⚠️ Neutral
Listed
Commercial Services & Supplies
Fusion CX Limited IPO
₹702 Cr · Fresh Issue & OFS · Commercial Services & Supplies
Price Band
₹275 – ₹289
Lot: 51 shares (₹14,739)
GMP (Grey Market)
₹13.5 (+4.67%)
Est. listing ₹302.5
Issue Size
₹702 Cr
Fresh Issue & OFS
Market Cap
₹4172.01 Cr
At upper band
P/E Ratio
24.6x
P/S: 2.3x
Listing Date
22 Oct 2026
BSE & NSE
IPO Timeline
✓
Opens
14 Oct 2026
✓
Closes
16 Oct 2026
✓
Allotment
19 Oct 2026
✓
Refund
20 Oct 2026
✓
Listing
22 Oct 2026
IPO India Hub: Neutral
Conviction
5/10
The company trades at 1.07× sector midpoint with fair valuation, but a sharp 39% revenue CAGR decline over two years and NPM of 11.1% (below the 15% Subscribe threshold) create material uncertainty. Positive GMP and strong ROCE offset concerns, but the revenue contraction requires clarity before conviction can rise.
Listing Performance
Issue Price
₹289
Allotment price
Listing Price
₹292
+1.04% on listing day
Current Price (CMP)
₹285.75
-1.1% vs issue
Listed On
22 Oct 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional capital efficiency metrics
The company reports ROCE of 71.59% and EBITDA margin of 19.48%, indicating highly efficient deployment of capital and strong operational leverage. These metrics suggest the business model generates significant returns on invested capital, which is a structural strength in the commercial services sector.
✓ Strength
Conservative balance sheet and GMP signal
Debt-to-equity ratio of 0.53× is well below the 1.5× threshold, and the 11.59% grey market premium (above the 15% Mainboard bullish threshold) indicates cautious investor appetite. Promoter commitment remains strong at 81.82% post-issue, with OFS at 28.8% (below the 30% preference level).
⚠ Risk
Severe revenue contraction trend
Revenue collapsed 39% on a 2-year CAGR (₹1,851.8 Cr in FY-1 to ₹503.9 Cr in FY0), a red flag that dominates the investment case. The IPO prospectus must clarify whether this reflects a one-time event, business restructuring, or structural market headwinds; without this clarity, the valuation cannot be trusted.
⚠ Risk
Net profit margin below Subscribe threshold
NPM of 11.1% falls significantly short of the 15% margin required to justify a Subscribe verdict at 1.07× sector midpoint. This thin margin leaves little room for operational stress and raises questions about pricing power and cost control in a competitive commercial services market.
₹ Valuation
Fair valuation masked by earnings volatility
At 24.6× P/E against a 23× sector midpoint (1.07× ratio), the company appears fairly valued on a static basis. However, the 2-year PAT CAGR of −13.4% and revenue decline suggest the earnings base is unstable; investors should demand visibility on whether FY0 represents a trough or a new baseline.
👁 Watch
Post-listing revenue trajectory and guidance
Monitor Q1 and Q2 FY27 revenue and order pipeline closely to confirm whether the FY0 decline is reversing or accelerating. Management guidance on return to growth and margin recovery will be critical to justify the current valuation and determine if a re-rating is warranted.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Fusion CX Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹1818.14 Cr
Net Profit
₹169.84 Cr
Industry
Commercial Services & Supplies
Issue Type
Fresh Issue & OFS
Promoters
PANKAJ DHANUKA, KISHORE SARAOGI, P N S BUSINESS PRIVATE LIMITED, AND RASISH CONSULTANTS PRIVATE LIMITED
Lead Managers
Nuvama Wealth Management, IIFL Capital and Motilal Oswal Investment Advisors
Quick Actions
Frequently Asked Questions
Neutral. The company trades at 1.07× sector midpoint with fair valuation, but a sharp 39% revenue CAGR decline over two years and NPM of 11.1% (below the 15% Subscribe threshold) create material uncertainty. Positive GMP and strong ROCE offset concerns, but the revenue contraction requires clarity before conviction can rise.
The current grey market premium (GMP) is ₹13.5, which is 4.67% above the upper band price of ₹289. This implies an estimated listing price of around ₹302.5. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 51 shares. At the upper band price of ₹289, the minimum investment per retail application is ₹14,739. You can apply for up to 13 lots (₹191,607) under the retail category (up to ₹2 lakh).
The IPO opens on 14 Oct 2026. It closes on 16 Oct 2026. Allotment is expected on 19 Oct 2026. Refunds initiate on 20 Oct 2026. Listing on BSE and NSE is on 22 Oct 2026.
The lead managers for the IPO are Nuvama Wealth Management, IIFL Capital and Motilal Oswal Investment Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 22 Oct 2026 at ₹292 against an issue price of ₹289 (+1.04% on listing day). The current market price (CMP) is approximately ₹285.75 (+-1.1% vs issue).
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 16 Oct 2026. The minimum investment is ₹14,739 for one lot (51 shares). The company trades at 1.07× sector midpoint with fair valuation, but a sharp 39% revenue CAGR decline over two years and NPM of 11.1% (below the 15% Subscribe threshold) create material uncertainty. Positive GMP and strong ROCE offset concerns, but the revenue contraction requires clarity before conviction can rise.
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 16 Oct 2026. The IPO is priced at a P/E of 24.6x. Market cap at issue price is ₹4172.01 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 51 shares at ₹289 each, costing ₹14,739 per application. The issue closes on 16 Oct 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Fusion CX Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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