Fusion Finance Ltd · NSE:FUSION
Fusion Finance — Q3 FY26 Earnings Presentation
55 slides from Fusion Finance's earnings presentation, Feb 6, 2026
Slide 1: Exchange filing cover letter
Date: 06.02.2026 Letter No. FFL/SEC/2025-26/SE-114 The Manager The Manager Listing Department Listing Department National Stock Exchange of India Limited Exchange BSE Limited Plaza, Plot No. C/1, G Block Bandra Kurla Complex, Phiroze Jeejeebhoy Towers Bandra (E), Mumbai - 400 051 Dalal Street, Mumba
Slide 2: Investor Presentation Q3 & 9M FY26
Investor Presentation Q3 & 9M FY26 1 February 6, 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 February 6, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 5: Executive Summary
Executive Summary 4 February 6, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 6: Executive Summary
Executive Summary Strong Financial Position with Improving Portfolio Quality Strengthening Leadership restored profitability and Going Mr. Krishan Gopal joins as the Chief Current CE at 99.14% in Q3 FY26 vs Concern Financial Officer, strengthening our 98.77% in Q2 FY26 governance framework. New book
Slide 7: Fusion Finance – Q3 FY26 Snapshot
Fusion Finance – Q3 FY26 Snapshot AUM PPOP PAT NIM ₹ 6,876 Cr ₹ 94* Cr ₹ 14* Cr 11.32% GNPA Disbursement 4.38% CRAR Net Worth ₹ 1,594 Cr NNPA 38.80% ₹ 2,331 Cr 0.63% Active Client Total Income Branches Avg. Ticket Size ₹ 424 Cr 23.38 Lakhs 1,537 ₹ 59.6 k ~2.54 L new loans (~1.1L new clients) *Includ
Slide 8: Key Milestones
Key Milestones Started Expanded operations to Achieved AUM of over Expanded operations operations five states ₹ 1,000 Cr to 18 states 2010 2015 2017 2018 2019 2021 Diversified to 2022 Reached MSME loans 2.2 Mn active IPO clients 2023 2024 2025 Crossed Changed name Rights Issue ₹ 10,000 Cr to Fusion
Slide 9: Our Presence
Our Presence 2 7 41 Details FY24 FY25 Q1 FY26 Q2 FY26 Q3 FY26 21 42 5 111 299 40 States 22 22 22 22 22 216 130 64 53 36 Districts 453 497 494 491 489 35 135 46 Branches 1,297 1,571 1,560 1,545 1,537 42 AUM (₹ Cr) 11,476 8,980 7,688 7,038 6,876 51 49 1 111 8 February 6, 2026 | © Fusion Finance Limite
Slide 10: It's all about People
It’s all about People Experienced Field Team Collection Vertical Robust Business Team On ground Leadership Strengthened 85% team engaged in direct Majority of the field Additionally deployed people Strong zonal structure business across Fusion leadership with 3 years or from other functions to creat
Slide 11: MFI Business
MFI Business 10 February 6, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 12: Book Composition || Borrower deleveraging
Book Composition || Borrower deleveraging Calculations on Customer # Unique to Fusion Fusion+1 Fusion+2 Fusion+ >= 3 FY End 24 30.9% 19.7% 17.8% 31.5% FY End 25 35.5% 26.8% 19.6% 18.1% June’25 33.3% 27.4% 21.8% 17.6% Sep’25 34.1% 29.4% 22.6% 13.9% (10.8% on POS) Dec’25 36.0% 31.6% 22.5% 9.9% (6.8% o
Slide 13: Prudent accelerating disbursements in less leveraged customers
Prudent accelerating disbursements in less leveraged customers Q3 FY25 (Avg.) Q4 FY25 (Avg.) Q1 FY26 (Avg.) Q2 FY26 (Avg.) Q3 FY26 (Avg.) Fusion + 0 44% 42% 43% 41% 44% Fusion + 1 32% 32% 35% 34% 35% Fusion + 2 20% 21% 22% 24% 21% Fusion only onboards customers Fusion + 3 4% 5% 0% 0% 0% if they are
Slide 14: 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 Customers ↓ New 46% 44% 53% 40% 33% 24% 25% 24% Existing 54% 56% 47% 60% 67% 76% 75% 76% Calculations on Disbursement values Cycle No Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 1 40,815 40,706 4
