Fusion Finance Ltd.

•

fusionfin.comBSE: 543652NSE: FUSION

Market Cap₹ 3,314 Cr.

Current Price

High / Low₹ 243 / 136

Stock P/E19.7

Book Value₹ 152

Price to Book0.92

Dividend Yield0.00 %

ROCE6.3 %

ROE0.7 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Comfortable capital adequacy - CAR of 36.5%
Latest quarter profit grew 167.7% YoY, showing strong momentum
Institutional investors have been accumulating - FII+DII up 4.4pp
Company generates healthy free cash flow

CONS

Company has a low return on equity of -11.6% over last 3 years
Company has a low return on capital employed of 5.8%
Promoter holding has decreased over last 2 years: -3.8pp
Equity base is being diluted - shares outstanding up 61.0%
Operating margins have contracted to 26.6% from 67.2%
Company has delivered a poor profit growth of -20.6% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1060.50	32.52	660262.45	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1041.00	21.64	244945.59	1.04	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	TATACAP	375.00	29.46	159182.59	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
4.	JIOFIN	239.85	76.64	158376.35	0.25	8302.50	2457.29	20044.70	3172.82	2.11	69.71
5.	CHOLAFIN	1839.00	27.31	157062.74	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
6.	BAJAJHLDNG	11148.75	14.01	124078.35	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2920.00	10.31	117228.79	1.03	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	404.80	27.00	110815.96	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	314.00	24.73	78699.47	0.88	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	657.90	27.52	62608.60	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	682.25	26.05	56678.94	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	FUSION	203.20	19.67	3313.83	0.00	62.41	167.65	458.17	5.46	6.28	46.67

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	531	547	593	646	688	692	474	466	434	401	399	401	4,582
	208	213	243	286	532	884	773	458	387	318	284	258	3,959
Operating Profit	323	334	350	360	157	-187	-293	16	48	98	132	166	2,139
OPM %	60.82%	61.11%	59.04%	55.76%	22.76%	-27.08%	-61.90%	3.36%	11.03%	24.38%	33.14%	41.26%	46.67%
Other Income	22	25	20	29	18	7	3	2	11	17	8	6	1
Interest	183	191	201	215	223	227	214	179	149	134	123	132	1,498
Depreciation	2	2	2	3	2	3	3	3	2	2	2	2	17
	159	166	166	172	-51	-410	-508	-165	-92	-22	14	37	624
Tax %	24.46%	24.10%	24.05%	22.72%	29.77%	25.64%	-41.73%	-0.00%	-0.00%	-0.00%	0.00%	-205.24%	0.00%
Net Profit	120	126	126	133	-36	-305	-719	-165	-92	-22	14	114	624
	12	13	13	12	-3	-28	-65	-15	-7	-2	1	7	4

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	185	254	486	720	856	1,151	1,742	2,317	2,344	1,699	1,660
	97	182	194	290	437	676	638	949	2,646	1,247	1,256
Operating Profit	88	72	292	430	419	476	1,104	1,367	-302	451	403
OPM %	47.44%	28.37%	60.00%	59.73%	48.90%	41.32%	63.39%	59.02%	-12.90%	26.58%	24.29%
	16	13	43	10	17	54	66	96	25	63	31
Interest	97	137	244	338	375	500	651	791	844	568	540
Depreciation	2	2	2	3	4	5	7	9	12	10	9
Profit before Tax	5	-54	88	100	57	24	512	663	-1,133	-63	92
Tax %	14.91%	26.47%	25.92%	30.39%	22.62%	10.94%	24.38%	23.82%	-8.08%	122.01%	-83.70%
Net Profit	4	-39	65	70	44	22	387	505	-1,225	14	169
EPS	1.18	-11.09	13.21	10.32	5.49	2.64	43.13	50.22	-121.66	0.86	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 31%
5 Years:: 15%
3 Years:: -1%

