Fusion Finance Turnaround: Profit Aaya, Par Lender Covenant Breach Aur Auditor Concerns Ne Machaya Shor!

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AuthorIshaan Verma|Published at:
Fusion Finance Turnaround: Profit Aaya, Par Lender Covenant Breach Aur Auditor Concerns Ne Machaya Shor!
Overview

Bhaiyo aur behno, Fusion Finance ne latest quarter (Q3 FY26) mein ek dam se palta maara hai! Phele loss mein thi company, par ab **₹14 crore** ka profit dikhaya hai. Loan business bhi **23%** badha hai aur NIM bhi theek ho gaya hai. Lekin, asli twist toh yeh hai ki company ne **₹1,026 crore** ke borrowings par lender covenants tod diye hain aur auditors bhi kuch purani cheezon ko lekar pareshan hain.

Profit Mein Wapsi, Par Tension Bhi Kam Nahi!

So, Fusion Finance Limited (pehley Fusion Micro Finance Limited) ne Q3 FY26 mein kamaal kar dikhaya hai, pehli baar ₹14 crore ka profit report kiya hai, jo pichle quarter ke ₹22 crore ke loss se toh kaafi acha hai. Is quarter mein loan disbursement bhi ekdum toofani raha, 23% badh kar ₹1,594 crore tak pahunch gaya, jo paanch quarter mein sabse zyada hai. Net Interest Margin (NIM) bhi 11.32% ho gaya hai jo pehle 10.85% tha. Asset under management bhi ₹6,876 crore ke aas paas hai aur NPA bhi thoda kam ho kar 4.38% ho gaya hai. Capital Adequacy Ratio (CRAR) bhi 38.80% pe hai jo ki bahut acha hai aur paisa bhi ₹1,783 crore available hai.

Par Yeh Covenant Breach Kya Hai?

Abhi sab kuch theek lag hi raha tha ki bada khulasa hua: company ne ₹1,026.22 crore ke borrowings par financial covenants tod diye hain. Han, lenders ne kuch time toh de diya hai, par yeh ek badi red flag hai jo company ki future financial health par sawaal uthati hai. Iske alawa, current auditors ne apne report mein pichle auditors ki bhi baat mention ki hai jinhone Expected Credit Loss (ECL) allowances ko lekar kuch sawal uthaye the. Iska matlab hai ki purane records mein bhi provisioning ko lekar kuch gadbad ho sakti hai.

Management Kya Bol Rahi Hai?

Management ne kaha hai ki woh disciplined execution, core fundamentals ko strong karne aur risk manage karne par focus kar rahe hain. Lekin, jab baat aati hai future ke numbers ki, toh unhone koi specific guidance nahi di hai. Bas qualitative baaton pe zor diya hai.

Toh Ab Kya Karein?

Main baat yeh hai ki investors ko yeh sab points dhyan mein rakhne honge: pehla, ₹1,026 crore ka covenant breach kaise manage hoga. Doosra, purane auditors ki concerns ka long-term impact kya hoga. Aur teesra, jab tak koi clear quantitative guidance nahi aati, tab tak thoda cautious rehna hi behtar hai. Company ne MFI aur MSME loans bhi transfer kiye hain, jiska asar bhi future mein dekhna hoga.

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