Interim report
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Fractal Analytics Limited (formerly known as Fractal Analytics Private Limited) CIN: L72400MH2000PLC125369 Registered address: Level 7, Commerz II, International Business Park, Oberoi Garden City, Off W. E. Highway Goregaon (E), Mumbai - 400063, Maharashtra, India. W: www.fractal.ai | P: +91 22 6850 5800 | E: investorrelations@fractal.ai Ref./No./FRACTAL/SE/2026-27/067 Date: November 3, 2026 National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051 Maharashtra, India Scrip Symbol: FRACTAL BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai 400 001 Maharashtra, India Scrip Code: 544700 Sub: Outcome of Board Meeting Dear Ma’am / Sir, We wish to inform you that the Board of Directors of Fractal Analytics Limited ( “the Company ”) at their meeting held today, i.e. November 3, 2026, has, inter-alia, considered and approved the following items in terms of Regulation 30, and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), read with various circulars issued by the SEBI and Stock Exchanges: • Financial Results: Pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations, we wish to inform you that the Board of Directors of the Company have approved the unaudited consolidated and standalone financial results of the Company for the quarter and six months ended September 30, 2026, which have been subject to Limited Review by B S R & Co. LLP, Chartered Accountants, Statutory Auditors of the Company, in terms of Regulation 33 of SEBI Listing Regulations. A copy of results along with Limited Review Reports on the fi nancial results are enclosed herewith and the same are being uploaded on the website of the Company i.e. https://fractal.ai/investor-relations. • Winding up of Analytics Vidhya Inc. step-down subsidiary of the Company: Pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations, we wish to inform you that the Board of Directors of the Company have approved the winding up of Analytics Vidhya Inc. , a wholly-owned subsidiary of Analytics Vidhya Educon Private Limited and a step -down subsidiary of the Company. This will lead to simplification of the Group's corporate structure and reduce compliance , administrative overheads and enhance operational efficiency, without any adverse impact on ongoing business operations. Details with respect to the said transaction as required under Listing Regulations and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, are provided in Annexure-A. The Board Meeting commenced at 6:45 p.m. IST and concluded at 9:48 p.m. IST. In terms of the Fractal’s Code on Prohibition of Insider Trading and the SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for all the Designated Persons and their immediate relatives, in the shares of the Company shall remain closed up to and including November 05, 2026.
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This disclosure will also be hosted on the Company’s website at: https://fractal.ai/investor-relations Kindly take the same on records and arrange to bring this to the notice of all concerned. Thanking you. Yours sincerely, For Fractal Analytics Limited ________________________ Somya Agarwal Company Secretary and Compliance Officer Membership No: A17336 Encl: a/a
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BS R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Limited Review Report on unaudited consolidated financial results of Fractal Analytics Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Fractal Analytics Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Fractal Analytics Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its share of the net loss after tax and total comprehensive loss of its associate for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Attention is drawn to the fact that the figures for the corresponding quarter ended 30 September 2025 and the corresponding period from 01 April 2025 to 30 September 2025, as reported in the Statement have been approved by the Parent's Board of Directors, but have not been subjected to review. 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I to the Statement. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. B S R & Co. (a partnership firm with Registration No. BA61223 ) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181 ) with effect from October 14, 2013 Registered Office: 14th Floor, Central B VVing and North C Wtng, Nesco IT Park 4, Nesco Center, Wes tern Express Highway, Goregaon (East), Mumbai -400063 Page 1 of 4
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BS R & Co. LLP Limited Review Report (Continued) Fractal Analytics Limited 6. We did not review the interim financial information of a step-down subsidiary included in the Statement, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 1,048 million as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 145 million and Rs. 271 million, total net loss after tax (before consolidation adjustments) of Rs. 182 million and Rs. 349 million and total comprehensive loss (before consolidation adjustments) of Rs. 182 million and Rs 349 million, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash inflows (net) (before consolidation adjustments) of Rs 182 million for the period from 1 April 2026 to 30 September 2026. as considered in the Statement. This interim