Future Consumer Limited (FCONSUMER)
Latest quarterly results (Q3 FY26)
In its latest reported quarter, Q3 FY26, Future Consumer's revenue was ₹115 Cr (+0.9% year on year, +7.5% on the previous quarter), and net profit ₹-28.0 Cr (a bigger loss than a year earlier); the operating margin was -0.9%.
| Q3 FY26 (₹ Cr) | Value | YoY vs Q3 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹115 | +0.9% | +7.5% |
| Operating profit | ₹-1.0 | — | loss narrowed |
| Net profit | ₹-28.0 | loss widened | to loss |
| EPS (₹) | -0.14 | loss widened | to loss |
| Operating margin | -0.9% | — | — |
📢 Recent Corporate Announcements
Future Consumer Limited, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP), announced a Corrigendum to Form G approved by the Committee of Creditors. The corrigendum extends the last date for Prospective Resolution Applicants to submit Expressions of Interest (EOI) to October 12, 2026. The company remains severely distressed with a negative net worth of ₹-289 Cr and total debt of ₹403 Cr against a market cap of ₹43 Cr.
- Last date for submission of Expression of Interest (EOI) extended to 12 October 2026
- Corrigendum to Form G published on 29 September 2026 in Financial Express and Nav Shakti
- Resolution process being managed by Resolution Professional Avil Menezes of Aegis Resolution Services Private Limited
- Company is in severe distress with TTM net loss of ₹-49 Cr and debt of ₹403 Cr
Future Consumer Limited announced that its Committee of Creditors (CoC) approved the issuance of Form G under the Corporate Insolvency Resolution Process (CIRP). The decision was approved in the CoC meeting on 27 August 2026, with voting concluded on 4 September 2026. Prospective Resolution Applicants have been invited to submit Expressions of Interest (EOI) by 28 September 2026 following publication on 6 September 2026. The company faces extreme financial distress with negative net worth of ₹-289 Cr and debt of ₹403 Cr.
- CoC approved the issuance of Form G following voting concluded on 4 September 2026
- Invitation of Expression of Interest published on 06 September 2026
- Last date for submission of Expression of Interest is 28 September 2026
- Debt overhang remains substantial with total debt of ₹403 Cr vs negative net worth of ₹-289 Cr
Future Consumer Limited has informed stock exchanges that the second meeting of its Committee of Creditors (CoC) is scheduled for Thursday, August 27, 2026, at 03:30 P.M. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), managed by Resolution Professional Avil Menezes. With a total debt of ₹403 Cr and a negative net worth of ₹-289 Cr, the progress of CoC deliberations is critical for determining the resolution plan or potential liquidation.
- Second meeting of the Committee of Creditors scheduled for Thursday, 27 August 2026 at 03:30 P.M.
- Process overseen by Resolution Professional Avil Menezes of Aegis Resolution Services Private Limited (Registration IBBI/IPE-0118/IPA-1/2022-23/50041).
- Filing submitted pursuant to Regulation 30 read with Schedule III of SEBI LODR Regulations.
Future Consumer Limited has informed that its Committee of Creditors (CoC) approved the appointment of Aegis Resolution Services Private Limited (acting through Mr. Avil Menezes) as the Resolution Professional (RP). The decision was voted upon between 10 August 2026 and 18 August 2026 following the first CoC meeting held on 06 August 2026. The company continues under the Corporate Insolvency Resolution Process (CIRP) to resolve its significant liabilities, with existing debt standing at ₹403 Cr against a negative net worth of ₹-289 Cr.
- CoC approved Aegis Resolution Services Pvt Ltd as Resolution Professional via voting concluded on 18 August 2026
- The first meeting of the Committee of Creditors was conducted on 06 August 2026
- Resolution Professional authorization assignment is valid until 30th June 2027
- Company faces ongoing insolvency proceedings with debt of ₹403 Cr versus market cap of ₹47 Cr
Future Consumer Limited has announced the postponement of the second meeting of its Committee of Creditors (CoC), which was originally scheduled for August 18, 2026, at 04:00 PM. The company is undergoing Corporate Insolvency Resolution Process (CIRP) managed by the Interim Resolution Professional, Aegis Resolution Services. A revised date and time for the meeting will be communicated shortly. The company remains severely distressed with a negative net worth of ₹-289 crore and outstanding debt of ₹403 crore.
