Fusion Finance Ltd · NSE:FUSION
Fusion Finance — Q4 FY26 Earnings Presentation
51 slides from Fusion Finance's earnings presentation, May 15, 2026
Slide 1: Submission of Earnings Presentation to stock exchanges
Date: 15.05.2026 Letter No. FFL/SEC/2026-27/SE-19 The Manager Listing The Manager Listing Department Department BSE National Stock Exchange of India Limited Exchange Limited Plaza, Plot No. C/1, G Block Phiroze Jeejeebhoy Towers Dalal Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Street, Mumbai
Slide 2: Investor Presentation Q4 & FY26
Investor Presentation Q4 & FY26 1 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 3: Disclaimer
Disclaimer By attending the meeting where this Presentation is made, or by reading the Presentation materials, you agree to be bound by the limitations contained herein and to maintain absolute confidentiality regarding the information disclosed in this Presentation. Any failure to comply with these
Slide 4: Presentation Path
PRESENTATION PATH 01 02 03 Executive Overview Our Presence Summary 04 05 06 Vision, Mission Key Financial & Values Strengths Performance 3 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 5: Executive Summary
Executive Summary 4 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 6: Executive Summary
Executive Summary Sustained profitability and Strong Capital, Liquidity and Improving Portfolio Quality Credit Profile Business growth Sustained profitability with Q4 FY26 Avg. CE (MFI) improved to 99.66% in CRAR at 36.46% and liquidity of ₹1,913 PAT at ₹ 114.2 Cr; FY26 PAT at ₹ 13.9 Cr. Q4 FY26 (vs
Slide 7: Fusion Finance – Q4 FY26 Snapshot
Fusion Finance – Q4 FY26 Snapshot AUM PPOP PAT* NIM ₹ 7,407 Cr ₹ 93 Cr ₹ 114 Cr 11.44% GNPA Disbursement 3.21% CRAR Net Worth ₹ 2,140 Cr NNPA 36.46% ₹ 2,456 Cr 0.51% Active Client Total Income Branches Avg. Ticket Size ₹ 430 Cr 21.69 Lakhs 1,536 ₹ 60.8 k ~3.31 Lakh New loans (~1.23 Lakh NTF** client
Slide 8: Our Presence
Our Presence 9 2 (0.1%) 16 7 139 (0.2%) 41 (2%) 140 21 137 (2%) 42 5 (2%) 317 1,663 202 110 299 42 (5%) (25%) (3%) 1,266 216 (19%) 129 563 385 177 129 63 36 (9%) (6%) (3%) 53 (2%) 125 587 35 (2%) 135 (9%) 114 46 (2%) 103 (2%) 42 66 141 (1%) (2%) 51 50 355 1 (6%) 110 State wise branches State wise AU
Slide 9: MFI Business
MFI Business 8 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 10: Book composition || Borrower deleveraging
Book composition || Borrower deleveraging Timelines Fusion only Fusion+1 Fusion+2 Fusion+ ≥ 3 Mar’26 37.14% 32.78% 22.36% 7.73% (4.98% on POS) Dec’25 36.0% 31.6% 22.5% 9.9% (6.8% on POS) Sep’25 34.1% 29.4% 22.6% 13.9% (10.8% on POS) June’25 33.3% 27.4% 21.8% 17.6% FY25 35.5% 26.8% 19.6% 18.1% FY24 3
Slide 11: Prudent accelerating disbursements in less leveraged customers
Prudent accelerating disbursements in less leveraged customers Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Mar’26 (Avg.) (Avg.) (Avg.) (Avg.) (Avg.) (Avg.) Fusion + 0 44% 42% 43% 41% 44% 46% 47% Fusion + 1 32% 32% 35% 34% 35% 34% 34% Fusion + 2 20% 21% 22% 24% 22% 20% 18% Fusion only onboards cu
Slide 12: Customer segmentation & Cycle wise ATS
Customer segmentation & Cycle wise ATS Period → FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Customers ↓ New 46% 44% 53% 40% 33% 24% 25% 24% 27% Existing 54% 56% 47% 60% 67% 76% 75% 76% 73% Calculations on Disbursement values Cycle No Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q
Slide 13: Disbursement || Cycle wise and Lenders association
Disbursement || Cycle wise and Lenders association Q4 FY26 Q3 FY26 Cycle No Fusion Only Fusion+1 Fusion+2 Fusion+>=3 Overall Cycle No Fusion Only Fusion+1 Fusion+2 Fusion+>=3 Overall 1 21% 11% 5% 0% 37% 1 19% 11% 5% 0% 35% 2 14% 11% 7% 0% 32% 2 14% 12% 8% 0% 34% 3+ 11% 12% 8% 0% 31% 3+ 11% 11% 9% 0%
Slide 14: Disbursement trend || Quarterly Avg || State wise
Disbursement trend || Quarterly Avg || State wise All figures in ₹ Cr. Proportion % State Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Mar (FY26) QoQ % YoY % (Q4 FY26) Uttar Pradesh 94 72 108 129 169 180 31% 79% 25% Bihar 63 59 73 97 134 143 38% 111% 20% Odisha 23 23 35 46 60 61 31% 161% 8% Madhya Prades
Slide 15: Sustained improvement in current collections
