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Fractal Analytics Limited Interim / Quarterly Report 2026
60680_rns_2026-05-11_f403d1f3-cdc6-49a3-94da-33b1cd46ca73.pdf
Interim / Quarterly Report
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fractalb
Ref./No./FRACTAL/SE/2026-27/008
Date: May 11, 2026
| National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051 Maharashtra, India | BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai 400 001 Maharashtra, India |
|---|---|
| Scrip Symbol: FRACTAL | Scrip Code: 544700 |
Sub: Outcome of Board Meeting
Dear Ma'am / Sir,
We wish to inform you that the Board of Directors of Fractal Analytics Limited ("the Company") at their meeting held today, i.e. May 11, 2026, has, inter-alia, considered and approved the following items in terms of Regulation 30, and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), read with various circulars issued by the SEBI and Stock Exchanges:
- Financial Results:
Pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations, we wish to inform you that the Board of Directors of the Company have approved the Audited Consolidated and Standalone Financial Results of the Company for the quarter and year ended March 31, 2026, in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").
A copy of the said results along with the Auditors' Report thereon are enclosed herewith and the same are being uploaded on the website of the Company i.e. https://fractal.ai/investor-relations.
We would like to inform you that B S R & Co. LLP, the Statutory Auditors of the Company, have issued their report with unmodified opinion on Consolidated and Standalone financial results.
- Merger of Senseforth Inc. ("Senseforth US"), a wholly owned step-down subsidiary of the Company with Fractal Analytics Inc. ("Fractal US"), a wholly owned material subsidiary of the Company:
Pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations, we wish to inform you that the Board of Directors of the Company have approved the merger of Senseforth US with Fractal US to simplify the corporate group structure, derive operational synergies, and achieve administrative and cost efficiencies.
Details with respect to the aforesaid merger as required under SEBI Listing Regulations and SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, is provided in Annexure - A.
- Liquidation of Fractal Frontiers Inc., a step-down subsidiary of the Company:
Pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations, we wish to inform you that the Board of Directors of the Company have approved the liquidation of Fractal Frontiers Inc., a wholly-owned subsidiary of Senseforth AI Research Private Limited and a step-down subsidiary of the
Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited)
CIN: L72400MH2000PLC125369
Registered address:
Level 7, Commerz II, International Business Park, Oberoi Garden City,
Off W. E. Highway Goregaon (E), Mumbai - 400063, Maharashtra, India.
W: www.fractal.ai | P: +91 22 6850 5800 | E: [email protected]
fractal
Company as part of the broader initiative to streamline the legal entity structure, reduce duplicative compliance and administrative overheads, and enhance operational efficiency, without any adverse impact on ongoing business operations.
Details with respect to the aforesaid liquidation as required under SEBI Listing Regulations and SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, is provided in Annexure - B.
The Board Meeting commenced at 7:36 p.m. IST and concluded at 8:18 p.m. IST.
In terms of the Fractal's Code on Prohibition of Insider Trading and the SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for all the Designated Persons and their immediate relatives, in the shares of the Company shall remain closed up to and including May 13, 2026.
This disclosure will also be hosted on the Company's website at: https://fractal.ai/investor-relations
Kindly take the same on records and arrange to bring this to the notice of all concerned.
Thanking you.
Yours sincerely,
For Fractal Analytics Limited
SOMYA AGARWAL
Digitally signed by
SOMYA AGARWAL
Date: 2026.05.11
22:08:33 +05'30'
Somya Agarwal
Company Secretary and Compliance Officer
Membership No: A17336
Encl: a/a
B S R & Co. LLP
Chartered Accountants
14th Floor, Central B Wing and North C Wing
Nesco IT Park 4, Nesco Center
Western Express Highway
Goregaon (East), Mumbai – 400 063, India
Telephone: +91 (22) 6257 1000
Fax: +91 (22) 6257 1010
Independent Auditor's Report
To the Board of Directors of Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited)
Report on the audit of the Consolidated Annual Financial Results
Opinion
We have audited the accompanying consolidated annual financial results of Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited) (hereinafter referred to as the “Holding Company”) and its subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”), its associate for the year ended 31 March 2026, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).
Attention is drawn to the fact that the figures for the quarter ended 31 March 2025, as reported in these consolidated annual financial results have been approved by the Holding Company’s Board of Directors, but have not been subjected to audit since the Holding Company got listed during the current year ended 31 March 2026.
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on financial information of the subsidiaries and associate, the aforesaid consolidated annual financial results:
a. include the annual financial results of the entities mentioned in Annexure I to the aforesaid consolidated annual financial results;
b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive income and other financial information of the Group for the year ended 31 March 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, along with the consideration of reports of the other auditors referred to in sub paragraph (a) of the “Other Matters” paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.
Management’s and Board of Directors’ Responsibilities for the Consolidated Annual Financial Results
These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013
Registered Office:
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063
Page 1 of 6
B S R & Co. LLP
Independent Auditor's Report (Continued)
Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited)
The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit/ loss and other comprehensive income and other financial information of the Group including its associate in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and the Board of Directors of the Holding Company, as aforesaid.
In preparing the consolidated annual financial results, the respective Management and the Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its associate is responsible for overseeing the financial reporting process of each company.
Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated annual financial results made by the Management and Board of Directors.
- Conclude on the appropriateness of the Management's and Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required
Page 2 of 6
B S R & Co. LLP
Independent Auditor's Report (Continued)
Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited)
to draw attention in our auditor's report to the related disclosures in the consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial statements/ financial information of the entities within the Group and its associate to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial statements/ financial information of such entities included in the consolidated annual financial results of which we are the independent auditors. For the other entities included in the consolidated annual financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in sub paragraph (a) of the "Other Matters" paragraph in this audit report.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the circular No CIR/CFD/CMD1/44/2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
Other Matter
a. The consolidated annual financial results include the audited financial results of seven subsidiaries, whose financial statements reflect total assets (before consolidation adjustments) of Rs. 3,032 million as at 31 March 2026, total revenue (before consolidation adjustments) of Rs. 3,265 million and total net (loss) after tax (before consolidation adjustments) (net) of Rs. 203 million and net cash outflows (before consolidation adjustments) (net) of Rs. 263 million for the year ended on that date, as considered in the consolidated annual financial results, which have been audited by their respective independent auditors. The consolidated annual financial results also include the Group's share of total net (loss) after tax of Rs. 703 million for the year ended 31 March 2026, as considered in the consolidated annual financial results in respect of one associate whose financial statements have been audited by their respective independent auditors. The independent auditor's reports on financial statements of these entities have been furnished to us by the management.
Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the reports of such auditors and the procedures performed by us are as stated in paragraph above.
Three of these subsidiaries are located outside India whose financial statements have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Group's management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Group's management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the reports of other auditors and the
Page 3 of 6
B S R & Co. LLP
Independent Auditor's Report (Continued)
Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited)
conversion adjustments prepared by the management of the Group and audited by us.
Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.
b. The consolidated annual financial results include the unaudited financial results of sixteen subsidiaries, whose financial statements reflects total assets (before consolidation adjustments) of Rs. 1,118 million as at 31 March 2026, total revenue (before consolidation adjustments) of Rs. 1,011 million, total net profit after tax (before consolidation adjustments) (net) of Rs. 72 million and net cash outflows (before consolidation adjustments) (net) of Rs 47 million for the year ended on that date, as considered in the consolidated annual financial results. These unaudited financial statements/financial results have been furnished to us by the Board of Directors.
Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on such financial statements/financial results. In our opinion and according to the information and explanations given to us by the Board of Directors, these financial statements/financial results are not material to the Group.
Our opinion on the consolidated annual financial results is not modified in respect of the above matter with respect to the financial statements/financial results certified by the Board of Directors.
c. The consolidated annual financial results include the results for the quarter ended 31 March 2026 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
For B S R & Co. LLP
Chartered Accountants
Firm's Registration No.:101248W/W-100022
Rajesh Mehra
Partner
Membership No.: 103145
UDIN:26103145RJCUFW4646
Mumbai
11 May 2026
Page 4 of 6
B S R & Co. LLP
Independent Auditor's Report (Continued)
Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited)
Annexure I
List of entities included in consolidated annual financial results.
| Sr. No | Name of component | Relationship |
|---|---|---|
| 1 | Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited) | Holding Company |
| 2 | Fractal Analytics Inc. | Wholly Owned Subsidiary |
| 3 | Fractal Analytics UK Limited | Wholly Owned Subsidiary |
| 4 | Fractal Private Limited | Wholly Owned Subsidiary |
| 5 | Final Mile Consulting LLC | Wholly Owned Subsidiary |
| 6 | Fractal Analytics (Canada) Inc | Wholly Owned Subsidiary |
| 7 | Fractal Analytics (Switzerland) GmbH | Wholly Owned Subsidiary |
| 8 | Fractal Analytics Germany GmbH. | Wholly Owned Subsidiary |
| 9 | Fractal Analytics Netherlands B.V. | Wholly Owned Subsidiary |
| 10 | Symphony (Ukraine) LLC | Wholly Owned Subsidiary |
| 11 | Fractal Analytics Australia PTY Limited | Wholly Owned Subsidiary |
| 12 | Fractal Analytics Malaysia SDN BHD | Wholly Owned Subsidiary |
| 13 | Fractal Analytics (Shanghai) Limited | Wholly Owned Subsidiary |
| 14 | Fractal Analytics Sweden Ab | Wholly Owned Subsidiary |
| 15 | Eugenie.ai Inc. | Wholly Owned Subsidiary |
| 16 | ASPER.AI Technologies Private Limited | Subsidiary |
| 17 | Asper.AI Inc. | Subsidiary |
| 18 | Asper.AI Limited | Subsidiary |
| 19 | Senseforth AI Research Private Limited | Wholly Owned Subsidiary |
| 20 | Senseforth Inc. | Wholly Owned Subsidiary |
| 21 | Analytics Vidhya Educon Private Limited | Wholly Owned Subsidiary |
| 22 | Fractal Frontiers Inc | Wholly Owned Subsidiary |
| 23 | Fractal L.L.C-FZ | Wholly Owned Subsidiary |
| 24 | Fractal AI Limited | Wholly Owned Subsidiary |
| 25 | Analytics Vidya Inc | Wholly Owned Subsidiary |
| Qure.ai Technologies Private Limited | Associate |
Page 5 of 6
B S R & Co. LLP
Independent Auditor's Report (Continued)
Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited)
| Sr. No | Name of component | Relationship |
|---|---|---|
| 27 | Qure Technologies Inc. | Subsidiary of associate |
| 28 | Qure.ai Technologies Limited | Subsidiary of associate |
Page 6 of 6
fractal
Fractal Analytics Limited
(formerly known as Fractal Analytics Private Limited)
CIN: L72400MH2000PLC125369
Regd. Office: Level 7, Commers II, International Business Park, Oberoi Garden City, Off. W. E. Highway, Goregaon (E), Mumbai, Maharashtra 400063
Website: www.fractal.ai, Email Id: [email protected], Tel: +91 22 6850 5800
Statement of Consolidated Financial Results
(in Rs Millions, except per share data)
| Particulars | Three months ended | Year ended | |||
|---|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Audited | Unaudited | Unaudited | Audited | Audited | |
| Refer note 2 | Refer note 2 | ||||
| (1) Income | |||||
| (a) Revenue from operations | 8,863 | 8,544 | 7,575 | 32,997 | 27,854 |
| (b) Other income | 259 | 17 | 52 | 629 | 508 |
| Total Income | 9,122 | 8,561 | 7,627 | 33,626 | 28,162 |
| (2) Expenses | |||||
| (a) Employee benefits expense | 5,701 | 5,961 | 5,249 | 22,914 | 20,048 |
| (b) Employee stock option expense | 178 | 186 | 170 | 634 | 798 |
| (c) Finance costs | 129 | 112 | 112 | 474 | 577 |
| (d) Depreciation and amortization expense | 366 | 357 | 339 | 1,358 | 1,023 |
| (e) Other expenses | 1,182 | 1,112 | 876 | 4,366 | 3,309 |
| Total Expenses | 7,556 | 7,728 | 6,746 | 29,746 | 25,755 |
| (3) Profit before share of loss of an associate, exceptional items and tax expense (1-2) | 1,566 | 833 | 881 | 3,880 | 2,407 |
