Fractal Analytics Limited · NSE:FRACTAL
Fractal Analytics — Investor Presentation (February 2026)
62 slides from Fractal Analytics's investor presentation, February 2026
Slide 1: February 2026
February 2026 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements in this presentation concerning our future growth prospects are forward-looking statements. These statements are subject to substantial known and unknown risks, uncertainties and other factors, which may cause actual results or outcomes to differ materially f
Slide 3: Which is the world's deadliest infectious disease?
Which is the world’s deadliest infectious disease? 3
Slide 4: What if AI could stop it?
What if AI could stop it? 4
Slide 5: John Doe is TB presumptive
John Doe is TB presumptive @ Tuberculosis | 0.94 Lab Confirmation & Call patient Sputum collected
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Slide 7: Making healthcare accessible and affordable
Qure.ai named in the TIME100 Most Influential Companies 2025 61 Patents(1) US FDA pre-market notification Making healthcare (510(k)) clearance accessible and affordable Source: Everest Report 1 Refers to patents filed for as on January 19, 2026 (40 patents granted as on July 11, 2025) 7
Slide 8: Every month, ______ people use Google's 'AI Overviews'
Every month, ______ people use Google’s ‘AI Overviews’ 2Bn+ Based on Alphabet’s Q3 2025 earnings call available at https://abc.xyz/investor/events/event-details/2025/2025-Q3-Earnings-Call-2025-4OI4Bac_Q9/default.aspx 8
Slide 9: How many robots have been deployed by Amazon?
How many robots have been deployed by Amazon? 1Mn Based on Amazon’s press release from June 2025 available at https://www.aboutamazon.com/news/operations/amazonmillion-robots-ai-foundation-model 9
Slide 10: How many driverless trips has Waymo completed as of May 2025?
How many driverless trips has Waymo completed as of May 2025? 10 Mn Waymo’s Autonomous trips1 1 As of May 2025; Alphabet’s autonomous driving technology company; Based on CNBC article available at https://www.cnbc.com/2025/05/20/waymo-ceo-tekedra-mawakana-10-million.html 10
Slide 11: What was Google's capital expenditure in 2025?
What was Google’s capital expenditure in 2025? $91-93Bn Based on Alphabet’s Q3 earnings call available at https://abc.xyz/investor/events/event-details/2025/2025-Q3-Earnings-Call-2025-4OI4Bac_Q9/default.aspx 11
Slide 12: AI usage is accelerating
AI usage is accelerating 12
Slide 13: But…
But… 13
Slide 14: AI excitement ≠ Enterprise performance
AI excitement ≠ Enterprise performance AI adoption in the enterprises is constrained by several challenges 14
Slide 15: What isn't working?
What isn’t working? Design Engineering AI Enterprise AI adoption Data and system complexity Fast-evolving tech and talent landscape needs user-centric design, Powering decisions with domain expertise and robust unstructured and structured data Enterprises are struggling to governance (safety, securi
Slide 16: We power human decisions in the enterprise across key areas of business performance
We power human decisions in the enterprise across 5 key areas of business performance Drive Drive business sustainability growth(1) Drive day-to-day Drive operational tactical decisions effectiveness Drive product innovation 1 Through understanding, predicting and shaping customer behavior 16
Slide 17: New product development: Gen AI powered product concept generator
Global consumer health and personal care company New product development Gen AI powered product concept generator Identify opportunities and pain points for customers based on consumer reviews and social media trends 17
