Future Market Networks Limited (FMNL)
₹7.98 -2.92% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Future Market's revenue was ₹24.6 Cr (+0.8% year on year, -3.1% on the previous quarter), and net profit ₹1.8 Cr (+23.1% year on year); the operating margin was 41.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹24.6 | +0.8% | -3.1% |
| Operating profit | ₹10.2 | -15.0% | -9.6% |
| Net profit | ₹1.8 | +23.1% | -7.7% |
| EPS (₹) | 0.32 | +23.1% | +10.3% |
| Operating margin | 41.6% | — | — |
FMNL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 80.67% of the FMNL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.06%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal. It closed at a price band (circuit) on 6 sessions in about the last 20.
Delivery in the last 5 sessions: 46.7% · 78.6% · 78.7% · 87.1% · 80.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Future Market Networks Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited (dated October 3, 2026). It confirms that securities received for dematerialisation during the quarter were duly processed, confirmed to depositories, and mutilated/cancelled within prescribed timelines. This is a standard procedural filing with no operational or financial impact on the company.
- Regulation 74(5) demat compliance confirmed for the quarter ended September 30, 2026
- Certificate received from RTA MUFG Intime India Private Limited dated October 3, 2026
- Filing submitted to exchanges on October 15, 2026
- All security certificates received were verified, mutilated, and cancelled within statutory timelines
Future Market Networks Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited (dated October 3, 2026). It confirms that securities received for dematerialisation during the quarter were duly processed, confirmed to depositories, and mutilated/cancelled within prescribed timelines. This is a standard procedural filing with no operational or financial impact on the company.
- Regulation 74(5) demat compliance confirmed for the quarter ended September 30, 2026
- Certificate received from RTA MUFG Intime India Private Limited dated October 3, 2026
- Filing submitted to exchanges on October 15, 2026
- All security certificates received were verified, mutilated, and cancelled within statutory timelines
Future Market Networks Limited has submitted copies of newspaper advertisements regarding its 18th Annual General Meeting (AGM) and details relating to e-voting. The advertisements were published on September 6, 2026, in the Free Press Journal (English) and Navshakti (Marathi). This filing is a statutory compliance requirement under SEBI Listing Regulations and contains no operational or financial updates.
- Published newspaper notices for the 18th Annual General Meeting (AGM) of the company
- Advertisements were published on September 6, 2026
- Notices released in Free Press Journal (English) and Navshakti (Marathi) editions
- Contains details and instructions regarding shareholder e-voting
Future Market Networks Limited (FMNL) has formally executed a deed of surrender on August 25, 2026, relinquishing its leasehold rights for the 'Diamond Plaza Mall' in Kolkata to the lessor, Diamond Plaza Mall Private Limited. This follows a shareholder special resolution passed earlier on November 17, 2025. The surrender marks an exit from this retail property, impacting the company's managed retail portfolio which stood at approximately 1.40 million sq. ft. Commercial terms and specific financial impacts of the exit were not disclosed in the filing.
- Deed of surrender executed on August 25, 2026, for leasehold rights of Diamond Plaza Mall, Kolkata
- Execution executed in terms of shareholder approval via special resolution passed on November 17, 2025
- Lessor identified as Diamond Plaza Mall Private Limited (formerly Super Diamond Enterprises)
- Filing follows previous disclosures on the matter dated October 15, 2025
Future Market Networks Limited has submitted copies of newspaper advertisements regarding its financial results for the quarter ended June 30, 2026. The results were published in the Free Press Journal and Navshakti on August 14, 2026, pursuant to Regulation 47 of SEBI LODR Regulations. This is a standard post-results regulatory compliance filing and contains no new financial information beyond previously disclosed quarterly earnings.
- Newspaper advertisements published on August 14, 2026, in Free Press Journal and Navshakti.
- Relates to unaudited financial results for the quarter ended June 30, 2026.
- Submitted in compliance with Regulation 47 of SEBI (LODR) Regulations, 2015.
Future Market Networks Limited (FMNL) has approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company also scheduled its 18th Annual General Meeting (AGM) for September 28, 2026, to be held via video conferencing. With a market cap of only Rs 54 Cr and a debt of Rs 129 Cr (D/E 1.04), the company remains in a leveraged position. Investors should note that approximately 40% of rental revenue is still derived from Future Group companies, posing a significant concentration risk.
- Board meeting held on August 13, 2026, between 3:00 PM and 3:45 PM to approve Q1 results.
- 18th Annual General Meeting (AGM) scheduled for September 28, 2026, at 2:30 PM.
- Company manages a portfolio of over 1.4 million sq. ft. of premium retail real estate.
