Fusion CX Limited borrowings rose to Rs 299.46 crore by August

Fusion CX Limited reported consolidated borrowings of Rs 299.46 crore on August 31, 2026, compared with Rs 238.13 crore on June 30, 2026. Secured working-capital facilities represented Rs 189.79 crore, or 63.38%, of the August borrowing balance, making operating-funding lines the largest part of Fusion CX’s debt profile.

Why did Fusion CX borrowings rise by August 2026?

Fusion CX borrowings rose by Rs 61.33 crore, or 25.76%, from June 30, 2026 to August 31, 2026. The June 30 capitalisation statement reported total borrowings of Rs 238.13 crore, while the August financial-indebtedness disclosure reported Rs 299.46 crore of outstanding fund-based borrowings on a consolidated basis. The August figures were certified by Agarwal Lodha and Co., Chartered Accountants, in a certificate dated October 8, 2026.

The source does not provide a borrowing bridge that identifies individual drawdowns, repayments or cash-flow events behind the Rs 61.33 crore increase. It does show that the August balance consisted entirely of secured fund-based debt at Fusion CX and its subsidiaries, with no unsecured working-capital borrowing reported. The company had Rs 122.81 crore outstanding and subsidiaries had Rs 176.65 crore outstanding as of August 31, 2026.

Bank guarantees of Rs 22.61 crore were also outstanding on August 31, 2026, but these were non-fund-based facilities and were excluded from the Rs 299.46 crore total-borrowings measure. Including those guarantees produced a grand total of Rs 322.07 crore of disclosed outstanding facilities. This distinction matters because a bank guarantee is a lender commitment rather than a funded loan balance.

How concentrated were Fusion CX borrowings in working-capital facilities?

Fusion CX had Rs 189.79 crore of secured working-capital facilities outstanding on August 31, 2026, equal to 63.38% of total borrowings. Its own working-capital facility accounted for Rs 77.26 crore, while subsidiary working-capital facilities accounted for Rs 112.53 crore. Neither Fusion CX nor its subsidiaries reported unsecured working-capital facilities in the August disclosure.

The sanctioned amount for secured working-capital facilities was Rs 208.66 crore, leaving Rs 18.87 crore between the disclosed limits and amounts outstanding on August 31, 2026. The company’s facility had a sanctioned amount of Rs 89.00 crore and the subsidiaries’ facilities had sanctioned limits of Rs 119.66 crore. Continued use of these lines depends on the facilities remaining available and on compliance with their stated terms.

Term loans were the second-largest funded category, with Rs 109.56 crore outstanding on August 31, 2026. Fusion CX accounted for Rs 45.47 crore of term loans and subsidiaries accounted for Rs 64.09 crore. Car loans were comparatively small at Rs 10.40 lakh, comprising Rs 6.90 lakh at Fusion CX and Rs 3.50 lakh at subsidiaries.

How does the August debt balance compare with earlier leverage measures?

Fusion CX’s reported net-debt-to-equity ratio was 0.30 at June 30, 2026 and in Fiscal 2026, down from 0.73 in Fiscal 2025 and 0.69 in Fiscal 2024. Net debt is total borrowings less cash and cash equivalents and other bank balances. The lower ratio coincided with total equity of Rs 619.65 crore at June 30, 2026, compared with Rs 358.36 crore in Fiscal 2025.

The August 31 figure of Rs 299.46 crore is gross borrowings, not net debt, because the August disclosure does not state cash, other bank balances or equity. It therefore cannot support an updated net-debt-to-equity ratio. The like-for-like gross borrowing figure had declined from Rs 306.73 crore in Fiscal 2025 to Rs 266.86 crore in Fiscal 2026 and Rs 238.13 crore on June 30, before the August increase.

At June 30, 2026, Fusion CX reported net debt of Rs 188.96 crore after deducting Rs 38.78 crore of cash and cash equivalents and Rs 10.40 crore of other bank balances from Rs 238.13 crore of gross borrowings. Its June capitalisation statement also reported total-borrowings-to-total-equity of 0.38. The August gross balance exceeded the June balance, but the missing August cash and equity inputs prevent a revised leverage comparison.

What security, pricing and default terms apply to Fusion CX facilities?

Fusion CX stated that its facilities are typically secured by charges over immovable properties, fixed assets, current assets and personal guarantees. The disclosed security can also include receivables, book debts, cash flows, current and future subsidiary revenue, investments in group companies, pledged shares and car hypothecation. That collateral framework applies to the Rs 299.46 crore of secured borrowings reported on August 31, 2026.

Interest on working-capital facilities and term loans ranges from 3.75% to 10.75% per year, or another rate mutually agreed with lenders. Facility tenors range from 12 months to 30 years, and certain loans are repayable on demand. Some facilities permit prepayment after prior notice, although prepayment penalties may be as high as 4% of the overall outstanding facility.

Specified default events include failure to pay principal or interest on due dates, failure to create stipulated security, insolvency, uninsured assets, cessation or change of business, and certain changes in ownership, control or management without lender approval. Penal interest under certain facilities ranges from 1% to 18% per year. Following a default, lenders may demand immediate repayment of outstanding amounts and accrued interest, and may in some arrangements convert outstanding amounts into fully paid equity shares.

Conclusion

Fusion CX’s August 31, 2026 borrowing balance was Rs 61.33 crore above its June 30 level, while secured working-capital facilities made up Rs 189.79 crore of the Rs 299.46 crore total. Subsidiaries accounted for Rs 176.65 crore, or 58.99%, of August borrowings, showing that the consolidated debt balance was primarily held outside the parent company.

The next relevant update is whether later financial information provides August cash, bank-balance and equity data needed to calculate net debt and net-debt-to-equity. Fusion CX has stated that it obtained lender consents required for offer-related capital-structure actions, while post-offer capitalisation will be determined after the offer price is finalised.