01 — At a Glance
The AI Detective That Just IPO’d and Is Already Under the Spotlight
- 52-Week High / Low₹921 / ₹732
- Q3 FY26 Revenue₹854 Cr
- Q3 FY26 PAT₹100 Cr
- TTM EPS₹10.35
- Annualised EPS (Q3 Avg × 4)₹30.00 (approx from available data)
- Book Value / Share₹114
- Price to Book7.5x
- Debt / Equity0.25x
- ROE11.2%
- Cash & Equivalents (Dec 2025)₹816 Cr
Flash Summary: Fractal Analytics delivered Q3 FY26 revenue of ₹854 Cr (+21% YoY) and PAT of ₹100 Cr. The stock listed at ₹900 in Feb 2026 and now trades at ₹857 with a 70.4x P/E — the kind of multiple that makes auditors raise eyebrows and detectives sharpen pencils. Promoter holding at just 17%, zero dividend, yet marquee clients like Citi, Nestle and PepsiCo keep the cash registers ringing.
02 — Introduction
The AI Firm That IPO’d at 900 and Is Now Playing Detective With Its Own Valuation
Picture this: a company founded in 2000 that quietly built AI for the world’s biggest brands. No flashy metaverse pivot, no crypto side hustle — just plain old enterprise AI that actually works. Fractal Analytics went public in Feb 2026 at ₹900, raised a cool sum, and now sits at ₹857 with a 70.4x P/E while the broader IT pack trades at 21.6x.
Revenue for the quarter ended Dec 2025 hit ₹854 Cr (up 21% YoY). PAT crossed the ₹100 Cr quarterly mark for the first time. Organic growth, NPS of 77, and clients throwing money at healthcare and banking verticals. Sounds perfect, right? Except the promoters own only 17%, the stock is down from IPO, and the market is treating it like the next big AI story… or the next big AI cautionary tale.
Result type locked as Quarterly Results. Q3 FY26 is the latest official print. No half-yearly confusion here. And yes, the concall was spicy — management dropped lines about “output-based contracts”, Vaidya 2.0 healthcare model, and how they expect revenues to “accelerate at a faster pace”. Classic detective work begins.
Concall Note (Mar 2026): “We crossed the INR 1 billion mark in quarterly profit after tax.” Management also flagged Qure.ai associate losses and FX hits but claimed underlying PAT would have been ₹138 Cr ex-those items. Translation: the engine is strong, but some associate drama is dragging the headline.
03 — Business Model: WTF Do They Even Do?
They Sell AI That Actually Makes Decisions for Big Boys
Fractal is not your average software shop. Two neat buckets: Fractal.ai (the main gig — agentic AI platform called Cogentiq that sits on top of models and automates workflows) and Fractal Alpha (standalone AI businesses chasing growth in new verticals). They blend tech, domain knowledge and functional expertise to help clients like Citi, Nestle, PepsiCo and Philips make smarter calls on pricing, supply chains, inventory — you name it.
Think of them as the private detective agency for enterprise data. They don’t sell picks and shovels; they solve the case. 83% revenue from “Must-Win Clients” (big corporates with >$10B revenue or similar). Net Revenue Retention 114-115% — same-store sales on steroids. Healthcare exploded +78% YoY. CPG slowed because of tariffs, but overall growth is 21% organic. No inorganic magic.
They pay zero dividend, plough everything back, and boast founder-led management. Promoter stake just 17% post-IPO — the lowest in the IT pack. That alone makes every investor play private detective.
Healthcare+78%YoY surge
MWCs127up from 113
NRR114%Q3
Organic Growth100%no acquisitions
Fun fact: They just launched Flyfish.ai with 35+ AI agents claiming 30% faster deals and 42% productivity. While competitors write press releases, Fractal is quietly building the next Vaidya 2.0 healthcare model that scored 50+ on OpenAI HealthBench.
04 — Financials Overview
Q3 FY26: The Numbers Go Brrr (But at 70x P/E)
Result type: Quarterly Results | Q3 FY26 EPS: ₹7.49 | Annualised EPS (using Q3 as proxy per available data ×4 adjusted): ₹30 approx
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 854 | 707 | 798 | +20.8% | +7.0% |
| Operating Profit | 110 | 86 | 75 | +27.9% | +46.7% |
| OPM % | 13% | 12% | 9% | +100 bps | +400 bps |
| PAT | 100 | 92 | 33 | +8.7% | +203% |
| EPS (₹) | 7.49 | 34.76* | 2.50 | — | +200% |
P/E Check (recalculated): TTM PAT ₹178 Cr, shares 17.2 Cr → EPS ₹10.35. CMP ₹857 → P/E 82.8x (dump shows 70.4x on slight variance). Industry median 21.6x. Fractal trades at 3.8x the median. That’s not a premium — that’s a full-blown AI tax. Concall clarified underlying PAT ex-Qure.ai losses and FX would have been ₹138 Cr.
💬 At 70x+ P/E with only 17% promoter skin in the game, is the market buying the AI dream or just the post-IPO hype? Detective hat on — drop your theory in comments.
05 — Valuation: Fair Value Range
What Is This Post-IPO AI Gumshoe Actually Worth?
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