- Promoter holding remains high at approximately 70.0% as of June 2026.
- Debt levels stand at Rs 129 Cr against a net worth of Rs 125 Cr.
Future Market Networks Limited (FMNL) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that share certificates received for dematerialization were processed and cancelled within prescribed timelines. This is a standard administrative filing required for all listed entities to verify the integrity of electronic shareholding records. There is no impact on the company's financial position or business operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Registrar and Share Transfer Agent (RTA) confirmed as MUFG Intime India Private Limited
- Verification that security certificates were mutilated and cancelled after dematerialization
- Confirmation that the name of depositories has been substituted in the register of members
Future Market Networks Limited (FMNL) has officially withdrawn its proposed scheme of amalgamation with Metawear Limited. The Board of Directors of FMNL passed the withdrawal resolution on May 19, 2026, following a similar move by Metawear on May 15, 2026. The National Company Law Tribunal (NCLT) Mumbai Bench has formally disposed of the application as withdrawn per its order dated June 18, 2026. This cancellation halts a major corporate restructuring for the company, which currently manages 1.4 million sq. ft. of retail space and generates TTM revenue of ₹99 Cr.
- Board resolution for withdrawal passed by FMNL on May 19, 2026
- NCLT Mumbai Bench formally disposed of the merger application on June 18, 2026
- Company continues to manage 1.4 million sq. ft. of premium retail real estate
- TTM revenue remains at ₹99 Cr with a Debt-to-Equity ratio of 1.04
- Future Group companies still account for approximately 40% of rental revenue
Future Market Networks Limited (FMNL) has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI insider trading regulations. This closure is a standard procedure ahead of the announcement of the unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for promoters, directors, and designated persons until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be communicated at a later date.
- Trading window closure begins on Wednesday, July 1, 2026.
- Closure is for the quarter and three months ending June 30, 2026.
- Window reopens 48 hours after the declaration of unaudited financial results.
- Applies to Promoters, Directors, KMPs, and other designated persons.
Vivek Biyani, on behalf of the promoter group of Future Market Networks Limited (FMNL), has declared that no new encumbrances were made on their shares during the financial year ended March 31, 2026. The disclosure reveals that the primary promoter, Future Corporate Resources Private Limited (FCRPL), which holds a 58.67% stake, remains under the Corporate Insolvency Resolution Process (CIRP). Additionally, Surplus Finvest Private Limited increased its holding to 9.81% following the conversion of 30,00,000 warrants on March 27, 2026. While the lack of new pledges is a positive compliance sign, the insolvency status of the majority shareholder remains a significant concern for the company's governance.
- No new encumbrances or pledges were created on promoter shares during the 2025-26 financial year.
- Major promoter FCRPL holds 3,73,37,375 shares (58.67%) and is currently under Insolvency Resolution (CIRP).
- Surplus Finvest Private Limited holds 62,45,494 shares (9.81%) after converting 30,00,000 warrants in late March 2026.
- Management control of the lead promoter entity (FCRPL) is currently with a Resolution Professional, not the Biyani family.
Future Market Networks Limited (FMNL) has announced the lapse of 2,32,81,426 warrants as the holders failed to exercise their conversion rights within the stipulated 18-month period. As a result, the company has forfeited the 25% upfront payment amounting to ₹6.52 Crores. The warrants were originally allotted in December 2024 at an issue price of ₹11.21 per share. Notably, both a promoter entity and a non-promoter entity failed to pay the remaining 75% subscription amount, resulting in the cancellation of these instruments.
- A total of 2,32,81,426 warrants lapsed effective June 18, 2026, due to non-payment of the 75% balance amount.
- The company forfeited ₹6.52 Crores in upfront payments, which will be retained by the company as per SEBI ICDR Regulations.
- Promoter entity Surplus Finvest Private Limited failed to convert 33,81,426 warrants, resulting in a ₹0.94 Crore forfeiture.
- Non-promoter entity Jurox Enterprises Private Limited failed to convert its entire allotment of 1,99,00,000 warrants, leading to a ₹5.58 Crore forfeiture.
- The warrants were originally issued on a preferential basis at a price of ₹11.21 per warrant on December 18, 2024.
Future Market Networks Limited (FMNL) has received shareholder approval for the preferential issue of equity shares and fully convertible warrants to a non-promoter group entity. The special resolution was passed during the Extraordinary General Meeting (EGM) held on June 17, 2026, with 88.15% of the total votes cast in favor. While the promoter group voted entirely in favor, public non-institutional shareholders showed significant dissent, with 76.71% of their votes cast against the resolution. The company also noted that 3,000,000 shares recently allotted to Surplus Finvest Private Limited are currently awaiting listing and trading approval.
