Fusion CX Ltd

The company runs outsourced customer service operations for global companies from 40 delivery centres across 13 countries, with the US giving 74% of FY26 revenue. Revenue grew from INR 991 cr in FY24 to INR 1,818 cr in FY26, largely through acquisitions and a weaker rupee. Most of its revenue is billed per agent, and with AI taking over routine queries, demand for agents is already slowing across the industry. Its lending to the promoter group and a pending litigation concerns us regarding governance. At 24.6x FY26 P/E and 13.0x EV/EBITDA, we would skip the issue.