financial information has been reviewed by other auditor whose report has been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this step-down subsidiary, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter. 7. The Statement includes the interim financial information of 22 subsidiaries (including step-down subsidiaries) which have not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 2,117 million as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 656 million and Rs. 1,268 million, total net profit after tax (before consolidation adjustments) of Rs. 23 million and Rs. 23 million and total comprehensive income (before consolidation adjustments) of Rs. 25 million and Rs 25 million, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash inflows (net) (before consolidation adjustments) of Rs 172 million for the period from 1 April 2026 to 30 September 2026 as considered in the Statement. The Statement also includes the Group's share of net (loss) after tax of Rs. 232 and Rs. 466 million and total comprehensive loss of Rs. 231 million and Rs. 464 million, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively as considered in the Statement, in respect of an associate, based on its interim financial information which has not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group. Our conclusion is not modified in respect of this matter. Mumbai 03 November 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.: 101248W/W-100022 Rajesh Mehra Partner Membership No.: 103145 UDIN:26103145DWYEXV6351 Page 2 of 4
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l BS R & Co. LLP Limited Review Report (Continued) Fractal Analytics Limited Annexure I List of entities included in unaudited consolidated financial results. Sr. Name of component Relationship No 1 Fractal Analytics Limited Parent 2 Fractal Analytics Inc. Subsidiary 3 Fractal Private Limited Subsidiary 4 Senseforth Al Research Private Limited Subsidiary 5 Analytics Vidya Educon Private Limited Subsidiary 6 Fractal L.L.C - FZ Step-down Subsidiary 7 Fractal Analytics UK Limited Step-down subsidiary 8 Asper.Al Inc Step-down subsidiary 9 Senseforth, Inc Step-down subsidiary 10 Asper. Al Limited Step-down subsidiary 11 Fractal Analytics (Switzerland) GmbH Step-down subsidiary 12 Fractal Analytics Malaysia SDN BHD Step-down subsidiary 13 Fractal Analytics (Germany) GmbH Step-down subsidiary 14 Fractal analytics (Canada) Inc. Step-down subsidiary 15 Fractal Analytics Netherlands B.V. Step-down subsidiary 16 Fractal Analytics Australia Pty Limited Step-down subsidiary 17 Fractal Analytics Sweden AB Step-down subsidiary (liquidated w.e.f 15 July 2026) - 18 Fractal Analytics (Shanghai) Limited Step-down subsidiary I!,. Co---.. ~ ~ ·c. ~~ <c~ 4thfl oor. Asper.Al Technologies Private Limited Step-down subsidiary Central B V/1~ and North C Wing. *l~ scolTPar1<4, * j j~ Nesco Center, Page 3 of 4 western Express Highway, 0 GO!egaon (East) ./!J ~ Mumbai • 400 06J ,§' <$)-?: ~ ~red Acc0,s. -
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BS R & Co. LLP 20 Symphony (Ukraine) LLC 21 Final Mile Consulting LLC 22 Fractal Frontiers , Inc 23 Eugenie.ai Inc 24 Fractal Al Limited 25 Analytics Vidhya Inc 26 FRACTAL Al QFZ LLC Associate Limited Review Report (Continued) Fractal Analytics Limited Step-down subsidiary Step-down subsidiary Step-down subsidiary (dissolved w.e.f 21 July 2026) Step-down subsidiary Step-down subsidiary Step-down subsidiary Step-down subsidiary (incoporated on 28 September 2026) Qure.ai Technologies Private Limited (including its Subsidiaries Qure.ai Technologies Inc. and Qure.ai Technologies Limited , UK) Page 4 of 4
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fracta l. •• Fractal Analyt ics l imited CIN: L72400MH2000PLC125369 Regd. Office: Level 7, Commerz 11, Internationa l Business Park, Oberoi Garden City, Off. W. E. Highway, Goregaon (E), Mumbai, Maharashtra 400063 Website: www.frac tal.ai, Email Id: investorrelation s@ fractal.ai, Tel: +91 22 6850 5800 Statement of Unaudited Consolidat ed Financial Results (in Rs Millions , except per share data) Three months ended Six months ended Year ended Particul ars Septembe r June Septembe r September September Ma rch 30, 2026 30, 2026 30, 2025 30, 2026 30, 2025 31, 2026 Unaudited Unaud ited Refer Note - 2 Unaudi ted Refer Note - 2 Audite d (1) Income {a) Revenue from operations 9,565 9,125 7,985 18,690 15,590 32,997 {b) Other income 288 196 209 484 353 629 Total Income 9,853 9,321 8,194 19,174 15,943 33,626 (2) Expenses (a) Employee benefi ts expense 6,567 6,319 5,711 12,886 11,252 22,914 (bl Employee stock option expense 45 112 181 157 270 634 (c) Finance costs 53 88 115 141 233 474 (d) Depreciation and amortization expense 472 398 335 870 635 1,358 (e) Other expenses 1,452 1,265 1,124 2,717 2,072 4,366 Total Expenses 8,589 8,182 7,466 16,771 14,462 29,746 (3} Profit before share of loss of an associate , exceptional items and tax expense (1-2) 1,264 1,139 728 2,403 1,481 3,880 (4) Share of (loss) of an associate (232) (234) (222) (466) (445) (703) (5) Profit before exceptional items and tax expense (3+4) 1,032 905 506 1,937 1,036 3,177 (6) Exceptional item (net) (Refer note 4) 69 (48) 69 (48) (110) (7) Profit before tax expense (5+6) 1,032 974 458 2,006 988 3,067 (8) Tax expense {a) Current tax 219 247 130 466 284 733 (b) Deferred tax charge/ (credit) 