- Shareholders approved a special resolution for the issuance of equity shares and fully convertible warrants on a preferential basis.
- The resolution passed with 3,383,508 votes (88.15%) in favor and 454,680 votes (11.85%) against.
- Significant dissent was recorded from public non-institutional investors, where 76.71% of votes were against the proposal.
- Promoter and promoter group contributed 3,245,494 votes, all of which were in favor of the resolution.
- 3,000,000 shares previously allotted upon warrant conversion to Surplus Finvest Private Limited are pending listing approval.
Future Market Networks Limited (FMNL) has converted 31,18,574 warrants into equity shares for Surplus Finvest Private Limited, a promoter group entity. The conversion was executed at a price of ₹11.21 per share, representing a total consideration of approximately ₹3.50 crore. The company received the remaining 75% of the conversion amount (₹2.62 crore) as the initial 25% was paid during the warrant allotment in December 2024. Post this transaction, 33,81,426 warrants remain outstanding for future conversion by the promoter.
- Allotment of 31,18,574 equity shares of face value ₹10 each upon warrant conversion.
- Conversion price fixed at ₹11.21 per share, including a premium of ₹1.21.
- Total capital infusion from this tranche amounts to ₹3.50 crore.
- The allottee is Surplus Finvest Private Limited, a member of the Promoter Group.
- 33,81,426 warrants still remain pending for conversion out of the original 95,00,000 allotted.
Future Market Networks Limited (FMNL) has issued a corrigendum for its upcoming EGM on June 17, 2026, regarding a preferential issue to Westfield Hygiene Private Limited. The company plans to raise ₹25.54 crore by issuing 1,00,000 equity shares and 1,99,00,000 convertible warrants at a price of ₹12.77 each. This price was determined by an independent valuer and is higher than the 10-day and 90-day volume-weighted average prices. The warrants require a 25% upfront payment of ₹6.35 crore and are convertible into equity within 18 months.
- Total fundraise of ₹25.54 crore through equity shares and convertible warrants to a non-promoter entity.
- Issue price set at ₹12.77 per share/warrant, including a premium of ₹2.77.
- Allotment of 1.99 crore warrants and 1 lakh equity shares to Westfield Hygiene Private Limited.
- Warrants require 25% upfront payment (₹6.35 crore) with the remaining 75% (₹19.06 crore) due upon conversion within 18 months.
- Pricing is based on NSE trading volumes and an independent valuation report as per SEBI ICDR regulations.
Future Market Networks Limited (FMNL) has filed its statement of deviation regarding the utilization of proceeds from its recent Preferential Issue. The company confirmed that INR 1.73 Crores was utilized for the payment of a secured loan installment to Axis Finance Limited. An additional INR 0.79 Crores was allocated for general corporate purposes. Management has officially stated that there are no deviations from the objects of the issue as originally disclosed to shareholders.
- Confirmed zero deviation in the utilization of funds raised through the Preferential Issue.
- Allocated INR 1.73 Crores for the repayment of a secured loan installment to Axis Finance Limited.
- Utilized INR 0.79 Crores for general corporate purposes to support business operations.
- Compliance filing submitted under Regulation 32 of SEBI (LODR) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
Total operating income grew by 9.85% YoY to INR 91.04 Cr in FY25 from INR 82.88 Cr in FY24. Historically, the company generated ~15% of revenue from owned properties and ~85% from sub-leasing activities. Revenue growth is driven by the recovery of retail shopping centers post-pandemic and steady rental flows from group and non-group tenants.
Geographic Revenue Split
The company manages approximately 1.40 million sq. ft. of retail space across India, with a specific focus on three major mall spaces spanning ~565,000 sq. ft. located in Mumbai, Kolkata, and Siliguri. These three locations serve as the primary cash flow generators for the leasing segment.
Profitability Margins
The company reported a net profit of INR 67.50 Lakhs in FY25, a significant recovery from a net loss of INR 5.8 Cr in FY24. The Net Profit Margin increased by 81.14% YoY in FY25. Historically, PAT margins were 8.75% in FY19 compared to a negative 17.30% in FY18, reflecting high sensitivity to occupancy levels and interest costs.
EBITDA Margin
Adjusted EBITDA (including other income and Ind AS-116 effects) for FY25 was INR 103.38 Cr, a 210.9% increase from INR 33.25 Cr in FY24. In FY19, the EBITDA margin stood at 37.26%, up from 25.48% in FY18, driven by improved operational efficiencies in mall management and higher rental realizations.