Slide 18: Scaling AI solutions requires bringing together Engineering, Design and Domain expertise
Scaling AI solutions requires bringing together Engineering, Design and Domain expertise Integrating AED “User centric, decision backwards” 1 approach Artificial Intelligence 2 Integrating behavioral science and data Problem science Solving Engineering Design + Domain Complementing technical experti
Slide 19: Why Fractal? 1/3 Enterprise AI track record
AI usage is Why But… Q&A accelerating Fractal? 1/3 Enterprise AI track record 19
Slide 20: We have a track record of powering decisions with AI and driving results for MWCs (1/2)
1 2 3 We have a track record of powering decisions with AI Enterprise AI track record and driving results for MWCs (1/2) 10 of 20(1) 5 of 20(1) Top global Top global CPG Retailers companies 10 of 20(1) 8 of 20(1) 3 of 20(1) Top global HLS Top global TMT Top global BFSI companies companies companies
Slide 21: We have a track record of powering decisions with AI and driving results for MWCs (2/2)
1 2 3 We have a track record of powering decisions with AI Enterprise AI track record and driving results for MWCs (2/2) FY25 Net Revenue Retention (Fractal.ai)(1) FY25 Net Promoter Score (Fractal.ai)(2) 121.3% 77 8+ years avg. relationship tenure with top 10 clients(3) of Fractal.ai 1 Net Revenue R
Slide 22: Why Fractal? 2/3 Deep AI R&D
AI usage is Why But… Q&A accelerating Fractal? 2/3 Deep AI R&D 22
Slide 23: We are building breakthrough products powered by deep AI research
1 2 3 We are building breakthrough products powered by Deep AI R&D deep AI research Research and Development Our AI R&D is a key differentiator Fathom-R1-14B LRM Open-sourced AI for revenue growth management 6.1% Vision-Language Multi- Text-to-image model modal medical model of revenue1 AI products
Slide 24: Cogentiq accelerates enterprise AI use cases
1 2 3 Cogentiq accelerates enterprise AI use cases Deep AI R&D With a library of agents that connect to tools that Fractal’s Agentic AI Platform A repository of Collaborative agents that leverage Pre-built tools and components that connect with Diverse enterprise data sources 24
Slide 25: AI products hosted on top of Cogentiq
1 2 3 AI products hosted on top of Cogentiq Deep AI R&D AI Products hosted on Cogentiq cogentiq cogentiq cogentiq cogentiq cogentiq business insights CX data foundation Enterprise store sales assist Decision intelligence platform Contact center optimization Enterprise data operations suite One-stop
Slide 26: Cogentiq - The one-stop Agentic AI platform for the Enterprise
Cogentiq - The one-stop Agentic Al platform for the Enterprise to unlock efficiency 4 ‘ ‘ ‘ § Structured ‘ q é RDBMS [lis ssonresv q {sk GRapH FEB atalake ‘ ‘ ‘ Unstructured ‘ ‘ Web ] Does ‘ ‘ Multistedia images | Ba) ras ‘ ‘ ' Bi/Analytics Apps - APIs ‘ ‘ Pe ‘Bi Detabricks $d Power ro) ‘ § Data | c
Slide 27: Vaidya.ai
1 2 3 Vaidya.ai Deep AI R&D Medical multi-modal foundation model ecosystem1 consisting of LLMs, VLMs and medical reasoning systems We have been selected by the Government of India under the IndiaAI Mission to build India’s first large reasoning model. 1 Fractal’s medical multi-modal foundation model
Slide 28: Our AI Researchers at prestigious conferences across the world
1 2 3 Our AI Researchers at prestigious conferences Deep AI R&D across the world: NeurIPS, ICLR, AutoML, CCN NeurIPS 2024 CCN 2025 Vancouver Amsterdam ICLR 2025 San Francisco New York Singapore AutoML 2025 CCN 2022 28
