Fusion Finance Limited (FUSION)

About

Fusion Finance Limited is a microfinance institution in India's financial sector, with market cap ₹3,210.55 Cr serving under-served lending segments. After severe crisis in late 2024—net losses peaked at ₹719.32 Cr (Dec 2024)—the company has stabilized with progressive recovery, posting ₹62.41 Cr net profit in Jun 2026.

Face value: ₹10

Market cap

₹2,771 Cr

P/E

16.4×

P/B

1.1×

Dividend yield

0%

ROE

0.7%

ROCE

—

Debt / equity

2.27

OPM

26.6%

EPS (TTM)

₹10.4

Book value

₹152.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Asset quality deterioration risk: massive loss of ₹719.32 Cr (Dec 2024) signals prior credit stress — verify current NPA levels, loan loss coverage, and loss recognition rates
Revenue base erosion: fell 34% from ₹691.55 Cr (Sep 2024) to ₹458.17 Cr (Jun 2026), indicating substantial loss of lending portfolio — verify if recovery trajectory is sustainable
Capital efficiency collapse: ROE of 0.68% despite profitability indicates earnings not converting to shareholder value — probe quality and path to acceptable returns
Leverage constraint: D/E 2.27 leaves limited buffer for additional shocks — verify cost of funds, refinance access, and regulatory capital requirements

Generated analysis · source review pending

Growth drivers

Revenue recovery momentum: ₹458.17 Cr (Jun 2026) up from ₹416.44 Cr (Dec 2025), still 34% below Sep 2024 peak — verify if demand-driven recovery or temporary operational fix
Return to profitability: net profit ₹62.41 Cr (Jun 2026) after losses; verify sustainability and whether improved asset quality can lift 0.68% ROE
Operating margin recovery: OPM at 46.67% (Jun 2026) vs 1.76% (Mar 2025) — verify if this level persists as microfinance lending volumes scale and cost base normalizes

Generated analysis · source review pending

955 historical price candles were omitted because the exchange source has not been verified.

₹171.4-1.1%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 26.6%

Cons

−Low return on equity of -11.4% (3-yr avg)
−Profit declined 67% a year over the last 3 years
−Revenue shrank over the last 3 years (-0.8% a year)
−Heavily leveraged (debt/equity 2.3)
−Weak interest coverage of 0.9×

Research score

Structured signal from quality, growth, valuation and momentum.

36/100

Business quality: 18
Growth: 12
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Creditaccess Grameen LimitedCREDITACCCREDITACC	₹19,861 Cr	₹43,502 Cr	₹6,380 Cr	₹3,639 Cr	49.4%	₹1,211 Cr	12.8%	—	10.5%	—
Muthoot Microfin LimitedMUTHOOTMFMUTHOOTMF	₹2,968 Cr	₹12,516 Cr	₹2,480 Cr	₹1,252 Cr	47.1%	₹245 Cr	7.2%	—	6.2%	—
Fusion Finance LimitedFUSIONFUSION	₹2,771 Cr	₹8,342 Cr	₹1,714 Cr	₹610 Cr	26.6%	₹169 Cr	0.8%	—	0.7%	—
Satin Creditcare Network LimitedSATINSATIN	₹2,514 Cr	₹13,505 Cr	₹3,217 Cr	₹1,817 Cr	55.9%	₹410 Cr	10.6%	—	12.3%	—
Spandana Sphoorty Financial LimitedSPANDANASPANDANA	₹1,917 Cr	₹5,860 Cr	₹1,007 Cr	₹16 Cr	-43.3%	₹-327 Cr	-68.3%	—	-29.4%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,742	2,317	2,320	1,699
Interest	643	791	844	539
Expenses	638	949	2,646	1,247
Financing profit	461	577	-1,170	-87
Financing margin %	26.5%	24.9%	-50.5%	-5.1%
Other income	58	96	49	34
Depreciation	7	9	12	10
Profit before tax	512	663	-1,133	-63
Tax	125	158	92	-77
Tax %	24.4%	23.8%	8.1%	-122%
PAT	387	505	-1,225	14
EPS (₹)	43.3	50.3	-111.4	1
EPS adjusted (₹)	38.6	50.2	-121.7	0.9
Annual report	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	100	101	101	162
Reserves	2,222	2,748	1,543	2,294
	6,778	8,616	6,402	5,571
	263	310	247	268
Total equity & liabilities	9,364	11,774	8,293	8,295
	21	31	27	26
CWIP	0	—	—	—
Investments	0	2	2	2
	9,342	11,741	8,263	8,267
Total assets	9,364	11,774	8,293	8,295

