Fusion CX Ltd.
RHP · filed 14 Oct 2026
Fusion CX Ltd. is a company whose business is highly dependent on a small number of top customers, with revenue from operations for the three months ended June 30, 2026, being 49.84% attributable to these clients. The offer consists of a fresh issue of 500.0 crore and an offer for sale of 202.0 crore, representing 28.77% of the post-issue paid-up capital. The company faces significant risks regarding customer concentration, as the loss of any top customer could adversely impact its business. Additionally, the company and its promoters are subject to various legal proceedings, including criminal and civil cases, which could adversely affect its reputation and financial condition.
Partial analysis — some sections could not be read from the document (found: capitalisation, cover, litigation, objects, price_basis, promoters, related_party, risks).
What stands out
Risk factor. A significant portion of our business is attributable to top 10 customers that have contributed 49.84%, 52.17%, 45.30% and 41.04% to the revenue from operations for the three month period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively. Any deterioration in the financial condition of
Risk factor. There are outstanding legal proceedings involving our Company, Subsidiaries and Directors. Any adverse outcome in such proceedings may adversely affect our reputation, business, results of operations, profitability and margins, cash flows and financial condition.
Low leverage. Debt-to-equity of 0.38x.
How the offer is structured
Fresh issue
₹500 Cr
New capital into the company
Offer for sale
₹202 Cr
Goes to selling shareholders
OFS share
29%
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our (i) Company; (ii) certain Subsidiaries (direct and certain step-down subsidiaries)₹276 Cr
- Investment in our step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, for upgrading IT tools i.e. Arya and MindVoice₹61.1 Cr
- Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes
Promoters, litigation & related parties
Promoter (pre)
96.2%
Related-party
0.7%
Share of revenue
Risks the company discloses
A significant portion of our business is attributable to top 10 customers that have contributed 49.84%, 52.17%, 45.30% and 41.04% to the revenue from operations for the three month period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively. Any deterioration in the financial condition of our top customers or the loss of such customers may have an adverse impact on our business.(Customer Concentration)
There are outstanding legal proceedings involving our Company, Subsidiaries and Directors. Any adverse outcome in such proceedings may adversely affect our reputation, business, results of operations, profitability and margins, cash flows and financial condition.(Legal and Regulatory)
The arbitration proceedings against our Company initiated by Karvy Data Management Services Limited alleging failure to honour financial obligation in accordance with consortium agreement dated April 24, 2021, and seeking a repayment of amount of ₹8,54,02,500/-, have been terminated. However, any revival of this proceeding and a subsequent decision adverse to our interests may materially and adversely affect our reputation, business, results of operations, profitability and margins, cash flows and financial condition.(Legal and Regulatory)
There are outstanding criminal proceedings against our Promoters in the last five years. There are outstanding statutory or disciplinary proceedings against our Promoters in the last five years. There are outstanding material civil proceedings against our Promoters in the last five years. There are outstanding material civil proceedings against our Company in the last five years. There are outstanding material civil proceedings against our Subsidiaries in the last five years. There are outstanding material civil proceedings against our Directors in the last five years. There are outstanding material civil proceedings against our Subsidiaries in the last five years. There are outstanding material civil proceedings against our Subsidiaries in the last five years.(Legal and Regulatory)
Our business operations are highly dependent on our top customers, which exposes us to a high risk of customer concentration.(Customer Concentration)
The loss of any of our top customers for any reason (including, due to loss of contracts or failure to negotiate acceptable terms in contract renewals, lack of commercial success of our offerings, disputes with customers, decline in business of such customers, adverse change in the financial condition of such customers, possible bankruptcy or liquidation or other financial hardship, decline in their sales, reduced or delayed customer requirements, facility shutdowns, labour strikes, geopolitical reasons or other work stoppages affecting production by such customers) or if such customers decide to choose our competitors over us, may lead to a corresponding decrease in demand for our services, thereby affecting our volume and timing of sales to our customers.(Customer Concentration)
We cannot assure you that these legal proceedings will be decided in our favour. Decisions in such proceedings adverse to our interests may materially and adversely affect our reputation, business, results of operations, profitability and margins, cash flows and financial condition.(Legal and Regulatory)
The Everest Report, which provides industry and market data used in this section, was commissioned and paid for by our Company solely for the purposes of the Offer. Prospective investors are advised not to unduly rely on the Everest Report.(Third-Party Data)
No dimension score is published for this filing. Too few sections could be read from the document to score it without guessing, and a score built on two fields would say more about our extraction than about the company.