Future Market Networks Limited (IN:FMNL)
:FMNL
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Future Market Networks Limited
(FMNL)
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Rating:52Neutral
Price Target:
₹12.00
▲(35.29% Upside)
Action:Reiterated
Date:05/21/26
The score is held down primarily by weak and volatile financial performance (earnings/revenue swings, still-leveraged balance sheet, and poor cash conversion). Technicals are supportive but look overextended, while valuation is a positive with a low P/E.
Positive Factors
Recurring Revenue Model
The company’s core model—development, leasing and management of retail/commercial real estate—creates recurring rental and management fee income. Recurring lease cashflows provide a durable revenue base versus one‑off project sales, aiding medium‑term predictability and tenant relationships.
Negative Factors
Volatile Revenue and Earnings
Large year‑to‑year swings in revenue and profits reduce predictability of cashflows and make budgeting, tenant retention and project sequencing harder. Volatility undermines confidence in sustained margins and increases the chance that shortfalls will stress debt covenants or delay investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Revenue Model
The company’s core model—development, leasing and management of retail/commercial real estate—creates recurring rental and management fee income. Recurring lease cashflows provide a durable revenue base versus one‑off project sales, aiding medium‑term predictability and tenant relationships.
Read all positive factors
Future Market Networks Limited (FMNL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹622.82M
Dividend YieldN/A
Average Volume (3M)19.51K
Price to Earnings (P/E)7.9
Beta (1Y)0.72
Revenue Growth-2.44%
EPS Growth-88.80%
CountryIN
Employees54
SectorServices
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-3.36
Shares Outstanding60,644,382
10 Day Avg. Volume18,336
30 Day Avg. Volume19,511
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)0.39
Price to Sales (P/S)0.44
P/FCF Ratio6.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Future Market Networks Limited Business Overview & Revenue Model
Company Description
Future Market Networks Limited, together with its subsidiaries, engages in the development and management of commercial, trade, retail, and infra-logistic projects in India. It also constructs, develops, and sells integrated large-scale warehouses...
How the Company Makes Money
FMNL generates revenue primarily through the development, leasing, and management of commercial real estate properties. This includes rental income from leasing out retail and commercial spaces to businesses, as well as management fees for maintai...
Future Market Networks Limited Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
38
Negative
Cash Flow
41
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 990.56M | 985.36M | 1.01B | 930.33M | 924.02M | 852.60M |
| Gross Profit | 700.17M | 338.83M | 499.28M | 721.83M | 709.22M | 695.13M |
| EBITDA | 290.00M | 441.59M | 1.03B | 335.13M | 348.73M | 255.50M |
| Net Income | -188.39M | 79.16M | 660.37M | -61.91M | -90.10M | -282.71M |
Balance Sheet | ||||||
| Total Assets | 3.40B | 3.22B | 3.50B | 3.29B | 5.26B | 5.69B |
| Cash, Cash Equivalents and Short-Term Investments | 112.32M | 61.98M | 115.65M | 152.71M | 773.47M | 416.69M |
| Total Debt | 1.65B | 1.46B | 1.79B | 1.31B | 2.50B | 2.77B |
| Total Liabilities | 2.38B | 2.10B | 2.51B | 3.06B | 4.91B | 5.24B |
| Stockholders Equity | 1.04B | 1.11B | 1.00B | 223.24M | 328.21M | 418.26M |
Cash Flow | ||||||
| Free Cash Flow | 80.30M | 64.85M | 30.56M | -206.52M | 761.60M | -359.90M |
| Operating Cash Flow | 80.30M | 368.54M | 30.56M | -182.63M | 815.50M | -352.37M |
| Investing Cash Flow | 22.66M | -284.26M | -35.12M | 62.77M | -288.69M | 12.79M |
| Financing Cash Flow | -111.58M | -95.72M | -74.72M | -95.91M | -375.03M | 377.56M |
Future Market Networks Limited Technical Analysis
Neutral
8.87
Price Trends
9.43
Positive
8.83
Positive
9.98
Positive
Market Momentum
0.34
Positive
48.85
Neutral
36.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:FMNL, the sentiment is Neutral. The current price of 8.87 is below the 20-day moving average (MA) of 10.74, below the 50-day MA of 9.43, and below the 200-day MA of 9.98, indicating a neutral trend. The MACD of 0.34 indicates Positive momentum. The RSI at 48.85 is Neutral, neither overbought nor oversold. The STOCH value of 36.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:FMNL.
Future Market Networks Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹1.49B | 21.21 | ― | ― | -6.18% | -16.00% | |
63 Neutral | ₹514.93M | 10.30 | ― | ― | 49.35% | ― | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
52 Neutral | ₹622.82M | 7.93 | ― | ― | -2.44% | -88.80% | |
46 Neutral | ₹1.25B | -0.10 | ― | ― | -11.85% | -43631.89% | |
46 Neutral | ₹3.01B | 24.67 | ― | 0.47% | 4.13% | -84.27% | |
43 Neutral | ₹1.03B | -5.20 | ― | ― | 10.03% | 73.66% |
* Services Sector Average
IN:FMNL
Future Market Networks Limited
10.27
-4.77
-31.72%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.