| (4) Share of (loss) of an associate | (72) | (186) | (55) | (703) | (297) |
| (5) Profit before exceptional items and tax expense (3+4) | 1,494 | 647 | 826 | 3,177 | 2,110 |
| (6) Exceptional items (net) (Refer note 4) | (63) | 3 | 33 | (110) | 270 |
| (7) Profit before tax expense (5+6) | 1,431 | 648 | 859 | 3,067 | 2,380 |
| (8) Tax expense | |||||
| (a) Current tax | 303 | 146 | 164 | 733 | 557 |
| (b) Deferred tax (credit) / charge | (30) | (499) | 140 | (534) | (383) |
| Total tax expense | 273 | (353) | 304 | 199 | 174 |
| (9) Profit after tax (7-8) | 1,158 | 1,001 | 555 | 2,868 | 2,206 |
| (10) Other Comprehensive Income | |||||
| (1) Items that will not be reclassified subsequently to profit or loss | |||||
| (a) Remeasurement of defined employee benefit plans | 115 | 16 | 8 | 182 | 16 |
| (b) Income tax on item (a) above | (30) | (4) | (2) | (46) | (4) |
| (2) Items that will be reclassified subsequently to profit or loss | |||||
| (a) Effective portion of (loss) / gain on derivative designated as cash flow hedge | (113) | (40) | 41 | (330) | (88) |
| (b) (Loss) due to changes in intrinsic value of derivatives designated as cash flow hedge. | (20) | - | - | (20) | - |
| (c) (Loss) due to changes in time value of derivatives designated as cash flow hedge | (9) | - | - | (9) | - |
| (d) Effective portion of gain / (loss) on of derivatives designated as cash flow hedge reclassified to profit or loss | 68 | 62 | (1) | 180 | 29 |
| (e) Income tax on items (a), (b), (c) & (d) above | 18 | (5) | (11) | 45 | 16 |
| (f) Share of loss of associate (net of taxes) recognised in other comprehensive income | 5 | (1) | 0 | 11 | (1) |
| (g) Exchange differences on translation of foreign operations | 144 | 58 | 20 | 353 | (12) |
| Total other comprehensive income / (loss) | 178 | 86 | 55 | 366 | (50) |
| Total Comprehensive Income (9+10) | 1,336 | 1,087 | 610 | 3,234 | 2,156 |
| Profit / (Loss) for the period / year attributable to: | |||||
| Owners of the parent | 1,178 | 1,026 | 548 | 2,922 | 2,230 |
| Non-controlling interest | (20) | (25) | 7 | (54) | (24) |
| Total | 1,158 | 1,001 | 555 | 2,868 | 2,206 |
| Other comprehensive income / (loss) for the period / year attributable to: | |||||
| Owners of the parent | 178 | 86 | 55 | 366 | (50) |
| Non-controlling interest* | - | 0 | 0 | 0 | 0 |
| Total | 178 | 86 | 55 | 366 | (50) |
| Total comprehensive income / (loss) for the period / year attributable to: | |||||
| Owners of the parent | 1,356 | 1,112 | 603 | 3,288 | 2,180 |
| Non-controlling interest | (20) | (25) | 7 | (54) | (24) |
| Total | 1,336 | 1,087 | 610 | 3,234 | 2,156 |
| Paid-up Equity Share Capital (Face value of Rs 1 each) | 172 | 142 | 31 | 172 | 31 |
| Other Equity | 31,677 | 17,501 | |||
| Earnings Per Share for the period / year (Rupees per share) (Refer note 5) | |||||
| Face value of Rs 1 each | |||||
| - Basic EPS** | 7.07 | 6.40 | 3.54 | 18.20 | 14.49 |
| - Diluted EPS** | 6.73 | 5.77 | 3.26 | 17.19 | 13.36 |
- Amount is less than Rs 0.5 million
** EPS is not annualised for the three months period ended March 31, 2026, December 31, 2025 and March 31, 2025
See accompanying notes to the consolidated financial results
SGS
100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100
fractal
| Fractal Analytics Limited
(formerly known as Fractal Analytics Private Limited)
Consolidated Balance Sheet | | |
| --- | --- | --- |
| Particulars | As at
March 31, 2026
Audited | As at
March 31, 2025
Audited |
| ASSETS
(A) Non-current assets
(a) Property, plant and equipment
(b) Right-of-use assets
(c) Goodwill
(d) Other intangible assets
(e) Intangible assets under development
(f) Investment accounted for using the equity method
(g) Financial assets
(i) Investments
(ii) Loans
(iii) Other financial assets
- Bank deposits
- Others
(h) Deferred tax assets (net)
(i) Income tax assets (net)
(j) Other non-current assets | 821
1,217
3,854
1,757
356
3,566
68
349
9
188
1219
315
23 | 316
1,602
3,582
1,170
137
4,258
64
-
9
181
561
188
62 |
| Total non-current assets (A) | 13,742 | 12,330 |
| (B) Current assets
(a) Financial assets
(i) Investments
(ii) Trade receivables
(iii) Cash and cash equivalents
(iv) Bank balances other than (iii) above
(v) Loans
(vi) Other financial assets
- Bank deposits
- Others
(b) Other current assets | 8,741
7,302
2,667
9,585
118
591
2,125 | 5,614
5,848
2,649
234
303
-
38
1,559 |
| Total current assets (B) | 30,329 | 16,246 |
| Total assets (A+B) | 44,071 | 28,576 |
| EQUITY AND LIABILITIES
(C) Equity
(a) Share capital
(b) Other equity | 172
31,677 | 31
17,501 |
| Equity attributable to owners of the Company | 31,849 | 17,532 |
| (c) Non-controlling interest | 14 | 122 |
| Total equity (C) | 31,863 | 17,854 |
| (D) Liabilities
(E) Non-current liabilities
(a) Financial liabilities
(i) Borrowings
(ii) Lease liabilities
(iii) Other financial liabilities
(b) Provisions
(c) Deferred tax liabilities | -
921
408
688 | 2,577
1,272
450
188
688 |
| Total non-current liabilities (E) | 2,086 | 5,175 |
| (F) Current liabilities
(a) Financial liabilities
(i) Borrowings
(ii) Lease liabilities
(iii) Trade payables
- Total outstanding dues of micro and small enterprises
- Total outstanding dues of creditors other than micro and small enterprises
(b) Other financial liabilities
(c) Other current liabilities
(d) Current tax liabilities (net) | 2,860
403
95
1,261
3,092
160
228 | 85
356
102
118
2,915
1,647
62
5,747 |
| Total current liabilities (F) | 10,122 | 5,747 |
| Total liabilities (D+E+F) | 12,208 | 10,922 |
| Total Equity and Liabilities (E+D) | 44,071 | 28,576 |
MUMBAI-63
BGR & Co. LLP
17th Floor, South Parking and Billing Street, London EC1N 4JQ
Western Reserve Bank & Trust, Mumbawa - 400 062
X
fractal
| Fractal Analytics Limited
(formerly known as Fractal Analytics Private Limited)