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1,663	-1,350	1,448	1,146
	18	31	74	12
	1,584	1,843	-2,214	-67
Net cash flow	-61	524	-692	1,092
Free cash flow	-1,671	-1,367	1,441	1,145
CFO / Operating profit %	-150.6%	-98.8%	—	253.9%

Compounded sales growth

7 years: —
5 years: —
3 years: -1%
1 year: -27%

Compounded profit growth

7 years: —
5 years: —
3 years: -67%
1 year: —

Return on equity

7 years: —
5 years: —
3 years: -19%
Last year: 1%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—
EBITDA margin %	63.4%	59%	-14.1%	26.6%
EBIT margin %	63%	58.6%	-14.6%	26%
PAT margin %	22.2%	21.8%	-52.8%	0.8%
Working capital
Receivable days	—	—	—	—
Inventory days	0	0	0	0
Payable days	—	—	—	—
NWC days	—	—	—	—
Leverage
Current ratio	—	—	—	—
Debt to EBITDA	6.14	6.3	—	12.34
Debt to equity	2.92	3.03	3.9	2.27
Interest coverage	1.8	1.8	-0.3	0.9
Asset turnover	0.19	0.2	0.28	0.2
Return ratios
Return on assets %	4.1%	4.3%	-14.8%	0.2%
Return on capital employed %	—	—	—	—
Return on equity %	16.7%	17.7%	-74.5%	0.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.92%	57.7%	57.71%	57.71%	57.71%	57.71%	57.71%	55.01%	54.95%	54.92%	54.55%	53.96%
	5.15%	6.74%	5.97%	3.96%	2.83%	0.56%	1.69%	2.99%	3.93%	4.89%	4.74%	4.77%
	15.36%	22.81%	23.28%	22.79%	19.19%	18.13%	16.91%	12.58%	11.88%	11.93%	14.42%	15.25%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	11.03%	12.27%	12.64%	15.17%	19.9%	23.23%	23.32%	29.19%	29.01%	28.03%	26.07%	25.79%
No. of shareholders	—	—	—	—	—	—	—	—	76,683	73,667	70,009	68,121

Promoter holding down 13.96 percentage points since Sep 2023.

3 disclosures

Person	Deal	Shares	Value	Holding	Filed
Deepika Nishant Monga	BuyMarket Purchase	500	₹95,600	0.00% → 0.00%	2 Oct 20257(2)
DEEPIKA GAMBHIR	SellMarket Sale	2,500	₹4.81 L	—	1 Oct 2025

