Fusion CX Limited
RHP · filed 09 Oct 2026
Fusion CX Limited is a company that provides business process management services, with a significant portion of its revenue derived from a small group of top customers. The offer comprises a fresh issue of Rs 500 crore and an offer for sale of Rs 202 crore, representing 28.77% of the post-issue paid-up capital. The company's financial trajectory is supported by a debt-to-equity ratio of 0.38. The most material risks include high customer concentration, with top customers contributing over 40% of revenue, and ongoing legal proceedings that could adversely affect the company's 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.
Risk factor. 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 re
Risk factor. Our business operations are highly dependent on our top customers, which exposes us to a high risk of customer concentration.
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%
Debt repayment
₹276 Cr
From fresh proceeds
- 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)
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)
There are outstanding legal proceedings involving our Company, Subsidiaries and Directors. These proceedings are pending at different levels of adjudication before various and regulatory authorities. Such proceedings could divert management time and attention and consume financial resources in their defence.(Legal and Regulatory)
The Everest Report, which provides industry and market data used in this section, was prepared on the basis of information as of specific dates and opinions in the Everest Report may be based on estimates, projections, forecasts and assumptions that may be as of such dates. Prospective investors are advised not to unduly rely on the Everest Report.(Third-Party Data)
A copy of the Everest Report will be available on the website of our Company at https://www.fusioncx.com/wp-content/uploads/industry-report/Industry-report-for-Fusion-CX-Everest-Group.pdf. Further, the Everest Report is not a recommendation to invest or disinvest in any company covered in 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.