Fractal Analytics

** Shares of Indian enterprise AI co Fractal Analytics fall 2.5% to 850 rupees, lowest since April 2026

** Co said on Monday that CFO Ashwath Bhat has resigned

** Bhat had been with co since Jan 2021, as per his Linkedin profile

** FRAL, on avg, rated "buy" by 5 analysts; median PT is 1036 rupees - data compiled by LSEG

** Stock up 0.3% since IPO on Feb. 16

(Reporting by Abhirami G in Bengaluru)

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July 6 (Reuters) - Fractal Analytics Ltd FRAL.NS:

• FRACTAL ANALYTICS - ASHWATH BHAT RESIGNS AS CHIEF FINANCIAL OFFICER

Source text: ID:nBSE8wKVNP

Further company coverage: FRAL.NS

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June 11 (Reuters) - Fractal Analytics Ltd FRAL.NS:

• FRACTAL ANALYTICS - LAUNCHES COGENTIQ E-COMMERCE AI PLATFORM

Source text: ID:nNSEbhrfT7

Further company coverage: FRAL.NS

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** Shares of India's Fractal Analytics FRAL.NS jump 3.56% to 1,097.55 rupees

** Co reported more than two-fold y/y increase in fourth quarter profit to 1.17 billion rupees ($12.3 million); revenue rose 17% y/y

** Morgan Stanley ("overweight"; TP: 964 rupees) says revenue missed estimates due to weakness in Asia-Pacific business, though margins and profit beat expectations

** Brokerage says higher other income and lower associate losses supported earnings, while demand for the co's artificial intelligence services remained strong

** Stock up 25.3% since trading debut on February 16

($1 = 95.4700 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

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March 26 (Reuters) - Fractal Analytics Ltd FRAL.NS:

• TAX DEPARTMENT ORDER PROPOSING TOTAL ADDITIONS OF 1.57 BILLION RUPEES

Source text: ID:nBSE8dMfyh

Further company coverage: FRAL.NS

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** Goldman Sachs initiates coverage of Indian data and analytics services co Fractal Analytics FRAL.NS at "neutral"; Morgan Stanley initiates at "overweight"

** Co operates in large, fragmented total addressable market worth $328 billion, which is gaining share within enterprise IT spend - Goldman

** FRAL "challenger" within tech services; higher gross margins of 47% signal quality of business - Morgan Stanley

** Co exposed to faster-growing segments such as advanced analytics and AI/ML - Goldman says, forecasting 20% revenue CAGR through FY30

** PE of 27x for FY28 at upper end of peer group range, but supported by strong growth - Morgan Stanley

** FRAL rose 3.51% in early trade before falling, last down 0.71%

** Shares down 9.4% since listing in Feb

(Reporting by Abhirami G in Bengaluru)

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Adds Zetwerk response in paragraph 4, background in paragraphs 6, 8-11 and analyst comment in paragraph 7

By Jayshree P Upadhyay, Praveen Paramasivam and Vivek Kumar M

MUMBAI/CHENNAI/BENGALURU, March 20 (Reuters) - India's Zetwerk is preparing to confidentially file draft papers for an initial public offering within the next one to two weeks, aiming to raise up to $550 million at a valuation of about $4 billion, according to two people with direct knowledge.

The contract electronics manufacturer's IPO includes about $300 million in fresh equity, with the remainder coming from an offer for sale, the sources said.

Zetwerk is targeting a listing later this year and has mandated Kotak as lead banker, alongside Morgan Stanley, Goldman Sachs, Pantomath Capital Advisors, JM Financial and HSBC, the sources said.

Zetwerk declined to comment, while the banks did not immediately respond to Reuters requests for comment.

Reuters reported in November that Zetwerk had hired banks to prepare draft IPO papers for a March filing. Last March, Zetwerk CEO and co‑founder Amrit Acharya said the company was considering a listing within 24 months.

India was the world's second‑largest IPO market in 2025, LSEG data showed, but sentiment has weakened this year after a selloff in technology services stocks, with recent listings such as Fractal Analytics FRAL.NS and Shadowfax Technologies SADO.NS struggling on debut.