Slide 29: Why Fractal? 3/3 Leadership & culture
AI usage is Why But… Q&A accelerating Fractal? 3/3 Leadership & culture 29
Slide 30: Culture of trust, transparency & freedom to nurture talent
1 2 3 Culture of trust, transparency & freedom Leadership & culture to nurture talent Highly selective hiring SOURCING ~ 195K (100%) Resumes received2 Top 25 in India 5 years in a row (2023-24) SHORTLISTING (2020-24) Glassdoor Best-Led Companies of 2025 4.2/5 Overall Rating(1) 4,960 INTERVIEWS curre
Slide 31: Our founders have been leading the business since inception, for over 25 years
Our founders have been leading the business since 1 2 3 Leadership & culture inception, for over 25 years, and have been instrumental in our AI vision Srikanth Pranay Velamakanni Agarwal Co-Founder and Co-Founder and CEO, Group CEO, Fractal USA, IIT Delhi, Bangalore University, IIM Ahmedabad IIM Ahm
Slide 32: Financials
AI usage is Why But… Q&A accelerating Fractal? 3/3 Financials 32
Slide 33: Fractal Group revenue at INR 27,654m with 25.9% growth in FY25
Fractal Group revenue at INR 27,654m with 25.9% growth in FY25 +25.9% 27,654 644 +10.6% 21,963 19,854 365 190 +19.9% 15,590 27,037 451 13,007 21,615 275 19,691 15,184 12,741 FY23 FY24 FY25 H1 FY25 H1 FY26 Fractal.ai Fractal Alpha 33
Slide 34: Fractal.ai revenue metrics
Fractal.ai revenue metrics Clients by Annual Revenue Contribution (Fractal.ai) Revenue from Operations (Fractal.ai) in INR MM FY2023 FY2024 FY2025 151.0% 110.2% 121.3% 114.0% >$20 1 2 5 +25.1% Mn +9.8% +19.2% >$10 Mn 5 5 6 27,037 19,691 21,615 >$5 Mn 10 11 15 15,184 FY23 FY24 FY25 H1 FY26 >$1 Mn 45
Slide 35: Diversified revenue base
Diversified revenue base % Revenue by Client Vertical for H1 FY26 (Fractal.ai) % Revenue by Geography for H1 FY26 (Fractal.ai) Others, 6.1% APAC & BFSI, Others, 12.2% 13.0% CPGR, 37.5% Europe, HLS, 21.2% 17.0% Americas, 65.8% TMT, 27.2% Well-diversified across verticals Strong growth led by business
Slide 36: Fractal.ai trajectory to profitability
Fractal.ai trajectory to profitability INR Mn +25.1% 27,037 +9.8% 21,615 19,691 45.3% 45.2% 44.9% 44.2% 43.7% +19.2% 15,184 12,741 18.8% 17.5% 16.5% 12.8% 14.0% 10.7% 12.0% 14.3% 5.7% -1.6% FY23 FY24 FY25 H1 FY25 H1 FY26 Revenue Gross Margin(1) Adjusted Segment Results (2) Segment Results 1 Calculat
Slide 37: Fractal Group: Strong gross margins with consistent adj. EBITDA profitability
Fractal Group: Strong gross margins with consistent adj. EBITDA profitability % Gross Margin (Fractal Group)(1) Adjusted EBITDA(2) (Fractal Group) in INR MM Adjusted EBITDA margin (%) 44.8% 44.5% 45.9% 44.2% 45.8% 17.4% 15.9% 15.0% 10.6% 4,821 6.8% 2,321 2,062 2,332 1,343 FY23 FY24 FY25 H1 FY25 H1 F
Slide 38: Fractal Group: H1 FY26 PAT at INR 709m, 4.5% of revenue
Fractal Group: H1 FY26 PAT at INR 709m, 4.5% of revenue PAT (Fractal Group)(1) Adjusted PAT (Fractal Group)(2) 9.8% -2.5% 8.0% 2.7% -0.2% 12.6% 3,478 2,206 1,944 540 (45) FY23 FY24 FY25 FY23 FY24 FY25 (547) In FY23, Exceptional gain of INR 5,410m contributed to PAT due to a gain on loss of control o
Slide 39: Fractal Group: We closed H1 FY26 with INR 7,947m in cash and short-term investments
Fractal Group: We closed H1 FY26 with INR 7,947m in cash and short-term investments (including bank deposits) Cash flow from operations i.e. CFO (Fractal Group) (1) 98 82.3 % 78 3,500 68.7 % 58 3,970 38 2,000 18 1,595 500 -2 (22.8%) -22 (306) (1,000) -42 FY23 FY24 FY25 Net Cash Flow Generated from /
Slide 40: Thank you
Thank you 40
Slide 41: Detailed Financials
Appendix 1 Detailed Financials