COMPOUNDED PROFIT GROWTH

10 Years:: 0%
5 Years:: -21%
3 Years:: -67%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -30%
1 Year:: 20%

RETURN ON EQUITY

10 Years:: 0%
5 Years:: -2%
3 Years:: -12%
Last Year:: 1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	34	41	62	79	79	83	100	101	101	162
	185	214	561	1,116	1,160	1,246	2,214	2,729	1,512	2,257
	935	1,570	2,634	2,974	4,432	5,776	6,778	8,625	6,412	5,585
Trade Payables	0	0	0	4	11	37	72	68	19	32
	53	118	129	37	78	62	122	160	249	183
Total Liabilities	1,208	1,943	3,386	4,209	5,761	7,204	9,286	11,683	8,293	8,218
	5	5	6	6	18	19	21	31	27	26
	211	0	0	0	0	0	0	2	2	2
	0	0	0	0	0	0	0	14	4	7
Cash & Bank	167	506	935	818	1,335	1,154	1,065	1,516	831	1,957
	826	1,432	2,445	3,385	4,408	6,031	8,200	10,119	7,429	6,226
Total Assets	1,208	1,943	3,386	4,209	5,761	7,204	9,286	11,683	8,293	8,218

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-245	-594	-941	-706	-739	-1,599	-1,550	-1,350	1,448	1,146
Cash from Investing	-199	184	-4	20	10	18	18	31	74	12
Cash from Financing	578	741	1,349	545	1,459	1,418	1,584	1,843	-2,214	-67
	121	329	381	-184	676	-204	-61	524	-692	1,092

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	1.20	-9.64	10.55	8.82	5.56	2.63	38.58	50.22	-121.66	0.86
Book Value (₹)	64.09	61.85	101.12	151.30	156.83	160.18	230.59	281.22	160.27	149.72
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	1.61	-8.79	10.66	8.86	5.86	3.17	38.08	49.51	-116.72	1.45
PROFITABILITY
Operating Margin %	56.17%	33.42%	68.86%	61.12%	50.92%	46.05%	67.17%	59.02%	-12.90%	26.58%
Net Margin %	2.22%	-15.49%	13.44%	9.66%	5.13%	1.89%	22.23%	21.81%	-52.24%	0.82%
ROE %	2.83%	-16.62%	14.90%	7.66%	3.61%	1.70%	21.27%	19.65%	-55.13%	0.69%
ROCE %	11.74%	5.49%	12.95%	11.76%	8.77%	8.21%	14.34%	14.14%	-2.96%	6.28%
	0.45%	-2.50%	2.45%	1.83%	0.88%	0.34%	4.70%	4.82%	-12.26%	0.17%
EFFICIENCY
Debtor Days	0	1	0	1	1	1	2	2	1	1
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	0	1	0	1	1	1	2	2	1	1
FINANCIAL HEALTH
Debt to Equity (x)	4.23x	6.23x	4.25x	2.49x	3.58x	4.36x	2.93x	3.04x	3.97x	2.30x
Interest Coverage (x)	1.05x	0.61x	1.36x	1.30x	1.15x	1.05x	1.79x	1.84x	-0.34x	0.89x
	2.70x	2.00x	1.93x	2.75x	2.57x	3.94x	4.48x	0.29x	0.20x	0.60x
GROWTH
Revenue Growth %	67.75%	37.62%	91.09%	48.12%	18.82%	34.52%	51.30%	33.00%	1.17%	-27.54%
Operating Profit Growth %	45.30%	-18.12%	293.73%	31.49%	-1.01%	21.65%	120.70%	25.05%	-118.97%	285.30%
Net Profit Growth %	-69.46%	-1061.96%	265.81%	6.52%	-36.87%	-50.49%	1679.59%	30.52%	-342.34%	101.13%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	30.17%	-342.27%	100.70%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.93x	0.00x	160.76x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.65x	0.87x	0.92x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.04x	-25.16x	11.36x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.71	57.71	57.71	57.71	55.01	54.95	54.92	54.55	53.96
	3.96	2.82	0.56	1.69	2.99	3.92	4.89	4.75	4.77
	22.79	19.19	18.13	16.91	12.57	11.88	11.94	14.43	15.23
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	15.54	20.27	23.61	23.69	29.44	29.24	28.25	26.29	26.04

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

General Updates

2026-09-03 - Fusion Finance Limited has informed the Exchange about General Updates

2026-08-31

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - Fusion Finance Limited has informed the Exchange about Schedule of meet

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Fusion Finance Limited has informed the Exchange about Transcript

2026-08-15

General Updates

2026-08-15 - Fusion Finance Limited has informed the Exchange about General Updates

2026-08-13

News Verification

2026-08-13 - The Exchange has sought clarification from Fusion Finance Limited with respect to recent news item captioned Fusion Finance aims to cut microfin share, offer larger retail loans. The response from the Company is attached.