- Second meeting of the Committee of Creditors (CoC) scheduled for 18 August 2026 at 04:00 P.M. is postponed
- Filing submitted under Regulation 30, Schedule III Part A sub-clause 16(g) of SEBI LODR
- Resolution process managed by IRP Avil Menezes (Aegis Resolution Services Private Limited), valid till 30th June 2027
- Revised meeting schedule to be announced shortly
Future Consumer Limited has informed the exchanges that the second meeting of its Committee of Creditors (CoC) is scheduled for Tuesday, August 18, 2026, at 04:00 PM. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) managed by Interim Resolution Professional Avil Menezes. Future Consumer faces deep financial distress with negative net worth of Rs -289 Cr and debt of Rs 403 Cr against a market cap of Rs 49 Cr. Any resolution plan emerging from the CoC process could significantly dilute existing equity or result in liquidation.
- Second meeting of the Committee of Creditors (CoC) scheduled for August 18, 2026, at 04:00 PM
- Filing submitted under Regulation 30 sub-clause 16(g) of Schedule III of SEBI LODR Regulations
- Resolution process managed by IRP Avil Menezes (Aegis Resolution Services Private Limited, authorization valid till June 30, 2027)
- Company carries total debt of Rs 403 Cr against negative net worth of Rs -289 Cr
Future Consumer Limited has scheduled its first Committee of Creditors (CoC) meeting for August 6, 2026, following its admission into the Corporate Insolvency Resolution Process (CIRP). The company is in severe financial distress with a negative net worth of Rs -289 Cr and total debt of Rs 403 Cr. This meeting marks the formal start of the creditor-led process to either find a buyer for the company or proceed toward liquidation. Given the market cap is only Rs 53 Cr, the debt-to-market-cap ratio stands at a precarious 7.6x.
- First meeting of the Committee of Creditors (CoC) scheduled for August 6, 2026
- Company carries a total debt of Rs 403 Cr against a market cap of only Rs 53 Cr
- Net worth has eroded to Rs -289 Cr as per latest financial context
- Interim Resolution Professional (IRP) authorization is valid until June 30, 2027
- Employee count was previously reduced by 71% to manage costs during the crisis
The NCLT Mumbai Bench has admitted Future Consumer Limited into the Corporate Insolvency Resolution Process (CIRP) following a default of Rs 263.77 crore. The petition was filed by Resurgent India Special Situations Fund regarding unpaid dues on non-convertible debentures originally issued in 2018. A moratorium has been declared under Section 14 of the IBC, and Aegis Resolution Services Private Limited has been appointed as the Interim Resolution Professional (IRP). The company's management is now suspended, and control vests with the IRP to seek a resolution plan or proceed toward liquidation.
- Default amount of Rs 263.77 crore as of June 30, 2025, triggered the NCLT admission
- Original debt involved 2,000 senior secured NCDs with an aggregate principal of Rs 200 crore
- Moratorium under Section 14 prohibits all pending suits, asset transfers, and recovery actions against the company
- Aegis Resolution Services Private Limited appointed as IRP with authorization valid until June 30, 2027
- Applicant directed to deposit Rs 5,00,000 with the IRP to meet initial CIRP costs
Future Consumer Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by MUFG Intime India Private Limited, confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within the prescribed timelines. The registrar confirmed that physical certificates were mutilated and cancelled, and the depositories' names were substituted in the register of members. This is a standard administrative filing required for all listed companies in India to ensure the integrity of the dematerialization process.
- Covers the dematerialization requests for the quarter ended 30th June 2026
- Certificate issued by MUFG Intime India Private Limited on 01-07-2026
- Confirms that securities are listed on the stock exchanges where earlier securities were listed
- Verification and cancellation of physical certificates completed within prescribed timelines
Future Consumer Limited has informed the exchanges that its trading window for designated persons will continue to remain closed. This closure, which follows an earlier intimation on March 26, 2026, will persist until 48 hours after the declaration of audited results for the financial year ended March 31, 2026, and unaudited results for the quarter ended June 30, 2026. This is a standard regulatory procedure under SEBI Insider Trading regulations. Given the company's financial position, including a negative net worth of ₹-289 Cr and debt of ₹403 Cr, the upcoming results are critical for assessing its ongoing 'FMCG 2.0' strategy.
- Trading window closure continued from the previous intimation dated March 26, 2026
- Closure covers the Audited Financial Results for the year ended March 31, 2026
- Closure also applies to Un-Audited Financial Results for the quarter ended June 30, 2026
- Window to reopen 48 hours after the board meeting where results are declared
Future Capital Investment Private Limited, a promoter of Future Consumer Limited, has submitted a mandatory annual declaration under SEBI (SAST) Regulations. The filing confirms that the promoter group and persons acting in concert did not create any new encumbrances on their shareholding during the financial year 2025-26, other than those already disclosed. The disclosure also highlights the exclusion of several erstwhile promoter entities like Future Enterprises Limited due to ongoing Corporate Insolvency Resolution Processes (CIRP).