43 deals · 15 Nov 2022 – 17 Apr 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Apr 2025	BOFA SECURITIES EUROPE SA	Bulk	NSE	Buy	6,70,741	₹158.21	₹10.61 Cr
8 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	6,07,151	₹318.48	₹19.34 Cr
8 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	6,07,151	₹318.34	₹19.33 Cr
14 Dec 2023	HONEY ROSE INVESTMENT LTD	Bulk	BSE	Sell	64,57,849	₹555.60	₹358.80 Cr
14 Dec 2023	CREATION INVESTMENTS FUSION, LLC	Bulk	BSE	Sell	38,41,172	₹555.60	₹213.42 Cr
14 Dec 2023	HDFC MUTUAL FUND	Block	BSE	Buy	31,29,172	₹555.60	₹173.86 Cr
14 Dec 2023	CREATION INVESTMENTS FUSION, LLC	Block	BSE	Sell	31,29,172	₹555.60	₹173.86 Cr
14 Dec 2023	HDFC MUTUAL FUND	Bulk	BSE	Buy	31,29,172	₹555.60	₹173.86 Cr
14 Dec 2023	MORGAN STANLEY ASIA SINGAPORE PTE	Bulk	BSE	Buy	17,80,000	₹555.60	₹98.90 Cr
14 Dec 2023	MORGAN STANLEY ASIA SINGAPORE PTE	Block	BSE	Buy	16,00,000	₹555.60	₹88.90 Cr

1–10 of 43

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Mr. RAJEEV SARDANANon-Executive - Independent Director-Chairperson
Mr. SANJAY GARYALIExecutive Director-CEO-MD
Ms. NAMRATA KAULNon-Executive - Independent Director
Mr. PUNEET GUPTANon-Executive - Independent Director
Ms. REMIKA AGARWALNon-Executive - Non Independent Director
Mr. HEMANT OMPRAKASH MUNDRANon-Executive - Non Independent Director
Mr. BRAHMANAND HEGDENon-Executive - Independent Director
Mr. Krishan GopalChief Financial Officer
Mr. Vikrant SadanaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

6

across 4 fund houses

Held by these funds

4.19%

of the company's equity

All mutual funds

10.59%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

6 schemes · 4 fund houses

		Shares
VALUE FUND	Nippon India Mutual Fund	36.33 L	72.77	0.8%	2.247%	+1 L
Banking & Financial Services Fund	ICICI Prudential Mutual Fund	24.63 L	49.34	0.44%	1.523%	-0
(LIVE SCHEMES)	ITI Mutual Fund	2.87 L	5.76	1.24%	0.178%	-0
(LIVE SCHEMES)	ITI Mutual Fund	2.01 L	4.03	0.55%	0.124%	+35,699
(LIVE SCHEMES)	ITI Mutual Fund	1.98 L	3.97	1.02%	0.122%	-47,988
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	216	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

4

Credit ratings

3

Investor Presentation and earnings call

5

Aug 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results10 Aug 2026

1

Earnings call10 Aug 2026call

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

40 announcementsExport CSV

28 Sept 2026, 8:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment

Allotment of Equity Shares PDF

28 Sept 2026, 3:40 pmCompany Update

Certificate For Payment Of Interest On Non-Convertible Debentures Under Regulation 57 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

17 Sept 2026, 12:39 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

15 Sept 2026, 8:26 pmCompany Update

Grant Of ESOP-Disclosure Under Regulation 30 And 51 Of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015

General PDF

15 Sept 2026, 8:15 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

15 Sept 2026, 8:11 pmOthers

Board Meeting Outcome for Outcome Of Board Meeting-Change In Management

Outcome without intimation PDF

8 Sept 2026, 9:38 pmCompany Update

Transfer Of Stressed Loan Portfolio To Asset Reconstruction Company

General PDF

3 Sept 2026, 10:33 pmCompany Update

Intimation Of Receipt Of Trading Approval For 2,27,856 Equity Shares Converted From Partly Paid-Up Equity Shares To Fully Paid-Up Equity Shares

General PDF

Date	Category	Subject	Filing
28 Sept 2026, 8:06 pm	Company Update Allotment of Equity Shares	Announcement under Regulation 30 (LODR)-Allotment	PDF
28 Sept 2026, 3:40 pm	Company Update General	Certificate For Payment Of Interest On Non-Convertible Debentures Under Regulation 57 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

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Fusion Finance Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Board meetings1

Other corporate actions1

Announcements

Ratio timeline

Not in the F&O segment

Board meetings1

Other corporate actions1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1

1

1