FRACTAL

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)

((abhirami.g@thomsonreuters.com))

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)

((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))

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)

((Komal@thomsonreuters.com))

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)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

Adds details throughout

By Vivek Kumar M

Feb 16 (Reuters) - Shares of India's Fractal Analytics FRAL.NS fell about 5% in their trading debut on Monday, as a recent selloff in software and data analytics firms amid fears that AI tools might disrupt existing business models kept investors cautious.

Founded in 2000, Fractal Analytics is an enterprise AI company with several Fortune 500 companies as customers, and helps them leverage data, analytics, and artificial intelligence to make business decisions.

The firm's shares were trading at 861.25 rupees at 11:14 a.m. IST, valuing Fractal at 148.11 billion rupees ($1.63 billion), below the IPO issue price of 900 rupees. India's benchmark Nifty 50 .NSEI was trading 0.3% higher.

"The listing was in line with expectations as the premium that Fractal Analytics' shares commanded in the unlisted market more than a week ago had disappeared due to fears of AI-driven disruption in traditional software and data analytics companies," said Vipul Bhowar, senior director at wealth management firm Waterfield Advisors.

Last week, Fractal's $314 million IPO was fully subscribed only on the final day of bidding as it came at a time when Indian information technology stocks .NIFTYIT had their worst showing in 10 months.

Bhowar expects Fractal's shares to consolidate around current levels until clarity emerges on the impact of AI on its business model.

The firm's key business segments include Fractal.ai, which includes AI products and services, and Fractal Alpha, which enables incubation of new businesses and integration of acquired ones.

($1 = 90.6970 Indian rupees)

(Reporting by Vivek Kumar M and Komal Salecha in Bengaluru; Editing by Sumana Nandy and Mrigank Dhaniwala)

((Komal@thomsonreuters.com;))