- Declaration made under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- Promoter group confirms no additional direct or indirect encumbrances were made on shares during FY 2025-26.
- List of promoters includes 12 entities/individuals including Kishore Biyani and Ryka Commercial Ventures.
- Future Enterprises and two other entities were excluded from the promoter list following NCLT orders for insolvency proceedings.
- Illusie Produkt Private Limited was removed from the promoter group list as it has been struck off from MCA records.
Future Consumer Limited has updated the exchanges regarding its ongoing legal case at NCLT Mumbai filed by Resurgent India Special Situations Fund. During the hearing on June 8, 2026, arguments were presented concerning the company's classification as an NBFC and the legal limitations of the petition. The NCLT bench has now concluded the hearing and reserved the matter for final orders. This follows a previous update from April 17, 2026, signaling a critical juncture in the insolvency-related litigation.
- NCLT Mumbai has reserved the final order in the case filed by Resurgent India Special Situations Fund.
- Legal arguments focused on whether the company should be treated as an NBFC.
- The bench addressed contentions regarding the statute of limitations for filing the company petition.
- The company will provide further updates once the NCLT issues its formal order.
Future Consumer Limited has reported that the NCLT Mumbai bench has deferred the hearing of the insolvency petition filed against it by the State Bank of India (SBI). The hearing is now rescheduled for July 15, 2026, as the bench has already reserved its order in a separate matter involving Resurgent vs Future Consumer Limited. This delay provides a temporary reprieve but highlights the ongoing legal and financial distress the company faces from multiple creditors. Investors should monitor the reserved order in the Resurgent case as it may set a precedent for the SBI petition.
- NCLT Mumbai bench deferred the SBI vs Future Consumer hearing to July 15, 2026.
- The deferment is linked to a reserved order in the Resurgent vs Future Consumer Limited case.
- The legal action was initiated by State Bank of India under insolvency regulations.
- The company is currently facing multiple legal challenges regarding its debt obligations.
Future Consumer Limited has announced that two of its wholly owned subsidiaries, Aadhaar Retailing Limited and The Nilgiri Dairy Farm Private Limited, have received board approval to incorporate their own respective wholly owned subsidiaries. This move indicates a potential expansion or restructuring of the company's downstream operations in the retail and dairy segments. Specific details regarding the business objectives or capital investment for these new entities have not yet been disclosed. The company intends to provide further information as required under SEBI Regulation 30 in due course.
- Aadhaar Retailing Limited, a 100% subsidiary, to form a new wholly owned subsidiary.
- The Nilgiri Dairy Farm Private Limited, a 100% subsidiary, to form a new wholly owned subsidiary.
- The new entities will be step-down subsidiaries of Future Consumer Limited.
- Names of the new subsidiaries are subject to approval by the Ministry of Corporate Affairs.
- Further disclosures under SEBI Regulation 30 are expected as the process progresses.
Future Consumer Limited is facing insolvency proceedings at NCLT Mumbai initiated by State Bank of India (SBI). During the hearing on June 4, 2026, SBI presented evidence including sanction letters and NESL reports confirming debt authentication. The company defended itself by citing ongoing arbitration with a JV partner and a jurisdictional issue regarding its potential NBFC status. The matter has been adjourned to June 8, 2026, with the company directed to file written submissions.
- State Bank of India (SBI) has moved NCLT against Future Consumer for debt recovery based on authenticated NESL reports.
- The company is seeking a stay or delay citing ongoing arbitration with a Joint Venture partner for potential fund recovery.
- A legal challenge regarding the company's status as an NBFC is being considered, which may impact the NCLT's jurisdiction.
- The NCLT Mumbai bench has scheduled the next hearing for June 8, 2026, along with the Resurgent matter.
Financial Performance
Revenue Growth by Segment
Consolidated turnover for FY24 was INR 369.80 Cr, a significant decline from FY20 revenue of INR 4,040.3 Cr (which grew 4% YoY). Standalone income for FY20 was INR 3,026.1 Cr. Tasty Treat and Karmiq brands both crossed the INR 200 Cr topline milestone in FY20.
Geographic Revenue Split
Primary operations are based in India. FCEL Overseas FZCO (UAE subsidiary) is awaiting formal approvals for closure of business operations, indicating a shift away from international markets.
