Fusion CX revenue rose 83% while FY26 profit rose 368%

Fusion CX reported revenue from operations of Rs 1,818.138 crore in FY26, 83.4% above Rs 991.315 crore in FY24. Profit for the year rose 368.4% over the same period to Rs 169.840 crore from Rs 36.260 crore, while net cash generated from operating activities reached Rs 264.224 crore in FY26.

How did Fusion CX revenue and profit change in FY26?

Fusion CX revenue and profit increased in each of FY24, FY25 and FY26. Revenue from operations rose by Rs 826.823 crore between FY24 and FY26, while profit for the year increased by Rs 133.580 crore. FY25 revenue was Rs 1,329.296 crore and profit was Rs 74.314 crore, establishing sequential growth across the three reported financial years.

Profit increased faster than revenue because total income grew more quickly than total expenses over the two-year period. Total income rose 81.3% to Rs 1,851.831 crore in FY26 from Rs 1,021.528 crore in FY24, while total expenses increased 68.8% to Rs 1,662.530 crore from Rs 984.844 crore. Profit before tax consequently increased to Rs 189.301 crore in FY26, compared with Rs 77.739 crore in FY25 and Rs 36.684 crore in FY24.

The reported profit margin, calculated as profit for the year divided by revenue from operations, expanded to 9.3% in FY26 from 5.6% in FY25 and 3.7% in FY24. Other income was Rs 33.693 crore in FY26, compared with Rs 22.734 crore in FY25 and Rs 30.213 crore in FY24, so the larger increase in profit before tax arose alongside higher operating revenue rather than a rise in other income alone.

What costs explain Fusion CX revenue and profit expansion?

Fusion CX's employee benefits expense remained its largest cost but declined as a share of revenue. Employee benefits expense rose by Rs 510.793 crore to Rs 1,192.980 crore in FY26 from Rs 682.187 crore in FY24. It represented 65.6% of FY26 revenue from operations, down from 68.8% in FY24 and 65.8% in FY25.

Other expense categories also increased during the two years. Other expenses reached Rs 328.980 crore in FY26, compared with Rs 234.724 crore in FY24; depreciation and amortisation increased to Rs 95.099 crore from Rs 48.977 crore; and finance costs increased to Rs 45.471 crore from Rs 18.956 crore. These increases did not outpace the growth in total income, which is the arithmetic basis for the higher pre-tax profit.

Tax accounting reduced FY26 pre-tax profit by Rs 19.461 crore. The FY26 tax expense comprised current tax of Rs 21.706 crore and a deferred-tax credit of Rs 2.245 crore, while FY25 total tax expense was Rs 3.425 crore. The gain in profit for the year therefore primarily reflected the increase in profit before tax, from Rs 77.739 crore in FY25 to Rs 189.301 crore in FY26, rather than a lower tax charge.

Did Fusion CX convert FY26 profit into operating cash flow?

Fusion CX generated Rs 264.224 crore of net cash from operating activities in FY26, exceeding its Rs 169.840 crore profit for the year. Net operating cash flow was Rs 102.448 crore in FY25 and Rs 39.258 crore in FY24. Cash generated from operations before net tax payments was Rs 277.244 crore in FY26, followed by net income-tax payments of Rs 13.020 crore.

Working-capital changes used cash in several FY26 categories. Trade receivables used Rs 24.712 crore, trade payables used Rs 13.482 crore and other liabilities used Rs 41.858 crore, while other financial assets provided Rs 35.953 crore. Trade receivables stood at Rs 375.057 crore on March 31, 2026, compared with Rs 332.199 crore on March 31, 2025 and Rs 254.036 crore on March 31, 2024, making collections relevant to future operating cash conversion.

The reconciliation from pre-tax profit to cash also included non-cash charges and foreign-exchange adjustments. Depreciation and amortisation added Rs 95.099 crore, finance costs added Rs 45.471 crore and the provision for credit allowances on trade receivables added Rs 10.039 crore in FY26. An unrealised foreign-exchange gain reduced the reconciliation by Rs 20.386 crore, resulting in operating profit before working-capital changes of Rs 320.012 crore.

How did investment, debt and cash change in FY26?

Fusion CX used Rs 83.097 crore in investing activities and Rs 138.044 crore in financing activities during FY26. Investing cash outflows included Rs 32.455 crore of net loans given, Rs 24.633 crore for acquisitions of subsidiaries and Rs 19.729 crore for purchases of property, plant, equipment and intangible assets. Net fixed-deposit placements were Rs 14.092 crore, partly offset by Rs 4.230 crore of interest received and Rs 3.577 crore of proceeds from asset sales.

Financing activities included Rs 22.011 crore of long-term borrowing repayments, Rs 45.853 crore of short-term borrowing repayments, Rs 49.918 crore of lease-obligation payments and Rs 46.395 crore of interest payments. Fusion CX received Rs 28.000 crore from long-term borrowings and paid Rs 3.781 crore in dividends. Cash and cash equivalents consequently increased to Rs 89.559 crore at March 31, 2026 from Rs 37.920 crore at March 31, 2025.

Total borrowings, comprising current and non-current borrowings, declined to Rs 266.864 crore at March 31, 2026 from Rs 306.728 crore a year earlier. Current borrowings were Rs 187.097 crore, or about 70% of total borrowings, and non-current borrowings were Rs 79.767 crore. Lease liabilities were a further Rs 135.560 crore at March 31, 2026, including Rs 45.503 crore classified as current liabilities.

What do Fusion CX's balance-sheet movements show?

Fusion CX's total equity increased to Rs 560.602 crore at March 31, 2026 from Rs 271.141 crore at March 31, 2024. Other equity accounted for Rs 547.969 crore of the FY26 total, compared with Rs 258.540 crore in FY24, while equity share capital was Rs 12.633 crore in FY26. Total assets increased to Rs 1,385.146 crore from Rs 768.016 crore over the same period.

Goodwill increased to Rs 362.202 crore at March 31, 2026 from Rs 87.639 crore at March 31, 2024, while current loans increased to Rs 71.525 crore from Rs 1.470 crore. Right-of-use assets, which represent the accounting value of leased assets, were Rs 123.590 crore and trade payables were Rs 176.127 crore at March 31, 2026. These balances link future cash flows to collections, lending, acquisitions and lease obligations as well as revenue and employee costs.

Conclusion

Fusion CX's FY26 financial statements show that revenue growth of Rs 826.823 crore over two years was accompanied by a Rs 133.580 crore increase in profit for the year and an expansion in the reported profit margin to 9.3%. Operating cash flow of Rs 264.224 crore exceeded FY26 profit, while employee benefits rose in rupee terms but declined as a proportion of revenue.

The three months ended June 30, 2026 provide the later disclosed update, with revenue from operations of Rs 490.484 crore, profit for the period of Rs 55.698 crore and operating cash flow of Rs 23.201 crore, none of which is annualised. Figures to monitor include trade receivables of Rs 409.906 crore, current loans of Rs 97.237 crore and total borrowings of Rs 238.132 crore at June 30, 2026.