Fractal Analytics Ltd(FRACTAL)

NSE: FRACTALBSE: 544700

₹ 728.15-3.26%refreshed 23 Oct, 03:52 pm ISTMarket cap: ₹ 12,642 crNext results: 3 Nov 2026Website: www.fractal.aiUpdated: 24 Oct 2026

About

Fractal Analytics is a pure-play enterprise AI company. It provides AI services, solutions and products to more than 100 Fortune 500-sized enterprises, and its flagship platform is the agentic AI platform Cogentiq. In FY26 it reported revenue of 3299.7 (Rs crore) across two segments: Fractal.ai, with 97.3% of revenue, and Fractal Alpha, with 2.7%. The company listed on BSE and NSE on February 16, 2026.^[1][2][3]

Business segments

Fractal.ai covers AI services and AI products, mostly hosted on Cogentiq. It contributed INR 3,219.0 crore (97.3% of revenue) in FY26.^[1][3]
Fractal Alpha is the AI businesses segment, including Asper and Analytics Vidhya. It contributed INR 90.8 crore (2.7% of revenue) in FY26, with a segment EBIT loss of INR 17.0 crore.^[3]
Qure.ai, an FDA-cleared AI medical imaging platform, is an associate company of Fractal (FY26 annual report).^[1]

Products and platform

Solutions built on Cogentiq include Cogentiq CX, eCommerce, Invoice to Cash, Underwriting and Health (Vaidya.ai), as of FY26.^[1]
Proprietary models and AI assets include Kalaido.ai, Vaidya.ai, Fathom-R1-14B and Fathom Deep Research. Other products include PiEvolve and Flyfish.ai.^[1]
In April 2026 Cogentiq was restructured around three pillars: AI-led Transformation (AIT), AI Foundations (AIF) and AI Work & Workforce (AIW).^[4]
As of Q1 FY27, Cogentiq had won more than 10 clients, in areas including underwriting and e-commerce.^[5]
Asper ARR grew 59% YoY to $9 million as of June 2026.^[5]
Analytics Vidhya revenue grew 42% YoY in dollar terms in Q1 FY27, and 49% YoY in FY26.^[5]

Key operating metrics

Q1 FY27 revenue grew 20% YoY in reported terms and 9% in constant currency. Quarter-on-quarter growth was 3% reported and negative 0.4% in constant currency.^[5]
Net Revenue Retention was 117% in Q1 FY27, up from 108% a year earlier.^[5]
Clients with TTM revenue above $1 million rose to 58 in Q1 FY27 from 54 in Q1 FY26. Over FY26, clients above $10 million rose from 6 to 9, and clients above $20 million from 5 to 6.^[5]
Headcount was 5,868 as of March 31, 2026, up from 5,254 a year earlier.^[1]
Annualised voluntary attrition was 15.2% in FY26, compared with 16.3% in FY25.^[1]
R&D spending was 6.4% of revenue in FY26, compared with 5.2% the year before. In Q1 FY27 it was INR 61 crore (4.5% of revenue).^[1][5]
Output-, outcome- and license-based revenue was about 42% of Fractal.ai revenue in Q1 FY27. License revenue was 3% of total revenue.^[5]
DSO was 71 days in Q1 FY27, down from 73 days in Q1 FY26.^[5]

Vertical mix

CPG & Retail was the largest vertical, at 36% of revenue in Q3 FY26. It grew 19% YoY in Q1 FY27.^[6]
Healthcare & Life Sciences grew 69% YoY in Q1 FY27 and 66% in FY26.^[5]
BFSI grew 36% YoY in Q1 FY27.^[5]
TMT declined 22% YoY in Q1 FY27 and 19% in Q4 FY26. The causes given were an APAC client's JV exit, a restructuring at a US software client and a revenue recognition shortfall at a large MAG7 client.^[5][1]

Clients and markets

Fractal served 104 Must Win Clients as of March 31, 2026.^[1]
The top 10 clients made up 52.5% of Fractal.ai revenue in FY26, and 51.8% of revenue in Q1 FY27, compared with 55.9% in Q1 FY26.^[1][5]
As of FY26, Fractal works with nine of the top 20 CPG companies, six of the top 20 TMT, three of the top 20 BFSI, eight of the top 20 HLS and five of the top 20 retail companies.^[1]
As of Q3 FY26, Fractal held preferred supplier status, under multi-year contracts, with two Magnificent Seven technology companies.^[6]
Five of the largest deals in Q1 FY27 came through partners. Partnerships with Databricks, OpenAI and Anthropic are active, with 42 joint engagements over the trailing twelve months.^[5]
Target markets are the United States, the United Kingdom, Europe, Australia and the Middle East. Europe grew 25% YoY as of Q1 FY27.^[1][5]

Expansion and strategic direction

Fractal aims to raise output-, outcome- and license-based revenue to 60% of Fractal.ai revenue, from 42% in Q1 FY27. It also aims to grow license revenue to 20% of total revenue by 2030, from about 3%.^[5]
Fractal aims to raise R&D spending toward 10% of revenue, funded by gross margin expansion.^[5]
Cash, investments and deposits totalled ₹20.5 billion as of FY26. The company says this gives it scope for disciplined M&A.^[1]
Fractal AI QFZ LLC, a wholly owned step-down subsidiary, was incorporated in Qatar on 28 September 2026 with QAR 100,000 in share capital.^[7]
Fractal signed an MoU with BMC (Mumbai's municipal corporation) to pilot Cogentiq Health / Vaidya.ai in public hospitals.^[5]

Recent developments

The company listed on BSE and NSE on February 16, 2026, through an IPO.^[1]
In Q2 FY26 the company completed an ESOP allotment covering 3,491 employees.^[1]
In April 2026 Fractal repaid all long-term debt using INR 957 crore of IPO proceeds.^[4]
Matthew Gennone resigned as Chief Commercial Officer and CEO of Cogentiq, effective 2 October 2026.^[8]
At the Q1 FY27 earnings call, the company said a CFO succession process was in progress.^[5]
The Fractal Alpha segment loss widened to INR 14 crore in Q1 FY27 from INR 4 crore in Q1 FY26. The company said this was mainly because the iqigai/EdTech team was moved into the segment.^[5]

Market Cap

₹12,642 Cr

High / Low

₹1,120 / 697

Stock P/E

42.9

Price / Book

3.9

Book Value

₹185

EPS

₹17.0

No. of Shares

17.2 Cr

ROCE

10.1%

ROE

9.2%

OPM

13.0%

Debt / Equity

0.09

Sales

₹3,300 Cr

Net Profit

₹287 Cr

Promoter holding

16.8%

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