FMNL

Future Market Networks Limited

Mall and retail real estate management company

Services›Services›Commercial Services & Supplies›Diversified Commercial Services

fmn.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹7.98
Market cap
53 Cr
Stock P/E
6.4
P/B
0.46
ROE (FY26)
7.1%
ROCE (FY26)
13.1%
Operating margin (FY26)
11.7%
Debt / equity (FY26)
0.71
OCF / EBITDA (FY26)
93.6%
OCF / EBITDA (3Y)
20.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Future Market Networks Limited manages shopping malls and retail real estate in India.

Company snapshot

36thBy market cap

Ranked among 36 companies in Diversified Commercial Services.

What we see

Concerns
  • ✗Only 21% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales24 Cr23 Cr23 Cr25 Cr26 Cr26 Cr24 Cr24 Cr24 Cr24 Cr25 Cr25 Cr
Operating expenses (approx.)33 Cr12 Cr17 Cr12 Cr14 Cr15 Cr21 Cr12 Cr15 Cr13 Cr14 Cr14 Cr
EBITDA-9 Cr11 Cr6 Cr12 Cr13 Cr11 Cr3 Cr12 Cr9 Cr12 Cr11 Cr10 Cr
OPM %-35.8%47.8%25.3%50.6%48.0%42.5%13.5%49.3%37.2%48.3%44.5%41.5%
Other income1 Cr1 Cr2 Cr1 Cr1 Cr2 Cr2 Cr2 Cr6 Cr3 Cr2 Cr3 Cr
Interest4 Cr4 Cr4 Cr3 Cr3 Cr3 Cr3 Cr5 Cr5 Cr4 Cr4 Cr4 Cr
Depreciation3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr8 Cr8 Cr8 Cr8 Cr8 Cr
Profit before tax-15 Cr5 Cr0.97 Cr83 Cr7 Cr7 Cr-20 Cr1 Cr2 Cr2 Cr2 Cr1 Cr
Tax %-7.8%21.5%688.4%1.4%16.8%17.5%-48.4%-5.5%-20.0%4.5%-26.9%-24.7%
Net profit-16 Cr4 Cr-6 Cr82 Cr6 Cr6 Cr-30 Cr1 Cr2 Cr2 Cr2 Cr2 Cr
EPS (₹)₹-2.65₹0.85₹-0.85₹14.34₹1.14₹1.07₹-5.12₹0.25₹0.44₹0.32₹0.29₹0.31