Slide 42: Fractal Group, Fractal.ai and Fractal Alpha Margin Walkthrough
Fractal Group, Fractal.ai and Fractal Alpha Margin Walkthrough Fractal Group Fractal.ai Fractal Alpha Income Statement (INR Mn) FY23 FY24 FY25 H1 FY25 H1 FY26 FY23 FY24 FY25 H1 FY25 H1 FY26 FY23 FY24 FY25 H1 FY25 H1 FY26 Revenue from Operations 19,854 21,963 27,654 13,007 15,590 19,691 21,615 27,037
Slide 43: Adjusted EBITDA to PAT Bridge
Adjusted EBITDA to PAT Bridge INR Mn FY23 FY24 FY25 H1 FY25 H1 FY26 Revenue from operations (A) 19,854 21,963 27,654 13,007 15,590 Adjusted EBITDA (B) 1,343 2,321 4,821 2,062 2,332 Adjusted EBITDA Margin (C = A/B) 6.8% 10.6% 17.4% 15.9% 15.0% Less: Employee stock option expense (D) 1,587 963 798 418
Slide 44: PAT to Adjusted PAT Bridge
PAT to Adjusted PAT Bridge INR Mn FY23 FY24 FY25 H1 FY25 H1 FY26 Revenue from operations (A) 19,854 21,963 27,654 13,007 15,590 Profit/(loss) for the year (B) 1,944 (547) 2,206 729 709 PAT Margin (C = B/A) 9.8% (2.5%) 8.0% 5.6% 4.5% Add: Employee stock option expense (D) 1,587 963 798 418 270 Add: E
Slide 45: Adjusted Segment Results Walkthrough
Adjusted Segment Results Walkthrough Fractal.ai (INR Mn) FY23 FY24 FY25 H1 FY25 H1 FY26 Fractal Alpha (INR Mn) FY23 FY24 FY25 H1 FY25 H1 FY26 Segment results – Fractal Alpha Segment result – Fractal.ai segment (A) (315) 1,233 3,788 1,526 2,177 (616) (494) (283) (197) (66) segment (G) Add: Employee s
Slide 46: Fractal Group – Income Statement
Fractal Group – Income Statement Common Size (% of Total Income) Income Statement (INR MM) FY23 FY24 FY25 H1 FY25 H1 FY26 FY23 FY24 FY25 H1 FY25 H1 FY26 Income Revenue from Operations 19,854 21,963 27,654 13,007 15,590 97.1% 98.0% 98.2% 98.3% 97.8% Other Income 583 456 508 219 353 2.9% 2.0% 1.8% 1.7
Slide 47: Fractal Group – Balance Sheet
Fractal Group – Balance Sheet Balance Sheet (INR Mn) FY23 FY24 FY25 H1 FY25 H1 FY26 Total Assets 22,487 23,920 28,576 24,431 29,654 Total Non-Current Assets 10,950 11,516 12,330 11,332 12,794 Property, plant and equipment 412 227 316 241 649 Right-of-use assets 468 1,166 1,602 1,090 1,411 Goodwill 3
Slide 48: Fractal Group – Cash flow from operations
Fractal Group – Cash flow from operations Cash Flow Statement (INR Mn) FY23 FY24 FY25 H1 FY25 H1 FY26 Profit Before Taxes 3,134 (305) 2,380 501 988 Non-cash adjustments 2,368 1,795 1,821 870 905 Depreciation and amortization 781 832 1,023 452 635 ESOP 1,587 963 798 418 270 Non-operating adjustments
Slide 49: Fractal Group – Cash Flow Statement
Fractal Group – Cash Flow Statement Cash Flow Statement (INR Mn) FY23 FY24 FY25 H1 FY25 H1 FY26 Profit Before Taxes 3,134 (305) 2,380 501 988 Net cash flow generated from/(used in) (306) 1,595 3,970 79 (214) operating activities Net cash flow (used in)/generated from 1,249 (1,501) (1,810) 646 (2,021
Slide 50: Key Performance indicators- Fractal Group (1/5)
Key Performance indicators- Fractal Group (1/5) S. No. Key Performance Indicators Unit FY23 FY24 FY25 H1 FY25 H1 FY26 Financial Measures Our Group 1. Revenue from operations INR million 19,854 21,963 27,654 13,007 15,590 Growth in revenue from operations from 2. % NA 10.6% 25.9% N/A 19.9% previous F
Slide 51: Key Performance indicators- Fractal.ai (2/5)
Key Performance indicators- Fractal.ai (2/5) S.No. Key Performance Indicators Unit FY23 FY24 FY25 H1 FY25 H1 FY26 Fractal.ai segment 12. Revenue from operations INR million 19,691 21,615 27,037 12,741 15,184 Growth in revenue from operations from 13. % NA 9.8% 25.1% N/A 19.2% previous Fiscal 14. Rev
Slide 52: Key Performance indicators- Fractal.ai (3/5)