21 4 (4) 25 (5) (534) Total tax expe nse 240 251 126 491 279 199 (9) Profit after tax (7-8) 792 723 332 1,515 709 2,868 (10) Other Comprehensive Income (1) Items that wil l not be reclassified subsequently to profit or loss (a) Remeasurement of defined employee benefit plans 54 (47) 42 7 51 182 (b) Income tax on item (a) above (13) 12 (9) (1) (12) (46) (2) Items that will be reclassified subsequently to profit or loss (a) Effective port ion of (loss)/ gain on derivative designated as cash flow hedge (12) 13 (152) 1 (177) (330) (b) {loss) / Gain due to changes in intrinsic value of derivatives designated as cash flow (4) 3 (1) (20) hedge (c) (Loss)/ Gain due to changes in time value of derivat ives designated as cash flow hedge (4) 6 2 (9) {d) Effective portion of gain/ (loss) on of derivatives designated as cash flow hedge 71 101 50 172 50 180 reclassified to profit or loss (e) Income tax on items (a), (bl, (c) & (d) above (13) (31) 26 (44) 32 45 (f) Share of loss of associate (net of taxes) recognised in other comprehensive income 1 1 7 2 7 11 (g) Exchange diffe rences on t ranslation of foreign operation s 85 81 94 166 151 353 Total other compr ehensive income 165 139 58 304 102 366 Total Compr ehensi ve Income (9+10) 957 862 390 1,819 811 3,234 Profit/ (Loss) for the perio d/ year attrib utable to: Owners of the parent 812 742 343 1,554 718 2,922 Non-controlling Interest (20) (19) (11) (39) (9) (54) Total 792 723 332 1,515 709 2,868 Other compreh ensive income/ (loss) for the period/ year attributable to: Owners of the parent 165 139 58 304 102 366 Non-controlling Interest• 0 0 0 0 0 0 Tot al 165 139 58 304 102 366 Total compreh ensive income / (loss) for th e period/ year att ribut able to: Owners of the parent 977 881 401 1,858 820 3,288 Non-controlling Interest (20) (19) (11) (39) (9) (54) Total 957 862 390 1,819 811 3,234 Paid-up Equity Share Capital (Face value of Rs 1 each) 174 172 142 174 142 172 Other Equity 31,677 Earnings Per Share for the perio d / year (Rupees per share) {Refer note 5) Face value of Rs 1 each - Basic EPS (not annualised except for year ended March 31, 2026) 4.71 4.31 2.15 9.03 4.55 18.20 - Diluted EPS (not annualised except for year ended March 31, 2026) 4.48 4.09 1.93 _.ILS7 4.09 17.19 • Amount is less than Rs 0.5 million ~ & Co, I. See accompanying notes to the unaudited consolidated financial result s - (QC,;; Hl h~I. (,(;) ~6a~~LYr1l'tl' Cen11a1 v ''9 and Norlt C ,ng. * Nescc T ar1<4, * ~ enter. MUMBAI;, Wes I H,~way. () ,/!? 63 ~ ~<$) Mumbai - 400 063 ,f i"1, ~ ~ * <:)~ ~red Acco,s -
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fracta l. •• Fractal Analytics Limited Consolidated Balance Sheet Part iculars As at Asal September 30, 2026 March 31, 2026 Unaudited Audited ASSETS (A) Non -current assets (a) Property, plant and equipm ent 797 821 (b) Right-of-u se assets 1,183 1,217 (c) Goodwill 3,919 3,854 (d) Other Intangible assets 1,773 1,757 (e) Intangib le assets under development 310 356 (0 Investment accounted for using the equ ity method 3,102 3,566 (g) Financial assets (i) Investments 70 68 (ii) Loans 364 349 (iii) Ot her financial assets - Bank deposits 9 9 - Others 205 188 (h) Deferred tax assets (net) 1,172 1,219 (i) Income tax assets (net) 286 315 (j) Other non-curr ent assets 26 23 Total non-current assets (A) 13,216 13,742 (B) Current assets (a) Financial assets (i) Investments 7,771 8,741 (ii) Trade receivables 8,429 7,102 (iii ) Cash and cash equ ivalen ts 3,240 2,067 (iv) Bank balances other than {iii) above 6,139 9,585 (v) Othe r financial assets - Bank deposits 118 118 -Others 429 59 1 (b) Other current assets 2,415 2,125 Total curre nt assets {B) 28,541 30,329 Total assets (A+B) 41,757 44,071 EQUITY AND LIABILITIES (C) Equity (a) Share capital 174 172 (b) Othe r equity 34,124 31,677 Equity attributable to owners of the Company 34,298 31,849 (c) Non-cont roll ing inte rest (24) 14 Total equity (C) 34,274 31,863 (D) Liabilities (E) Non-current liabilities (a) Financial liabilities (i) Lease liabilities 868 921 (ii) Other financial liabilities 386 408 (bl Provisions 137 69 (c) Deferred tax liab ilities 688 688 Total non -current liabilitie s (E) 2,079 2,086 (F) Current liabilities (a) Financial liabi lities (i) Borrowings 2,860 (ii) Lease liabilities 441 403 (iii) Trade payables - Total outstand ing dues of micro and small ente rprises 68 95 - Total outstand ing dues of creditors othe r than micro and small enterp rises 1,210 1,261 (iv) Other financial liabilit ies 1,692 3,092 (b) Other cur rent liabilit ies 1,789 2,023 (c) Provisions 106 160 (d) Cu rrent tax liabilities {net) 98 228 Total current liabilities (Fl 5,404 10,122 Total liabilities (D=E+F) 7,483 12,208 Total Equity and Liabili ties (C+D) 41,757 44,071