Sustained improvement in current collections % Net flow Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Current to >PAR 0 2.98% 1.80% 0.57% 0.54% 0.60% 0.25% 0.03% Top 5 State Current CE% on Sep’24 Dec’24 Mar’25 Jun’25 Sep’25 Dec’25 Mar’26 POS (EOM) Uttar Pradesh 97.34% 97.99% 98.93% 98.96%
Slide 16: Collections
COLLECTIONS Avg. Monthly Flow Rates and QoQ bucket movement 78.42% 71.85% 74.57% 73.78% 63.47% 63.09% 66.81% 65.60% 66.43% 65.93% 53.63% 53.97% 43.84% 39.42% 37.42% 35.10% 28.27% 23.22% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 MAR'26 PAR 0 -> PAR 30 PAR 30 -> PAR 60 PAR 60 -> PAR 90 average monthly f
Slide 17: MSME Business
MSME Business 16 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 18: MSME || Product & Portfolio Metrics
MSME || Product & Portfolio Metrics 1 FINANCIAL ₹ 772 Cr AUM 2 OPERATIONS 90 BRANCHES 3 PORTFOLIO 42.5% PORTFOLIO LTV 4 UNDERWRITING 53% APPROVAL RATE (Q4) ₹ 122 Cr DISBURSEMENT (Q4) 8 STATES ₹ 4.9 L ATS - PORTFOLIO 84% BOOKING RATE 21.96% PORTFOLIO ROI (AUM) 19,287 ACTIVE CUSTOMERS 71 AVG. TENOR (M
Slide 19: MSME - At a Glance
MSME - At a Glance Geographical Presence Branch Sourcing Model Who is our Customer Self Sourcing Model 90 Direct outreach via Marketing Activities Branch walk-ins ❑ Retail Shops Trading ❑ Whole Sellers Branches Customer Referrals Kirana Restaurant ❑ Manufacturer 8 Connector Based Model Growth Partne
Slide 20: MSME Product and Assessment
MSME Product and Assessment Our Products Credit Assessment Collateral Assessment Secured Business Loan ❑ Collaterals in well-connected and ❑ Assessed & Documented Income Model market-accessible regions based on Sectoral templated guidelines Lending for established businesses, backed by collateral. ❑
Slide 21: Performance Highlights & Credit Cost
Performance Highlights & Credit Cost 20 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 22: Performance Highlights
Performance Highlights Key Metrics Q4 FY26 Q3 FY26 QoQ Q4 FY25 YoY FY26 AUM (₹ Cr) 7,407 6,876 8% 8,980 (18)% 7,407 Disbursement (₹ Cr) 2,140 1,594 34% 1,156 85% 5,983 NII (₹ Cr) 222 237 (6)% 268 (17)% 974 NIM 11.44% 11.32% 12 Bps 8.57% 287 Bps 10.77% Total Income (₹ Cr) 430 424 1% 476 (10)% 1,733 O
Slide 23: Credit Cost
Credit Cost Particulars Q4 FY26 Q4 FY25 Q3 FY26 FY 26 FY 25 Opening ECL [A] 353 1,551 444 887 355 - Provisions as per ECL[B] 53 253 79 421 1,865 Reversals (on account of write-off) [C] 136 917 170 1,038 1,333 Closing ECL [D = A+B-C] 270 887 353 270 887 Impairment [F]* 53 253 79 421 1,865 Credit Cost
Slide 24: Vision, Mission & Values
Vision, Mission & Values 23 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 25: Vision, Mission & Values
Vision, Mission & Values Vision: “Fusion Finance with a social vision and business orientation aims to provide underprivileged women with economic opportunities to transform the quality of Mission: their lives.” “A self-sustainable financial institution which leverages the distribution network to ch
Slide 26: Tech Capabilities & ESG
Tech Capabilities & ESG 25 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 27: AI-Led Scale in Collections & Customer Engagement
AI-Led Scale in Collections & Customer Engagement 26 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 28: Tech Interventions
Tech Interventions||Strengthening compliance, reducing fraud, and enabling seamless digital onboarding Aadhaar-Based Geo-Fencing & Location AI/ML-Driven Credit Omni-Channel Paperless Digital Signing Real-Time Voter ID Verification Operations Collections Enablement ✓ Secure virtual document Intellige
Slide 29: ESG Policy: Aspiring to become a responsible Financial Institution
ESG Policy : Aspiring to become a responsible Financial Institution Environment Social Governance Reducing Environmental Impact Empowering Community & Employees through Responsible business practices through various Initiatives transparency, integrity & accountability • Continued adherence to the IF
Slide 30: CSR Snapshot till Q4'26
CSR || Snapshot till Q4’26 18 690+ CSR Programs Govt./Key officials 5 900+ SDG’s Covered Employees Volunteering 55,500+ 100+ Branding & Visibility Lives Touched 22 9 States & UTs Partnership with NGOS 177 29 Districts Aspirational Districts 29 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.
