Goldman Sachs, MS initiate India's Fractal Analytics, highlight strong tech services growth

Fractal Analytics

24/03/2026 05:28

** Goldman Sachs initiates coverage of Indian data and analytics services co Fractal Analytics FRAL.NS at "neutral"; Morgan Stanley initiates at "overweight"

** Co operates in large, fragmented total addressable market worth $328 billion, which is gaining share within enterprise IT spend - Goldman

** FRAL "challenger" within tech services; higher gross margins of 47% signal quality of business - Morgan Stanley

** Co exposed to faster-growing segments such as advanced analytics and AI/ML - Goldman says, forecasting 20% revenue CAGR through FY30

** PE of 27x for FY28 at upper end of peer group range, but supported by strong growth - Morgan Stanley

** FRAL rose 3.51% in early trade before falling, last down 0.71%

** Shares down 9.4% since listing in Feb

 (Reporting by Abhirami G in Bengaluru)

 ((abhirami.g@thomsonreuters.com))