.9x P/E looks steep compared to traditional IT companies.
Fractal Analytics ended up being a better fit for growth-focused investors who want exposure to the expanding AI market over a longer period. The premium valuation might not appeal to conservative investors or those looking for quick listing gains. You should match Fractal’s position in the ever-changing AI sector with your risk appetite and investment goals before making a decision.
Frequently Asked Questions
The IPO price band is fixed between ₹857 and ₹900 per equity share.
The IPO opens on February 9, 2026, and closes on February 11, 2026.
The GMP is currently in the range of ₹57 to ₹99 per share over the upper price band.
Revenue rose from ₹2,196 crore in FY24 to ₹2,765 crore in FY25, with profitability turning positive.
Key risks include a large OFS component, high client concentration, and premium valuation.
Disclaimer: This blog is intended solely for educational and informational purposes and should not be construed as investment advice or a recommendation. While efforts have been made to ensure the accuracy and reliability of the information and data presented, no representation or warranty, express or implied, is made regarding its completeness or correctness. Readers are advised to independently verify all information and consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. Please read all relevant offer documents and disclosures carefully before investing.,
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