Consolidated Statement of Cash Flows | | |
| --- | --- | --- |
| Particulars | Year ended March 31, 2026 | Year ended March 31, 2025 |
| | Audited | Audited |
| (A) Cash flows from operating activities | | |
| Profit before tax expense | 3,067 | 2,380 |
| Adjustment for: | | |
| Depreciation and amortisation expense | 928 | 683 |
| Depreciation on right of use assets | 430 | 340 |
| Finance costs | 462 | 572 |
| Interest income on bank deposits and loan to directors | (106) | (42) |
| Gains (net) on investments mandatorily measured at fair value through profit or loss / redemption / sale of financial instruments | (424) | (276) |
| Fair value loss (net) on derivative contracts carried at fair value through profit or loss | 156 | 65 |
| Interest income on unwinding of security deposits | (16) | (13) |
| Groups share of losses in an associate | 703 | 297 |
| Remeasurement gain of retained interest in associate | - | (297) |
| (Gain) on early termination of leases | (2) | - |
| (Gain) on sale of property plant and equipment | (3) | - |
| Impairment in value of intangible assets under development | - | 27 |
| Unrealised foreign exchange (gain) (net) | (125) | (84) |
| Employee stock option expense | 634 | 788 |
| Provision for tax settlement | - | (59) |
| Bad Debts | 24 | 23 |
| Provision for expected credit loss and doubtful advances | (29) | 17 |
| Operating cash flows before working capital changes | 5,699 | 4,431 |
| Adjustment for changes in working capital: | | |
| (Increase) in trade receivables | (1,068) | (452) |
| (Increase) in other current financial assets | (541) | (11) |
| Decrease / (Increase) in other non current financial assets | 8 | (46) |
| (Increase) in other current assets | (330) | (135) |
| (Increase) in other non current assets | (6) | (5) |
| Increase in trade payables | 708 | 108 |
| (Decrease) / increase in other non current financial liabilities | (61) | 120 |
| Increase in other current financial liabilities | 34 | 309 |
| Increase / (Decrease) in provisions | 149 | (9) |
| Increase in other current liabilities | 246 | 217 |
| Cash generated from operations | 4,838 | 4,527 |
| Tax paid (net of refunds) | (748) | (557) |
| Net cash generated from operating activities | 4,090 | 3,970 |
| (B) Cash flows from investing activities | | |
| Payment for purchase of property, plant and equipment and intangible assets | (2,187) | (828) |
| Payment towards investment in equity shares | - | (15) |
| Investment in bank deposits (net) | (9,468) | (167) |
| Purchase of mutual fund units | (14,586) | (7,308) |
| Maturity proceeds on redemption of mutual fund units | 11,956 | 6,482 |
| Interest on bank deposits | 62 | 26 |
| Net cash (used in) investing activities | (14,223) | (1,810) |
| (C) Cash flows from financing activities | | |
| Proceeds from issue of equity shares and share application money pending allotment | 10,734 | 501 |
| Proceeds from issue of equity shares issued by subsidiary company to Non controlling interest | 51 | - |
| Repayment of lease liabilities | (507) | (371) |
| Repurchase of employee stock option by subsidiary | (50) | - |
| Purchase of shares from non-controlling interest | (489) | - |
| Interest paid during the year | (273) | (314) |
| Repayments of borrowing | (88) | (40) |
| Net cash generated from / (used in) financing activities | 9,378 | (224) |
| Net (Decrease) / Increase in cash and cash equivalents (A+B+C) | (755) | 1,936 |
| Cash and cash equivalents at the beginning of the year | 2,649 | 812 |
| Effect of exchange rate changes | 173 | (99) |
| Cash and cash equivalents at the end of the year | 2,067 | 2,649 |
MUMBAI-63
BAR & CO. LLC
The Trust
Caste of Isling and
Hoboken Park,
New Jersey
Warrants and Highways
Goneyson Island
Number - 400 883
fractal
Notes to Statement of Consolidated Financial Results
-
These consolidated financial results of Fractal Analytics Limited (the “Holding Company” or the “Company”) (formerly known as Fractal Analytics Private Limited) and its subsidiaries and associates (together referred to as “the Group”) have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) as prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 (“the Regulations”). These consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meeting held on May 11, 2026. The statutory auditors have carried out an audit of the consolidated financial results for the year ended March 31, 2026 and issued an unmodified opinion on the same.
-
The figures for the quarters ended March 31, 2026 and March 31, 2025, represent the differences between the audited annual financial results for the years ended March 31, 2026 and March 31, 2025, and the unaudited year-to-date results upto December 31, 2025 and December 31, 2024, respectively. The unaudited consolidated financial results for the nine months ended December 31, 2024 were compiled by the management and approved by the Board of Directors of the Holding Company. The statutory auditors have not audited or carried out limited review procedures of the consolidated financial results for the nine months ended December 31, 2024.
-
The segment reporting of the Group has been prepared in accordance with Ind AS 108 on “Operating Segments”.
The Chief executive officer of the Group has been identified as Chief Operating Decision Maker (CODM) who allocates the resources based on analysis of various performance indicators of the Group as disclosed for the Fractal.ai and Fractal Alpha segment. While Fractal.ai and Fractal Alpha are distinct segments of the Fractal Group, both segments contribute collaboratively to create solutions with both products and services in their scope to solve business problems of clients and cater to both the AI services and software markets.
