Future Market Networks Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Mall Management: 100.0%
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company has a healthy return on capital (ROCE) of 30.6%
- Promoters have been increasing their shareholding - up 4.6pp over 2 years
- Operating margins have improved to 39.0% from 30.0%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.41x)
- Company comfortably covers its interest (7.3x coverage)
CONS
- Company's sales have been declining over the last five years
- Contingent liabilities are large at 539.1% of net worth
- Working capital days have increased from -510 to -55 days
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| PFOCUS | 312.75 | 210.73 | 24356.15 | 0.00 | -457.78 | -514.43 | 12668.15 | 1196.88 | 2.74 | 23.76 |
| SAGILITY | 44.57 | 21.01 | 20864.68 | 0.34 | 216.81 | 45.94 | 1963.48 | 27.59 | 13.82 | 22.32 |
| HORIZONIND | 55.59 | 243.77 | 16026.06 | 0.00 | -116.27 | — | 2005.46 | — | 3.32 | 80.26 |
| SYNGENE | 384.20 | 70.18 | 15508.97 | 0.33 | -9.00 | -110.38 | 736.00 | -15.84 | 9.48 | 12.34 |
| INDGN | 577.00 | 34.68 | 13903.78 | 0.39 | 116.20 | -0.17 | 1063.10 | 39.73 | 18.92 | 16.39 |
| IGIL | 311.90 | 22.11 | 13479.06 | 1.60 | 165.74 | 30.98 | 370.78 | 23.22 | 77.00 | 60.35 |
| NESCO | 1091.55 | 18.46 | 7691.06 | 0.64 | 99.96 | 3.97 | 211.80 | 9.55 | 19.23 | 48.33 |
| SPARC | 196.95 | 4.03 | 6391.45 | 0.00 | -20.78 | 59.94 | 39.92 | 314.11 | 163.94 | -85.17 |
| LEAPIND | 140.95 | 99.60 | 6209.36 | 0.00 | 247.33 | — | 2034.13 | — | 9.32 | 51.19 |
| SMARTWORKS | 537.60 | 220.61 | 6149.13 | 0.00 | 13.15 | 413.27 | 546.25 | 44.05 | 61.12 | 63.33 |
| JUSTDIAL | 667.45 | 15.64 | 5676.60 | 0.00 | 115.74 | 38.44 | 270.27 | 16.23 | 12.88 | 26.17 |
| FMNL | 9.45 | 7.59 | 63.09 | 0.00 | 1.80 | 22.74 | 24.64 | 0.82 | 59.95 | 43.36 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 22 | 24 | 23 | 23 | 25 | 26 | 26 | 24 | 24 | 24 | 24 | 25 | 25 | |
| 14 | 33 | 12 | 17 | 12 | 14 | 15 | 21 | 12 | 15 | 13 | 14 | 26 | |
| Operating Profit | 9 | -9 | 11 | 6 | 12 | 13 | 11 | 3 | 12 | 9 | 12 | 11 | -2 |
| OPM % | 39.64% | -35.85% | 47.87% | 25.34% | 50.63% | 48.01% | 42.54% | 13.51% | 49.26% | 37.18% | 48.23% | 44.55% | -6.81% |
| 11 | 1 | 1 | 2 | 77 | 1 | 2 | -17 | 2 | 6 | 3 | 2 | 3 | |
| Interest | 4 | 4 | 4 | 4 | 3 | 3 | 3 | 3 | 5 | 5 | 4 | 4 | 4 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 8 | 8 | 8 | 8 | 8 |
| Profit before Tax | 12 | -15 | 5 | 1 | 83 | 7 | 7 | -20 | 1 | 2 | 2 | 1 | 1 |
| Tax % | 27.03% | -7.66% | 21.60% | 985.29% | 1.43% | 17.42% | 18.31% | -48.12% | -8.08% | -17.49% | 4.40% | -35.65% | -24.69% |
| Net Profit | 0 | 0 | 0 | 0 | 82 | 6 | 6 | -30 | 1 | 2 | 2 | 2 | 2 |
| 1.61 | -2.65 | 0.82 | -0.85 | 14.34 | 1.14 | 1.12 | -512.00 | 0.25 | 0.44 | 0.32 | 0.29 | 0.31 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 89 | 87 | 84 | 131 | 127 | 69 | 85 | 92 | 93 | 101 | 99 | |
| 59 | 76 | 63 | 90 | 73 | 53 | 64 | 42 | 76 | 62 | 68 | |
| Operating Profit | 30 | 11 | 21 | 41 | 54 | 16 | 21 | 50 | 17 | 39 | 30 |
| OPM % | 33.28% | 12.16% | 25.43% | 31.57% | 42.75% | 22.63% | 24.83% | 54.03% | 18.59% | 38.96% | 30.82% |
| 96 | 33 | 35 | 17 | 67 | 7 | 4 | -15 | 15 | 64 | 13 | |