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fracta l. •• Fractal Analytics limited Consolidated Statement of Cash Flows Six months period ended Six months period ended Part iculars September 30, 2026 September 30, 2025 Unaudited Refer Note - 2 (A} Cash flo ws from operating activit ies Profit before tax expense 2,006 988 Adjustment for : Depreciation and amortisation expense 637 422 Depreciation on right of use assets 233 213 Finance costs 139 231 Int erest income on bank deposits and loan to directors (274) (17) Gains (net) on investmen ts mandatorily measur ed at fair value through profi t or loss/ redemption / sale of financial instruments (258) (173) Fair value (gain)/ loss (net) on derivat ive cont racts carried at fair value through profit or loss (196) 115 Int erest income on unwinding of security deposits (9) (8) Groups share of losses in an associate 466 445 (Gain) on early te rmination of leases (2) (Gain) on sale of property plant and equiptment (2) Unrealised foreign exchange loss/ (gain) (net) 86 (145) Employee stock option expense 157 270 Bad Debts (3) 3 Provisio n for expected cred it loss and doubtful advances 13 (10) Share of upside con sideration expense 48 Operating cash flows before working capital chang es 2,995 2,380 Adjustment for changes in working capital : (Increase)/ Decrease in trade receivables (1,400) 97 Decrea se in other current fina ncial assets 356 1 (Increase) in othe r non curre nt financ ial assets (7) (Increase) in other current assets (260) (874) (Increase)/ Decrease in othe r non current assets (3) 7 (Decrease) in trade payables (84) (109) {Decrease) in other non current financial liabilities (31) (6) (Decrease) in other current financial liabilities (996) (1,008) Increase in provisions 21 37 (Decrease) in othe r current liabilities (265) (437) Cash generat ed from operations 326 88 Tax paid (net of refunds) (563) (302) Net cash used in op erating activ ities (237) (214) {BJ Cash flow s from investing activities Payment for purchase of prop erty, plant and equipment and intangible assets (606) (1,242) Proceeds from redemption of bank deposits (net) 3,446 115 Purchase of mutual fund units (8,838) (6,092) Maturity proceeds on redemption of mutual fu nd units 10,066 5,188 Interest on bank depos its 69 10 Net cash genera ted from/ {used in) investin g activiti es 4,137 (2,021) (CJ Cash flows from financing activiti es Proceeds from issue of equity shares and share application money pending allotment 433 985 Proceeds from issue of equity shares issued by subsidiary compa ny to Non control ling interest• 0 26 Repayment of lease liabilities (279) (254) Intere st paid during the per iod (50) (130) Repayments of borrowing 12,887) (34) Net cash (used in)/ generated from financing act ivit ies (2,783) 593 Net Incre ase/ (Decrease) in cash and cash equivalents (A+B+C) 1117 fl 6421 Cash and cash equivalents at the beginning of the period 2,067 2,649 Effect of exchange rat e changes 56 95 Cash and cash eauivalents at the end of the oeriod 3 240 1,102 * Amount 1s less than Rs 0.5 mllhon
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fracta~ .. Not es to Statement of Unaudit ed Consolid ated Financial Result s 1 These unaudited consolidated financial results of Fractal Analytics Limited (the "Holding Company" or the "Company") and its subsidiaries (together referred to as "the Group") and its share in the results of associate have been prepared in accordance wit h the Indian Account ing Standards ("lnd AS") as prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules the reunder and in compliance with Regulation 33 of the SEBI (listing Obligation and Disclosure Requirements) Regulations 2015 ("the Regulations"). These unaudited consolidated financia l results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on November 03, 2026. The statutory auditors have issued an unmodified review report on the above unaudited consolidated financial results. 2 The Company's equity shares were listed on the Nationa l Stock Exchange of India Limited (NSE) and Bombay Stock Exchange limited (BSE) on February 16, 2026. The figures for the correspo nding three months and six months ended Septembe r 30, 2025 as reported in these consolidated financial results had been approved by the Company's Board of Directors but had not been subjected to limited review, since the requirement of submission of quarterly consolidated financia l results was applicable on listing of equity shares of the Company effective from the period ended December 31, 2025. 3 The segment reporting of the Group has been prepared in accordance with Ind AS 108 on "Operating Segments". The Chief executive officer of the Group has been identified as Chief Operating Decision Maker (CODM) who allocates the resources based on analysis of various performance indicators of the Group as disclosed for the Fractal.a i and Fractal Alpha segment. Whi le Fractal.ai and Fractal Alpha are distinct segments of the Fractal Group, both segments contribute collaboratively to create solut ions with both products and services in thei r scope to solve business problems of clients and cater to both the Al services and software markets. The Board of Directors in its meeting held on March 20, 2026 had approved the transfer of businesses of FAA, Edtech and lqigai from Fractal Analytics Limited to Analytics Vidhya Educon Private Limited, who lly owned subsidiary. The said businesses have been transferred effective May 01, 2026. Since, the transfer of these businesses were from Fractal.ai to Fractal Alpha segment, the segment results of previous periods and previous year have been restated for comparative purposes. Segment w ise revenue and res ults are as follo ws: Thr ee mo nths ended Six mo nths ended Year ended Part iculars Sept ember June September Sept ember S eptember Ma rch 30, 2026 30, 2026 30, 2025 30, 2026 30, 2025 3 1, 202 6 Unaudit ed Unaudited Refer Note - 2 Unaud ited R efer Not e - 2 Aud it ed Segment