Future Enterprises Limited (FEL)
₹0.34 -2.86% last close, 16 Oct
Latest quarterly results (Q4 FY23)
In its latest reported quarter, Q4 FY23, Future Enterprises' revenue was ₹8.0 Cr (-97.5% year on year, -27.3% on the previous quarter), and net profit ₹-1,422 Cr (a smaller loss than a year earlier); the operating margin was -16675.0%.
| Q4 FY23 (₹ Cr) | Value | YoY vs Q4 FY22 | QoQ |
|---|---|---|---|
| Revenue | ₹8.0 | -97.5% | -27.3% |
| Operating profit | ₹-1,334 | loss widened | loss widened |
| Net profit | ₹-1,422 | loss narrowed | loss widened |
| EPS (₹) | -31.26 | loss narrowed | loss widened |
| Operating margin | -16675.0% | — | — |
FEL exchange data
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It closed at a price band (circuit) on 15 sessions in about the last 20.
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📢 Recent Corporate Announcements
Future Enterprises Limited has announced that the forty-fifth meeting of its Committee of Creditors (CoC) is scheduled for 17 October 2026. The company remains under the Corporate Insolvency Resolution Process (CIRP), overseen by Resolution Professional Avil Menezes. Financially, the company is severely distressed, with a debt burden of Rs 5,396 Cr against a market cap of just Rs 18 Cr and negative net worth of Rs -428 Cr. Resolution discussions continue as stakeholders seek resolution applicants or potential liquidation pathways.
- 45th meeting of the Committee of Creditors (CoC) convened
- Meeting scheduled for Saturday, 17 October 2026 at 04:00 P.M.
- Intimation submitted pursuant to Regulation 30 Schedule III of SEBI LODR
- Company carries Rs 5,396 Cr debt burden under active insolvency proceedings
Future Enterprises Limited (FEL), which is undergoing Corporate Insolvency Resolution Process (CIRP), announced that the Committee of Creditors (CoC) has approved the resolution plan for its Cluster 3 assets. The plan, submitted by Orissa Metaliks Private Limited (OMPL) on April 27, 2026 (along with an addendum dated June 10, 2026), secured a 93.26% voting share during e-voting concluded on September 2, 2026. OMPL has accordingly been declared the Successful Resolution Applicant for Cluster 3 assets. The final implementation remains subject to approval by the National Company Law Tribunal (NCLT).
- CoC approved the resolution plan submitted by Orissa Metaliks Private Limited (OMPL) with 93.26% voting share
- Resolution plan pertains specifically to Cluster 3 assets of Future Enterprises Limited
- E-voting concluded on 2 September 2026 following CoC meetings started on 21 May 2026
- Resolution plan dated 27 April 2026 along with an addendum dated 10 June 2026 approved
Future Enterprises Limited (FEL) has convened its 43rd Committee of Creditors (CoC) meeting for August 3, 2026, as part of its ongoing Corporate Insolvency Resolution Process (CIRP). The company is in a severe financial state with a total debt of ₹5,396 Cr against a negligible market cap of ₹19 Cr. With a negative net worth of ₹428 Cr and TTM losses exceeding ₹3,173 Cr, the resolution process is the only remaining path for the entity. The high frequency of meetings (43 to date) indicates a complex and prolonged negotiation phase with creditors.
- 43rd meeting of the Committee of Creditors (CoC) scheduled for August 3, 2026
- Company carries a massive debt of ₹5,396 Cr, which is approximately 284 times its current market cap
- Resolution Professional's authorization for assignment is valid until June 30, 2027
- Latest available net worth stands at a negative ₹428 Cr
- TTM revenue of ₹2,193 Cr is overshadowed by a TTM net loss of ₹3,173 Cr
Future Enterprises Limited (FEL), which is currently undergoing the Corporate Insolvency Resolution Process (CIRP), has scheduled its 41st Committee of Creditors (CoC) meeting for April 13, 2026. The meeting will be conducted at 04:30 P.M. under the supervision of the Resolution Professional, Avil Menezes. This follows the 40th meeting as the company continues to navigate its debt resolution framework. Investors should remain aware that the company's operations and future are strictly governed by the outcomes of these CoC deliberations.
- 41st meeting of the Committee of Creditors (CoC) scheduled for April 13, 2026
- Meeting convened by Resolution Professional Avil Menezes whose authorization is valid until June 30, 2027
- Process conducted under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
- Company remains under Corporate Insolvency Resolution Process (CIRP) due to significant debt defaults
Future Enterprises Limited (FEL) has scheduled the 40th meeting of its Committee of Creditors (CoC) for February 11, 2026. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) as mandated by the Insolvency and Bankruptcy Code. This meeting, overseen by Resolution Professional Avil Menezes, is part of the ongoing efforts to find a resolution for the company's debt. Investors should be aware that the high number of CoC meetings indicates a prolonged and complex resolution timeline.
- 40th meeting of the Committee of Creditors (CoC) scheduled for February 11, 2026, at 3:00 PM.
- The meeting is being held under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Resolution Professional Avil Menezes' authorization for assignment is valid until June 30, 2027.
- The company remains under the Corporate Insolvency Resolution Process (CIRP).
Financial Performance
Revenue Growth by Segment
Consolidated revenue declined 73.5% YoY to INR 1,422.14 Cr in FY21 from INR 5,365.66 Cr. Standalone revenue saw a sharper de-growth of 78.06% to INR 886.93 Cr. FMCG segment previously generated INR 4,040 Cr (FY20) while Fashion generated INR 3,331 Cr (FY20).
