Fractal Analytics lists at ₹876, hits ₹900 on BSE
Fractal Analytics, a global AI firm, just hit the stock market, raising ₹2,834 crore in its IPO this February.
Shares opened lower on the NSE (opened at ₹876, about 2.6% below the IPO price) while the BSE listing was flat at ₹900, but experts are still upbeat about where the company's headed.
IPO details and financials
The IPO saw an overall subscription of 2.66 times. Funds will go toward paying off US debt, new laptops, expanding Indian offices, and boosting R&D at Fractal Alpha.
In the third quarter of FY26, consolidated revenue was ₹854.4 crore (up 21% YoY) and consolidated profit after tax was ₹100.1 crore for the quarter ended December 31, 2025.
Business model and revenue streams
Fractal runs AI platforms like Cogentiq (Fractal.ai) and standalone businesses under Fractal Alpha.
About 20% of its revenue comes from health care and life sciences, which surged 78% YoY, and another 12% is from banking and finance clients.
The company serves clients across health care, life sciences and banking.
Brokerage views on the stock
Goldman Sachs has a neutral rating with a target price of ₹910 (12.5% upside), expecting 20% annual revenue growth through FY30.
Morgan Stanley is even more positive with an overweight rating and a target of ₹964 (20% upside), predicting EBIT margins could reach 15%.