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales87 Cr84 Cr109 Cr127 Cr69 Cr85 Cr92 Cr93 Cr101 Cr99 CrSign in free for the trailing twelve months
Operating expenses (approx.)72 Cr63 Cr68 Cr73 Cr53 Cr64 Cr42 Cr76 Cr62 Cr54 CrSign in free for the trailing twelve months
EBITDA15 Cr21 Cr40 Cr54 Cr16 Cr21 Cr50 Cr17 Cr39 Cr44 CrSign in free for the trailing twelve months
OPM %16.7%25.4%37.2%42.7%22.6%24.8%54.0%18.6%39.0%44.8%Sign in free for the trailing twelve months
Other income33 Cr34 Cr17 Cr67 Cr7 Cr4 Cr6 Cr15 Cr7 Cr12 CrSign in free for the trailing twelve months
Interest44 Cr25 Cr20 Cr30 Cr22 Cr21 Cr20 Cr16 Cr12 Cr18 CrSign in free for the trailing twelve months
Depreciation27 Cr26 Cr26 Cr52 Cr39 Cr19 Cr18 Cr14 Cr14 Cr33 CrSign in free for the trailing twelve months
Profit before tax-22 Cr-10 Cr12 Cr39 Cr-39 Cr-15 Cr1 Cr4 Cr78 Cr7 CrSign in free for the trailing twelve months
Tax %-3.6%-40.4%22.9%23.7%20.3%-81.6%748.6%309.4%17.2%-10.5%Sign in free for the trailing twelve months
Net profit-27 Cr-15 Cr10 Cr30 Cr-31 Cr-28 Cr-9 Cr-8 Cr65 Cr8 CrSign in free for the trailing twelve months
EPS (₹)₹-4.79₹-2.60₹1.68₹5.21₹-5.37₹-4.91₹-1.57₹-1.08₹11.44₹1.30Sign in free for the trailing twelve months
Dividend payout %————————0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital56 Cr56 Cr56 Cr58 Cr58 Cr58 Cr58 Cr58 Cr69 Cr64 Cr
Reserves137 Cr123 Cr143 Cr113 Cr53 Cr-16 Cr-25 Cr-35 Cr31 Cr47 Cr
Borrowings266 Cr191 Cr117 Cr4 Cr4 Cr104 Cr87 Cr93 Cr86 Cr78 Cr
Other liabilities427 Cr336 Cr318 Cr588 Cr528 Cr421 Cr405 Cr213 Cr165 Cr132 Cr
Total liabilities891 Cr725 Cr639 Cr767 Cr645 Cr569 Cr526 Cr329 Cr350 Cr322 Cr
Fixed assets (net)172 Cr113 Cr89 Cr213 Cr149 Cr129 Cr117 Cr25 Cr97 Cr66 Cr
CWIP3 Cr10 Cr6 Cr12 Cr6 Cr6 Cr7 Cr8 Cr7 Cr8 Cr
Investments36 Cr59 Cr179 Cr159 Cr129 Cr158 Cr193 Cr134 Cr105 Cr100 Cr
Loans & advances——80 Cr96 Cr63 Cr51 Cr42 Cr28 Cr46 Cr58 Cr
Inventories9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr5 Cr4 Cr3 Cr3 Cr
Trade receivables15 Cr17 Cr11 Cr37 Cr26 Cr17 Cr18 Cr10 Cr8 Cr8 Cr
Cash & bank7 Cr9 Cr4 Cr7 Cr16 Cr9 Cr12 Cr9 Cr5 Cr5 Cr
Other assets649 Cr509 Cr260 Cr234 Cr248 Cr188 Cr133 Cr111 Cr79 Cr74 Cr
Total assets891 Cr725 Cr639 Cr767 Cr645 Cr569 Cr526 Cr329 Cr350 Cr322 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-6 Cr99 Cr26 Cr-81 Cr-30 Cr-37 Cr82 Cr-18 Cr-2 Cr41 Cr
Cash from investing80 Cr53 Cr65 Cr108 Cr67 Cr3 Cr-29 Cr6 Cr-4 Cr-23 Cr
Cash from financing-69 Cr-123 Cr-87 Cr-38 Cr-37 Cr38 Cr-38 Cr-10 Cr-7 Cr-19 Cr
Net cash flow5 Cr29 Cr4 Cr-12 Cr0.59 Cr4 Cr15 Cr-22 Cr-13 Cr-1 Cr
Free cash flow (OCF − Capex)-7 Cr91 Cr16 Cr-88 Cr-35 Cr-38 Cr76 Cr-21 Cr-2 Cr11 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %4.6%3.6%10.2%38.9%-13.9%3.9%17.9%17.2%48.9%13.1%
ROE %-13.6%-7.4%4.6%17.0%-27.3%-63.6%-25.8%-36.6%66.8%7.1%
Debtor days6172391071407470382930
Inventory days39403125453719175957
Days payable6861154372262726135105
Cash conversion cycle32505489113866129-48-18
OCF / EBITDA %-43.0%464.1%64.0%-150.2%-190.5%-175.1%163.3%-105.6%-6.0%93.6%
OCF / EBITDA % (3 years)——155.8%37.8%-77.4%-162.9%17.0%29.7%57.2%20.5%
Debt / equity1.371.070.590.020.042.482.644.160.870.71
Current ratio0.630.630.380.550.520.700.600.350.850.94
Net debt / EBITDA17.75—2.79-0.06-0.754.451.504.862.071.66