Segment wise revenue and results are as follows:
| Particulars | Three months ended | Year ended | |||
|---|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Audited | Unaudited | Unaudited | Audited | Audited | |
| Segment Revenue | |||||
| Fractal.ai | 8,644 | 8,362 | 7,382 | 52,190 | 27,037 |
| Fractal Alpha | 244 | 214 | 203 | 908 | 644 |
| Intersegment elimination | (29) | (32) | (10) | (101) | (27) |
| Total | 8,863 | 8,544 | 7,575 | 52,997 | 27,034 |
| Segment result | |||||
| Fractal.ai | 1,905 | 1,327 | 1,283 | 5,409 | 3,788 |
| Fractal Alpha | (60) | (44) | (50) | (170) | (283) |
| Unallocated | (43) | 2 | 47 | (156) | (6) |
| Total | 1,802 | 1,285 | 1,280 | 5,083 | 3,499 |
| Unallocated: | |||||
| Other income | 259 | 17 | 52 | 629 | 508 |
| Finance cost | (129) | (112) | (112) | (474) | (577) |
| Depreciation and amortisation | (266) | (207) | (199) | (1,258) | (1,022) |
| Share of (loss) of associate | (72) | (186) | (55) | (703) | (297) |
| Exceptional items | (63) | 1 | 33 | (110) | (27) |
| Profit before tax | 1,431 | 648 | 859 | 3,067 | 2,380 |
Segment wise assets and liabilities are as follows:
| Particulars | As at March 31, 2026 | As at March 31, 2025 |
|---|---|---|
| Audited | Audited | |
| Segment Asset | ||
| Fractal.ai | 19,279 | 15,857 |
| Fractal Alpha | 4,179 | 5,019 |
| Unallocated | 20,613 | 7,700 |
| Total | 44,071 | 28,576 |
| Segment Liabilities | ||
| Fractal.ai | 6,341 | 5,553 |
| Fractal Alpha | 1,137 | 1,079 |
| Unallocated | 4,730 | 4,190 |
| Total | 12,208 | 10,922 |
4 Exceptional Items includes:
| Particulars | Three months ended | Year ended | |||
|---|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Audited | Unaudited | Unaudited | Audited | Audited | |
| Impairment / amount written off in value of intangible assets and intangible assets under development | - | - | 30 | - | (27) |
| Remeasurement gain on retained interest in associate | - | - | 3 | - | 297 |
| Share of upside consideration expense | - | 48 | - | - | - |
| Statutory impact of new Labour Codes (Refer note 6 below) | (63) | (47) | - | (110) | - |
| Total | (69) | 1 | 33 | (210) | 270 |
MUMBAI-63
MUMBAI-63
fractal
5 During the year, the Holding Company issued bonus shares in accordance with Section 63 of the Companies Act, 2013 in the ratio of 3:4 (for every one equity share four bonus shares were issued) to all equity shareholders with equity shares on July 29, 2025 as approved by shareholders. Further, Board of Directors in its meeting on January 23, 2026 approved the conversion of Compulsorily Convertible Preference Shares (CCPS) into equity shares. Accordingly, the CCPS holders were issued 22,618,020 equity shares in lieu of the CCPS held by them in accordance with terms of shareholder agreement.
The weighted average number of shares for the three months and year ended March 31, 2025 have been adjusted to reflect the impact of the above as per Ind AS 33.
6 On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has considered restructured compensation of its employees with effect from April 1, 2026, and assessed the impact of the changes, consistent with the Labour Codes, rules, FAQs and legal opinion. Considering the materiality and regulatory-driven, non-recurring nature of this impact, the Group has presented such incremental impact as "Statutory Impact of new Labour Codes" under "Occupational Items" in the consolidated statement of profit and loss for the year ended March 31, 2026. The Group is further assessing certain aspects of labor code, recently enacted Central and State Rules as well as clarifications from the Government on different aspects and upon conclusion, would provide appropriate accounting effect in the books of accounts.
7 During the quarter ended March 31, 2026, the Group has recognised government grants amounting to Rs 123 million from foreign governments on compliance of several employment related conditions and accordingly accounted as credit under employee benefit expenses.
8 During the year, the Holding Company has completed its Initial Public Offer (IPO) of 31,523,948 equity shares of face value of Rs 1 each at an issue price of Rs 500 per share (including a share premium of Rs 859 per share). A discount of Rs 85 per share was offered to eligible employees bidding in the employee reservation portion of 365,008 equity shares. The issue comprised of a fresh issue of 11,408,394 equity shares aggregating to Rs 10,235 million and offer for sale of 20,115,554 equity shares by selling shareholders aggregating to Rs 18,104 million. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on February 16, 2026.
Utilisation of IPO proceeds:
| Objects of the issue as per prospectus | Amount to be utilised as per prospectus (net off offer expenses) | Amount utilised upto March 31, 2026 | Amount remaining unutilised |
|---|---|---|---|
| Investment in one of our Subsidiaries, Fractal USA, for pre-payment and/ or scheduled repayment, in full or in part, of its borrowing | 2,549 | (26) | 2,623 |
| Purchase of laptops | 575 | - | 571 |
| Setting-up new office premises in India | 1,215 | - | 1,215 |
| Investment in (a) research and development; and (b) sales and marketing under Fractal Alpha | 3,551 | - | 3,551 |
| Funding insurgents growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes | 1,611 | - | 1,611 |
| Total | 9,593 | (26) | 9,567 |
9 Subsequent to the year end, the group has repaid the full amount outstanding for borrowings as at March 31, 2026.
10 The above consolidated financial results of the Group are available on the Company's website www.fractal.ai and also that of NSE (www.nseindia.com) and BSE (www.bseindia.com).
For and on behalf of the Board of Directors of
Fractal Analytics Limited
(formerly known as Fractal Analytics Private Limited)
Schmidt International
Whole Gold Director
DIN: 01722718
Place: Mumbai
Date: May 11, 2026
B S R & Co. LLP
Chartered Accountants
14th Floor, Central B Wing and North C Wing
Nesco IT Park 4, Nesco Center
Western Express Highway
Goregaon (East), Mumbai – 400 063, India
Telephone: +91 (22) 6257 1000
Fax: +91 (22) 6257 1010
Independent Auditor's Report
To the Board of Directors of Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited)
Report on the audit of the Standalone Annual Financial Results
Opinion
We have audited the accompanying standalone annual financial results of Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited) (hereinafter referred to as the “Company”) for the year ended 31 March 2026, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).