Slide 31: Glimpses of CSR Programs
Glimpses of CSR Programs Program-Shiksha Program JAL Nanhi Pahel Program GARIMA Program Urja (Solarization) Health Camp 30 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 32: Risk Governance
Risk Governance Board of Directors Board Risk Management Board Risk Management Committee (BRMC) Committee Board Level Committee chaired by independent director Approves Risk Management Policies & Framework Management Risk Quarterly review of the Organizational Risk environment Committee Comprehensiv
Slide 33: Internal Audit Structure
Internal Audit Structure FRAMEWORK STRUCTURE Board of Directors MD & CEO Audit Philosophy No surprise environment Consultative role Board Audit Committee Chief Internal Board Auditor Audit Committee chaired by Independent Director Majority of Committee members are independent Corporate Office Audit
Slide 34: Key Strengths & Liability Management
Key Strengths & Liability Management 33 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 35: Key Strengths || Diversification
Key Strengths ||Diversification Network Distribution Top 5 states concentration Rural vs Urban Presence 22 1,5 90 22 22 22 22 69% 1,571 1,5 70 1,560 20 68% 68% 94% 94% 94% 94% 94% 1,545 67% 67% 1,5 50 1,537 1,536 1,5 30 QoQ 1,5 10 1,4 90 10 1,4 70 6% 6% 6% 6% 6% 1,4 50 0 Q4 FY25 Q1 FY26 Q2 FY26 Q3 F
Slide 36: Key Strengths || Agility across business cycles
Key Strengths ||Agility across business cycles AUM Disbursement 8,980 2,140 7,688 7,407 7,038 6,876 1,594 1,298 1,156 QoQ 950 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 AUM Disbursement 11,476 10,294 9,296 8,980 8,596 7,407 6,971 6,786 6,180 5,983 YoY 4,638 3,710
Slide 37: Key Strengths || Agility across business cycles
Key Strengths || Agility across business cycles For MFI Vertical only AUM/ RO (₹ in Cr) AUM/Branch (₹ in Cr) Borrower/ Branch 1.0 5.7 2,175 0.9 0.9 4.8 4.6 1,932 0.8 0.8 4.4 4.3 1,759 1,602 1,487 QoQ Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 AUM/ RO (₹
Slide 38: Key Strengths || Operational Prudence
Key Strengths ||Operational Prudence For MFI Vertical only Avg. Ticket Size (₹ in K) Borrowers (in Lacs) Avg. OS / Borrower (₹ in K) 59.6 60.8 53.3 54.2 31.9 30.9 50.3 28.3 25.6 26.1 24.8 24.8 26.5 23.2 21.5 QoQ Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q4'25 Q1'26 Q2'26 Q3'26 Q4'2
Slide 39: Key Strengths || Liability Management
Key Strengths || Liability Management Marginal & Average Cost of Borrowing Marginal & Average Cost of Borrowing 13.3% 12.9% 11.2% 11.9% 11.8% 11.7% 10.8% 10.4% 10.3% 10.6% 10.4% 10.5% 10.3% 10.4% 10.3% 10.5% 10.3% 10.3% 10.3% 10.3% 10.8% 10.0% YoY QoQ FY21 FY22 FY23 FY24 FY25 FY26 Q4 FY25 Q1 FY26 Q2
Slide 40: Key Strengths || Liability Management
Key Strengths || Liability Management Positive ALM (Months) Stable Liquidity Position 23.7 24.2 24.9 22.2 23.1 Details Apr-26 May-26 Jun-26 Jul-26 - Sep-26 20.4 19.2 18.8 17.6 17.5 17.5 Opening Cash & Equivalents* (A) 1,913 1,924 1,985 1,921 14.5 Loan Recovery [Principal + Interest] **(B) 527 495 48
Slide 41: Financial Performance
Financial Performance 40 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 42: Profit and Loss Statement
