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Future Market Networks Limited
(FMNL)
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Rating:44Neutral
Price Target:
₹10.00
▲(10.86% Upside)
Action:Reiterated
Date:08/21/26
The score is held down primarily by unstable financial performance (sharp FY2026 revenue drop, profit normalization, and weak cash conversion alongside a still-leveraged balance sheet) and bearish technical momentum (price below key moving averages with negative MACD). A low P/E provides some valuation support but is not enough to offset the financial and trend risks.
Positive Factors
Positive profitability in FY2026
The company remained profitable at both the operating and net levels in FY2026 despite a difficult year. Maintaining positive earnings provides an internal base for reinvestment and debt service, although the lower margin means this strength must be demonstrated consistently.
Negative Factors
Sharp revenue contraction
A revenue decline of this magnitude weakens confidence in demand durability and reduces the scale available to absorb fixed costs. It can also constrain investment and debt-servicing capacity, making future profitability more dependent on an uncertain recovery in business volumes.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive profitability in FY2026
The company remained profitable at both the operating and net levels in FY2026 despite a difficult year. Maintaining positive earnings provides an internal base for reinvestment and debt service, although the lower margin means this strength must be demonstrated consistently.
Read all positive factors
Future Market Networks Limited (FMNL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹614.33M
Dividend YieldN/A
Average Volume (3M)6.52K
Price to Earnings (P/E)7.5
Beta (1Y)0.57
Revenue Growth-2.12%
EPS GrowthN/A
CountryIN
Employees44
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)1.34
Shares Outstanding60,644,382
10 Day Avg. Volume5,031
30 Day Avg. Volume6,520
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, along with its subsidiaries, operates within India, specializing in the conception, development, and ongoing management of commercial, trade, retail, and infra-logistics ventures. The company further engages in the ...
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 | 987.37M | 985.36M | 1.01B | 930.33M | 924.02M | 689.97M |
| Gross Profit | 449.45M | 338.83M | 499.28M | 721.83M | 709.22M | 472.63M |
| EBITDA | 506.36M | 574.31M | 1.03B | 335.13M | 348.73M | 221.73M |
| Net Income | 83.17M | 79.16M | 660.37M | -61.91M | -90.10M | -309.09M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 3.22B | 3.50B | 3.29B | 5.26B | 6.45B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 61.98M | 115.65M | 152.71M | 773.47M | 178.71M |
| Total Debt | 0.00 | 1.46B | 1.79B | 1.31B | 2.50B | 1.95B |
| Total Liabilities | -1.12B | 2.10B | 2.51B | 3.06B | 4.91B | 5.32B |
| Stockholders Equity | 1.12B | 1.11B | 1.00B | 223.24M | 328.21M | 1.11B |
Cash Flow | ||||||
| Free Cash Flow | 80.30M | 64.85M | 30.56M | -206.52M | 761.60M | -351.08M |
| Operating Cash Flow | 80.30M | 368.54M | 30.56M | -182.63M | 815.50M | -297.27M |
| Investing Cash Flow | 22.66M | -284.26M | -35.12M | 62.77M | -288.69M | 669.32M |
| Financing Cash Flow | -111.58M | -95.72M | -74.72M | -95.91M | -375.03M | -366.11M |
Future Market Networks Limited Technical Analysis
Positive
9.02
Price Trends
9.68
Positive
9.95
Positive
9.32
Positive
Market Momentum
0.17
Negative
55.39
Neutral
53.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:FMNL, the sentiment is Positive. The current price of 9.02 is below the 20-day moving average (MA) of 9.50, below the 50-day MA of 9.68, and below the 200-day MA of 9.32, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 55.39 is Neutral, neither overbought nor oversold. The STOCH value of 53.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹905.47M | 10.47 | ― | 1.30% | 1023.69% | ― | |
61 Neutral | ₹2.55B | 8.33 | ― | 1.91% | 8.13% | 28.42% | |
60 Neutral | ₹62.04B | 229.83 | ― | ― | ― | ― | |
58 Neutral | ₹7.87B | 21.56 | ― | 1.14% | 38.86% | 117.77% | |
56 Neutral | ₹41.24B | -43.32 | ― | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
44 Neutral | ₹614.33M | 7.54 | ― | ― | -2.12% | ― |
* General Sector Average
IN:FMNL
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Future Market Networks Limited Corporate Events
Future Market Networks Surrenders Lease of Kolkata Diamond Plaza Mall
Aug 25, 2026
Future Market Networks Limited has executed a deed of surrender to relinquish its leasehold rights in the Diamond Plaza Mall in Kolkata, following shareholder approval via a special resolution passed in November 2025. The move, disclosed under SEB...
Future Market Networks Confirms SEBI-Compliant Share Dematerialisation for Q1 FY2026-27
Jul 14, 2026
Future Market Networks Limited, a listed player in India’s retail infrastructure and consumption-oriented real estate networks, depends on regulated depository and share transfer mechanisms to manage its publicly traded securities. Its dual ...
Future Market Networks Discloses EGM Outcomes and Voting Results
Jun 18, 2026
Future Market Networks Limited has reported the outcome of its Extraordinary General Meeting held on June 17, 2026, which was conducted via video conferencing and other audio-visual means. The meeting transacted the business set out in the May 22,...
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.