Fusion Micro Finance Limited (FUSION.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-737.2%

-₹910.99

vs ₹142.96 price

Levered DCF

-₹3,245.69

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.82

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	136.87×	-1.27×	9.59×	9.56×	121.65×	59.16×	48.48×	0×
P/B	0.77×	0.95×	1.7×	1.54×	2×	2.08×	2.73×	0×
P/S	1.09×	0.73×	2.32×	2.25×	2.53×	3.22×	5.03×	0×
EV / EBITDA	-104.85×	-6.41×	17.8×	18.08×	242.5×	94.99×	55.6×	6.68×
Gross margin	67.8%	37.4%	44.6%	41.5%	34.0%	35.0%	28.0%	99.4%
Operating margin	21.3%	24.7%	36.1%	32.9%	24.1%	26.3%	17.8%	65.3%
Net margin	0.8%	-57.5%	24.2%	24.3%	2.1%	5.5%	10.7%	13.8%
Current ratio	0.57×	1.21×	2.21×	2.21×	1.99×	2.44×	2.35×	276.22×
Debt / equity	2.27×	3.9×	3.03×	2.92×	4.32×	3.56×	2.48×	0.81×
Interest coverage	0×	428.24×	760.7×	512.54×	287.05×	399.49×	0×	1.27×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	154556.7%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.6%	-74.5%	17.7%	16.7%	1.6%	3.5%	5.8%	1.9%
Return on invested capital	-1.0%	6.5%	5.0%	4.3%	3.2%	2.9%	1.9%	4.6%
Return on assets	0.2%	-14.8%	4.3%	4.1%	0.3%	0.8%	1.6%	1.9%
Free cash flow yield	19.3%	92.1%	-28.3%	-46.6%	-61.5%	-30.8%	-23.0%	-381678893.4%
Earnings yield	0.7%	-78.4%	10.4%	10.8%	0.8%	1.7%	2.1%	21060037.7%
Enterprise value	₹55.9B	₹71.8B	₹119.9B	₹94.1B	₹74.4B	₹58.1B	₹57B	₹21.7B
Net debt / EBITDA	-69.3×	-5.02×	10.61×	11.2×	155.27×	52.55×	23.73×	6.68×
Cash conversion cycle (days)	-20	852	1,056	1,132	4	6	13	70,397