Microfinance Institutions company Fusion Finance announced Q4FY26 & FY26 results Financial Highlights: Revenue from operations: Q4FY26: Rs 424.02 crore compared to Rs 473.54 crore in Q4FY25 (YoY decrease of 10.46%). Compared to Q3FY26 (Rs 416.44 crore), this reflects a QoQ increase of 1.82%. FY26: Rs 1,698.53 crore compared to Rs 2,343.94 crore in FY25 (YoY decrease of 28.30%). Profit before tax: Q4FY26: Rs 37.41 crore compared to a loss of Rs 164.56 crore in Q4FY25 (YoY increase of 122.73%). Compared to Q3FY26 (Rs 14.05 crore), this reflects a QoQ increase of 166.26%. FY26: Loss of Rs 62.93 crore compared to a loss of Rs 1,133.01 crore in FY25 (YoY improvement of 94.45%). Profit after tax: Q4FY26: Rs 114.19 crore compared to a loss of Rs 164.56 crore in Q4FY25 (YoY increase of 169.39%). Compared to Q3FY26 (Rs 14.05 crore), this reflects a QoQ increase of 712.74%. FY26: Rs 13.85 crore compared to a loss of Rs 1,224.54 crore in FY25 (YoY improvement of 101.13%). Earnings per share (Basic): Q4FY26: Rs 7.06 compared to (Rs 14.97) in Q4FY25. Compared to Q3FY26 (Rs 1.05), this reflects a QoQ increase of 572.38%. FY26: Rs 1.01 compared to (Rs 111.41) in FY25. Business Highlights: Business Segment: The Company operates in a single business segment: lending to borrowers. Corporate Developments: Re-appointment: The Board recommended the re-appointment of Mr. Sanjay Garyali as Managing Director & CEO, subject to shareholder approval. ESOP: The Board approved the issuance and allotment of shares to the Fusion Employees Benefit Trust under the Fusion Employee Stock Option Plan 2023. Financial Covenants: The Company disclosed breaches in various financial covenants for borrowings amounting to Rs 101.64 crore as of March 31, 2026. Extensions have been obtained from lenders for borrowings aggregating to Rs 37.95 crore, and discussions are ongoing for the remaining lenders. Liquidity: The Company maintains cash and cash equivalents and liquid assets aggregating Rs 1,013.03 crore as of March 31, 2026. Rights Issue: The Company successfully concluded a Rights Issue for Rs 799.86 crore, fully calling up and converting 6,10,58,392 shares, of which 6,06,66,304 were converted into fully paid-up shares by the year-end. Sanjay Garyali, MD & CEO, Fusion Finance, said: “Driven by our steady performance, the Q4FY26 results reveal a robust closure to the financial year. The Company has successfully boosted its portfolio holdings, while enhancing the asset quality to ensure sustained growth. These dedicated efforts have led to stable collections in the new loan book and our overall portfolio. Fusion’s vibrant operating model is highlighted by the efficiency of its collections. Notwithstanding strong pressure due to economic headwinds, our risk and underwriting practices also performed very well. The latest results boost our confidence that consistent customer engagement and proficiency in execution will ensure portfolio vibrancy. As we move steadily into the new financial year, creating long term value for our stakeholders remains Fusion’s top priority.” Result PDF
Conference Call with Fusion Finance Management and Analysts on Q3FY26 Performance and Outlook. Listen to the full earnings transcript.
Microfinance Institution Fusion Finance announced Q3FY26 results Total loan disbursements rising 23% QoQ to Rs 1,594 crore, the highest level recorded in the last five quarters. The company reported a profit after tax of Rs 14 crore in Q3FY26, compared to a loss of Rs 22 crore in Q2FY26. Asset under management stood at Rs 6,876 crore as of December 2025, while the active borrower base stood at ~23.4 lakh. Net Interest Margin (NIM) improved to 11.32% in Q3FY26 from 10.85% in Q2FY26, supported by improving portfolio trends and a reduction in the cost of funds to 10.28% from 10.35% in the previous quarter. Total income stood at Rs 424 crore in Q3FY26 compared to Rs 433 crore in Q2FY26, while net interest income remained stable at Rs 237 crore versus Rs 247 crore in the previous quarter. Preprovision operating profit rose to Rs 94 crore in Q3FY26 from Rs 89 crore in Q2FY26. Asset quality indicators continued to strengthen during the quarter. Gross NPA declined to 4.38% from 4.61% in Q2FY26, while Net NPA stood at 0.63%. Credit cost reduced to Rs 79 crore in Q3FY26 from Rs 111 crore in Q2FY26, with sustained Stage 3 provision coverage of ~86%. Sanjay Garyali, MD & CEO, Fusion Finance, said: “Q3FY26 was a quarter of steady and disciplined execution for Fusion Finance. We remained focused on strengthening our core fundamentals, maintaining portfolio quality, and pursuing calibrated growth in a dynamic operating environment. The quarter saw continued improvement in collections across both the overall portfolio and the new book, reinforcing the resilience of our business model and the effectiveness of our risk and underwriting practices. As we move ahead, we will stay committed to responsible lending, prudent risk management, and building a stronger, more resilient portfolio that supports sustainable long-term value creation for all stakeholders.” Result PDF
