The Rs are at the bottom of the table after defeat to West Bromwich Albion.
Fernandes said: "Of course, we need a couple of results. But we have to be real.
"You could be Sir Matt Busby, Sir Alex Ferguson, or whoever the greatest manager is.
"But when you're suddenly playing with four centre-backs and you haven't had the stability of a defence - every game he's had to change, put people out of position - we're going to struggle a bit.
"I was looking at the table today.
"Nobody is panicking here, certainly not myself. We've been a bit unlucky."