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I use Oracle but below is how I would try it in SQL-Server:

update tablename
set fieldname = concat(substring(fieldname, 1, (length(fieldname) - 7)), 'FY16-Q1')
where fieldname like '%FY15-Q2'

It would probably be helpful to explain what I am doing in the substring() function so here it goes:

Update fieldname to be itself but remove the unwanted 7 chars FY15-Q2 at the end and instead concat the string with FY16-Q1