Fusion Finance Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.

Going ConcernQualified OpinionEmphasis Of MatterRevenue DeclinePat NegativeResults View source PDF Explain this filing

FUSION · price

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Price reactionminutes from the announcement price · days from the prior close

-4.9%Reaction day

₹178.90

prior close

₹178.90

announcement price

After-mkt

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Nifty Microcap 250market · in no size index; the smallest one is used-1.7%-3.2% vs market

Finance peers, median of 394sector · industry level-1.2%-3.8% vs sector

On the reaction day the stock moved 3.2 pts less than Nifty Microcap 250 and 3.8 pts less than its Finance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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15m

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30m

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Sessions after the filingfrom the prior close

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Reaction day

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Next day

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15d

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+5.6-9.1+14.7-11.9+17.5

UpDownMarket · Nifty Microcap 250Sector · Finance peers, median of 394Pending

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AI summary

Fusion Finance reported Q2 FY26 results with a sharply reduced loss after tax of ₹22 crore versus ₹92 crore in Q1 FY26, a 76% improvement quarter-on-quarter. However, the business is still loss-making and AUM contracted to ₹7,038 crore from ₹7,688 crore QoQ and is down roughly 39% year-on-year. Asset quality improved with Gross NPA falling to 4.61% from 5.43%, disbursements rose 37% QoQ to ₹1,298 crore, and NIM expanded to 10.85% from 10.29%. Capital position remains strong with CRAR at 31.31% and liquidity of ₹892 crore. The auditor (B.K. Khare & Co., who replaced Deloitte Haskins & Sells) flagged a material going concern uncertainty due to covenant breaches on borrowings of about ₹2,077 crore, and noted that prior period figures carry a modified conclusion. Separately, founder director Mr. Devesh Sachdev resigned with immediate effect, the company approved issuing up to ₹1,000 crore of non-convertible debentures via private placement, and fixed November 11, 2025 as record date for the first and final call of ₹65.50 per share on partly paid-up rights issue shares (₹399.93 crore total).

Likely market impact

Mixed picture for shareholders: loss trajectory is improving and asset quality is healing, but the sharp AUM shrinkage, persistent losses, going concern flag from auditors, and the sudden exit of the founder director are negatives that could weigh on the stock. The NCD fundraising and rights issue call money suggest the company is actively shoring up liquidity to manage covenant pressures.