2026-08-12

News Verification

2026-08-12 - The Exchange has sought clarification from Fusion Finance Limited with respect to recent news item captioned Fusion Finance aims to cut microfin share, offer larger retail loans. The response from the Company is awaited.

2026-08-11

Copy of Newspaper Publication

2026-08-11 - Fusion Finance Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-11

General Updates

2026-08-11 - Fusion Finance Limited has informed the Exchange about General Updates

2026-08-11

Shareholders meeting

2026-08-11 - Fusion Finance Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.

News

Recent coverage and analyst commentary for FUSION

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Fusion Finance Ltd.

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Free 5nance Account

Name

BAJFINANCE

1060.50

32.52

660262.45

0.57

6080.60

27.60

23165.45

20.37

10.87

70.70

SHRIRAMFIN

1041.00

21.64

244945.59

1.04

3452.77

59.90

13400.43

17.46

11.49

74.63

TATACAP

375.00

29.46

159182.59

0.15

16281.80

1464.16

88219.30

1051.00

8.66

75.72

JIOFIN

239.85

76.64

158376.35

0.25

8302.50

2457.29

20044.70

3172.82

2.11

69.71

CHOLAFIN

1839.00

27.31

157062.74

0.11

1656.22

45.56

8856.29

21.89

9.70

70.07

BAJAJHLDNG

11148.75

14.01

124078.35

1.75

2708.08

-92.27

394.33

23.34

14.81

684.72

MUTHOOTFIN

2920.00

10.31

117228.79

1.03

2824.84

43.08

8671.60

36.25

15.87

83.76

ABCAPITAL

404.80

27.00

110815.96

0.00

1223.85

43.85

12179.54

137.84

8.82

41.91

LTF

314.00

24.73

78699.47

0.88

915.99

30.70

5212.92

22.38

8.54

62.13

SBICARD

657.90

27.52

62608.60

0.38

664.44

19.51

5040.55

7.60

11.75

29.83

HDBFS

682.25

26.05

56678.94

0.59

785.20

38.31

4937.90

18.71

9.09

57.98

FUSION

203.20

19.67

3313.83

0.00

62.41

167.65

458.17

5.46

6.28

46.67

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

531

547

593

646

688

692

474

466

434

401

399

401

4,582

208

213

243

286

532

884

773

458

387

318

284

258

3,959

Operating Profit

323

334

350

360

157

-187

-293

132

166

2,139

OPM %

60.82%

61.11%

59.04%

55.76%

22.76%

-27.08%

-61.90%

3.36%

11.03%

24.38%

33.14%

41.26%

46.67%

Other Income

Interest

183

191

201

215

223

227

214

179

149

134

123

132

1,498

Depreciation

159

166

172

-51

-410

-508

-165

-92

-22

624

Tax %

24.46%

24.10%

24.05%

22.72%

29.77%

25.64%

-41.73%

-0.00%

0.00%

-205.24%

0.00%

Net Profit

120

126

133

-36

-305

-719

-165

-92

-22

114

624

-3

-28

-65

-15

-7

-2

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

185

254

486

720

856

1,151

1,742

2,317

2,344

1,699

1,660

182

194

290

437

676

638

949

2,646

1,247

1,256

Operating Profit

292

430

419

476

1,104

1,367

-302

451

403

OPM %

47.44%

28.37%

60.00%

59.73%

48.90%

41.32%

63.39%

59.02%

-12.90%

26.58%

24.29%

Interest

137

244

338

375

500

651

791

844

568

540

Depreciation

Profit before Tax

-54

100

512

663

-1,133

-63

Tax %

14.91%

26.47%

25.92%

30.39%

22.62%

