Fractal Analytics: An AI Services Business Wearing an AI Platform Multiple

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SumanSpeaks Independent Capital Markets & Geopolitical Intelligence Equity Research | Valuation Alert Fractal Analytics: An AI Services Business Wearing an AI Platform Multiple At ₹708 (Face Value: ₹1), the market pays about ₹12,176 crore for a company whose platform arm is 2.7% of revenue, whose dollar growth has slowed from 22% to 14%, and whose free cash flow fell 39% in FY26. SumanSpeaks puts fair value at ₹460, some 35% below the current price. Let me put one question in front of you. What would you pay for a company that earns 97% of its revenue from AI services, but trades on the vocabulary of an AI platform? Fractal Analytics Ltd (₹708) has slipped below the ₹732 52-week low quoted in PL Capital's note of 31 August 2026, so it is now trading at fresh lows. Yet its market capitalisation is still about 3.7 times FY26 revenue of ₹3,299.7 crore. That works out to roughly 40 times FY26 adjusted profit on the current share count and about 34 times FY27E E...
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RBI Continues with the Liquidity Management; to buy govt securities worth Rs 12,000 Cr
The Reserve Bank of India (RBI) today announced that it would purchase government securities worth Rs.12,000 crore through open market operations (OMOs) on Friday to ease the current liquidity crisis.
"Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, RBI has decided to conduct Open Market Operations by purchasing government securities for an aggregate amount of Rs 12,000 crore on February 24, 2011, through a multi-security auction...," the apex bank said in a statement.
The RBI will conduct the auction at its Mumbai office.
The auction will be in four price methods -- government securities (G-Sec) maturing in 2017 with a coupon of 8.07%, G-Secs maturing in 2021 with a coupon rate of 8.79%, G-Secs maturing in 2027 with a 8.28% coupon rate and G-Secs maturing in 2032 with also a 8.28% coupon rate.
"There is an overall aggregate ceiling of Rs 12,000 crore for all the securities in the basket put together. There is no security-wise notified amount," the RBI said.
RBI Deputy Governor Subir Gokarn had earlier said liquidity is likely to be under pressure for some more time amid factors like advance tax payment. He had said there is still scope for OMOs to lighten the pressure on liquidity.
The RBI has said in the past that the liquidity deficit has exceeded its target of 1% of net demand and time liabilities (NDTL).
The apex bank has purchased government securities worth over Rs 92,000 crore from the money markets in ten instalments in the past two months as part of efforts to infuse liquidity into the system.
OMOs are the "first preference" of the RBI while injecting liquidity and there is an opportunity to raise up to Rs 2.74 lakh crore through the window as banks' government bond holdings stand at 29%, 5% over the prescribed SLR cap of 24%.

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