Future Market Networks Ltd.

•

fmn.co.inBSE: 533296NSE: FMNL

Market Cap₹ 68 Cr.

Current Price

High / Low₹ 14 / 7

Stock P/E7.0

Book Value₹ 20

Price to Book0.87

Dividend Yield0.00 %

ROCE57.8 %

ROE95.8 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Mall Management: 100.0%

AI Sector View

AI GENERATED

Services

Buy

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.

Confidence

72%

View full sector analysis →

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

ServicesBusiness ServicesBusiness Support

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	PFOCUS	304.80	205.37	23737.03	0.00	-457.78	-514.43	12668.15	1196.88	2.74	23.76
2.	SAGILITY	46.85	22.09	21932.02	0.32	216.81	45.94	1963.48	27.59	13.82	22.32
3.	SYNGENE	395.65	72.27	15971.17	0.32	-9.00	-110.38	736.00	-15.84	9.48	12.34
4.	HORIZONIND	55.23	242.19	15922.27	0.00	—	—	—	—	3.32	—
5.	INDGN	600.40	36.08	14464.46	0.37	116.20	-0.17	1063.10	39.73	18.92	16.39
6.	IGIL	323.35	22.92	13973.88	1.55	165.74	30.98	370.78	23.22	77.00	60.35
7.	NESCO	1048.00	17.73	7384.20	0.67	99.96	3.97	211.80	9.55	19.23	48.33
8.	LEAPIND	150.55	106.39	6632.28	0.00	247.33	—	2034.13	—	9.32	51.19
9.	SPARC	199.50	4.09	6474.21	0.00	-20.78	59.94	39.92	314.11	163.94	-85.17
10.	SMARTWORKS	542.95	222.81	6210.32	0.00	13.15	413.27	546.25	44.05	52.26	63.33
11.	JUSTDIAL	693.00	16.24	5893.90	0.00	115.74	38.44	270.27	16.23	12.88	26.17
12.	FMNL	10.13	8.13	67.63	0.00	1.80	22.74	24.64	0.82	59.95	43.36

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	65.31	65.31	66.92	66.92	66.92	66.92	66.92	68.48	69.95
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	34.69	34.69	33.08	33.08	33.08	33.08	33.08	31.52	30.05

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-25

General Updates

2026-08-25 - Future Market Networks Limited has informed the Exchange about General Updates

2026-08-14

General Updates

2026-08-14 - Future Market Networks Limited has informed the Exchange about General Updates - Q1 Result published in Newspaper

2026-08-13

General Updates

2026-08-13 - Future Market Networks Limited has informed the Exchange about General Updates - AGM

2026-08-13

Outcome of Board Meeting

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

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-14 - Future Market Networks Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-06-30

Amalgamation/Merger

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

Trading Window

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

Disclosure under SEBI Takeover Regulations

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

Conversion

2026-06-18 - Future Market Networks Limited has informed the Exchange about lapse of warrants and forfeiture of upfront payment

News

Recent coverage and analyst commentary for FMNL

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Future Market Networks Ltd.

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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

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

Operating Profit

-10

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%

-18

Interest

Depreciation

Profit before Tax

-16

-20

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

-17

-3

-28

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

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

126

122

Operating Profit

OPM %

17.90%

13.60%

23.47%

31.01%

42.55%

20.82%

40.70%

32.83%

22.49%

44.45%

37.02%

-15

Interest

Depreciation

Profit before Tax

-31

-24

-37

-0

-22

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

-24

-29

-12

-32

-6

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%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

143

136

138

134

111

-16

-23

414

346

300

172

202

170

256

213

141

Trade Payables

103

158

225

191

118

132

118

Total Liabilities

741

624

594

526

610

501

453

393

252

287

168

208

110

209

146

127

112

Capital Work in Progress

119

118

135

104

102

Cash & Bank

433

282

332

325

277

235

202

154

149

111

Total Assets

741

624

594

526

610

501

453

393

252

287

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-20

-5

-60

-34

-60

-41

Cash from Investing

107

-0

-2

-15

Cash from Financing

-51

-64

-104

-59

-37

-34

-36

-20

-1

-6

-2

-21

-8

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

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

171

Inventory Days

Payable Days

3726

1964

3055

703

4410

1654

-3551

-1830

110

-2958

220

133

-603

-4333

-1606

FINANCIAL HEALTH

Debt to Equity (x)

1.71x

1.56x

1.06x

0.78x

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%

81.65%

1204.20%

VALUATION

P/E (x)

0.00x

1.37x

P/B (x)

0.00x

0.97x

0.87x

Dividend Yield %

0.00%

0.00x

3.38x

3.52x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

65.31

66.92

68.48

69.95

FIIs

0.00

DIIs

0.00

Government

0.00

34.69

33.08

31.52

30.05

Future Market Networks Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Future Market Networks Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

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