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Over-leverage in MFI portfolio
View Risks →Fusion Finance Limited — Q3 FY26
Fusion Finance returned to profitability in Q3 FY26 with a PAT of ₹14 crore, driven by broad-based improvements in asset quality, collections, and credit cost.
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Fusion Finance returned to profitability in Q3 FY26 with a PAT of ₹14 crore, driven by broad-based improvements in asset quality, collections, and credit cost. Disbursements rose to ₹1,594 crore (up from ₹1,098 crore QoQ), aided by a pre-approved customer base with ~50% approval rates. Collection efficiency reached 99.4% in December, with net forward flow rate at 0.25%. Management guided for AUM to cross ₹10,000 crore by FY27, with stable credit costs of 3.25-3.75%. Risks include potential over-leverage in the MFI portfolio and execution challenges in scaling MSME lending.
फ्यूजन फाइनेंस ने तीसरी तिमाही में 14 करोड़ रुपये का मुनाफा कमाया। कंपनी ने कर्ज वसूली और ग्राहकों की गुणवत्ता में सुधार किया। उसने 1,594 करोड़ रुपये का नया कर्ज बांटा, जो पिछली तिमाही से ज्यादा है। दिसंबर में 99.4% कर्ज वसूली हुई। कंपनी का लक्ष्य अगले साल तक 10,000 करोड़ रुपये का कर्ज पोर्टफोलियो बनाना है। लेकिन छोटे कर्जों में ज्यादा कर्ज लेने और छोटे व्यापारियों को कर्ज देने में मुश्किलें आ सकती हैं।
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Read Transcript →Quarter Snapshot
Collection Efficiency (Dec)
99.4%
+300bps YoY
Improved from ~96% in prior year; driven by center meeting discipline and same-day collections.
Net Forward Flow Rate
0.25%
-35bps QoQ
Sharp decline from 0.60% in Q2; reflects lower leverage and better underwriting.
Gross NPA
4.38%
-120bps QoQ
Improved from 5.58% in Q2; stage 3 coverage at 86%.
Disbursements (Jan 2026)
₹670 Cr
+26% MoM
Crossed ₹670 crore in January, with over 1 lakh customers; 76% repeat borrowers.
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Guidance and risk preview
Management outlined a roadmap to cross ₹10,000 crore in AUM by FY27, leveraging existing infrastructure and branch network.
Despite improvement, 7% of customers still have exposure to more than 3 lenders, posing risk if industry stress re-emerges.
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