Fractal Analytics IPO: Should you subscribe?

Summary: Fractal Analytics, a leading AI-solutions provider, will go public on February 9, 2026 and close on February 11, 2026. We examine the company’s financials, pros, cons and valuations to help you better understand whether the IPO is worth your money. Fractal Analytics, a global enterprise AI and analytics company, is all set to open its IPO (initial public offering) on February 9, 2026 and close on February 11, 2026. Of the total issue size of Rs 2,834 crore, Rs 1,024 crore comprises a fresh issue while the remaining Rs 1,810 crore will be raised through an offer for sale (OFS). Here, we breakdown Fractal Analytics’s strengths, weaknesses, valuations and past track record to help you make an informed investment decision. What the company does Fractal Analytics is a global enterprise AI company founded in 2000, focused on helping businesses use data and artificial intelligence to improve decision-making. It offers end-to-end AI solutions, supporting clients through the full AI transformation cycle, from ideation to adoption. The company’s operations are organised under two segments: Fractal.ai (AI services and products) and Fractal Alpha (AI businesses). The company works mainly with large global enterprises, including Citi, Costco and Nestlé. Fractal has strong domain expertise across consumer, technology, healthcare and financial services, and aims to create measurable value by combining AI, engineering and design. Track record and valuation A quick glance at the financials shows that Fractal Analytics has been on a modest footing. During FY23-25, its revenue and net income (profit after tax) grew at an annual rate of 18 per cent and 6.5 per cent, respectively. Debt too, grew modestly, at 4.2 per cent per annum. However, EBIT (earnings before interest and tax) turned positive only in FY25. At the upper end of the price band (Rs 900), Fractal Analytics’s stock is expected to be valued at nearly 71 times its TTM (trailing twelve months) earnings and 5.6 times its book value. It has no listed peers for comparison. Fractal Analytics IPO details Total IPO size (Rs cr) 2,834 Offer for sale (Rs cr) 1,810 Fresh issue (Rs cr) 1,024 Price band (Rs) 857-900 Subscription dates February 9-11, 2026 Purpose of issue Investment in subsidiary, setting up new office premises in India and funding R&D and sales and marketing initiatives Post-I