Attention is drawn to the fact that the figures for the quarter ended 31 March 2025, as reported in these standalone annual financial results have been approved by the Company’s Board of Directors, but have not been subjected to audit [since the Company got listed during the current quarter ended 31 March 2026.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone annual financial results:
a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive loss and other financial information for the year ended 31 March 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion on the standalone annual financial results.
Management’s and Board of Directors’ Responsibilities for the Standalone Annual Financial Results
These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.
The Company’s Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013
Registered Office:
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063
Page 1 of 3
B S R & Co. LLP
Independent Auditor's Report (Continued)
Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited)
of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone annual financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the standalone annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone annual financial results made by the Management and Board of Directors.
-
Conclude on the appropriateness of the Management's and Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the
B S R & Co. LLP 14th Floor, Central & Wing and North C. Wing, Nease 41 Parke, Nease Centre, Western Express Highway, Covington (East), Number - 400 063
Page 2 of 3
B S R & Co. LLP
Independent Auditor's Report (Continued)
Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited)
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
a. The standalone annual financial results include the results for the quarter ended 31 March 2026 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
For B S R & Co. LLP
Chartered Accountants
Firm's Registration No.:101248W/W-100022
Rajesh Mehra
Partner
Membership No.: 103145
UDIN:26103145JOTWHQ4558
Mumbai
11 May 2026
Page 3 of 3
fractal
Fractal Analytics Limited
(formerly known as Fractal Analytics Private Limited)
CIN: L72400MH2000PLC125369
Regd. Office: Level 7, Commerz II, International Business Park, Oberill Garden City, Off. W. E. Highway, Goregaon (E), Mumbai, Maharashtra 400063
Website: www.fractal.ai, Email Id: [email protected], Tel: +91 22 6850 5800
Statement of Standalone Financial Results
(In Rs Millions, except per share data)
| Particulars | Three months ended | Year ended | |||
|---|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Audited | Unaudited | Unaudited | Audited | Audited | |
| Refer note 2 | Refer note 2 | ||||
| (1) Income | |||||
| (a) Revenue from operations | 5,127 | 4,889 | 4,002 | 18,662 | 14,366 |
| (b) Other income | 279 | 21 | 68 | 631 | 539 |
| Total Income | 5,406 | 4,910 | 4,070 | 19,293 | 14,905 |
| (2) Expenses | |||||
| (a) Employee benefits expense | 3,357 | 3,376 | 2,738 | 13,020 | 10,509 |
| (b) Employee stock option expense | 145 | 125 | 101 | 465 | 447 |
| (c) Finance costs | 60 | 39 | 38 | 192 | 116 |
| (d) Depreciation and amortisation expense | 179 | 198 | 167 | 680 | 520 |
| (e) Other expenses | 638 | 516 | 423 | 2,163 | 1,450 |
| Total Expenses | 4,379 | 4,254 | 3,467 | 16,520 | 13,042 |
| (3) Profit before exceptional items and tax expense (1-2) | 1,027 | 656 | 603 | 2,773 | 1,863 |
| (4) Exceptional items (net) (Refer note 4) | (58) | (35) | (3) | (302) | (98) |
| (5) Profit before tax expense (3+4) | 969 | 621 | 600 | 2,471 | 1,765 |
| (6) Tax expense | |||||
| (a) Current tax | 266 | 141 | 99 | 658 | 430 |
| (b) Deferred tax (credit) / charge | (31) | (13) | 61 | (52) | 14 |
| Total tax expense | 235 | 128 | 160 | 606 | 444 |
| (7) Profit after tax (5-6) | 734 | 493 | 440 | 1,865 | 1,321 |
| (8) Other Comprehensive Income | |||||
| (1) Items that will not be reclassified subsequently to profit or loss | |||||
| (a) Remeasurement of defined employee benefit plans | 109 | 16 | 4 | 176 | 15 |
| (b) Income tax on item (a) above | (27) | (4) | (1) | (44) | (4) |
| (2) Items that will be reclassified subsequently to profit or loss | |||||
| (a) Effective portion of (loss) / gain on derivative designated as cash flow hedge | (113) | (40) | 42 | (330) | (87) |
| (b) (Loss) due to changes in intrinsic value on derivatives designated as cash flow hedge | (20) | - | - | (20) | - |
| (c) (Loss) due to changes in time value of derivatives designated as cash flow hedge | (9) | - | - | (9) | - |
| (d) Effective portion of gain / (loss) on derivatives designated as cash flow hedge reclassified to profit or loss | 68 | 62 | (1) | 180 | 23 |
| (e) Income tax on items (a), (b), (c) & (d) above | 18 | (5) | (11) | 45 | 16 |
| Total other comprehensive income / (loss) | 26 | 29 | 33 | (2) | (37) |
| Total Comprehensive Income (7+8) | 760 | 522 | 473 | 1,863 | 1,284 |
| Paid-up Equity Share Capital (Face value of Rs 1 each) | 172 | 142 | 31 | 172 | 31 |
| Other Equity | 32,612 | 19,436 | |||
| Earnings Per Share for the period (Rs per share) (Refer note 5) | |||||
| Face value of Rs 1 each | |||||
| - Basic EPS** | 4.41 | 3.08 | 2.84 | 11.62 | 8.58 |
| - Diluted EPS** | 4.19 | 2.77 | 2.62 | 10.97 | 7.92 |
** EPS is not annualised for the three months period ended March 31, 2026, December 31, 2025 and March 31, 2025
See accompanying notes to the standalone financial results
| Fractal Analytics Limited
(formerly known as Fractal Analytics Private Limited)
Standalone Balance Sheet | | |
| --- | --- | --- |
| Particulars | As at
March 31, 2026 | As at
March 31, 2025 |
| | Audited | Audited |
| ASSETS
(A) Non-current assets
(a) Property, plant and equipment
(b) Right-of-use assets
(c) Goodwill
(d) Other intangible assets
(e) Intangible assets under development
(f) Financial assets
(i) Investments
(ii) Other financial assets
(g) Deferred tax assets (net)
(h) Income tax assets (net)
(i) Other non-current assets | 732
1,055
596
279
296
6,950
173
176
140
46 | 267
1,389
596
33
134
6,549
178
79
160
61 |
| Total non-current assets (A) | 10,443 | 9,446 |
| (B) Current assets
(a) Financial assets
(i) Investments
(ii) Trade receivables
(iii) Cash and cash equivalents
(iv) Bank balances other than (iii) above
(v) Loans
(vi) Other financial assets
- Bank deposits
- Others
(b) Other current assets | 8,741
6,948
578
9,571
-
118
769
550 | 3,436
8,865
223
211
180
-
169
591 |
| Total current assets (B) | 27,275 | 13,675 |
| Total assets (A+B) | 37,718 | 23,121 |
| EQUITY AND LIABILITIES
(C) Equity
(a) Share capital
(b) Other equity | 172
32,612 | 31
19,436 |
| Total equity (C) | 32,784 | 19,467 |
| (D) Liabilities
(E) Non-current liabilities
(a) Financial liabilities
(i) Lease liabilities
(ii) Other financial liabilities
(b) Provisions | 806
-
29 | 1,098
35
159 |
| Total non-current liabilities (E) | 835 | 1,292 |
| (F) Current liabilities
(a) Financial liabilities
(i) Lease liabilities
(ii) Trade payables
- Total outstanding dues of micro and small enterprises
(iii) Other financial liabilities
(b) Other current liabilities
(c) Provisions
(d) Current tax liabilities (net) | 315
100
908
2,063
421
96
196 | 283
96
301
1,333
324
-
25 |
| Total current liabilities (F) | 4,099 | 2,362 |
| Total liabilities (D+E+F) | 4,934 | 3,654 |
| Total Equity and Liabilities (C+D) | 37,718 | 23,121 |
MURBAI-63
BGR & Co. LLP
50th Floor,
Croninburg and
Bldg. 4, Bldg.
