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Fractal Analytics: an AI leader, or expensive IT bet?
Mint Hyderabad
|June 09, 2026
The correction in US artificial intelligence stocks is a reminder that valuations matter, especially when expectations are high.
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Fractal Analytics, trading at about 40 times estimated FY27 earnings, is no exception. Its business is exposed to concentration risks, as is evident from its Q4FY26 results. US and top 10 clients, including Citibank, Nestlé, and Costco, contributed 68.4% and 51.9% of Q4 revenue.
Fractal’s revenue grew only 19% in FY26 as client-specific issues in the tech, media, and telecom (TMT) vertical weighed on growth. TMT contributes about a fifth of Fractal’s revenue; without it, growth would have been an impressive 27.5%.
This story is from the June 09, 2026 edition of Mint Hyderabad.
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