"While the market is subdued currently, we don't think investors wouldn't want to bet on a good company, which comes in with the right valuations," said Dharmesh Kant, head of equity research at Cholamandalam Securities.

Companies usually file IPO papers well before launch and can delay the sale if markets turn volatile. Holding back even on filings can signal expectations of a prolonged downturn. Once approved by regulators, firms have up to 12 months to launch their IPOs.

Founded in 2018, Zetwerk supplies industries ranging from consumer electronics to aerospace and defence, with more than 10 facilities across India, the United States, Mexico and Europe. Its client base includes Samsung, Volvo and Honeywell.

India's contract electronics manufacturing sector has expanded rapidly in recent years as global tech giants, including Alphabet's GOOGL.O Google and Apple AAPL.O, diversify supply chains away from China.

Zetwerk last raised nearly $90 million in late 2024 in a funding round led by Khosla Ventures, IndiGo co-founder Rakesh Gangwal and Baillie Gifford, valuing it at about $3.1 billion.

(Reporting by Jayshree P Upadhyay in Mumbai, Praveen Paramasivam in Chennai and Vivek Kumar M in Bengaluru; Editing by Anil D'Silva, Dhanya Skariachan)

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March 17 (Reuters) - Fractal Analytics Ltd FRAL.NS:

• INTRODUCES LLM STUDIO TO BRING GENAI CUSTOMIZATION WITH NVIDIA NEMO, NVIDIA NIM MICROSERVICES

Source text: ID:nBSE5rkkTH

Further company coverage: FRAL.NS

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** Fractal Analytics FRAL.NS gains 5% to 793 rupees; set for best day on record

** Enterprise AI company posts 21% y/y rise in consol rev from ops in first earnings since listing on February 16; Q3 consol profit up 11%

** FRAL down ~11% since listing

(Reporting by Komal Salecha in Bengaluru)

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March 5 (Reuters) - Fractal Analytics Ltd FRAL.NS:

• FRACTAL ANALYTICS DEC-QUARTER CONSOL NET PROFIT 1.03 BILLION RUPEES

• FRACTAL ANALYTICS DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 8.54 BILLION RUPEES

Source text: ID:nnAZN4SJQYK

Further company coverage: FRAL.NS

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** Shares of Fractal Analytics FRAL.NS rise 5.6% to 895 rupees

** PL Capital starts coverage on stock with "buy" rating, sets PT at 1,260, implying ~49% upside to its last close

** On Monday, stock debuted at 876 rupees vs IPO issue price of 900 rupees

** Brokerage says FRAL has demonstrated consistent and steady revenue performance over the past decade along with robust client retention

** Decoupling of revenue and headcount growth, narrowing of ESOP costs, and improvement in high-margin SaaS-based revenue would help increase EBITDAM going forward, PL Capital says

** Brokerage expects USD revenue/INR EBITDA/INR PAT CAGR at 19.3%/30.9%/44.5% over FY26E-28E, respectively

** FRAL's vertical and functional mix is well aligned to high-growth industry segments and AI functions; valuation remains inexpensive, PL Capital says

(Reporting by Brijesh Patel in Bengaluru)

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Updates

** Shares of Fractal Analytics FRAL.NS drop 4.2% to 861.9 rupees on their trading debut

** The Indian AI firm falls as much as 4.9%

** Stock debuted at 876 rupees vs IPO issue price of 900 rupees; valuing it at 150.67 billion rupees ($1.66 billion) vs targeted 154.8 billion rupees ($1.71 billion)

** Near-term enthusiasm appears tempered due to elevated valuations and volatility in global tech stocks - Shivani Nyati, Head of Wealth at Swastika Investmart

** FRAL's $312.5 million IPO hit full subscription only on the final day of bidding, with the retail and non-institutional portions under-subscribed

** Co to use net IPO proceeds of 9.59 billion rupees to invest in U.S. subsidiary, expand India presence, invest in R&D, and fund acquisitions

($1 = 90.6900 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru)

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