IPO · AI & Deep Tech

Fractal Analytics lists on Indian stock exchanges

By Startup Enthusiast · 22 February 2026

What they do

Fractal Analytics provides AI-driven analytics and decision science solutions to global enterprises

The company listed its shares in February 2026 at an issue price of ₹900 per share

It is the first homegrown pure-play AI company to hit Indian stock markets with this listing

Fractal Analytics listed its shares on Indian stock exchanges in February 2026.
The company set its issue price at ₹900 per share for this initial public offering.
Its shares traded at ₹860.50 as of February 20, 2026, which is 6% below the issue price.
This event marks Fractal as the first homegrown pure-play AI company to list on Indian stock markets.
The company reported H1 FY26 operating revenue of ₹1,559 Cr, showing a 19.8% year-on-year increase.
H1 FY26 net profit stood at ₹70.9 Cr, reflecting a slight 2.7% decline from the previous year.
The profit dip was attributed to higher tax outgo rather than operational issues.
Fractal serves over 100 Fortune 500 companies through its Must Win Clients strategy.

Fractal's listing highlights the growing recognition of domestic AI capabilities in global financial markets.
The company's strong international revenue base demonstrates the scalability of Indian AI firms abroad.
Its selection for the IndiaAI Mission signals government confidence in its technological leadership.

Fractal Analytics specializes in AI-driven analytics and decision science for enterprise clients.
Approximately 66% of its revenue comes from North America, while 20% comes from Europe.
Revenue from India is not meaningful despite the country being its largest innovation hub.
The top 10 clients contribute 54% of the segment revenue, indicating high client concentration.
The company achieved a Net Revenue Retention (NRR) of 121.3% in FY25.
Revenue growth reached 25.9% year-on-year in FY25, showing strong expansion momentum.
Healthcare and life sciences serve as the primary growth engine for the business.
Retail and CPG sectors provide steady growth, while BFSI trails but gains share.
The company operates a Cogentiq Agentic AI platform that integrates capabilities from incubated startups.
Fractal has over 5,200 employees in India working in AI, engineering, and data science.

Fractal will build the nation’s first Large Reasoning Model (LRM) under the IndiaAI Mission.
The 70 bn-parameter model is expected to launch this year for healthcare, STEM, and education.