Key Performance indicators- Fractal.ai (3/5) S. Key Performance Indicators Unit FY23 FY24 FY25 H1 FY25 H1 FY26 No. Fractal.ai segment 16. Revenue in Fractal.ai segment by geography Americas INR million 13,221 13,791 17,988 8,378 9,993 Europe INR million 3,333 4,291 4,792 2,241 3,219 APAC and others
Slide 53: Key Performance indicators- Fractal Alpha (4/5)
Key Performance indicators- Fractal Alpha (4/5) S.No. Key Performance Indicators Unit FY23 FY24 FY25 H1 FY25 H1 FY26 Fractal Alpha segment INR 22. Revenue from operations 190 365 644 275 451 million Growth in revenue from operations from 23. % NA 92.1% 76.4% N/A 64.0% previous Fiscal INR 24. Segment
Slide 54: Key Performance indicators- Operational (5/5)
Key Performance indicators- Operational (5/5) S.No Key Performance Indicators Unit FY23 FY24 FY25 H1 FY25 H1 FY26 . Operational KPI Our Group 28. Total Employees Number 4,221 4,639 5,254 4,755 5,722 Fractal.ai segment 29. Net Revenue Retention % 151.0% 110.2% 121.3% 119.1% 114.0% 30. Clients by annu
Slide 55: Our Strategy
Okalaido fractalbec Our Strategy
Slide 56: Our strategy
Our strategy Expand capabilities by Continue to build Partner with investing in AI a great place to leading work Accelerate our research & technology Acquire and grow capabilities product companies “must win clients” through innovation acquisition 56
Slide 57: Acquire and grow Must Win Clients (MWCs)
1 2 3 4 5 Acquire and grow Must Win Clients (MWCs1) Prioritize and focuses on Must Win Clients (MWCs)1 UK Serve enterprises across ideation, design, development and deployment stages of AI adoption US Europe Middle East Enhancing client outcomes by embedding AI and analytics in client decision-makin
Slide 58: Build capabilities by investing in R&D and innovation
1 2 3 4 5 Build capabilities by investing in R&D and innovation Papers & Patents • Pursue fundamental research in emerging fields including Generative AI, Quantum Computing, and Computational Neuroscience Conference Year(s) Papers / Journal ICLR 2025, 2024, 2023 2, 1, 1 (Total: 4) • Provide AI produ
Slide 59: Expand Capabilities by Investing in AI Research & Product Innovation
1 2 3 4 5 Expand Capabilities by Investing in AI Research & Product Innovation Breadth of problem solving (generalization) Pure Research Business Insights Sharp Capabilities Campaign Assist Enterprise Store CX Sales Assist Digital Commerce Client Problem Functional Capabilities Cloud & data tech sol
Slide 60: Continue to build a Great Place to Work
1 2 3 4 5 Continue to build a Great Place to Work Hiring Principles Hire talent through robust & scalable channels – Fractal First • Iqigai.ai: Our self-developed AI powered All hires are for Fractal first, and Continuous learning and specialization hiring assessment platform then for the specific t
Slide 61: Partner with leading technology companies
1 2 3 4 5 Partner with leading technology companies Partners1 Examples Build relationships with partner account teams in our A mutual clients/customers and leverage partner resources to enhance client acquisition and lead generation Hyperscalers2 Incorporate existing partner offerings in our service
Slide 62: Accelerate our capabilities through acquisitions
1 2 3 4 5 Accelerate our capabilities through acquisitions Our acquisition strategy CLIENT CENTRICITY Strengthen our client OPTIMIZE PROCESSES focus and our commitment to client De-risk the capital INTEGRATION centricity by allocation process and Collaborate with enhancing our existing IDENTIFICATIO
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