NSE: FUSION · BSE: 543652
FUSION FINANCE LIMITED
Lends to rural women through microfinance and to small businesses through MSME loans, operating a branch-based distribution across 22 states. Microfinance is the primary business, with rural areas accounting for 94% of the portfolio, while an MSME lending vertical operates alongside it under a separate COO. In FY26, revenue was Rs 1,698.53 crore and net profit Rs 13.85 crore, a turnaround after the prior-year loss. Employee expenses are the biggest cost at 36.3% of revenue, with other operating expenses adding 12.1%, reflecting the labour-intensive nature of branch-based lending. Capital adequacy strengthened, with net worth rising to Rs 2,456 crore supported by an Rs 800 crore rights issue. Management has guided to Rs 10,000 crore of AUM. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Microfinance lending, MSME lending. Branch-based microfinance and MSME lender serving rural and semi-urban India
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 1,742 | 2,317 | 2,320 | 1,699 |
| EBITDA (ex other income) | 1,104 | 1,367 | (327) | 451 |
| margin % | 63.4 | 59.0 | (14.1) | 26.6 |
| Owners' profit | 387 | 505 | (1,225) | 14 |
| EPS, as reported (₹) | 43.29 | 50.30 | (111.41) | 1.01 |
| ROE % · ROCE % | 16.7 · — | 17.7 · — | (74.5) · — | 0.6 · — |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | (1,663) | (1,350) | 1,448 | 1,146 |
| Capex | (8) | (17) | (7) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 692 | 474 | 466 | 434 | 416 | 416 | 424 | 458 |
| Profit before tax | (410) | (508) | (165) | (92) | (22) | 14 | 37 | 62 |
| Net profit | (305) | (719) | (165) | (92) | (22) | 14 | 114 | 62 |
| EPS (₹) | (30.31) | (71.46) | (14.97) | (7.44) | (1.69) | 1.05 | 7.06 | 3.86 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CREDITACCESS GRAMEEN LTD | 16,488 | 13.6 | 2.10 | — | 9.9 | — | 19.7 | 68.8 |
| SATIN CREDIT NET LTD | 2,530 | 6.2 | 0.88 | — | 11.6 | — | 18.0 | 55.1 |
| MUTHOOT MICROFIN LIMITED | 2,349 | 9.6 | 0.82 | — | 6.0 | — | — | 54.5 |
| FUSION FINANCE LIMITED ◆ | 2,175 | 13.1 | 0.89 | — | 0.6 | — | — | 46.7 |
| SPANDANA SPHOORTY FIN LTD | 1,563 | — | 0.73 | — | (32.8) | — | (7.1) | 53.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.1 | 16.7 | 148 of 369 | 60% |
| P/B | 0.9 | 1.0 | 215 of 464 | 54% |
| ROE | 0.6 | 2.8 | 327 of 476 | 31% |
| EBITDA margin | 46.7 | 46.7 | 224 of 447 | 50% |
| Revenue growth | 5.5 | 10.5 | 225 of 418 | 46% |
| Profit growth | 167.7 | 10.2 | 78 of 474 | 84% |
| Market cap | 2175 | 49 | 68 of 499 | 87% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Fusion Finance schedules second-quarter and first-half FY27 results call | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board meeting set for November 2 to approve September results | results | low | — | — |
| 14 Oct 2026 · Routine compliance filing - Reg 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Fusion Finance fixes Oct 14 record date for NCD interest payment | credit debt | low | — | — |
| 6 Oct 2026 · Compliance Officer and RTA details disclosed for Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Allotment of Equity Shares disclosure is attached | capital market events | low | — | — |
| 28 Sept 2026 · Fusion Finance pays monthly interest on NCDs, paid one day early | compliance | low | — | — |
| 25 Sept 2026 · Chief Strategy Officer Priyanka Seth Wadhera resigns effective Sep 25 | management changes | high | — | — |
| 25 Sept 2026 · Trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 17 Sept 2026 · Fusion Finance to hold investors meeting on September 29, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.