Revenue Fractal.ai 9,361 8,942 7,758 18,303 15,173 32,165 Fractal Alpha 340 240 243 580 444 901 lntersegment eliminatio n (136) (57) (16) (193) (27) {69) Tot al 9,565 9,125 7,985 18,690 15,590 32,99 7 Segment result Fractal.ai 1,613 1,577 1,135 3,190 2,241 5,587 Fractal Alpha (112) (148) (87) (260) (130) (348) Unallocated 0 (0) (79) (115) (156) Tot al 1,501 1,429 969 2,930 1,996 5,083 Share of (loss) of associat e (232) (234) (222) (466) (445) (703) Unalloca ted: Other income 288 196 209 484 353 629 Finance cost (53) {88) (115) (141) (233) (474) Depreciation and amortisation (472) (398) (335) (870) (635) (1,358) Exceptional items 69 (48) 69 (48) {110) Profit before t ax 1,032 974 458 2,006 988 3,067 Segment w ise assets and lia bilit ies are as follows: Particul ars Sept embe r June Septemb er M arch 30, 2026 3 0, 2026 30, 2025 31, 2026 Unaudited Unaud ited Refer Not e - 2 Aud it ed Segment Asset Fractal.ai 20,982 18,870 16,285 19,137 Fractal Alpha 4,796 4,624 4,730 4,321 Unallocated 15,979 16,095 8,639 20,613 Tot al 41,757 39,589 29,654 44, 071 Segment Liabilitie s Fractal.ai 4,860 4,145 4,527 6,281 Fractal Alpha 1,126 1,013 1,106 1,197 Unallocated 1,497 1,595 4,226 4,730 Total 7,483 6,753 9,859 12,208
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4 E xceptional item includes: Particulars Statut ory impact of new Labour Codes (Refer note below) Share of upside consideration expense Total fracta~ •• Three month s ended September June September 30, 2026 30, 2026 30, 2025 Unaudited Unaudited Refer Note - 2 69 (48) 69 (48) Six months ended Year ended September September March 31, 2026 30, 2026 30, 2025 Unaudited Refer Note - 2 Audit ed 69 (110) (48) 69 (48 ) (110) On 21 November, 2025, the Government of India notif ied the four Labour Codes - the Code on Wages, 2019, t he Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 exist ing labour laws. Considering the materiality and regu latory -driven, non -recurring nature of this impact, the Group has presented incrementa l impact under "Exceptiona l items" in the statement of profit and loss for the respective per iods. S The Holding Compa ny issued bonus shares in accordance with Section 63 of the Companies Act, 2013 in the ratio of 1:4 (fo r every one equity share four bonus shares were issued) to all equity shareholders with equity shares on July 29, 2025 as approved by shareholders. Further, Board of. Directors in its meet ing on January 23, 2026 approved the conversion of Compulso ri ly Convertible Preference Shares {CCPS) into equity shares. According ly, the CCPS holders were issued 22,618,020 equi ty shares in lieu of the CCPS held by them in accordance with terms of shareholde r agreement. The weighted average number of shares for the three months and six months ended September 30, 2025 have been adjusted to reflect the impact of the above as per Ind AS 33. 6 During the year ended March 31, 2026, the Holding Company has completed its Initia l Public Offer (IPO) of 31,523,948 equity shares of face va lue of Rs 1 each at an issue price of Rs 900 per share (including a share prem ium of Rs 899 per share). A discount of Rs 85 per share was offe red to eligible employees bidding in the employee reservation portion of 383,008 equity shares. The issue comprised of a fresh issue of 11,408,394 equity shares aggregating to Rs 10,235 mill ion and offer for sale of 20,115,5S4 equity shares by selling shareholders aggregating to Rs 18,104 million. Pursuant to the !PO, the equity shares of the Company were listed on Nationa l Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on February 16, 2026. Utilisat ion of IPO proceed s: Objects of th e issue as per prospectus Investment in one of our Subsidiaries, Fracta l USA, for pre-payment and/ or schedu led repayment, in full or in part, of its borrow ing Purchase of laptops Setting-up new office premises in India Investment in {a) research and development; and (b) sales and marketing under Fractal Alpha Funding Inorganic growth through unidentified acquisitions and other st rategic init iatives, and genera l corporate purposes Tot al Amount to be ut ilised as per pros pectus (net of offer ex enses 2,649 571 1,211 3,551 1,611 9,593 Amount util ised Amount upto September remainin g 30, 2026 unutili sed (2,649) (155) 416 1,211 (711) 2,840 1,611 {3,515) 6,078 7 Subsequent to the period end, on November 02, 2026, Asper.a i Inc. ("Asper USA"), step-down subsidiary of Fractal Analytics limited, has contracted with certain key employees, acqui red certain assets and taken up certain liabilities of Pricing One SA, a company limited by shares, incorpora ted under Swiss law for an aggregate net consideration of Rs 152 million, subject to any final calculation and adjustment to be made due to exchange rate fluctuations. 8 The above unaudited consolidated financial results of the Group are available on the Company's website www.fractal.ai and also that of NSE (www.nse india.com) and BSE {www.bse india.com). For and on behalf of the Board of Directors of Fractal Anal cs m it ed Who/ DIN: 01722758 Place: Mumbai Date: November 03, 2026
