The west London club are currently joint-bottom of the Premier League, without a win from their 10 games so far, but the Malaysian claimed it would be "suicidal" to fire Hughes.
"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," he said, speaking to Sky Sports.
"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.
"I am 100 per cent committed, and we won't be detracted by fans or media. We're confident in our approach, and changing a manager now would be suicidal in my point.
"Mark's a good guy, he's got good records before him. He needs a bit of luck, but also you've got to make your luck.
"But I say cream always rises to the top, you can't keep a good man down. He has our backing."
The 48-year-old dismissed claims that he could oversee a repeat of last season, when Neil Warnock was dismissed as manager in January, before Hughes took over.
|FANS STILL ONSIDE - HUGHES
|11/2||QPR are 11/2 with William Hill to draw away at Stoke
"I've got to say no," Fernandes said. "Obviously we made a change with Neil Warnock, and it's not in my nature to do that but we felt that we had to make that change going forward.
"I think fans who are true fans know that stability is needed. QPR doesn't need another four-year plan of chopping and changing every few weeks, and Mark has done it before.
"He's brought teams up from the bottom to the mid-table, we just need a bit of luck and I'm sure things will turn around. It's amazing what a couple of wins will do."
The Malaysian owner quelled any reports of him spending heavily in the January transfer window, claiming that the current crop of players need time to gel together in order to improve as a team.
"I think we've got a good enough squad. We've made a lot of changes and brought in a lot of players over the last three transfer windows," Fernandes added.
"We may trade a little bit like other clubs but just like the manager needs stability, so the players need stability. They need to play with each other and get to know each other better.
"There may be one or two but it will be like a traditional club - a little bit of business rather than a massive amount of business like we've done in the past.
"We were a rebuilding club but I think we've done that now. I've done whatever I can to put QPR in the right place and it's now down to the manager and the players to perform. I'm sure they will."