New York, N.Y. 10017
Weldon, New England
Telephone: (202) 432-6111
Number: 400 961
| Fractal Analytics Limited
(formerly known as Fractal Analytics Private Limited)
Standalone Statement of Cash Flows | | |
| --- | --- | --- |
| Particulars | Year ended March 31, 2026 | Year ended March 31, 2025 |
| | Audited | Audited |
| (A) Cash flows from operating activities | | |
| Profit before tax expense | 2,471 | 1,765 |
| Adjustment for: | | |
| Depreciation and amortisation expense | 331 | 239 |
| Depreciation on right of use assets | 349 | 281 |
| Finance costs | 181 | 113 |
| Interest income on intercompany loan | (15) | (2) |
| Interest income on bank deposits | (79) | (7) |
| Gains (net) on investments mandatorily measured at fair value through profit or loss | (371) | (316) |
| / redemption / sale of financial instruments | - | - |
| Fair value loss (net) on derivative contracts carried at fair value through profit or loss | 156 | 65 |
| Interest income on unwinding of security deposits | (16) | (13) |
| Guarantee commission (income) or loss on cancellation of guarantee | (26) | (17) |
| (Gain) on early termination of leases | (2) | - |
| (Gain) on sale of property plant and equipment | (2) | - |
| Unrealised foreign exchange (gain) / loss (net) | (234) | (67) |
| Employee stock option expense | 465 | 447 |
| Provision for tax settlement | - | (59) |
| Bad Debts | 7 | - |
| Provision for expected credit loss and doubtful advances | (33) | 7 |
| Investment / Receivable balances from subsidiaries written off / impairment provision reversed on investments in and amounts recoverable from subsidiaries (net) | 200 | 97 |
| Operating cash flows before working capital changes | 3,382 | 2,533 |
| Adjustment for changes in working capital: | | |
| Decrease / (increase) in trade receivables | 2,166 | (1,980) |
| (Increase) / Decrease in other current financial assets | (566) | 73 |
| Decrease / (increase) in other non current financial assets | 1 | (43) |
| (Increase) in other current assets | 150 | (143) |
| (Increase) in other non current assets | (30) | (4) |
| Increase in trade payables | 610 | 134 |
| (Decrease) in other non current financial liabilities | - | (1) |
| Increase in other current financial liabilities | 376 | 200 |
| Increase / ((Decrease) in provisions | 142 | (16) |
| Increase in other current liabilities | 97 | 43 |
| Cash generated from operations | 6,328 | 796 |
| Tax paid (net of refunds) | (521) | (415) |
| Net cash generated from operating activities | 5,807 | 381 |
| (B) Cash flows from investing activities | | |
| Payment for purchase of property, plant and equipment and intangible assets | (1,134) | (362) |
| Intercompany loan given during the year | (29) | (53) |
| Intercompany loan received back during the year | 209 | 4 |
| Interest on Intercompany loan received during the year | 15 | - |
| Payment towards investment in equity shares | (489) | (874) |
| Proceeds on account of subsidiaries merged and capital reduction thereof | 47 | - |
| Investment in bank deposits (net) | (9,478) | (211) |
| Purchase of mutual fund units | (10,870) | (5,160) |
| Maturity proceeds on redemption of mutual fund units | 5,936 | 6,179 |
| Interest on bank deposits | 51 | 5 |
| Net cash (used in) investing activities | (15,742) | (472) |
| (C) Cash flows from financing activities | | |
| Proceeds from issue of equity shares and share application money pending allotment | 10,734 | 501 |
| Repayment of lease liabilities | (405) | (295) |
| Interest paid during the year | (39) | (15) |
| Net cash generated from financing activities | 10,290 | 191 |
| Net Increase in cash and cash equivalents (A+B+C) | 355 | 100 |
| Cash and cash equivalents at the beginning of the year | 223 | 123 |
| Cash and cash equivalents at the end of the year | 578 | 223 |
MUMBAI-63 100% 2007
SGS & Co. Ltd.
1100 11th Ave.
Singapore, P.O. Box 1000
Singapore, P.O. Box 1000
Westinghouse, P.O. Box 1000
Singapore, P.O. Box 1000
West, Singapore 10001
Telephone: 020 222 1111
Fax: 020 222 1112
fractal
Notes to Statement of Standalone Financial Results
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These standalone financial results of Fractal Analytics Limited (the "Company") (formerly known as Fractal Analytics Private Limited) have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 ("the Regulations"). These standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meeting held on May 11, 2026. The statutory auditors have carried out an audit of the standalone financial results for the year ended March 31, 2026 and have issued an unmodified opinion on the same.