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BS R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Limited Review Report on unaudited standalone financial results of Fractal Analytics Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Fractal Analytics Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Fractal Analytics Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 ("the Statement"). Attention is drawn to the fact that the figures for the corresponding quarter ended 30 September 2025 and the corresponding period from 01 April 2025 to 30 September 2025, as reported in the Statement have been approved by the Company's Board of Directors , but have not been subjected to review. 2. This Statement , which is the responsibility of the Company's management and approved by its Board of Directors , has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries , primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures . A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement , prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations , including the manner in which it is to be disclosed , or that it BS R & Co. (a partnership firm with Registration No. BA61223) converted into BS R & Co. LLP (a limited Liability Partnership with LLP Registration No. AAB-8181) 'Nith effect from October 14, 2013 Registered Office: 14th Floor, Central B VVing and North C \flling, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of2
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BS R & Co. LLP contains any material misstatement. Mumbai 03 November 2026 Limited Review Report (Continued) Fractal Analytics Limited For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 Rajesh Mehra Partner Membership No.: 103145 U DIN :26103145DDPBXX5199 Page 2 of 2
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fracta l. • Fractal Analytics Umlted ON: L72400MHZOOOPLCU5369 Regd. Office: level 7, Commerz II, International Business Park, Oberoi Garden Oty, Off. W. E. Highway, Goregaon (E), Mumbai, Maharashtra 400063 Website: www.fractal.ai, Email Id: investorrelatlons@fractal.ai, Tel: +9122 6850 5800 Statement of Unaudited Standalone Financial Results (in Rs Millions, except per share data) Three months ended Six months ended Year ended Part iculars September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 March 31, 2026 Unaudited Unaudited Refer note 2 Unaudited Refer note 2 Audited 11) Income (a) Revenue from operations 5,342 5,060 4,429 10,402 8,646 18,662 (b) Other Incom e 285 225 162 510 331 631 Total Income 5,627 5,285 4,591 10,912 8,977 19,293 (2) Expenses (a) Employee benefits expense 3,758 3,483 3,176 7,241 6,287 13,020 (b) Employee stock option expense 28 86 134 114 195 465 {c) Finance costs 31 30 43 61 93 192 (d) Depreciation and amortisation expense 208 196 163 404 303 680 (e) Other expenses 652 573 526 1,225 1,008 2,163 Total Expenses 4,677 4,368 4,042 9,045 7,886 16,520 (3) Profit before exceptional items and tax expense (1-2) 950 917 549 1,867 1,091 2,773 (4) Exceptional items {net) (Refer not e 4) 67 (209) 67 (209) (302) (5) Profit before tax expense (3+4} 950 984 340 1,934 882 2,471 (6) Tax expense (a) Current tax 197 220 113 417 251 658 (b) Deferred tax charge/ (credit) 19 11 (6) 30 (8) (52) Total tax expense 216 231 107 447 243 606 (7) Profit after t .. (5-6) 734 753 233 1,487 639 1,865 (B) Other Comprehensive Income/ (loss} (1) Items that will not be reclassifi ed subsequently to profit or loss (a) Remeasurement of defined employee benefit plans 52 (47) 42 5 51 176 {b) Income tax on item (a) above (13) 12 (10) (1) (13) (44) (Z) Items that will be reclassified subsequently to prof it or loss (a) Effective portion of (loss)/ gain on derivative designated as cash flow hedge (12) 13 (152) 1 (177) (330) {b) (Loss)/ Gain due to changes in intrinsic value on der ivatives designated as cash (4) 3 (1) (20) flow hedge (c} (loss)/ Gain due to cha nges in time value of derivative s de signated as cash flow (4) 6 2 (9) hedge (d) Effective port ion of gain on derivatives design.ited .is cash flow hedge 71 101 50 172 50 180 reclassified to pro fit or loss (e) Income tax on items (a), (b}, (c} & (d} above (13) (31) 26 (44) 32 45 Total other comprehensive income/ (loss} 77 57 (44) 134 (57) (2) Total Comprehensive Income (7+8) 811 810 189 1,621 582 1,863 Paid-up Equity Share Capital (Face value of Rs 1 each) 174 172 142 174 142 172 Other Equity 32,612 Earnings Per Share for the period (Rs per share) (Refer note 5) Face value of Rs 1 each Basic EPS (not annualised except for year ended March 31, 2026} 4.26 4.38 1.46 8.64 4.05 11.62 - Diluted EPS {not annualised except for year ended March 31, 2026) 4.05 4.16 1.31 8.20 3.60 10.97 See accomp anying notes to the unaudited standalone financia l resu lts
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fracta l. •• Fractal Analytics Limited Standalone Balance Sheet Asat Asat Particulars September 30, 2026 March 31, 2026 Unaudited Audited ASSETS (A) Non-current assets (a) Property, plant and equipment 698 732 (b) Right-of-use assets 904 1,055 (c) Goodwill 596 596 (d) Other Intangible assets 404 279 (e) Intangible assets under development 94 296 (f) Financial assets (i) Investments 11,466 6,950 (ii) Other financial assets 181 173 (g) Deferred tax assets (net) 102 176 (h) Income tax assets (net) 141 140 (i) Other non-current assets 11 46 Total non-current assets (A) 14,597 10,443 (B) Current assets (a) Financial assets (i) Investments 7,771 8,741 (ii) Trade receivables 6,440 6,948 (iii) Cash and cash equivalents 2,025 578 (iv) Bank balances other than (iii) above 6,135 9,571 (v) Other financial