| Interest | 56 | 44 | 25 | 20 | 30 | 22 | 21 | 20 | 16 | 12 | 17 |
| Depreciation | 32 | 27 | 26 | 26 | 52 | 39 | 19 | 18 | 14 | 14 | 32 |
| Profit before Tax | 37 | -27 | -10 | 13 | 39 | -39 | -15 | 1 | 4 | 78 | 6 |
| Tax % | -178.43% | -2.88% | -40.38% | 24.43% | 23.63% | 20.34% | -81.60% | 748.62% | 309.43% | 17.20% | -16.12% |
| Net Profit | 104 | -28 | -15 | 10 | 30 | -31 | -28 | -9 | -8 | 65 | 7 |
| EPS | 18.49 | 0.00 | -2.60 | 1.76 | 5.21 | -5.37 | -4.91 | -1.57 | -1.08 | 10.89 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -4%
- 5 Years:
- -4%
- 3 Years:
- 6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 17%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -11%
- 5 Years:
- 2%
- 3 Years:
- 16%
- 1 Year:
- -31%
RETURN ON EQUITY
- 10 Years:
- 6%
- 5 Years:
- 0%
- 3 Years:
- 19%
- Last Year:
- 113%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 56 | 56 | 56 | 56 | 58 | 58 | 58 | 58 | 58 | 61 |
| Minority Interest | 4 | 4 | 19 | 5 | 5 | 2 | 3 | 2 | 0 | -1 |
| 144 | 137 | 123 | 123 | 113 | 53 | -16 | -25 | -35 | 31 | |
| 459 | 390 | 334 | 179 | 213 | 182 | 269 | 239 | 109 | 157 | |
| Trade Payables | 26 | 16 | 14 | 6 | 15 | 14 | 6 | 7 | 7 | 8 |
| 121 | 212 | 108 | 211 | 293 | 255 | 182 | 189 | 146 | 62 | |
| Total Liabilities | 810 | 816 | 654 | 580 | 696 | 564 | 501 | 469 | 284 | 318 |
| 227 | 266 | 131 | 107 | 231 | 167 | 147 | 135 | 43 | 110 | |
| Capital Work in Progress | 12 | 3 | 10 | 6 | 12 | 6 | 6 | 7 | 8 | 7 |
| 99 | 96 | 68 | 65 | 47 | 18 | 49 | 86 | 29 | 32 | |
| 11 | 9 | 9 | 9 | 9 | 9 | 9 | 5 | 4 | 3 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 8 | |
| Cash & Bank | 1 | 7 | 11 | 8 | 9 | 16 | 16 | 19 | 9 | 9 |
| 461 | 434 | 425 | 385 | 388 | 349 | 273 | 217 | 180 | 149 | |
| Total Assets | 810 | 816 | 654 | 580 | 696 | 564 | 501 | 469 | 284 | 318 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -7 | -16 | 102 | 28 | -78 | -34 | -33 | 76 | -18 | 3 | |
| Cash from Investing | 47 | 80 | 44 | 65 | 108 | 67 | 1 | -29 | 6 | -4 |
| Cash from Financing | -43 | -69 | -116 | -87 | -38 | -37 | 38 | -38 | -10 | -7 |
| -1 | 5 | 29 | 3 | -12 | 1 | 4 | 15 | -22 | -8 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Future Market Networks Limited has informed the Exchange about General Updates AGM Newspaper Advertisement
2026-08-25 - Future Market Networks Limited has informed the Exchange about General Updates
2026-08-14 - Future Market Networks Limited has informed the Exchange about General Updates - Q1 Result published in Newspaper
2026-08-13 - Future Market Networks Limited has informed the Exchange about General Updates - AGM
2026-08-13 - Future Market Networks Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-14 - Future Market Networks Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-30 - Future Market Networks Limited has informed the Exchange about Amalgamation/Merger - Withdrawal of Scheme of amalgamation amongst Future Market Networks Limited and Metawear Limited
2026-06-24 - Future Market Networks Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-19 - Vivek Biyani has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
News
Recent coverage and analyst commentary for FMNL
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