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 delivered good profit growth of 43.6% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 24.2%
- Promoters have been increasing their shareholding - up 4.6pp over 2 years
- Latest quarter profit grew 110.7% YoY, showing strong momentum
- Company comfortably covers its interest (8.1x coverage)
CONS
- Operating cash flow has been negative in recent years
- Company has a low return on equity of 8.5% over last 3 years
- Company's sales have been declining over the last five years
- Contingent liabilities are large at 309.0% of net worth
- Working capital days have increased from -428 to 52 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 | 304.80 | 205.37 | 23737.03 | 0.00 | -457.78 | -514.43 | 12668.15 | 1196.88 | 2.74 | 23.76 |
| SAGILITY | 46.85 | 22.09 | 21932.02 | 0.32 | 216.81 | 45.94 | 1963.48 | 27.59 | 13.82 | 22.32 |
| SYNGENE | 395.65 | 72.27 | 15971.17 | 0.32 | -9.00 | -110.38 | 736.00 | -15.84 | 9.48 | 12.34 |
| HORIZONIND | 55.23 | 242.19 | 15922.27 | 0.00 | — | — | — | — | 3.32 | — |
| INDGN | 600.40 | 36.08 | 14464.46 | 0.37 | 116.20 | -0.17 | 1063.10 | 39.73 | 18.92 | 16.39 |
| IGIL | 323.35 | 22.92 | 13973.88 | 1.55 | 165.74 | 30.98 | 370.78 | 23.22 | 77.00 | 60.35 |
| NESCO | 1048.00 | 17.73 | 7384.20 | 0.67 | 99.96 | 3.97 | 211.80 | 9.55 | 19.23 | 48.33 |
| LEAPIND | 150.55 | 106.39 | 6632.28 | 0.00 | 247.33 | — | 2034.13 | — | 9.32 | 51.19 |
| SPARC | 199.50 | 4.09 | 6474.21 | 0.00 | -20.78 | 59.94 | 39.92 | 314.11 | 163.94 | -85.17 |
| SMARTWORKS | 542.95 | 222.81 | 6210.32 | 0.00 | 13.15 | 413.27 | 546.25 | 44.05 | 52.26 | 63.33 |
| JUSTDIAL | 693.00 | 16.24 | 5893.90 | 0.00 | 115.74 | 38.44 | 270.27 | 16.23 | 12.88 | 26.17 |
| FMNL | 10.13 | 8.13 | 67.63 | 0.00 | 1.80 | 22.74 | 24.64 | 0.82 | 59.95 | 43.36 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 20 | 21 | 21 | 21 | 22 | 24 | 24 | 22 | 22 | 22 | 22 | 22 | 22 | |
| 11 | 31 | 10 | 12 | 10 | 10 | 12 | 18 | 10 | 12 | 10 | 12 | 22 | |
| Operating Profit | 9 | -10 | 11 | 9 | 12 | 13 | 11 | 3 | 12 | 10 | 12 | 11 | 0 |
| OPM % | 42.74% | -46.44% | 54.56% | 42.26% | 56.08% | 56.50% | 48.11% | 15.42% | 53.90% | 45.93% | 53.60% | 48.08% | 0.29% |
| 11 | 1 | 1 | 2 | 77 | 1 | 2 | -18 | 2 | 5 | 2 | 2 | 2 | |
| Interest | 4 | 4 | 4 | 3 | 3 | 3 | 3 | 2 | 5 | 4 | 4 | 4 | 4 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 8 | 8 | 8 | 8 | 8 |
| Profit before Tax | 12 | -16 | 6 | 4 | 83 | 9 | 8 | -20 | 1 | 3 | 2 | 1 | 2 |
| Tax % | 27.29% | -6.51% | 18.28% | 162.56% | 1.38% | 14.08% | 17.80% | -44.34% | -30.11% | -7.52% | -4.25% | -13.43% | -4.30% |
| Net Profit | 9 | -17 | 5 | -3 | 82 | 7 | 6 | -28 | 1 | 3 | 2 | 2 | 3 |
| 1.52 | -2.90 | 0.82 | -0.45 | 14.31 | 1.27 | 1.09 | -4.93 | 0.20 | 0.57 | 0.36 | 0.25 | 0.40 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 81 | 83 | 79 | 126 | 122 | 65 | 81 | 87 | 83 | 91 | 88 | |
| 66 | 71 | 61 | 87 | 70 | 51 | 48 | 58 | 64 | 51 | 55 | |
| Operating Profit | 14 | 11 | 19 | 39 | 52 | 13 | 33 | 29 | 19 | 40 | 33 |
| OPM % | 17.90% | 13.60% | 23.47% | 31.01% | 42.55% | 20.82% | 40.70% | 32.83% | 22.49% | 44.45% | 37.02% |
| 27 | 33 | 35 | 18 | 49 | 8 | 5 | -15 | 15 | 63 | 12 | |
| Interest | 46 | 42 | 23 | 20 | 29 | 21 | 20 | 19 | 15 | 11 | 16 |
| Depreciation | 27 | 26 | 25 | 25 | 51 | 37 | 18 | 17 | 12 | 12 | 31 |
| Profit before Tax | -31 | -24 | 5 | 13 | 20 | -37 | -0 | -22 | 6 | 80 | 9 |
| Tax % | 215.90% | -2.24% | 67.07% | 20.41% | 45.04% | 21.39% | -3386.58% | -43.11% | 192.30% | 15.56% | -6.76% |
| Net Profit | 36 | -24 | 2 | 10 | 11 | -29 | -12 | -32 | -6 | 67 | 10 |
| EPS | 6.43 | 0.00 | 0.32 | 1.79 | 1.94 | -5.01 | -2.15 | -5.49 | -1.01 | 11.13 | — |
| 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:
- 2%
- 5 Years:
- -6%
- 3 Years:
- 4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 44%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -11%
- 5 Years:
- 5%
- 3 Years:
- 14%
- 1 Year:
- -21%
RETURN ON EQUITY
- 10 Years:
- 1%
- 5 Years:
- -1%
- 3 Years:
- 9%
- Last Year:
- 96%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 143 | 136 | 138 | 134 | 111 | 69 | 16 | -16 | -23 | 45 | |
| 414 | 346 | 300 | 172 | 202 | 170 | 256 | 213 | 93 | 141 | |
| Trade Payables | 25 | 16 | 13 | 6 | 15 | 13 | 6 | 6 | 6 | 7 |
| 103 | 70 | 87 | 158 | 225 | 191 | 118 | 132 | 118 | 32 | |
| Total Liabilities | 741 | 624 | 594 | 526 | 610 | 501 | 453 | 393 | 252 | 287 |
| 168 | 208 | 110 | 87 | 209 | 146 | 127 | 112 | 20 | 93 | |
| Capital Work in Progress | 9 | 0 | 0 | 1 | 6 | 1 | 1 | 2 | 2 | 0 |
| 119 | 118 | 135 | 99 | 104 | 95 | 102 | 102 | 60 | 64 | |
| 11 | 9 | 9 | 9 | 9 | 9 | 9 | 5 | 4 | 3 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 7 | |
| Cash & Bank | 1 | 7 | 7 | 5 | 5 | 15 | 12 | 18 | 8 | 8 |
| 433 | 282 | 332 | 325 | 277 | 235 | 202 | 154 | 149 | 111 | |
| Total Assets | 741 | 624 | 594 | 526 | 610 | 501 | 453 | 393 | 252 | 287 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | -20 | 78 | -5 | -60 | -34 | -60 | 55 | 1 | -41 | |
| Cash from Investing | 47 | 79 | 39 | 61 | 107 | 65 | 22 | -0 | -2 | -15 |
| Cash from Financing | -51 | -64 | -104 | -59 | -37 | -34 | 38 | -36 | -20 | 48 |
| -1 | 5 | 13 | -6 | 6 | 2 | -2 | 22 | -21 | -8 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 6.40 | -4.27 | 0.32 | 1.79 | 1.92 | -5.01 | -2.15 | -5.49 | -1.01 | 11.13 |
| Book Value (₹) | 35.42 | 34.16 | 34.43 | 33.82 | 29.21 | 21.94 | 12.74 | 7.21 | 6.06 | 17.47 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 11.18 | 0.37 | 4.74 | 6.25 | 10.81 | 1.47 | 0.91 | -2.61 | 1.13 | 13.15 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 51.82% | 54.06% | 67.50% | 45.72% | 82.89% | 32.83% | 46.68% | 40.14% | 22.49% | 44.45% |
| Net Margin % | 44.49% | -29.16% | 2.27% | 7.98% | 9.11% | -44.65% | -15.33% | -36.41% | -7.00% | 74.15% |
| ROE % | 18.28% | -12.30% | 0.93% | 5.25% | 6.18% | -19.58% | -12.40% | -55.07% | -15.19% | 95.85% |
| ROCE % | 2.71% | 3.58% | 6.44% | 8.76% | 19.57% | -10.94% | 13.43% | -1.74% | 16.39% | 57.83% |
| 4.48% | -3.53% | 0.30% | 1.80% | 1.95% | -5.19% | -2.59% | -7.47% | -1.80% | 25.07% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 127 | 90 | 67 | 38 | 70 | 171 | 94 | 72 | 56 | 32 |
| Inventory Days | 48 | 44 | 42 | 27 | 27 | 49 | 39 | 28 | 20 | 16 |
| Payable Days | 3726 | 1964 | 0 | 0 | 3055 | 0 | 0 | 703 | 4410 | 1654 |
| -3551 | -1830 | 110 | 64 | -2958 | 220 | 133 | -603 | -4333 | -1606 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 1.71x | 1.56x | 1.06x | 0.78x | 0.00x | 0.00x | 1.35x | 2.23x | 2.49x | 0.75x |
| Interest Coverage (x) | 0.33x | 0.44x | 1.24x | 1.64x | 1.68x | -0.78x | 0.98x | -0.14x | 1.43x | 8.15x |
| 0.42x | 0.53x | 0.39x | 0.26x | 0.47x | 0.42x | 0.62x | 0.49x | 0.42x | 1.21x | |
| GROWTH | ||||||||||
| Revenue Growth % | 10.79% | 2.10% | -3.75% | 59.23% | -3.87% | -46.90% | 24.98% | 7.63% | -4.54% | 9.84% |
| Operating Profit Growth % | 82.48% | 6.53% | 20.16% | 7.86% | 74.28% | -78.97% | 77.69% | -7.45% | -4.58% | 39.29% |
| Net Profit Growth % | 167.46% | -166.92% | 107.49% | 459.55% | 9.73% | -360.36% | 57.08% | -155.58% | 81.65% | 1263.69% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 81.65% | 1204.20% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.37x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.97x | 0.87x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 3.38x | 3.52x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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.
2026-06-18 - Future Market Networks Limited has informed the Exchange about lapse of warrants and forfeiture of upfront payment
News
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