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The figures for the quarters ended March 31, 2026 and March 31, 2025, represent the differences between the audited annual financial results for the years ended March 31, 2026 and March 31, 2025, and the unaudited year-to-date results upto December 31, 2025 and December 31, 2024, respectively. The unaudited standalone financial results for the nine months ended December 31, 2024 were compiled by the management and approved by the Board of Directors of the Company. The statutory auditors have not audited or carried out limited review procedures on the standalone financial results for the nine months ended December 31, 2024.
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The Company publishes these standalone results along with the consolidated financial results. In accordance with Ind AS 108, "Operating Segments", the Company has disclosed the segment information in the consolidated financial results.
4 Exceptional items includes:
| Particulars | Three months ended | Year ended | |||
|---|---|---|---|---|---|
| March 31, 2026 | December 31, 2025 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Refer note 2 | Unaudited | Refer note 2 | Audited | Audited | |
| Investment in / Receivable balances from subsidiaries (written off impairment provision (created) / reversed on investments in and amounts recoverable from subsidiaries (net) | (346) | - | (106) | (346) | (106) |
| Share of upside consideration expense | 346 | (16) | 103 | 146 | 8 |
| Statutory impact of new Labour Codes | (58) | (44) | - | (102) | - |
| Total | (58) | (35) | (3) | (302) | (38) |
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During the year, the Company issued bonus shares in accordance with Section 63 of the Companies Act, 2013 in the ratio of 1:4 (for every one equity share four bonus shares were issued) to all equity shareholders with equity shares on July 29, 2025 as approved by shareholders. Further, Board of Directors in its meeting on January 23, 2026 approved the conversion of Compulsorily Convertible Preference Shares (CCPS) into equity shares. Accordingly, the CCPS holders were issued 22,618,020 equity shares in lieu of the CCPS held by them in accordance with terms of shareholder agreement. The weighted average number of shares for the three months and year ended March 31, 2025 have been adjusted to reflect the impact of the above as per Ind AS 33.
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On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has considered restructured compensation of its employees with effect from April 1, 2026, and assessed the impact of the changes, consistent with the Labour Codes, rules, FAQs and legal opinion. Considering the materiality and regulatory-driven, non-recurring nature of this impact, the Company has presented such incremental impact as "Statutory Impact of new Labour Codes" under "Exceptional Items" in the standalone statement of profit and loss for the year ended March 31, 2026. The Company is further assessing certain aspects of labor code, recently enacted Central and State Rules as well as clarifications from the Government on different aspects and upon conclusion, would provide appropriate accounting effect in the books of accounts.
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During the year, the Company has completed its Initial Public Offer (IPO) of 31,523,948 equity shares of face value of Rs 1 each at an issue price of Rs 900 per share (including a share premium of Rs 899 per share). A discount of Rs 85 per share was offered to eligible employees bidding in the employee reservation portion of 383,008 equity shares. The issue comprised of a fresh issue of 11,408,394 equity shares aggregating to Rs 10,235 million and offer for sale of 20,115,554 equity shares by selling shareholders aggregating to Rs 18,104 million. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on February 16, 2026.
Utilisation of IPO proceeds:
| Objects of the issue as per prospectus | Amount to be utilised as per prospectus (net off offer expense) | Amount utilised upto March 31, 2026 | Amount remaining unutilised |
|---|---|---|---|
| Investment in one of our Subsidiaries, Fractal USA, for pre-payment and/ or scheduled repayment, in full or in part, of its borrowing | 2,649 | (26) | 2,623 |
| Purchase of laptops | 571 | - | 571 |
| Setting-up new office premises in India | 1,211 | - | 1,211 |
| Investment in (a) research and development; and (b) sales and marketing under Fractal Alpha | 3,551 | - | 3,551 |
| Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes | 1,611 | - | 1,611 |
| Total | 9,593 | (26) | 9,567 |
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During the year ended March 31, 2026, the Board of Directors in its meeting on November 21, 2025 has approved purchase of balance stake of 44.08% on paid-up capital basis of Analytics Vidhya Educom Private Limited for a consideration of Rs 487 million. The share purchase agreement has been executed on November 22, 2025 and it has become a 100% subsidiary of the Company effective this date.
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The above standalone financial results of the Company are available on the Company's website www.fractal.ai and also that of NSE (www.nseindia.com) and BSE (www.bseindia.com).
For and on behalf of the Board of Directors of
Fractal Analytics Limited
(formerly known as Fractal Analytics Private Limited)
Srikant Valamakanni
Office-time Director
DIN: 01722758
Place: Mumbai
Date: May 11, 2026
fractalbo
Annexure - A
Disclosure of information pursuant to Regulation 30 of the SEBI Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026
| Sr no. | Particulars | Details |
|---|---|---|
| 1. | details and reasons for restructuring | The merger of Senseforth Inc. is to simplify the corporate group structure, derive operational synergies, and achieve administrative and cost efficiencies. |
| 2. | quantitative and/ or qualitative effect of restructuring | a. Reduce duplicative compliance and administrative overheads |
| b. Simplification of the corporate group structure and enhance operational efficiency | ||
| 3. | details of benefit, if any, to the promoter/promoter group/group companies from such proposed restructuring | There is no benefit to the promoter / promoter group / group companies from the proposed restructuring. |
| 4. | brief details of change in shareholding pattern (if any) of all entities | Not applicable. |
| The Company is not party to the merger and the shareholding pattern of the Company remains unchanged. |
fractalbo
Annexure - B
Disclosure of information pursuant to Regulation 30 of the SEBI Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026
| Sr no. | Particulars | Details |
|---|---|---|
| 1. | details and reasons for restructuring | The liquidation of Fractal Frontiers Inc. is being carried out as part of the broader initiative to streamline the legal entity structure, reduce duplicative compliance and administrative overheads, and enhance operational efficiency, without any adverse impact on ongoing business operations. |
| 2. | quantitative and/ or qualitative effect of restructuring | a. Reduce duplicative compliance and administrative overheads |
| b. Simplification of the corporate group structure and enhance operational efficiency | ||
| 3. | details of benefit, if any, to the promoter/promoter group/group companies from such proposed restructuring | There is no benefit to the promoter / promoter group / group companies from the proposed restructuring. |
| 4. | brief details of change in shareholding pattern (if any) of all entities | Not applicable. |
| The Company is not party to the liquidation and the shareholding pattern of the Company remains unchanged. |