Slide 15: Disbursement || Cycle wise and Lenders association
Disbursement || Cycle wise and Lenders association Q3 FY26 Q2 FY26 Cycle No Fusion Only Fusion+1 Fusion+2 Fusion+>=3 Overall Cycle No Fusion Only Fusion+1 Fusion+2 Fusion+>=3 Overall 1 19% 11% 5% 0% 35% 1 13% 8% 3% 0% 25% 2 14% 12% 8% 0% 34% 2 14% 12% 10% 0% 36% 3+ 11% 11% 9% 0% 31% 3+ 13% 14% 12% 0
Slide 16: Disbursement Trend || Quarterly Avg || State wise
Disbursement Trend || Quarterly Avg || State wise All figures in ₹ Cr. Proportion % State Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Dec (FY26) QoQ % YoY % (Q3 FY26) Uttar Pradesh 104 94 72 108 129 146 19% 40% 25% Bihar 49 63 59 73 97 115 33% 135% 19% Odisha 21 23 23 35 46 54 31% 157% 9% Madhya Pradesh
Slide 17: Portfolio Concentration and Market Analysis
Portfolio Concentration and Market Analysis 8 (0.1%) 14 109 (0.2%) (2%) 130 133 (2%) (2%) 290 1,547 170 (5%) (25%) 1,149 (3%) (19%) 127 551 339 158 (2%) (9%) (6%) (3%) 114 547 (2%) (9%) 101 (2%) 110 (2%) 64 145 (1%) (2%) 339 (6%) Diversified portfolio concentration aligned with market maturity and e
Slide 18: Sustained improvement in current collections
Sustained improvement in current collections % Net flow Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Current to >PAR 0 2.98% 1.80% 0.57% 0.54% 0.60% 0.25% Top 5 State Current CE% on POS Sep’24 Dec’24 Mar’25 Jun’25 Sep’25 Dec’25 (EOM) Uttar Pradesh 97.34% 97.99% 98.93% 98.96% 98.93% 99.47% Bihar 9
Slide 19: Collections
COLLECTIONS Avg. Monthly Flow Rates and QoQ bucket movement 90.93% 78.42% 74.57% 73.78% 72.16% 80.11% 71.85% 66.81% 65.60% 66.43% 65.93% 49.84% 57.90% 43.84% 39.42% 37.42% 35.10% 28.16% Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Dec'25 PAR 0 -> PAR 30 PAR 30 -> PAR 60 PAR 60 -> PAR 90 average monthly f
Slide 20: MSME Business
MSME Business 19 February 6, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 21: MSME || Product & Portfolio Metrics
MSME || Product & Portfolio Metrics 1 FINANCIAL ₹ 729 Cr AUM 2 OPERATIONS 91 BRANCHES 3 PORTFOLIO 42% PORTFOLIO LTV 4 UNDERWRITING 54% APPROVAL RATE (Q3) ₹ 77 Cr DISBURSEMENT (Q3) 8 STATES ₹ 4.6 L ATS - PORTFOLIO 80% BOOKING RATE 22.4% PORTFOLIO ROI (AUM) 20,226 ACTIVE CUSTOMERS 67 AVG. TENOR (MONTH
Slide 22: MSME - At a Glance
MSME - At a Glance Geographical Presence Branch Distribution Model Branch Sourcing Model Branch Portfolio Self Sourcing Model 91 Manager Direct outreach via Marketing Activities Branch walk-ins Branches Branch Customer Referrals Development across Manager Connector Based Model 8 Business Development
Slide 23: MSME Product and Assessment
MSME Product and Assessment Our Products Credit Assessment Collateral Assessment ❑ Assessed & Documented Income ❑ Collaterals in well-connected and Secured Business Loan Model based on Sectoral templated market-accessible regions Lending for established businesses, backed by guidelines ❑ SORP/SOCP (
Slide 24: Performance Highlights & Credit Cost
Performance Highlights & Credit Cost 23 February 6, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 25: Performance Highlights
Performance Highlights Key Metrics Q3 FY26 Q2 FY26 QoQ Q3 FY25 YoY 9M FY26 AUM (₹ Cr) 6,876 7,038 (2)% 10,599 (35)% 6,876 Disbursement (₹ Cr) 1,594 1,298 23% 1,168 37% 3,843 Total Income (₹ Cr) 424 433 (2)% 483 (12)% 1,302 NII (₹ Cr) 237 247 (4)% 223 6% 752 NIM 11.32% 10.85% 47 Bps 8.86% 246 Bps 10.
Slide 26: Credit Cost
Credit Cost Particulars Q3 FY26 Q2 FY26 Q3 FY25 FY 25 9M FY26 Opening ECL [A] 444 579 1,141 355 887 - Provisions as per ECL[B] 79 111 571 1,865 368 Reversals (on account of write-off) [C] 170 246 161 1,333 902 Closing ECL [D = A+B-C] 353 444 1,551 887 353 Impairment [F] 79 111 571 1,865 368 Credit C
Slide 27: Vision, Mission & Values
Vision, Mission & Values 26 February 6, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 28: 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 29: Tech Capabilities & ESG
Tech Capabilities & ESG 28 February 6, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 30: Tech Interventions: Strengthening compliance, reducing fraud, digital onboarding
Tech Interventions||Strengthening compliance, reducing fraud, and enabling seamless digital onboarding AI/ML-Driven Credit Aadhaar-Based Operations Verification Intelligent KYC validation and Integrated with government live face recognition database for live ID, name, and Automated credit decisionin
Slide 31: End-to-End Digital Solutions || LIR, AI & Onboarding
End-to-End Digital Solutions || LIR, AI & Onboarding AI agents and automation Improving contactability and collections through automated calls, WhatsApp, SMS, and IVR. It Digital Onboarding / Digital Loan Information reduces roll-forward risk and Q-sign Receipt captures customer issues for better en
Slide 32: 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 33: CSR || Snapshot till Q3'26
CSR || Snapshot till Q3’26 18 580+ CSR Programs Got./Key officials 5 560+ SDG’s Covered Employees Volunteering 50,460+ 40+ Branding & Visibility Lives Touched 22 9 States & UTs Partnership with NGOS 163 29 Districts Aspirational Districts 32 February 6, 2026 | © Fusion Finance Limited | www.fusionfi
Slide 34: Glimpses of CSR Programs
Glimpses of CSR Programs Nanhi Pahel-Early Childhood & Education Distribution of Educational Accessories Flood Relief Kit Distribution Program-Ojas Financial Literacy Program Mobile Medical Van 33 February 6, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 35: 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 36: 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 37: Key Strengths & Liability Management
Key Strengths & Liability Management 36 February 6, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 38: Key Strengths || Diversification
Key Strengths ||Diversification Network Distribution Top 5 states concentration Rural vs Urban Presence 22 22 22 22 22 1,60 0 1,571 22 70% 1,560 1,545 94% 94% 94% 94% 94% 1,55 0 1,537 1,506 17 69% 1,50 0 68% 68% 12 1,45 0 QoQ 1,40 0 7 67% 2 1,35 0 6% 6% 6% 6% 6% 1,30 0 -3 Q3 FY25 Q4 FY25 Q1 FY26 Q2
Slide 39: Key Strengths || Agility across business cycles
Key Strengths ||Agility across business cycles AUM Disbursement 10,599 1,594 8,980 1,298 7,688 1,168 1,156 7,038 6,876 950 QoQ Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 AUM Disbursement 11,476 10,294 9,296 8,980 8,596 6,786 6,876 6,971 6,180 YoY 4,638 3,710 3,84
Slide 40: 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 7.1 1.1 2,590 0.9 0.9 5.7 2,175 0.8 0.8 4.8 1,932 4.4 4.3 1,759 1,602 QoQ Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 F
Slide 41: 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 36.4 53.3 54.2 27.4 50.3 31.9 47.1 28.3 26.5 25.6 26.1 23.2 QoQ 24.8 24.8 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25
Slide 42: Key Strengths || Liability Management
Key Strengths || Liability Management Average Cost of Borrowing Marginal & Average Cost of Borrowing 11.2% 13.3% 12.9% 11.3% 11.7% 11.8% 10.4% 10.3% 10.4% 10.3% 10.3% 10.3% 10.5% 10.3% 10.3% 10.3% YoY QoQ Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 FY21 FY22 FY23 FY24 FY25 9M FY26 Avg. Cost of Borrowing
Slide 43: Key Strengths || Liability Management
Key Strengths || Liability Management Positive ALM (Months) Stable Liquidity Position 25.9 23.7 24.2 23.1 Apr’26 to 22.2 Details Jan-26(P) Feb-26(P) Mar-26(P) Jun’26(P) 18.8 20.4 19.2 17.6 17.5 1,783 1,825 1,876 1,818 14.5 15.8 Opening Cash & Equivalents (A) Loan Recovery [Principal + Interest] (B)*
Slide 44: Financial Performance
Financial Performance 43 February 6, 2026 | © Fusion Finance Limited | www.fusionfin.com
Slide 45: Profit and Loss Statement
Profit and Loss Statement Profit & Loss Statement (₹ Cr) Q3 FY26 Q2 FY26 QoQ% Q3 FY25 YoY% 9M FY 26 9M FY 25 YoY % Revenue from operations - Interest income 362.86 385.02 (6)% 438.18 (17)% 1,170.03 1,685.54 (31)% - Other revenue from operations 53.58 30.77 74% 41.71 28% 104.48 184.86 (43)% Total rev
Slide 46: Balance Sheet
Balance Sheet Financial Position (₹ Cr) Q3 FY26 Q2 FY26 QoQ % Q3 FY25 YoY % Financial and Non-financial assets - Cash & Other Bank Balances 1,742.22 809.89 115% 1,135.48 53% - Bank balances other than cash and cash equivalents 130.68 168.21 (22)% 66.08 98% - Loans (Net of Impairment Loss Allowance)
Slide 47: Key Ratios
Key Ratios Margin Analysis Cost to Income Opex to Avg. AUM 21.2% 21.6% 75.9% 20.6% 11.4% 11.9% 19.1% 19.1% 69.6% 70.8% 70.2% 68.9% 10.1% 8.4% 7.4% 10.3% 10.5% 10.3% 10.3% 10.3% QoQ 10.9% 11.3% 10.3% 8.9% 8.6% Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4
Slide 48: Key ratios
Key ratios GNPA CRAR NNPA 12.58% 1.71% 38.80% 31.31% 29.52% 7.92% 22.20% 22.42% 5.43% 4.61% 0.63% 4.38% 0.38% 0.30% 0.19% Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 47 February 6, 2026 | © Fusion Finance Limited | www.fusio
Slide 49: Stakeholder Management
Stakeholder Management Category Top Share Holders (30.01.2026) Mutual Fund HDFC TRUSTEE COMPANY LTD. 55.20% 54.92% Foreign Institutional Investor INDIA CAPITAL FUND LIMITED Mutual Fund ICICI PRUDENTIAL BANKING AND FINANCIAL SERVICES FUND Mutual Fund NIPPON LIFE INDIA TRUSTEE LTD Insurance Company FU
Slide 50: Highly Experienced Board with Strong Governance
Highly Experienced Board with Strong Governance Sanjay Garyali, MD and CEO Hemant Mundra, Nominee 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 joining Mu
Slide 51: The Management Team
The Management Team Krishan Gopal Sanjay Mahajan Sunil Mundra Jitender Sharma CFO CIO COO-MFI Deputy COO– MSME Nishant Monga Anurag Srivastava Sanjay V Gautam Munjal Chief Compliance CCO Choudhary Head – Internal Officer CRO Audit Satish Mani Pooja Mehta CHRO Sushil Menon CVO CISO 50 February 6, 202
Slide 52: 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 53: 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 54: Reference: CE Methodology Used in Previous Quarters
Reference: CE Methodology Used in Previous Quarters Top 5 State Current CE% Sep’24 Dec’24 Mar’25 Jun’25 Sep’25 Dec’25 Uttar Pradesh 97.70% 98.16% 98.80% 98.76% 98.60% 99.18% Bihar 96.59% 97.18% 98.11% 98.51% 98.55% 99.05% Odisha 94.26% 96.56% 97.94% 97.76% 98.06% 98.85% MP 96.23% 98.05% 98.39% 98.05
Slide 55: 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 54 February 6, 2026 | © Fusion Finance Limited | www.fusionfin.com