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Fractal Analytics IPO Lists At 2.7% Discount: Should You Hold, Buy Or Sell?
Fractal Analytics IPO Lists At 2.7% Discount: Should You Hold, Buy Or Sell?
Shares of AI solutions provider Fractal Analytics on Monday made a weak debut on the stock market, with the stock being listed at Rs 876 apiece on the NSE, which is a 2.67 per cent discount on the IPO issue price of Rs 900 apiece. On the BSE, the stock opened flat at Rs 900 but declined sharply to Rs 868 apiece or over 3% after in the opening trade, as of 10:02 am.
The market capitalisation of Fractal Analytics stood at Rs 14,825.97 crore.
The initial public offering (IPO) of Fractal Analytics Ltd closed on February 11. The price of the Rs 2,833.9-crore IPO was fixed in the range of Rs 857 to Rs 900 apiece. On the final day of bidding on Wednesday, the IPO received a 2.81x subscription, receiving bids for 4,95,44,176 shares as against 1,76,18,278 shares on offer. Its retail category has got a 1.10x subscription so far, while its non-institutional investor (NII) quota got a 1.11x subscription. The qualified institutional buyers (QIB) category got 4.41x subscription.
Fractal Analytics IPO Listing: What Brokerage Firms Say About The Company
Shivani Nyati, head of wealth at Swastika Investmart Ltd, said, “Fractal Analytics made a subdued stock market debut, listing at Rs 876 on the NSE (about 2.67% discount) and at Rs 900 on the BSE, in line with its issue price, indicating cautious investor sentiment despite the strong AI theme. While the company operates in the fast-growing global AI and analytics space and serves marquee clients like Microsoft and Alphabet, near-term enthusiasm appears tempered due to elevated valuations and volatility in global tech stocks. The IPO was subscribed 2.66 times, reflecting moderate demand."
“Long term investors with higher risk appetite can consider holding the stock with a stop loss of Rs 800," Nyati added.
Most brokerages gave subscribe rating to the IPO due to the company’s comprehensive suite of AI solutions and products. They said the company is well-positioned to capitalise on strong structural tailwinds in the global data, analytics, and AI (DAAI) market.
ICICI Direct in its report said, “Fractal is building a comprehensive suite of AI solutions and products. However, when we benchmark its AI investments vs. peers on objective parameters such as R&D intensity, capex intensity, patent filings and AI revenue, Fractal ranks similar to its IT services peers, and lower vs. global AI and platform peers. Its revenue per employee and cost per employee metrics are also similar to its pure-play data analytics peer, LatentView Analytics, suggesting the underlying service and solutions portfolio is similar."
Fractal has a comprehensive suite of AI solutions, including its enterprise agentic AI platform, Cogentiq, and AI products – Asper.ai, Kalaido.ai, Vaidya.ai and Qure.ai. The company began its foray into AI and IP creation as early as 2012 and accelerated new AI product development 2023 onwards. The company serves clients across CPGR, TMT, healthcare and life sciences (HLS), BFSI, and other industries.
Giving a ‘subscribe’ rating to the IPO, BP Wealth in its note said, “Fractal Analytics Limited (FAL), founded in 2000, is a globally recognised 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."
The company is well-positioned to capitalise 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, it added.
“At the upper end of the price band of Rs. 900 per share, the company is trading at a P/E of 110.0x based on its FY26 annualized earnings. Given the company’s positioning within a rapidly expanding AI market and its improving profitability profile, we recommend a ‘Subscribe’ rating to the issue from a medium-to long-term perspective," it added.
Another brokerage firm Ventura also gave its ‘subscribe’ rating to the IPO. It said, “Fractal’s growth is driven by increasing enterprise adoption of AI-led decision intelligence and expanding deployment of generative AI solutions across client use cases. However, execution risks, evolving technology cycles, and competitive pressures in the global AI and analytics services market remain key considerations. Overall, Fractal Analytics is positioned as a scaled enterprise AI platform with diversified industry exposure, strong revenue momentum, and improving profitability metrics."
Financials
Fractal’s profitability improved materially in FY25. EBITDA increased to Rs 398 crore, with an EBITDA margin of 14.4%, compared to Rs 97.2 crore and 4.4% in FY24. Adjusted EBITDA stood at Rs 482.1 crore, with an adjusted EBITDA margin of 17.4%. Profit after tax (PAT) for FY25 was Rs 220.6 crore, compared to a loss of Rs 54.7 crore in FY24, with a PAT margin of 8.0%, while adjusted PAT stood at Rs 347.8 crore, translating into an adjusted PAT margin of 12.6%.
Source: News18
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