Profitability Margins
FY24 Net Profit Margin stood at -36.6% compared to -84.5% in FY23. FY20 Consolidated Gross Margin was 12.9% (down 60bps YoY). Standalone FY20 Gross Margin was 14.6% (up 40bps YoY).
EBITDA Margin
FY24 EBITDA margin was 14.7% vs -13.5% in FY23. FY20 Consolidated EBITDA margin (pre-ECL) was 3.6% (up 60bps YoY). Q4 FY20 EBITDA margin dropped to 2.6% due to a shift in sales mix toward essentials.
Capital Expenditure
Not disclosed in available documents. However, the group is currently classifying net assets of INR 237.09 Cr as held for sale to improve liquidity.
Credit Rating & Borrowing
The company is in default status (CARE Ratings). Total financial indebtedness as of March 31, 2025, was INR 526.51 Cr, including principal and interest defaults. Average borrowing cost is approximately 15%.
Operational Drivers
Raw Materials
Key raw materials include food products such as cereals, spices, herbs, and masalas. COGS for FY20 was INR 3,519.4 Cr, representing 87% of consolidated revenue.
Import Sources
Primarily sourced within India; international sourcing via UAE (FCEL Overseas) is being terminated.
Key Suppliers
Sourcing efficiencies are managed through digital platforms including Vendx and Agribid.
Capacity Expansion
Not disclosed in available documents. The current focus is on rationalization rather than expansion.
Raw Material Costs
FY20 COGS was INR 3,519.4 Cr (87% of revenue). FY24 inventory turnover improved to 19 days from 57 days in FY23, reflecting a leaner operational model.
Manufacturing Efficiency
The organization was redesigned to become leaner, reducing employee count by 71% from 62 in FY23 to 18 in FY24 to meet cost targets.
Strategic Growth
Growth Strategy
Strategy focuses on 'FMCG 2.0' and 'Controlled Distribution' through Aadhaar and Nilgiris channels. Growth is pursued through SKU rationalization (805 SKUs rationalized in FY20), asset sales (INR 237.09 Cr), and becoming debt-free to create a scalable platform.
Products & Services
Fast-moving consumer goods including snacks, processed foods, dry fruits, edible oils, organic foods, flours, dairy, and bakery products.
Brand Portfolio
Tasty Treat, Karmiq, Nilgiris, Aadhaar, Mother Earth, and Desi Atta Company.
Market Expansion
Currently rationalizing rather than expanding; strategically exited certain geographies in the Aadhaar business during FY20.
Strategic Alliances
Partnership with Amazon (formed in FY20); JVs include Hain Future Natural Products and Aussee Oats Milling. JV with Fonterra was terminated.
External Factors
Industry Trends
The FMCG industry is shifting toward essentials; this shift tilted the sales mix in Q4 FY20, impacting consolidated gross margins by 200bps.
Competitive Landscape
Operates in the highly competitive Indian FMCG sector against both national and international players.
Competitive Moat
Moat is based on a portfolio of established brands (Tasty Treat, Karmiq) and a 'Controlled Distribution' network, though sustainability is currently threatened by financial distress.
Macro Economic Sensitivity
Highly sensitive to economic slowdowns; COVID-19 pandemic led to a general slowdown that increased the likelihood of defaults, requiring an INR 86.1 Cr ECL provision in FY20.
Consumer Behavior
Consumer demand shifted toward essentials during the pandemic, which reduced margins on discretionary processed food and HPC products.
Geopolitical Risks
Closure of UAE operations (FCEL Overseas) indicates a withdrawal from international geopolitical exposure to focus on domestic recovery.
Regulatory & Governance
Industry Regulations
Operations are governed by Indian Accounting Standards (Ind AS 116 impact noted) and the Companies Act 2013.
Taxation Policy Impact
Consolidated tax expense for FY20 was INR 1.8 Cr.
Legal Contingencies
The company faces significant legal and financial risk due to defaults on interest and principal payments for loans and unlisted debt securities totaling INR 526.51 Cr as of FY25.
Risk Analysis
Key Uncertainties
The primary uncertainty is the company's ability to continue as a going concern given the default on INR 526.51 Cr of debt and limited current operations.
Geographic Concentration Risk
Concentrated in India; UAE operations are in the process of being closed.
Third Party Dependencies
Critical dependency on the Future Group's retail infrastructure for product distribution.
Technology Obsolescence Risk
Utilizing digital sourcing (Vendx/Agribid) to mitigate traditional procurement inefficiencies.
Credit & Counterparty Risk
High credit risk; recognized an Expected Credit Loss (ECL) of INR 86.1 Cr in FY20 due to increased likelihood of receivable defaults.
