FUSION

Fusion Finance Limited

NBFC-MFI lender to rural and semi-urban women borrowers

Financial Services›Financial Services›Finance›Microfinance Institutions

fusionfin.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹159.12
Market cap
2,573 Cr
Stock P/E
15.3
P/B
1.05
ROE (FY26)
0.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Fusion Finance (Fusion) is a microfinance lender that gives small, cash-flow-based loans to rural and semi-urban micro-entrepreneurs through a branch network across India, and is adding collateral-backed loans for small businesses.

Company snapshot

3rdBy market cap

Ranked among 5 companies in Microfinance Institutions.

What we see

Positives
  • ✓Cash flow from operations is higher than reported profit — earnings quality looks solid.
Concerns
  • ✗Net margin is very thin at 0.8% — little room for error if costs rise.
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Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Net Interest Income306 Cr339 Cr361 Cr398 Cr399 Cr225 Cr269 Cr273 Cr247 Cr239 Cr230 Cr242 Cr
Other income25 Cr20 Cr29 Cr18 Cr12 Cr9 Cr10 Cr11 Cr17 Cr8 Cr6 Cr0.14 Cr
Net operating income330 Cr359 Cr390 Cr416 Cr411 Cr233 Cr279 Cr284 Cr263 Cr247 Cr237 Cr243 Cr
Employee cost99 Cr112 Cr122 Cr135 Cr140 Cr151 Cr146 Cr154 Cr154 Cr153 Cr155 Cr155 Cr
Other expenses37 Cr37 Cr45 Cr48 Cr49 Cr50 Cr57 Cr53 Cr53 Cr51 Cr48 Cr49 Cr
Provisions & contingencies————————————
Depreciation2 Cr2 Cr3 Cr2 Cr3 Cr3 Cr3 Cr2 Cr2 Cr2 Cr2 Cr2 Cr
Profit before tax166 Cr167 Cr172 Cr-51 Cr-410 Cr-508 Cr-165 Cr-92 Cr-22 Cr14 Cr37 Cr62 Cr
Tax %24.1%24.1%22.7%29.8%25.6%-41.7%0.0%0.0%0.0%0.0%-205.2%0.0%
Net profit126 Cr126 Cr133 Cr-36 Cr-305 Cr-719 Cr-165 Cr-92 Cr-22 Cr14 Cr114 Cr62 Cr
EPS (₹)₹12.52₹12.58₹13.20₹-3.54₹-30.31₹-71.46₹-14.97₹-7.44₹-1.69₹1.05₹7.06₹3.86

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Net Interest Income————1,301 Cr1,290 Cr994 CrSign in free for the trailing twelve months
Other income10 Cr17 Cr50 Cr58 Cr96 Cr49 Cr34 CrSign in free for the trailing twelve months
Net operating income10 Cr17 Cr50 Cr58 Cr1,397 Cr1,340 Cr1,028 CrSign in free for the trailing twelve months
Employee cost148 Cr169 Cr233 Cr326 Cr431 Cr573 Cr617 CrSign in free for the trailing twelve months
Other expenses49 Cr48 Cr74 Cr112 Cr153 Cr204 Cr205 CrSign in free for the trailing twelve months
Provisions & contingencies———————Sign in free for the trailing twelve months
Depreciation3 Cr4 Cr5 Cr7 Cr9 Cr12 Cr10 CrSign in free for the trailing twelve months
Profit before tax100 Cr57 Cr24 Cr512 Cr663 Cr-1,133 Cr-63 CrSign in free for the trailing twelve months
Tax %30.4%22.6%10.9%24.4%23.8%-8.1%122.0%Sign in free for the trailing twelve months
Net profit70 Cr44 Cr22 Cr387 Cr505 Cr-1,225 Cr14 CrSign in free for the trailing twelve months
EPS (₹)₹10.47₹5.56₹2.67₹43.29₹50.30₹-111.41₹1.01Sign in free for the trailing twelve months
Dividend payout %———0.0%0.0%—0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital79 Cr79 Cr83 Cr100 Cr101 Cr101 Cr162 Cr
Reserves1,120 Cr1,167 Cr1,255 Cr2,222 Cr2,748 Cr1,543 Cr2,294 Cr
Borrowings2,974 Cr4,432 Cr5,776 Cr6,778 Cr8,616 Cr6,402 Cr5,571 Cr
Other liabilities67 Cr159 Cr177 Cr263 Cr310 Cr247 Cr268 Cr
Total liabilities4,240 Cr5,838 Cr7,290 Cr9,364 Cr11,774 Cr8,293 Cr8,295 Cr
Fixed assets (net)6 Cr10 Cr12 Cr21 Cr31 Cr25 Cr25 Cr
CWIP———0.25 Cr2 Cr2 Cr19 Cr
Investments———0 Cr2 Cr2 Cr2 Cr
Loans & advances———8,042 Cr9,948 Cr7,261 Cr6,001 Cr
Trade receivables3 Cr3 Cr4 Cr14 Cr14 Cr4 Cr7 Cr
Cash & bank540 Cr1,215 Cr1,011 Cr950 Cr1,475 Cr783 Cr1,875 Cr
Other assets3,691 Cr4,609 Cr6,263 Cr336 Cr303 Cr216 Cr366 Cr
Total assets4,240 Cr5,838 Cr7,290 Cr9,364 Cr11,774 Cr8,293 Cr8,295 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-749 Cr-793 Cr-1,641 Cr-1,663 Cr-1,350 Cr1,448 Cr1,146 Cr
Cash from investing20 Cr10 Cr18 Cr18 Cr31 Cr74 Cr12 Cr
Cash from financing545 Cr1,459 Cr1,418 Cr1,584 Cr1,843 Cr-2,214 Cr-67 Cr
Net cash flow-184 Cr676 Cr-204 Cr-61 Cr524 Cr-692 Cr1,092 Cr
Free cash flow (OCF − Capex)-753 Cr-801 Cr-1,647 Cr-1,671 Cr-1,370 Cr1,437 Cr1,128 Cr

Ratios

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %5.8%3.5%1.6%16.7%17.7%-74.5%0.6%
Debt / equity2.483.564.322.923.033.902.27