Fusion CX reports Rs 17.378 crore in related-party loans

Fusion CX Limited disclosed Rs 17.378 crore of loans granted, including interest receivable, to related parties at 30 June 2026. The balance was Rs 17.454 crore at 31 March 2026 and Rs 43.986 crore at 31 March 2025, while RKR Services and Window Technologies Private Limited accounted for 92.54% of the June 2026 total.

What were Fusion CX's related-party loans at 30 June 2026?

Fusion CX disclosed Rs 17.378 crore of related-party loans granted, including interest receivable, at 30 June 2026. The amount is the sum of five counterparties listed under “Loans granted (including interest receivable)” in the related-party balance note: Window Technologies Private Limited, Rashi Consultants Private Limited, RKR Services, GSTP (P) Services Private Limited, India, and SSR Services Inc.

The disclosure does not identify the loans-granted category as either current or non-current. It therefore supports a total related-party loans-granted figure of Rs 17.378 crore, but does not support a separately classified current-loans figure of Rs 89.428 crore. The note’s wording also includes interest receivable in the reported balance, meaning the figure is not presented as principal outstanding alone.

Fusion CX's disclosed balance fell by Rs 7.6 lakh in the three months from 31 March 2026 to 30 June 2026. The June 2026 total was Rs 26.608 crore below the Rs 43.986 crore reported at 31 March 2025, a reduction driven principally by the lower RKR Services and SSR Services Inc. balances.

Which entities accounted for Fusion CX's related-party loans?

Fusion CX's related-party loans were concentrated in RKR Services and Window Technologies Private Limited at 30 June 2026. RKR Services had Rs 8.42 crore outstanding and Window Technologies Private Limited had Rs 7.662 crore, for a combined Rs 16.082 crore, or 92.54% of the Rs 17.378 crore disclosed total.

RKR Services represented 48.45% of Fusion CX's loans-granted balance at 30 June 2026, while Window Technologies Private Limited represented 44.09%. The remaining Rs 1.296 crore consisted of Rs 1.138 crore with SSR Services Inc., Rs 1.57 lakh with Rashi Consultants Private Limited and Rs 10,000 with GSTP (P) Services Private Limited, India.

The concentration changed from 31 March 2025, when RKR Services had Rs 23.205 crore and Window Technologies Private Limited had Rs 13.365 crore. Their combined Rs 36.57 crore was 83.14% of the Rs 43.986 crore total at that date, compared with 92.54% at 30 June 2026 because the balances with other counterparties, notably SSR Services Inc., declined more sharply.

RKR Services' balance declined from Rs 23.205 crore at 31 March 2025 to Rs 8.284 crore at 31 March 2026, before rising slightly to Rs 8.42 crore at 30 June 2026. SSR Services Inc. decreased from Rs 7.27 crore at 31 March 2025 to Rs 1.159 crore at 31 March 2026 and Rs 1.138 crore at 30 June 2026.

How did Fusion CX's other related-party balances compare with loans?

Fusion CX had other balances with related parties that were separate from loans granted at 30 June 2026. Window Technologies Private Limited accounted for Rs 4.576 crore of investment in preference shares and Rs 4.556 crore of security deposits receivable, together amounting to Rs 9.132 crore.

Fusion CX also reported a Rs 3.149 crore right-of-use asset and a Rs 2.244 crore lease liability with Window Technologies Private Limited at 30 June 2026. A right-of-use asset records the accounting right to use a leased asset, while a lease liability records the obligation for lease payments; neither is included in the Rs 17.378 crore loans-granted total.

Other non-current financial assets were Rs 2.919 crore with P N S Business Private Limited and Rs 2.919 crore with Rashi Consultants Private Limited at 30 June 2026. The note also showed a Rs 51.8 lakh supplier advance with Window Technologies Private Limited and a Rs 87 lakh supplier advance with Arroa Technologies Limited, which are separately classified from related-party loans.

The related-party list describes entities over which key management personnel, directors or relatives can exercise significant influence, while the transactions and balances tables contain differing spellings for certain names. Fusion CX's balance table uses “Window Technologies Private Limited,” whereas the relationship list refers to “Windstream Telecommunications Private Limited”; the disclosure does not explain the naming difference.

What transactions and terms accompanied Fusion CX's related-party loans?

Fusion CX recorded Rs 13 lakh of interest income on loans given to Window Technologies Private Limited for the period from 1 April 2026 to 30 June 2026. The corresponding interest income was Rs 33.5 lakh for the year ended 31 March 2026, compared with Rs 1.004 crore for the year ended 31 March 2025 and Rs 98 lakh for the year ended 31 March 2024.

The loan-interest entry is distinct from Fusion CX's operating transactions with the same party. Outsourcing expenses with Window Technologies Private Limited were Rs 1.177 crore for the three months ended 30 June 2026, following Rs 6.816 crore for the year ended 31 March 2026 and Rs 1.684 crore for the year ended 31 March 2025.

Fusion CX also reported Rs 56.5 lakh of rent expense with Artha Strategies Limited and Rs 41 lakh of electricity expense with Window Technologies Private Limited for the period from 1 April 2026 to 30 June 2026. These expenses, together with leases, preference shares and security deposits, show that the note reports several types of related-party dealings under separate accounting categories.

Fusion CX states that transactions with identified related parties were made on terms equivalent to those prevailing in arm's-length transactions. An arm's-length transaction is one conducted on terms comparable with those agreed by independent parties, but the note does not disclose loan interest rates, maturity dates, repayment schedules or security for individual loans.

Conclusion

Fusion CX's related-party disclosure reports Rs 17.378 crore of loans granted including interest receivable at 30 June 2026, rather than a stated current-loans balance. The total was broadly unchanged from Rs 17.454 crore at 31 March 2026 but materially below Rs 43.986 crore at 31 March 2025, with RKR Services and Window Technologies Private Limited representing 92.54% of the latest balance.

The next disclosure should be assessed for any change in the Rs 8.42 crore RKR Services balance and the Rs 7.662 crore Window Technologies Private Limited balance. The unresolved matters in the current note are the current or non-current classification of the loans, their pricing and maturities, and the unexplained differences in entity names across the related-party tables.