Fusion CX: North America supplied 79.56% of June-quarter revenue

Fusion CX generated 79.56% of revenue from operations from North America in the three months ended June 30, 2026, and the United States alone supplied 72.10%. The regional share was above 69.53% in Fiscal 2024, leaving Fusion CX materially dependent on North American demand, operating conditions and foreign-currency movements.

How concentrated is Fusion CX’s June-quarter revenue in North America?

Fusion CX’s June-quarter revenue was concentrated in North America, which generated Rs 390.238 crore of total revenue from operations of Rs 490.484 crore in the three months ended June 30, 2026. The region’s 79.56% share was also equivalent to 88.34% of the Rs 441.736 crore revenue that Fusion CX generated outside India.

The United States was the principal source of the North American concentration, contributing Rs 353.660 crore, or 72.10% of June-quarter revenue. Canada contributed Rs 36.578 crore, or 7.46%, meaning the two countries accounted for the full Rs 390.238 crore North American total. India generated Rs 48.748 crore, or 9.94%, during the same three-month period.

Fusion CX reports revenue by customer geography rather than by the location of delivery work. The company identifies customers in India, the United States, Canada, El Salvador, the Philippines, Indonesia and Morocco, and states that developments affecting North American customers or delivery centres could have a cascading effect on its business and financial condition.

How has Fusion CX’s North American revenue dependence changed?

Fusion CX’s North American revenue dependence increased across the three reported fiscal years, although the June-quarter share was below the Fiscal 2026 level. North America represented 69.53% of revenue from operations in Fiscal 2024, 75.34% in Fiscal 2025 and 81.70% in Fiscal 2026, before accounting for 79.56% in the three months ended June 30, 2026.

The United States drove the rise. U.S. revenue increased from Rs 503.378 crore, or 50.78% of revenue, in Fiscal 2024 to Rs 848.566 crore, or 63.84%, in Fiscal 2025 and Rs 1,337.097 crore, or 73.54%, in Fiscal 2026. The June 2026 quarter generated Rs 353.660 crore from the United States, retaining a 72.10% share despite a 1.44-percentage-point decline from Fiscal 2026.

Canada’s contribution declined both in value and share over the fiscal comparison. Canadian revenue was Rs 185.835 crore, or 18.75%, in Fiscal 2024, Rs 152.866 crore, or 11.50%, in Fiscal 2025, and Rs 148.477 crore, or 8.17%, in Fiscal 2026. Its Rs 36.578 crore June-quarter contribution, equal to 7.46%, indicates that Fusion CX’s North American mix has become more U.S.-centred.

Latin America generated Rs 39.952 crore, or 7.33%, in the June 2026 quarter, compared with Rs 6.754 crore, or 3.71%, in Fiscal 2026. El Salvador accounted for the entire June-quarter Latin American amount, while Europe and Africa contributed Rs 14.210 crore, or 2.90%, and Southeast Asia provided Rs 1.336 crore, or 0.27%.

What risks follow from Fusion CX’s overseas revenue exposure?

Fusion CX’s overseas exposure places 90.06% of June-quarter revenue within international operating environments because customers outside India generated Rs 441.736 crore in the three months ended June 30, 2026. The overseas share rose from 76.22% in Fiscal 2024 to 80.59% in Fiscal 2025 and 88.71% in Fiscal 2026, while India’s contribution fell from 23.78% to 11.29% over that period.

Fusion CX identifies economic cycles and international demand, regional political uncertainty, differing accounting standards, labour regulations, financing terms, logistical costs and language barriers as relevant risks. It also states that foreign tax rates may exceed those in India and that earnings may face withholding requirements or incremental taxes on repatriation.

Geopolitical tensions, trade restrictions, tariffs, currency fluctuations and different regulatory environments could increase costs, disrupt operations or affect customers’ financial stability, according to Fusion CX. The company identifies reduced demand, payment delays and customer loss as potential effects. Fusion CX reported no material disruptions from these risks in the three months ended June 30, 2026 or in Fiscals 2026, 2025 and 2024.

Why do currency and outsourcing policy matter to Fusion CX?

Currency movements matter because Fusion CX reports in Indian rupees while a significant portion of its business is transacted in other currencies, primarily the U.S. dollar. The exposure is material given that U.S. customers generated Rs 353.660 crore, or 72.10% of revenue from operations, in the three months ended June 30, 2026.

Fusion CX recorded a net foreign-exchange gain of Rs 3.711 crore in the three months ended June 30, 2026 and Rs 17.962 crore in Fiscal 2026. These gains followed net losses of Rs 1.441 crore in Fiscal 2025 and Rs 2.545 crore in Fiscal 2024. Fusion CX states that it has no hedging agreements or similar counterparty arrangements to cover foreign-exchange exposure.

Many Fusion CX customer contracts run for multiple years and have fixed rates. An appreciation of the rupee against the currencies in which Fusion CX earns revenue can reduce the rupee value of that revenue and affect margins. The reported gains in Fiscal 2026 and the June 2026 quarter therefore do not establish that future currency movements will produce gains.

Anti-outsourcing policy also matters because Fusion CX states that operating in several countries exposes it to anti-outsourcing sentiment. Anti-outsourcing legislation or reductions in outsourcing budgets by existing or prospective customers could affect pricing and work volumes. With North America supplying 79.56% of June-quarter revenue, a material change in customer purchasing behaviour in that region would affect a larger revenue base than changes in the smaller disclosed regions.

Conclusion

Fusion CX’s geographic revenue profile is defined by a substantial reliance on North America and, within that region, the United States. North America’s share increased from 69.53% in Fiscal 2024 to 81.70% in Fiscal 2026 before easing to 79.56% in the three months ended June 30, 2026, while the U.S. share rose from 50.78% to 72.10% across those endpoints.

The next disclosed indicators are changes in the U.S. and Canadian revenue mix, the scale of non-North American revenue and foreign-exchange results without hedging arrangements. Fusion CX has also identified geopolitical developments, trade restrictions, tariffs, regulatory changes and anti-outsourcing pressures as unresolved factors that could affect demand, costs or customer payments in its key overseas markets.