FUSION
Fusion Finance share price & financials
- Price
- ₹179.26
- Market cap
- ₹3.1k Cr
- Sector
- Financial Services
- Calls analysed
- 6
Fusion Finance Q4 FY26
What went well
- Q4 FY26 disbursements at INR 2,140 crores, reflecting strong sequential growth.
- AUM increased from INR 6,800 crores to INR 7,400 crores during the quarter, with average AUM up INR 200 crores sequentially.
- Gross NPA declined to 3.21% and Net NPA improved to 0.51%, demonstrating strong asset quality improvement.
What to watch
- Net Interest Income (NII) for Q4 FY26 was INR 222 crores, a 6% sequential decline from INR 237 crores in Q3 FY26, primarily due to higher finance costs.
- Additional liquidity maintained for geopolitical reasons incurred an additional finance cost of INR 7-8 crores for the quarter.
What Fusion Finance Limited does
Fusion Finance Limited (formerly Fusion Micro Finance) is a registered NBFC-MFI operating under the Joint Liability Group (JLG) lending model, providing small unsecured loans to underserved and unserved women in rural and semi-rural India. It earns interest income on its microfinance loan portfolio, sourced and collected through its own branch network across the country. In 2019 it diversified into a secured MSME lending vertical (loan-against-property style secured business loans and solar business loans) to serve small businesses in Tier 3/4 towns, alongside its core women-focused microfinance business.
Segments
- MFI (Microfinance)
- MSME
- Total branches
- 1,536
- States/UTs covered (overall)
- 22
- Districts covered
- 497
- Active clients (MFI)
- 21.69 lakh
- Team size (employees)
- 15,274
- MSME branches
- 90
Guidance record · Q4 FY26
what the last two calls moved 11 tracked 5 delivered 0 missed 6 open- Capital Adequacy Ratio delivered said Q3 FY25 Promised: 30-plus percent if you pro forma for the INR800 crores rights issue Q4 FY26: CAR at 36.46%, remains well above target.
- Ongoing future credit costs revised up said Q2 FY26 Promised: ongoing future credit costs at about 3.5% Q4 FY26: Guidance revised favorably. While MFI credit cost remains 3.25-3.75%, the overall weighted credit cost is now guided to be closer to 2.5%.
- Total AUM on track said Q3 FY26 Promised: cross INR 10,000 crore in AUM by FY27 Q4 FY26: AUM reached INR 7,400 Cr. Management reiterated the INR 10,000 Cr target for March 2027.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 3.6%, net profit up 167.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 692 | 474 | 466 | 442 | 401 −42% | 416 −12% | 424 −9% | 458 +4% |
| Net profit | -305 | -719 | -165 | -92 | -22 +93% | 14 +102% | 114 +169% | 62 +167% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +9.5% 1Y
1Y: ₹173.21 on 10 Sept 2025 → ₹189.72. High ₹237.14 (13 Jul 2026), low ₹138.24 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −10.1%
- 18 May
- Q3 FY26
- −2.4%
- 9 Feb
- Q2 FY26
- −4.0%
- 6 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 1.2% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.7k Cr | ₹2.3k Cr | ₹2.3k Cr | ₹1.7k Cr |
| Interest | ₹642 Cr | ₹790 Cr | ₹843 Cr | ₹538 Cr |
| Depreciation | ₹7 Cr | ₹9 Cr | ₹11 Cr | ₹8 Cr |
| Net profit | ₹387 Cr | ₹505 Cr | ₹-1.2k Cr | ₹14 Cr |
| Net margin | 22.2% | 21.8% | -52.8% | 0.8% |
| Cash from operations | ₹-1.7k Cr | ₹-1.4k Cr | ₹1.4k Cr | ₹1.1k Cr |
| Free cash flow | ₹-1.7k Cr | ₹-1.4k Cr | ₹1.4k Cr | ₹1.1k Cr |
| ROE | 21.0% | 20.0% | -55.0% | 1.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹79 Cr | ₹83 Cr | ₹100 Cr | ₹101 Cr | ₹131 Cr | ₹162 Cr |
| Reserves | ₹1.2k Cr | ₹1.3k Cr | ₹2.2k Cr | ₹2.7k Cr | ₹1.8k Cr | ₹2.3k Cr |
| Borrowings | ₹4.4k Cr | ₹5.8k Cr | ₹6.8k Cr | ₹8.6k Cr | — | ₹5.6k Cr |
| Other liabilities | ₹159 Cr | ₹177 Cr | ₹263 Cr | ₹310 Cr | ₹239 Cr | ₹268 Cr |
| Total liabilities | ₹5.8k Cr | ₹7.3k Cr | ₹9.4k Cr | ₹11.8k Cr | ₹7.1k Cr | ₹8.3k Cr |
| Fixed assets | ₹18 Cr | ₹19 Cr | ₹21 Cr | ₹31 Cr | ₹42 Cr | ₹26 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹0 Cr | ₹19 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Other assets | ₹5.8k Cr | ₹7.3k Cr | ₹9.3k Cr | ₹11.7k Cr | ₹7.0k Cr | ₹8.2k Cr |
| Total assets | ₹5.8k Cr | ₹7.3k Cr | ₹9.4k Cr | ₹11.8k Cr | ₹7.1k Cr | ₹8.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −3.41 pp while DIIs added +2.68 pp. The shareholder count shrank 14% to 68,121.