Profit and Loss Statement Profit & Loss Statement (₹ Cr) Q4 FY26 Q3 FY26 QoQ% Q4 FY25 YoY% FY 26 FY 25 YoY % Revenue from operations - Interest income 362.49 362.86 0% 448.68 (19)% 1,532.52 2,134.22 (28)% - Other revenue from operations 61.53 53.58 15% 24.86 148% 166.01 209.72 (21)% Total revenue fr
Slide 43: Balance Sheet
Balance Sheet Financial Position (₹ Cr) Q4 FY26 Q3 FY26 QoQ % Q4 FY25 YoY % Financial and Non-financial assets - Cash & Other Bank Balances 1,874.84 1,742.22 8% 783.05 139% - Bank balances other than cash and cash equivalents 130.60 130.68 0% 70.00 87% - Loans (Net of Impairment Loss Allowance) 6,00
Slide 44: Key Ratios
Key Ratios Margin Analysis Cost to Income Opex to Avg. AUM 70.8% 11.9% 11.4% 11.5% 20.6% 21.2% 21.6% 21.7% 70.2% 10.1% 19.1% 69.6% 8.4% QoQ 10.5% 10.3% 10.3% 10.3% 10.3% 68.9% 68.8% 10.3% 10.9% 11.3% 11.4% 8.6% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q
Slide 45: Key ratios
Key ratios GNPA CRAR NNPA 7.92% 0.63% 38.80% 36.46% 0.51% 31.31% 29.52% 5.43% 4.61% 0.38% 4.38% 22.42% 0.30% 3.21% 0.19% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 44 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.
Slide 46: Stakeholder Management
Stakeholder Management Category Top Share Holders Mutual Fund HDFC MUTUAL FUND 57.71% Mutual Fund INDIA CAPITAL FUND LIMITED 54.18% Mutual Fund NIPPON LIFE INDIA TRUSTEE ICICI PRUDENTIAL BANKING AND FINANCIAL SERVICES Mutual Fund FUND Insurance Company FUTURE GENERALI INDIA LIFE INSURANCE 31.17% Mut
Slide 47: Highly Experienced Board with Strong Governance
Highly Experienced Board with Strong Governance Sanjay Garyali, MD and CEO Hemant Mundra, Non-Executive Director • 28+ years of expertise in retail financial markets and a deep • Hemant Mundra is a Managing Director at Warburg Pincus. Mr. understanding of the key drivers in the sector. Prior to join
Slide 48: The Management Team
The Management Team Krishan Gopal Sunil Mundra Jitender Sharma Sushil Menon CFO COO-MFI Deputy COO– CIO & Interim MSME CISO Nishant Monga Anurag Srivastava Sanjay V Gautam Munjal Chief Compliance CCO Choudhary Head – Internal Officer CRO Audit Satish Mani Pooja Mehta Priyanka Seth CVO CHRO Wadhera C
Slide 49: Abbreviations
Abbreviations AUM Asset Under Management Cr Crore PAT Profit After Tax L Lakh NIM Net Interest Margin Mn Million ECL Expected Credit Loss K Thousand FY Financial Year CRAR Capital Risk Adequacy Ratio Bps Basis points GNPA Gross Non-Performing Assets H Half Yearly NNPA Net Non-Performing Assets Q Qua
Slide 50: Definitions
Definitions • AUM represents the aggregate of principal outstanding for all loans including the assigned portfolio as of the last day of the relevant period/year • Net Interest Income represents interest income on loan portfolio for the relevant period/year reduced by finance costs for such period/y
Slide 51: Thank You
THANK YOU For Investor queries contact investor.relations@fusionfin.com Adfactors PR Investor Relations Aashvi Shah aashvi.shah@adfactorspr.com Smit Shah smit.shah@adfactorspr.com 50 May 15, 2026 | © Fusion Finance Limited | www.fusionfin.com