assets - Bank deposits 118 118 -Others 514 769 (b) Other current assets 761 550 Tota l current assets (B) 23,764 27,275 Total assets (A+B) 38,361 37,718 EQUITY AND LIABILITIES (C) Equity (a) Share capital 174 172 (b) Other equity 34,818 32,612 Total equ ity (C) 34,992 32,784 (D) Liabilities (E) Non-current liabilities (a) Financial liabilities (i) Lease liabilities 652 806 (b) Provisions 83 29 Total non-current liabilities (E) 735 835 (F) Current liabilities (a) Financial liabilities (i) Lease liabilities 336 315 (ii) Trade payables - Total outstanding dues of micro and small enterprises 134 100 - Total outstanding dues of creditors other than micro and small enterprises 548 908 (iii) Other financial liabilities 1,101 2,063 (b) Other current liabilities 409 421 (c) Provisions 35 96 (d) Current tax liabilities (net) 71 196 Total current liabilities (F) 2,634 4,099 Total liabilities (D=E+F) 3,369 4,934 Total Equity and Liabilities (C+D) 38,361 37,718
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fracta L. • Fractal Analytics Limited Stancalone Statement of cash Flows Six months ended Six months ended Particulars S.ntember 30, 2026 September 30, 202S Unaudited Refer note 2 {A) Cash flows from operating activities Profit before tax expense 1,934 882 Acjustment for: I Depreciation and amortisation expense 226 130 Depreciation on richt of use assets 178 173 Finance costs 60 93 Interest income on intercompany loan (7) Interest income on bank deposits (261) (4) Gains (net) on investments mandatorily measured at fair value through profit or loss/ redemption/ sale of financial instruments (253) (51) Fair value (gain)/ loss (net} on derivative contracts carried at fair value through profit or loss (196) 115 Interest income on unwinding of security deposits (8) (8) Guarantee commission (income) (2) (13) (Gain) on early termination of leases• (0) (Gain) on sale of property plant and equiptment (2) Unrealised for eign exchange loss/ (gain) (net) 73 (67) Employee stock option eKpense 114 195 Bad Debts 4 Provision for eKpected credit loss and doubtful advances• 0 (10) Loss on cancellation of guarantee 2 Gain on business transfer (20) Share of upside consideration expense 25 Investment / Receivable balances from subsidiaries written off/ Impairment provision reversed on investments in and amount s recoverable from (184) subsidiaries (net) Operating cash flows before workine: capital changes 1,845 1,273 Adjustment for chane:es in workine: capital : Decrease in trade receivables 435 2,341 Decrease in other current financial assets 450 43 (Increase)/ Decrease in other non current financial assets• (0) 1 (Increase) in other current assets (211) (590) Decrease in other non current assets 34 10 {Decrease)/ Increase in trade payables (283) 344 (Decrease) in other curre nt financial liabilities (520) (517) Increase in provisions 3 37 {Decrease) in other current liabilities (12) (163) Cash generated from operations 1,741 2,779 Tax paid (net of refunds) (543) 12271 Net cash generated from operating activities 1,198 2,552 (BJ Cash flows from Investing activities Payment for purthase of property , plant and equipment and intangible assets (327) (573) lntercompany loan given during the period (29) Inter est on lntercom pany loan received during the period 1 Payment towards investment in equity shares in subsidiaries (4,475) Proceeds on account of subsidiaries merged and capital reduction thereo f 47 Proceeds from redempt ion of bank deposits (net) 3,436 94 Purchase of mutual fund units (5,170) (4,880) Maturity pro ceeds on redemption of mutua l fund units 6,392 1,996 Interest on bank deposits 64 4 Consideratio n received on business transfer 116 Net cash (used in) investing activities 36 (3,340) (CJ Cash flows from financing activiti,s Proceeds from issue of equity shares and share applicatlo n money pending allotment 433 985 Repayment of lease liabilities (210) (207) Interest paid during the period 110! (19) Net cash generated from financing activities 213 759 Net Increase/ (Decrease) in cash and cash equiva lents (A+B+C) 1,447 1291 Cash and cash equivalents at the beginning of the period 578 223 Cash and cash equivalents at the end of the period 2,025 194 •Amount 1s less than Rs 0.5 m1lhon
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fracta l. • Notes to Statemen t of Unaudited Standalone Financial Results 1 These unaudited standalone financial results of Fractal Analytics Limited (the "CompanyM) have been prepared in accordance with the Indian Accountina: Standards (•Ind AS") as prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rull!s thereunder and in compli;mce with Regulation 33 of the SEBI (Listing Obligation ilnd Disclosure Requirements) Reguliltions 2015 (nthe Regulo1tions"), These unaudited standalone financial results have been reviewed bv the Audit Committee and approved by the Board of Directors in their respective meetings held on November 03, 2026. The statutory auditor5 have issued an unmodified review report on the above uniiudited standalone financial results. 2 The Company's equity shares were listed on the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE) on February 16, 2026. The fi&ures for the correspondin& three months and six months ended September 30, 2025 as reportr:d in these standalone financial results had been approved by the Company's Board of Directors but had not been subjected to limited review, since the requireme nt of submission of quarterly standalone financial results was applicable on listing of equity shares of the Company effective from the period ended December 31, 2025. 