- Promoters
- 54.0%
- FIIs
- 4.8%
- DIIs
- 15.3%
- Public
- 25.8%
- Others
- 0.2%
Since Jun 2025
- Public −3.41 pp
- DIIs +2.68 pp
- FIIs +1.78 pp
How it drifted, 12 quarters
Over this window the public went from 11.0% to 25.8% — +14.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 67.9%, FIIs 5.2%, DIIs 15.4%, Public 11.0%, Others 0.5%.Dec '23: Promoters 57.7%, FIIs 6.7%, DIIs 22.8%, Public 12.3%, Others 0.5%.Mar '24: Promoters 57.7%, FIIs 6.0%, DIIs 23.3%, Public 12.7%, Others 0.4%.Jun '24: Promoters 57.7%, FIIs 4.0%, DIIs 22.8%, Public 15.2%, Others 0.4%.Sep '24: Promoters 57.7%, FIIs 2.8%, DIIs 19.2%, Public 19.9%, Others 0.4%.Dec '24: Promoters 57.7%, FIIs 0.6%, DIIs 18.1%, Public 23.2%, Others 0.4%.Mar '25: Promoters 57.7%, FIIs 1.7%, DIIs 16.9%, Public 23.3%, Others 0.4%.Jun '25: Promoters 55.0%, FIIs 3.0%, DIIs 12.6%, Public 29.2%, Others 0.2%.Sep '25: Promoters 55.0%, FIIs 3.9%, DIIs 11.9%, Public 29.0%, Others 0.2%.Dec '25: Promoters 54.9%, FIIs 4.9%, DIIs 11.9%, Public 28.0%, Others 0.2%.Mar '26: Promoters 54.5%, FIIs 4.8%, DIIs 14.4%, Public 26.1%, Others 0.2%.Jun '26: Promoters 54.0%, FIIs 4.8%, DIIs 15.3%, Public 25.8%, Others 0.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Generali Central Life Insurance Company Limited Sh/ Non Unit Linked Insurer newly disclosed 1.00% held
- ICICI Prudential Banking And Financial Services Fu Mutual fund +0.41 pp 1.99% held
- Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund +0.33 pp 2.05% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Fusion Finance Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Honey Rose Investment Ltd | 35.20% | unchanged |
| Creation Investments Fusion, Llc | 8.70% | unchanged |
| Creation Investments Fusion Ii, Llc | 8.13% | unchanged |
| HDFC Mutual Fund - HDFC Banking And Financial Serv Mutual fund | 3.85% | unchanged |
| India Capital Fund Limited FPI fund | 2.79% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 2.05% | +0.33 pp |
| ICICI Prudential Banking And Financial Services Fu Mutual fund | 1.99% | +0.41 pp |
| Devesh Sachdev | 1.50% | −0.58 pp |
| Generali Central Life Insurance Company Limited Sh/ Non Unit Linked Insurer | 1.00% | newly disclosed |
| Udyan Sachdev | 0.19% | unchanged |
| Eshaan Sachdev | 0.19% | unchanged |
| Mini Sachdev | 0.07% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in FUSION
Filings to Aug 2026
0 new, 1 added, 0 trimmed, 0 sold out — net +1.00 L shares (+1.4%).
- Held by funds
- ₹144 Cr
- 4 schemes
- Biggest holder
- Nippon India Value Fund
- ₹73 Cr · 0.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Value Fund Nippon India Mutual Fund | ₹73 Cr | +1.00 L | Jul '24 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹41 Cr | held | Dec '23 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹19 Cr | held | Jan '26 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹10 Cr | held | Jan '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
1 added, 0 trimmed — net +1.00 L shares (+1.4%)
- Funds are sitting on
- -31%
- vs est. average cost
- Held by funds
- ₹144 Cr
- 4 schemes · ≈ 4.1% of the company
- Biggest holder
- Nippon India Value Fund
- ₹73 Cr · 0.8% of that fund
- Longest holder
- HDFC Dividend Yield Fund
- 2y 8m · since Dec '23
Shares held by these funds +2%
Aug '23 69.40 L shares Jul '26
All earnings calls (6)
Read the Q4 FY26 call →Learn to analyse Fusion Finance Limited
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