The R's have not managed a single win in their opening 10 games of the Premier League season and they dropped two points in a disappointing 1-1 draw with Reading on Sunday.
However, Fernandes has insisted that the club are not looking to replace their manager, despite claims of the contrary.
"I have complete faith in Mark Hughes and we have a great squad, we just need to hold out for that stability and I'm sure things are going to go right," Fernandes told Sky Sports News.
"It's been one of those frustrating seasons for us but I'm keeping the faith and keeping calm. It's not a time to panic."
QPR currently sit 19th in the Premier League table.