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Fusion Finance reported Q4 FY26 PAT of ₹114.19 crore (including a one-time DTA of ₹76.8 crore; core PAT was ₹37.5 crore). AUM grew to ₹7,400 crore from ₹6,800 crore sequentially, driven by disbursements of ₹2,140 crore (up 34% QoQ). Credit cost fell to ₹56 crore from ₹80 crore QoQ, with gross NPA improving to 3.21% from 4.38%. Management reiterated the ₹10,000 crore AUM target by March 2027, supported by strong collection efficiency (99.75% in core states) and a branch-level operating framework. Risks include potential inflationary pressures from geopolitical tensions and the need to manage operating expenses while scaling.
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Guidance to track
- Management reiterated the aspiration to reach ₹10,000 crore AUM by March 2027, supported by calibrated growth and branch-level execution.
- Management guided for a stable-state credit cost of 2.5-3% in FY27, with internal modeling trending towards 2.5% including MSME portfolio.
- Total operating expenses for FY26 were ₹832 crore; management expects FY27 OPEX to increase by only 4-5% through rationalization initiatives.
- The company is migrating to an advanced loan management system, with UAT started in May 2026 and full rollout expected by August 2026.
Risks flagged
- Management acknowledged risks from West Asia tensions, energy price volatility, and potential inflation, which could impact the broader financial system.
- An analyst questioned whether PSU banks would resume lending after the company's return to profitability; management was hopeful but noted applications are still under process.
- Management noted that two rating agencies are awaiting annual results and geopolitical developments before considering upgrades, which could affect borrowing costs.
- An analyst raised concerns about Bihar's new MFI regulation; management downplayed the impact, citing strong collection efficiency, but the risk remains if regulations tighten further.
Key quotes
- The first 45 days of FY27 give us further confidence in our direction. Growth trends remain healthy. Collections continue to stay strong and portfolio quality is stable across core markets.
- We are well positioned to deliver steady and sustainable progress in the year ahead.
- We continue to hold firm to the guidance of 10,000 cr and like I explained the first 45 days which have been like completely part of the West Asia crisis. We do not see any impact.
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