The Malaysian aviation entrepreneur, who runs Team Lotus in Formula One, also told Reuters at the season-ending Brazilian Grand Prix that QPR were looking at sites in West London for a new stadium and training ground.
"We have to strengthen our squad. [On Saturday] we had so many injuries, we just don't have a deep enough squad," he declared.
"I was given 10 days to buy players [at the end of August] and we picked up six or seven in that period and did pretty well. We need to keep building the squad, and we also need to keep building the youth squads, which is important as well."
Fernandes, previously a committed West Ham United fan who failed to buy that club, bought the West Londoners in August from Formula One supremo Bernie Ecclestone and former Renault team boss Flavio Briatore.
He immediately brought in highly-rated men like Joey Barton, Shaun Wright-Phillips, Armand Traore, Luke Young and Anton Ferdinand.
Asked what he would be looking for, Fernandes replied: "That's really [manager[ Neil [Warnock]'s call, but we need to keep strengthening the back, we are short of 'keepers for a start, and up front we could do with a bit more firepower.
"We're having a meeting in the first week of December to discuss that with the shareholders," he added when asked about the budget available.
"It could be maybe three, four [players], I don't know. You could end up with none if you don't find anyone. We had six or seven in the last transfer window, which is way above what I thought we'd get.
"It depends. At the last minute some things come up. It's very hard to tell."
NEW STADIUM
A keen user of social network Twitter, Fernandes recently asked QPR fans to recommend potential transfer targets and he hailed his 'mad Tony Fernandes moment' as an inspired one.
"You effectively have 100,000 scouts out there for you, and there is no way QPR could ever know every single player," he said. "Suddenly we have players we've never heard of and Neil is looking at videos and saying 'not bad'."
Come the end of the season, the club should be more settled.
"I think you can see from my life in Formula One that I'm not a revamper," smiled Fernandes, wearing his familiar red AirAsia cap. "I like stability. I don't make decisions and chop and change. That's bad.
"We've a great manager, we've the nucleus of a great team, so I don't see a wholesale change."
Loftus Road, hemmed in by residential streets in West London and with a capacity of around 18,500, is another matter.
"The key this year is to survive, but we would like a bigger ground and we are looking," said Fernandes.
"It has to be in the area. It makes no sense to move out of where you have spent most of your life, and where the fan base is. So West London is where we are and where we'd like to be.
"Building a stadium is not the easiest thing in