Microfinance Institutions company Fusion Finance announced Q2FY26 results AUM stood at Rs 7,038 crore as on September 2025. Total loan disbursements stood at Rs 1,298 crore in Q2FY26; increased by 37% QoQ. Active borrower base stood at ~25.8 lakh as of September 2025. 1,545 branches across 22 states including 3 Union Territories. Total income stood at Rs 433 crore in Q2FY26 vs Rs 446 crore in Q1FY26. Net interest income (NII) for Q2FY26 stable at Rs 243 crore vs Rs. 268 crore in Q1FY26. Net Interest Margin (NIM) increased to 10.85% in Q2FY26 vs 10.29% in Q1FY26. Cost of funds stood at 10.35% in Q2FY26 vs 10.27% in Q1FY26. Pre-provision Operating Profit stood at Rs 89 crore in Q2FY26 vs Rs 87 crore in Q1FY26. Loss after tax stood at Rs 22 crore in Q2FY26 vs loss after tax of Rs 92 crore in Q1FY26. Sustained Stage 3 provision coverage to ~92% in Q2FY26. Credit cost stood at Rs 111 crore in Q2FY26 vs Rs 178 crore in Q1FY26. Gross NPA further declined to 4.61% in Q2FY26 from 5.43% in Q1FY26; and Net NPA stood at 0.38%. Healthy capital adequacy position with CRAR of 31.31%. Robust liquidity of Rs 892 crore aggregate of cash and cash equivalents and liquid assets, amounting to 12.58% of the total assets. Sanjay Garyali, MD & CEO, Fusion Finance, said: “Our path to recovery continues, reflected in the sharp reduction in losses, growth in disbursements, and consistent improvement in collection efficiency, credit costs, and GNPA levels. These outcomes demonstrate the strength of our disciplined underwriting practices, tighter operational guardrails, and tech-led processes. We remain focused on driving sustainable growth while maintaining prudent risk management. With overall collection efficiency now at 98.5% and that of the new book at 99.5%, we are building a stronger, more resilient portfolio. In line with our commitment to enhance customer experience, we have made our onboarding process completely paperless. Additionally, with the recent IRDAI approval to operate as a Corporate Insurance Agent, we are now better positioned to offer comprehensive financial solutions beyond lending. Going forward, we aim to grow responsibly across emerging rural and MSME markets.” Result PDF
Microfinance Institutions company Fusion Finance announced Q1FY26 results Total income stood at Rs 446 crore in Q1FY26 vs Rs 476 crore in Q4FY25. Net interest income (NII) for Q1FY26 stable at Rs 268 crore vs Q4FY25. Net interest Margin (NIM) increased to 10.29% in Q1FY26 vs 8.57%in Q4FY25. Cost of funds reduced to 10.27% in Q1FY26 vs 10.52% in Q4FY25. Pre-provision Operating Profit stood at Rs 87 crore in Q1FY26 vs Rs 90 crore in Q4FY25. Loss after tax stood at Rs 92 crore in Q1FY26. Sustained Stage 3 provision coverage to ~97% in Q1FY26. Credit cost stood at Rs 178 crore in Q1FY26. Gross NPA was 5.43% in Q1FY26 and Net NPA at 0.19%. Healthy capital adequacy position with CRAR of 29.52 % (post equity infusion). Robust liquidity of Rs 724 crore aggregate of cash and cash equivalents and liquid assets, amounting to 9.76% of the total assets. AUM stands at Rs 7,688 crore as on June 2025. Total loan disbursements stood at Rs 950 crore in Q1FY26. Active borrower base stood at ~Rs 28.5 lakh as of June 2025. 1,560 branches across 22 states, including 3 Union Territories. Devesh Sachdev, Managing Director, Fusion Finance, said: “In Q1FY26, we continued to make progress, moving closer to normalcy. Our strong measures and persistent efforts on the ground have helped us overcome the external and operational hurdles, setting us on a path to recovery. The renewed focus on credit quality and discipline across the sector, along with favourable regulatory steps of lowering the qualifying assets threshold to 60% from 75% will help in ensuring sustainability and future growth.” Sanjay Garyali, Chief Executive Officer, Fusion Finance, said: “We continue to witness improvements in key business and financial parameters, including collection efficiencies, credit costs and GNPA. As we step into the next phase, our focus remains on driving sustainable growth with strong credit checks, tech-led underwriting, and deeper customer engagement. To deepen our relationship with our customers, we have launched differentiated products like Ujala and Sugam loans and are coming up with new products for the MSME segment too. We are well-prepared for the future. We will continue to grow thoughtfully across emerging rural and MSME markets, backed by a strong balance sheet and a culture built on trust and strong execution.” Result PDF