Capital Expenditure
The company planned a sizeable capital expenditure of INR 500.00 Cr for renovating existing malls and acquiring commercial spaces for its Out-of-Home (OOH) Media business. This investment is intended to enhance property value and attract higher-tier tenants, though it temporarily increases demand risk and financial leverage.
Credit Rating & Borrowing
The company held a credit rating of ACUITE A- with a 'Stable' outlook as of June 2019. Total standalone borrowings stood at INR 79.08 Cr as of March 31, 2025, down from INR 86.99 Cr in FY24. Interest coverage (PBDIT/Interest) was 2.91 times in FY19, indicating a moderate ability to service debt from operating profits.
Operational Drivers
Raw Materials
Key inputs for the company's infrastructure and renovation projects include steel, cement, building materials, and petroleum products. These materials represent the primary cost components for the planned INR 500 Cr capex program.
Capacity Expansion
Current managed retail space is approximately 1.40 million sq. ft. The company is expanding its portfolio by leveraging its technical expertise to acquire further retail space and is diversifying into the warehousing sector to capitalize on the robust Indian economy.
Raw Material Costs
Raw material price volatility in steel and cement is cited as a major risk factor that could influence the cost of mall renovations and infrastructure projects, potentially impacting the ROI on the INR 500 Cr capex.
Manufacturing Efficiency
Operational efficiency is measured by the management of 1.10 million sq. ft. of leased space. The company provides integrated services including housekeeping, security, and mall promotions to maximize Common Area Maintenance (CAM) revenue.
Strategic Growth
Expected Growth Rate
9.85%
Growth Strategy
Growth is targeted through a multi-pronged strategy: renovating existing malls to increase rental yields, expanding the OOH Media business, and entering the high-growth warehousing sector. The company is also leveraging its relationship with the Future Group to maintain a dominant position in organized retail infrastructure.
Products & Services
Retail mall space leasing, sub-leasing of commercial properties, Out-of-Home (OOH) media advertising, and facility management services including housekeeping, security, and parking.
Brand Portfolio
Future Market Networks, Future Group, Big Bazaar, FBB, Easy Day.
New Products/Services
Expansion into infrastructure project management consultancy and OOH Media business are expected to provide new revenue streams beyond traditional mall leasing.
Market Expansion
The company is targeting the warehousing sector and expanding its OOH media footprint across India to diversify away from pure retail mall dependency.
Market Share & Ranking
The company is a key player in the organized retail infrastructure space in India, managing over 1.4 million sq. ft. of premium retail real estate.
Strategic Alliances
The company operates through various subsidiaries and joint ventures, maintaining strong operational and financial linkages with Future Group promoters (Biyani family).
External Factors
Industry Trends
The retail infrastructure industry is shifting toward omni-channel experiences and warehousing. FMNL is positioning itself by diversifying into warehousing and upgrading its retail assets to maintain competitiveness against e-commerce disruption.
Competitive Landscape
Competes with other large-scale mall developers and commercial real estate firms. Competition often leads to price-cuts in rentals and higher spending on mall promotions.
Competitive Moat
The company's moat is built on its strategic association with the Future Group, a dominant retail player, providing it with a captive tenant base and deep expertise in retail design and branding. This is sustainable as long as the group maintains its market position.
Macro Economic Sensitivity
Highly sensitive to GDP growth and inflation; high inflation reduces discretionary spending, which directly impacts the sales of retail tenants and their ability to pay premium rents.
Consumer Behavior
Post-pandemic shifts have seen a return to physical retail, but with higher expectations for 'experience-led' malls, necessitating the company's INR 500 Cr renovation plan.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, SEBI Listing Regulations, and local municipal regulations regarding commercial property usage and safety standards.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates; changes in GST on commercial leases directly impact the net realization of rentals.
Legal Contingencies
The company identifies litigation and industrial relations as potential risk factors that could influence operations, though specific case values were not disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the financial health of the Future Group (FERG/FEL), as FMNL is highly dependent on them for timely debt repayments and occupancy. A default within the group could impact FMNL's liquidity by over 40%.
Geographic Concentration Risk
High concentration in Mumbai, Kolkata, and Siliguri, where ~565,000 sq. ft. of its primary assets are located.
Third Party Dependencies
60% of revenue depends on the performance and retention of non-group retail tenants.
Technology Obsolescence Risk
Risk of retail malls becoming obsolete due to the rapid growth of e-commerce, mitigated by diversifying into warehousing and OOH media.
Credit & Counterparty Risk
Exposed to counterparty risk from non-group tenants; delays in rental receipts could stretch the company's current ratio, which was 1.21 in FY25.