10.94%

24.38%

23.82%

-8.08%

122.01%

-83.70%

Net Profit

-39

387

505

-1,225

169

EPS

1.18

-11.09

13.21

10.32

5.49

2.64

43.13

50.22

-121.66

0.86

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

100

101

162

185

214

561

1,116

1,160

1,246

2,214

2,729

1,512

2,257

935

1,570

2,634

2,974

4,432

5,776

6,778

8,625

6,412

5,585

Trade Payables

118

129

122

160

249

183

Total Liabilities

1,208

1,943

3,386

4,209

5,761

7,204

9,286

11,683

8,293

8,218

211

Cash & Bank

167

506

935

818

1,335

1,154

1,065

1,516

831

1,957

826

1,432

2,445

3,385

4,408

6,031

8,200

10,119

7,429

6,226

Total Assets

1,208

1,943

3,386

4,209

5,761

7,204

9,286

11,683

8,293

8,218

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-245

-594

-941

-706

-739

-1,599

-1,550

-1,350

1,448

1,146

Cash from Investing

-199

184

-4

Cash from Financing

578

741

1,349

545

1,459

1,418

1,584

1,843

-2,214

-67

121

329

381

-184

676

-204

-61

524

-692

1,092

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

1.20

-9.64

10.55

8.82

5.56

2.63

38.58

50.22

-121.66

0.86

Book Value (₹)

64.09

61.85

101.12

151.30

156.83

160.18

230.59

281.22

160.27

149.72

Dividend per Share (₹)

0.00

Cash EPS (₹)

1.61

-8.79

10.66

8.86

5.86

3.17

38.08

49.51

-116.72

1.45

PROFITABILITY

Operating Margin %

56.17%

33.42%

68.86%

61.12%

50.92%

46.05%

67.17%

59.02%

-12.90%

26.58%

Net Margin %

2.22%

-15.49%

13.44%

9.66%

5.13%

1.89%

22.23%

21.81%

-52.24%

0.82%

ROE %

2.83%

-16.62%

14.90%

7.66%

3.61%

1.70%

21.27%

19.65%

-55.13%

0.69%

ROCE %

11.74%

5.49%

12.95%

11.76%

8.77%

8.21%

14.34%

14.14%

-2.96%

6.28%

0.45%

-2.50%

2.45%

1.83%

0.88%

0.34%

4.70%

4.82%

-12.26%

0.17%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

4.23x

6.23x

4.25x

2.49x

3.58x

4.36x

2.93x

3.04x

3.97x

2.30x

Interest Coverage (x)

1.05x

0.61x

1.36x

1.30x

1.15x

1.05x

1.79x

1.84x

-0.34x

0.89x

2.70x

2.00x

1.93x

2.75x

2.57x

3.94x

4.48x

0.29x

0.20x

0.60x

GROWTH

Revenue Growth %

67.75%

37.62%

91.09%

48.12%

18.82%

34.52%

51.30%

33.00%

1.17%

-27.54%

Operating Profit Growth %

45.30%

-18.12%

293.73%

31.49%

-1.01%

21.65%

120.70%

25.05%

-118.97%

285.30%

Net Profit Growth %

-69.46%

-1061.96%

265.81%

6.52%

-36.87%

-50.49%

1679.59%

30.52%

-342.34%

101.13%

0.00%

30.17%

-342.27%

100.70%

VALUATION

P/E (x)

0.00x

8.93x

0.00x

160.76x

P/B (x)

0.00x

1.65x

0.87x

0.92x

Dividend Yield %

0.00%

0.00x

8.04x

-25.16x

11.36x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

57.71

55.01

54.95

54.92

54.55

53.96

3.96

2.82

0.56

1.69

2.99

3.92

4.89

4.75

4.77

22.79

19.19

18.13

16.91

12.57

11.88

11.94

14.43

15.23

Government

0.00

15.54

20.27

23.61

23.69

29.44

29.24

28.25

26.29

26.04

Fusion Finance Ltd.

AI Sector View

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Quarterly Results

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Fusion Finance Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI