Fusion Micro Finance Limited

FUSION.NS

Financial - Credit Services · Financial Services

Price

₹199.24

+3.19 (+1.63%)

Market Cap

₹32.14B

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 30, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Strong

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Share count rising — dilution

+66.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 82.4M (2022) → 137.1M (2026)

Winston Score History

The full picture

Fusion Micro Finance Limited is an Indian non-banking financial institution (NBFI) dedicated to delivering microfinance solutions. It primarily serves women entrepreneurs located in rural and semi-urban parts of India. The company offers a diverse range of financial products, including both unsecured and secured business loans, machinery financing, and small-value, collateral-free credit options. As of March 31, 2022, its operations extended across a network of 934 branches. Founded in 1994 and headquartered in Gurugram, India, the firm was formerly known as Fusion Microfinance Private Limited until its rebranding in July 2021.

Score breakdown

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Quality

Profit per sale

Gross Margin

66.5%

Premium pricing power — 66.5% gross margin

Profit after running costs

Operating Margin

22.3%

Excellent — 22.3% operating margin

Return on the money invested

ROCE

4.5%

Weak — 4.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-9.2%

Shrinking sales (-9.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

2.32

Heavy debt load (2.32)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.1x

Fair value — P/E 19.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+8.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.1 → 10.8)

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Dividends

Not applicable for this business.

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