Microfinance Institutions company Fusion Finance announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Total income stood at Rs 476 crore in Q4FY25 vs Rs 483 crore in Q3FY25 Net interest income (NII) for Q4FY25 increased to Rs 268 crore from Rs 223 crore in Q3FY25 Net Interest Margin (NIM) stood at 8.57% in Q4FY25 vs 8.86% in Q3FY25 Cost of funds stood at 10.52% in Q4FY25 vs 10.28% in Q3FY25 Pre-provision Operating Profit increased to Rs 90 crore in Q4FY25 from Rs 65 crore in Q3FY25 Loss after tax stood at Rs 165 crore in Q4FY25 Increased Stage 3 provision coverage to 96.53% in Q4FY25 vs 88% in Q3FY25 Credit cost decreased to Rs 253 crore in Q4FY25 from Rs 571 crore in Q3FY25 despite higher provision coverage and accelerated write-offs Gross NPA decreased to 7.92% in Q4FY25 from 12.58% in Q3FY25; Net NPA at 0.3% Healthy capital adequacy position with CRAR of 22.42% (30%+ proforma for Rs 800 crore Rights Issue) Robust liquidity of Rs 798 crore aggregate of cash and cash equivalents and liquid assets, amounting to 9.63 % of the total assets FY25 Financial Highlights: Total income stood at Rs 2,369 crore in FY25 vs Rs 2,412 crore in FY24 Pre-provision Operating Profit stood at Rs 736 crore in FY25 vs Rs 1,028 crore in FY24 Loss After Tax stood at Rs 1,225 crore in FY25 Business Highlights: AUM stands at Rs 8,980 crore as on March 2025 Total loan disbursements stood at Rs 6,971 crore in FY25 Active borrower base stood at 32.08 lakh as of March 2025 1,571 branches across 22 states including 3 Union Territories Commenting on the FY25 results, Devesh Sachdev, Managing Director, said, “FY25 had been a challenging year for the industry. We were the first ones to recognize the stress and take early concrete steps to address the issues. Since then, we have witnessed many significant and encouraging results indicating that we are already on our path to recovery. Our Rights Issue was successfully completed in Q4FY25 with a subscription of 1.5x. This reflects the continued strong confidence of existing investors in Fusion while bolstering our capital adequacy.” Sharing his views, Sanjay Garyali, Chief Executive Officer, said, “As | step into this role, | commend Fusion’s early recognition of portfolio stress and the timely, decisive actions that followed. This has set a strong foundation for a healthier, more resilient book. Our portfolio continues to rebalance toward stability, with new book collection efficiency reaching 99.67% in March 2025. We will continue to reinforce this momentum by maintaining robust guardrails across governance, data, and execution — ensuring growth remains disciplined and sustainable.” Result PDF
Finance company Fusion Finance announced Q3FY25 results Financial Highlights: Total income stands at Rs 483 crore in Q3FY25 vs Rs 613 crore in Q3FY24. Net interest income (NII) for Q3FY25 is Rs 223 crore as compared to Rs 337 crore in Q3FY24. Net Interest Margin (NIM) at 8.86% in Q3FY25. Cost of Fund reduces to 10.28% in Q3FY25 from 10.37% in Q3FY24. Pre-provision Operating Profit at Rs 65 crore in Q3FY25. Loss After Tax of Rs 719 crore in Q3FY25; Higher loss is owing to reversal of net deferred tax assets (DTA) till date and enhanced provision coverage across all stages. Gross NPA stands at 12.58%; Net NPA at 1.71%. Credit cost at 5.8% in Q3FY25 vs 6.5% in Q2FY25. Healthy capital adequacy position with CRAR of 22.20%. Robust liquidity of Rs 1,151 crore aggregate of cash and cash equivalents and liquid assets, amounting to 12.26 % of the total assets. Operational & Business Highlights: AUM stands at Rs 10,599 crore in Q3FY25 as compared to Rs 10,693 crore in Q3FY24. Disbursements stand at Rs 1,168 crore in Q3FY25. Borrower base stands at ~36.6 lakh. Current portfolio Collection Efficiency stands at 97.7% in Dec’24 higher than 96.1% in Q2FY25. Devesh Sachdev, MD & CEO, Fusion Finance, said: “Our proactive actions in Q2 and tightened underwriting norms are showing positive trends across various parameters, including current portfolio’s collection efficiency, flow rates and net PAR accretion, among others. As guided, our provisioning for Q3 is lower than Q2 despite increase in provision coverage ratio. This quarter, we have reversed all net deferred tax assets (DTA) till date which has impacted our profitability. Otherwise, at a normalize tax rate, we would have witnessed lower loss of around Rs 380 crore, with standard corporate tax rate applied on the PBT. Importantly, there is no material effect on our CRAR and cash flows. Demonstrating continued confidence from our lenders, we have successfully secured waivers from the majority of them for covenant breaches identified during last quarter. We remain engaged with the few remaining lenders and are confident that there will be no demand for immediate repayment of borrowed funds. With our Rs. 800 crore rights issue progressing as planned and a robust CRAR of 22.20%, our capital position remains strong. With evolving industry dynamics and customer behaviour we remain confident in our approach to navigate these changes and continue to remain transparent and agile in our strategy and actions.” Result PDF