Geographic Revenue Split
Not specifically disclosed in available documents, though operations are primarily domestic across India with a Singapore-based subsidiary (FMSPL) that ceased operations in July 2021.
Profitability Margins
Net loss widened significantly with a consolidated PAT of INR -1,220.17 Cr in FY21/FY23. Standalone PAT was INR -1,049.90 Cr in FY21. Profitability was severely impacted by a 78% drop in sales and high fixed costs.
EBITDA Margin
Consolidated EBITDA margin stood at 24.91% in FY22 (INR 1,336.67 Cr) but plummeted to 11.78% in FY23 (INR 167.50 Cr). Standalone PBILDT was negative INR 1,365.03 Cr in FY23.
Capital Expenditure
Return on capital employed (ROCE) dropped from 11.58% in FY20 to 2.75% in FY21. Specific planned CAPEX is not disclosed due to the ongoing Corporate Insolvency Resolution Process (CIRP).
Credit Rating & Borrowing
The company is rated 'IVR D; ISSUER NOT COOPERATING', indicating default status. Interest and financial charges increased from INR 635.75 Cr to higher levels, with an interest coverage ratio of -88.24x in FY23.
Operational Drivers
Raw Materials
Textiles and fabrics for denim manufacturing (men's, women's, and kids' wear) and FMCG raw materials represent the primary input costs, though specific % splits per material are not provided.
Import Sources
Global sourcing was previously handled via Singapore (FMSPL) for international markets; domestic sourcing is primarily India-based.
Key Suppliers
Not specifically named, but the company has high internal dependency, with Future Supply Chain Solutions Limited handling logistics.
Capacity Expansion
Current capacity is focused on retail infrastructure leasing and fashion manufacturing; however, expansion is halted as the company is under insolvency (CIRP) with 39 CoC meetings held as of late 2025.
Raw Material Costs
Not disclosed as a specific percentage of revenue in the provided documents, but operational challenges and disrupted supply lines are cited as major cost drivers.
Manufacturing Efficiency
ROCE fell to 2.75% in FY21, indicating extremely low capital efficiency due to pandemic-induced lockdowns and restricted movement of goods.
Logistics & Distribution
Distribution is integrated with Future Group's retail network (Big Bazaar, Central, Brand Factory) and was intended to scale via the Reliance network.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
The strategy relied on scaling FMCG and Fashion through the Reliance distribution network to achieve economies of scale and 20% CAGR in fashion sourcing. However, this is currently superseded by the Corporate Insolvency Resolution Process (CIRP).
Products & Services
Retail infrastructure leasing, denim apparel (men's, women's, kids' wear), FMCG products, and insurance policies (via JVs).
Brand Portfolio
Big Bazaar, Easyday, Central, Brand Factory, Nilgiris, Aadhaar, and Futurebazaar.com.
New Products/Services
New age fashion brands and online shopping via www.futurebazaar.com were planned to bridge the gap of negative net worth.
Market Expansion
Planned expansion into 'General Trade' for FMCG and 'Online Business Activities' to counter physical retail restrictions.
Market Share & Ranking
Described as a 'leading integrated fashion business' in India, though specific market share % is not provided.
Strategic Alliances
Strategic alliance with Reliance Group was intended to provide access to added physical distribution channels and scale FMCG volumes.
External Factors
Industry Trends
The industry is shifting toward online business activities; FEL noted a focus on e-portal growth to mitigate the 'unprecedented uncertainty' of physical retail.
Competitive Landscape
Key competitors include other large-scale fashion retailers and FMCG distributors, with Reliance being both a potential partner and a dominant market force.
Competitive Moat
Moat was based on 'integrated fashion sourcing' and a vast physical store network. This moat has been breached by high debt (INR 6,846 Cr) and insolvency proceedings.
Macro Economic Sensitivity
Highly sensitive to GDP and consumption; FY21 revenues fell 78% due to COVID-19 lockdowns affecting the services and retail sectors.
Consumer Behavior
Shift toward online shopping and 'consumption space through the internet' led to the creation of Future E-Commerce Infrastructure Limited.
Geopolitical Risks
International sourcing from Singapore and other markets was disrupted by global movement restrictions.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI LODR; currently under the Insolvency and Bankruptcy Code (IBC) following NCLT orders.
Environmental Compliance
The company monitors energy conservation and technology absorption as per Section 134(3)(m) of the Companies Act 2013.
Taxation Policy Impact
Tax expense for FY21 was INR 17.89 Cr despite losses, reflecting deferred tax adjustments or minimum alternate tax requirements.
Legal Contingencies
The company is under Corporate Insolvency Resolution Process (CIRP). There are significant audit qualifications regarding the non-inclusion of 13 step-down subsidiaries (e.g., Acute Retail Infra, Brattle Foods) in financial results.
Risk Analysis
Key Uncertainties
The 'Going Concern' assumption is at high risk; auditors noted that if the assumption is inappropriate, massive adjustments to asset values would be required.
Geographic Concentration Risk
Heavy concentration in India; lockdowns in specific states directly halted operations of shopping malls and retail stores.
Third Party Dependencies
Critical dependency on the Committee of Creditors (CoC) for the approval of a resolution plan to ensure continuity of operations.
Technology Obsolescence Risk
Risk of falling behind in the digital space; the company is attempting to pivot to IT-enabled platforms via Bluerock eServices Private Limited.
Credit & Counterparty Risk
Severe credit risk; the company is in default (IVR D) and has been flagged for 'non-cooperation' by multiple credit rating agencies.