3 The Company publishes these unaudited standalone financial results along with the unaudited consolidated financial results. 1n accordance with Ind A5 108, •operating Segments", the Company has disdosed the segment information in the unaudited consolidated financial results. 4 Exceptional Items Includes: Particulars Investment in/ Receivable balances from subsidiaries (written off) Impairment provision (created)/ reversed on investments in and amounts recoverable from subsidiaries (net) Share of upside consideration expense Statutory impact of new Labour Codes (Refer note below) Total September 30, 2026 Ullludited Three months ended June 30, 2026 September 30, 2025 Unaudited Refer note 2 (184) (25) 67 67 (209) Six months ended September 30, 2026 September 30, 2025 Ullludited Refer note 2 (184) (25) 67 67 (209) Year ended Man:h 31, 2026 Audited (346) 146 (102) (302) On 21 November, 2025, the Government of India notified the four Labour Codes- the Code on Wa&es, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Workin& Conditions Code, 2020 - consolidatini:: 29 existini:: labour laws. Considerini:: the materiality and rei::ulatory-driven, non-recurrin&: nature of th is impact, the Company has presented incremental impact under "Exceptional items" in the statement of profit and loss for the respective periods. S The Company issu@d bonus shares in accordanc@with Section 63 of the Companies Act, 2013 in the ratio of 1:4 (for every one equity shar@ four bonus shar@s were issu@d) to all equity shareholders with equity shares on July 29, 2025 as approved by shareholders. Furth@r, Board of Directors in its meeting on January 23, 2026 approved the conversion of Compulsorily Convertible Preferen~ Shares (CCPS) into equity shares. Accordingly, the CCPS holders w@r@ issued 22,618,020 equity shares in lieu of the CCPS held by them in accordance with terms of shareholder agreement . The wei&:hted average number of shares for the three months and six months ended September 30, 2025 have been adjusted to reflect the impact of the above as per Jnd AS 33. 6 During the year ended March 31, 2026, the Company has completed its Initial Public Offer (IPO) of 31,523,948 equity shares of face value of Rs 1 each at an issue price of Rs 900 PM share (including a share premium of Rs 899 per share). A discount of Rs 85 p@r shar@ was offered to eligible employe@s blddlng in the @mployel!!! r@servation portion of 383,008 equity shares. The issu@ comprised of a fresh issu@ of 11,408,394 @qulty shares auregating to Rs 10,23S million and offer for sale of 20,115,554 equity shares by selling shareholders aur@gating to Rs 18,104 million. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchang@ of India Limited (NSE) and BSE Limited JBSE) on February 16, 2026. Utilisation of IPO proceeds: Objects of the issue as per prospectus Investment in one of our Subsidiaries, Fractal USA, for pre-payment and/ or scheduled r@payment, in full or in part, of its borrowing Purchase of laptops Setting-up new office premises in India Investment in (a) research and development; and (b) sales and marketing under Fractal Alpha Funding inorganic growth through unidentified aaiulsitions and other strategic initiatives, and general corporate purposes Total Amount to be utilised as per prospectus net of offer ex enses 2,649 571 i211 3,551 1,611 9,593 Amount utilised Amount remainin1 upto September 30, 2026 unutnls@d (2,649) (155) 416 i211 (711) 2,840 1,611 (3,515) 6,078 7 The Board of Directors in its meeting held on March 20, 2026 had approved the transfer of businesses of FM, Edtech and lqigai from Fractal Analytics Limited to Analytics Vidhya Educon Private Limited, a wholly owned subsidiary. The said businesses have been transferred effective May 01, 2026 for an aggr@gate consideration of Rs 116 million . The excess of consideration receM!d over net assets transferred has been accounted under Other Income. Place: Mumbai Date: November 03, 2026
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Annexure - A D isclosure of information pursuant to Regulation 30 of the SEBI Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 Sr no. Particulars Details 1. details and reasons for restructuring The winding-up of Analytics Vidhya Inc. , is being carried out for simplification of the Group's corporate structure to reduce compliance and administrative overheads and enhance operational efficiency, without any adverse impact on ongoing business operations. 2. quantitative and/or qualitative effect of restructuring a. Reduce duplicative compliance and administrative overheads b. Simplification of the corporate group structure and enhance operational efficiency 3. details of benefit, if any, to the promoter/promoter group/group companies from such proposed restructuring T h e r e i s n o b e n e fi t t o t h e p r o m o t e r / p r o m o t e r g r o u p / g r o u p companies from the proposed restructuring. 4. brief details of change in shareholding pattern (if any) of all entities Not applicable. The Company is not party to the winding-up and the shareholding pattern of the Company remains unchanged.